Fomento Portugal Tech is a €100 million venture capital partnership between Banco Português de Fomento (BPF) and the EIF launched in 2018. The initiative has been successfully supporting early-stage and tech-transfer investments in Portugal, and has become a reference for boosting the local investment ecosystem. It builds on the strong foundations of the PVCi mandate.
Key achievements
Fomento Portugal Tech is fully allocated to the six funds listed below, which have generated investments worth of €200 million into nearly 70 startups and SMEs. Two thirds of the portfolio is made of startups based or mainly operating in Portugal, including well known Portuguese businesses such as Sword Health, Unbabel, Bizay, iLoF, Sound Particles, and Saúde Viável.
| Fund name | Signature |
Total invested (EURm) |
No. of companies |
| Indico VC Fund I | Dec 2018 | 43.3 | 17 |
| Armilar Tech Transfer Fund | Feb 2019 | 38.6 | 18 |
| Vallis Sustainable Investments II | May 2019 | 87.2 | 5 |
| Faber Tech II | Nov 2020 | 21.3 | 25 |
| Indico Opportunity Fund I | Jun 2022 | 9.7 | 3 |
| Biovance Capital Fund I | Jun 2024 | - | - |
| Total | 200.1 | 68 |
Data as of 31 December 2024
Portugal Tech
In the news
PORTUGAL TECH: Instituição Financeira de Desenvolvimento (IFD) and EIF launch a new equity investment programme in Portugal
EIF supported Indico Capital Partners launches EUR 46 million Venture Capital fund
PORTUGAL TECH: EIF, IFD & Faber join forces at Web Summit to support Portuguese data-centric software start-ups with EUR 30 million
Biovance Capital Partners announces first closing of its new biotech fund at €51 million
Meet the expert
The EIF’s Miguel Alves has been our go-to expert on Portugal Tech. At WebSummit 2023 he spoke about the mandate’s history and successes.
More funding in Portugal
Further information
The Fund defines with the assistance of the Investment Advisor certain excluded sectors in which the Fund is prohibited to invest directly or indirectly. The selection of such sectors is based on the Investment Advisor ESG guidelines: EIF Environmental, Social and Corporate Governance (ESG) Principles as well as on investment considerations meant to avoid inter alia any actual or potential material social, governance and/or environmental negative impact on the Fund performance. Such excluded sectors are taken into consideration in the investment process and decision-making process of the Fund.
The Fund does not consider adverse impact of investment decisions on sustainability factors at the present time considering that (i) in the absence of regulatory guidance, it is not clear what regulators will expect of entities that elect to consider such matters at this time, and (ii) it is also not clear that there is sufficient data, and data of a sufficient quality, to support entities that do so, in the relevant asset classes, industries or sectors in which investments have been/may be made. Sustainability factors are environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.