Government and EIB launch Phase II of Portugal Tech with €100 million.
The Portuguese Government and the European Investment Bank have launched the second phase of the Portugal Tech programme with an injection amount of €100 million to help technology startups.
The announcement was made on Tuesday during the first full day of Web Summit by the Minister for the Economy, Pedro Siza Vieira and Ricardo Mourinho Félix, vice-president of the European Investment Bank.
According to the minister, “The second phase of Portugal Tech will mobilise €250 million of venture capital investment” to help tecnology startups, fintech, health tech and cybersecurity.
When asked how he thought the first phase of the programme had gone, Siza Vieira said that Portugal Tech had already attracted €273 million in private investment for 30 companies with a great growth potential. “We’re looking at an average investment per company of €2 million”, he said.
“It is very important that we continue to provide funds for this ecosystem so that other companies can also grow. We are creating companies that from the first moment have global markets as the focus of their attention”.
At the opening of the Web Summit on Monday, Pedro Siza Vieira emphasised “Portugal is the place in which to live and invest and do business”, adding that Portugal was not lagging behind when it came to climate change and digital transition.