Faber launches new Tech II fund with €30 million

Faber Ventures has launched a new €30 million startups investment fund at Web Summit.

Of this total amount, €15 million comes from the Portugal Tech and the Juncker Plan signed between the FEI (€7.5 million), IFD (€7.5 million) and Faber.
With the aim of investing in Iberian startups in their initial phase which are developing data-centric software, the new fund represents the fourth commitment with Portuguese funds as part of the Portugal Tech programme, a venture capital partnership between the FEI and IFD announced by Portuguese prime minister António Costa a year ago at the open of the 2018 Web Summit.
Over the next five years the fund aims to invest seed capital in around 20 startups in what will be a long-term project.
Faber states that its aim is to become the best seed stage micro-venture capital company on the Iberian peninsula within the next five years and finance over 20 startups.
“We hope that together we can help a new portfolio of bold entrepreneurs” says Alexandre Barbosa, managing partner of Faber Capital adding that he believed that Faber was well-placed to be seed investors for the next generation of data-centric software startups on an Iberian scale.
“Investing is what you guys do the best while looking for projects which are not just innovative but really disruptive, new technology that will create more employment and not just in Lisbon,” said EU Commissioner for Research, Science and Innovation, Carlos Moedas.
However, the commissioner stressed for the need for more private money to finance new projects. “This is a problem that we have in Europe. If we look at the numbers from the United States, venture capital investment stands at around €40Bn whereas in the EU the amount of investment barely scratches €5Bn.