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Covid-19: 161 startups applied for support from Portugal Ventures

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Covid-19: 161 startups applied for support from Portugal Ventures

More than 150 projects competed for the financial instruments launched by Portugal Ventures, a public venture capital operator, to help startups deal with the impact of the Covid-19 pandemic on their businesses. In two months, 117 projects competed for the “Call INNOV-ID”, 30 for the “Call FIT” and 14 projects were signaled for the “Operation Follow-Ons”, Portugal Ventures announced this Tuesday in a statement.

“There are 161 projects by resilient entrepreneurs who hope to leverage their businesses in times as exceptional as those we live in today. Portugal Ventures will fulfill its mission of investing in projects with an impact on national competitiveness, which contribute to the recovery of the Portuguese economy but which have the capacity to internationalize their business in the global market, through unique solutions that mitigate market failures ”, says Rui Ferreira, vice president of Portugal Ventures in a statement.

Regarding the “CallINNOV-ID” initiative, up to 40 startups operating in the scientific and technological scope will be supported. Two applications were registered from the Azores, one from Madeira, 28 from the North region, 35 from the Lisbon region, two from the Alentejo and one from the Algarve. From the Center region, Portugal Ventures received 48 applications.

Of all these projects, 90 were founded by Portuguese entrepreneurs and the rest by Brazilian, English, French, Iranian, Italian, Mexican, Spanish and American founders, among other nationalities. In terms of age, 56 entrepreneurs are between 31 and 40 years old, nine are under 26 and 15 are over 50.

To compete for this call, companies have to prove the direct or indirect impact of technology (or the company's activity) on the decarbonisation of the economy, sustainability of processes, products and materials, or on greater energy efficiency and sustainability or greater circularity of economy.

The “Call FIT” initiative, for the tourism sector, received 30 applications from finalist projects in the acceleration program “Fostering Innovation in Tourism”, 24 projects from the “Turismo Tech” program and six projects from “Non-Tech Tourism” . 18 Portuguese and 12 Brazilian entrepreneurs, among others, applied.

The financing operations for projects signaled by the “Follow-Ons” operation – to see their investments reinforced – are being articulated with Portugal Ventures' network of partners.

Portugal Ventures is a venture capital operator with mostly public capital, which invests in startups with global ambition. Since 2012, the year it was founded, it has invested 141 million euros in more than 125 new companies.

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