14 VCs to invest €500M in SMEs

Portugal’s development bank Banco de Fomento has selected 14 venture capital companies to manage €500 million to invest in SMEs and MidCaps as part of the Government ’s Consolidate Programme.

The financing will have to be allocated by the end of 2025 or risk being handed back. The first investment in a company on the back of this initiative “should take place in the first half of 2023”, said Tiago Simões de Almeida, the director of BPF.

The companies mandated to manage the funds are:

ActiveCap (€47 million + €20.4 million of private investment with tickets of between €5 million and €8 million;
CoRe Capital – €50 million approved, with private investment of €21.4 million, to invest in growth, expansion and consolidation of the company network, with ‘tickets’ of between €5 to €12.5 million;
Crest Capital Partners – €50 million approved, with minimum private investment of €21.4 million to invest in new agricultural business;
Draycott – approved investment of €50 million, minimum private investment of €21.43 million, and tickets of €5-20 million;
ESC Capital – approved investment of €30 million, with minimum private investment of €12.86 million, to launch the Capitalisation and Growth Fund which will support companies impacted by Covid-19;
Fortitude Capital – Investment of €30 million with minimum private input of €12.86 million for investment in Portuguese companies only;
Grosvenor (3XP Global) – €30 million approved with minimum private investment to launch a fund for Life Sciences businesses;
Growth Partners – approved investment of €50 million, with minimum private investment of €21.43 million, to manage a fund focused on SMEs and MidCaps.
HCapital Partners – approved investment of €27.5 million, with minimum private investment of €12.5 million focused on SMEs in the initial phase of growth in areas like industry, transport, logistics and services;
Horizon Equity Partners – €28 million with minimum private investment of €12 million to invest in sales operations and share growth. Each financing has a ticket of up to €10 million, with 10-15 operations foreseen;
Inter-Risco – approved investment of €44.8 million with minimum private investment of €19.2 million to launch a company leverage fund for companies which had seen their growth delayed by the pandemic. Each financing can be up to €11.4 million, with up to eight operations.
Oxy Capital – approved investment of €30 million with minimum private investment of €12.86 million to manage a fund to support industrial and tourism companies affected by the pandemic;
Portugal Ventures – €32.5 million and a minimum private investment of €13.93 million to invest in the growth and expansion of high-tech SMEs and MidCaps. Each operation varies between €1-5 million for up to 20 investments.
Touro Capital Partners – approved investment of €20 million to invest in industrial, agricultural and logistics companies “with a proven track record for business, exporting ability, healthy finances and a desire to change”.