Portugal Venture Capital Initiative (PVCi)

PVCi is a EUR111m fund-of-funds launched in 2008 by the EIF in partnership with public and private stakeholders in Portugal in order to support a thriving venture capital and private equity ecosystem.

Alongside the EIF, investors included the Government of Portugal, Banco Português de Fomento, BPI, Novo banco, Millenium BCP, Montepio, CaixaGest, Bankinter, Santander, Fidelidade, Oitante, and Fundação Calouste Gulbenkian.

Leveraging PVCi’s public and private funding, seven selected funds generated investments worth of EUR 370m into 53 companies across a wide range of industries. The portfolio includes well known Portuguese businesses such as Castelbel, Bizay, ebankIT, Imperial, Just Stay Hotels and Vortal.

The programme is currently under liquidation. It is no longer receiving fund applications, and all selected funds have concluded their investment periods. If you are a company looking for funding, please refer to our active programmes in Portugal:

• Fomento Portugal Tech  (venture capital and tech transfer)
• Fomento Portugal Growth (growth and private equity)
• Fomento Portugal Blue (equity for blue economy)
• Agri Portugal (loans for agricultural businesses and young farmers)

• Castelbel: Made with love
• 360imprimir: Technology and simplicity
• ebankit: Digital banking

• EIF to launch a dedicated investment programme in Portugal
• Portugal Venture Capital initiative (PVCi) reveals the economic impact of 10 years of investment in Portugal

Further information - Regulation (EU) 2019/2088 (SFDR):
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.