“NoWithin the scope of a set of Government measures in the midst of a pandemic, Portugal Ventures, a venture capital company of the Banco Português de Fomento Group, launched, in partnership with the National Innovation Agency (ANI), Call Innov -ID, a initiative with the aim of boosting growing projects or companies, at an early stage”, he said.
The objective is for these entities “to have sufficient financial availability and equity to develop and generate new rounds of capital”, he highlighted.
According to Portugal Ventures, the financing of 100 thousand euros per project “is intended to cover a market failure in access to investment in ‘startups’ in the ‘pre-seed’ (initial) phase, whose technology was already developed, but which were in prototype phase, proof of concept or in ‘product-market-fit’ validation”.
According to the company, this was the way found “to keep projects alive and supported, with positive effects on the national entrepreneurial ecosystem”.
Call Innov-ID was initially launched in May 2020 and already has three editions, recalled Portugal Ventures. The third edition took place between October 21, 2022 and February 15, 2023.
The company thus invested in 48 ‘startups’, distributed across the Digital and Technology, Industry and Technology sectors, as well as Life Sciences/Health Technologies, with “a further 22 investments to be made by the end of 2023 in the ‘pipeline'” , advanced.
On the other hand, of the 48 investments made, “11 companies have already raised capital in new investment rounds for a total of 10.1 million euros and 18 companies have ongoing investment round processes with the expectation of raising a total of 16, 4 million euros”, he told Portugal Ventures.
The society received, in the three editions, 313 applications, which “were predominantly from male entrepreneurs aged between 31 and 40 years”.
“Regarding the candidate companies, the focus is on teams with less than six elements, with a company incorporated less than a year ago or without a company incorporated, and consequently without turnover”, highlighted Portugal Ventures.
Applications came from all over the country, with emphasis on Lisbon, Porto, Coimbra and Aveiro.
ALYN // CSJ
Lusa/End
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