Portugal Ventures turns a €12M profit
Portugal Ventures, a State-owned venture capital investment company that helps promising startups in areas such as tourism, turned at €12 million profit for 2021 after making losses.
The company, which falls under the umbrella of the Banco Português de Fomento (a State-owned development bank) saw the value of its portfolio of companies — many of them startups — increase 45% in relation to 2020 which has resulted into a net profit.
In 2020 the company registered losses of €814,272 million according to its annual accounts, reports Jornal Económico.
At the end of last year, Portugal Ventures had 16 Capital Risk Funds with €249.4 million of assets under management, corresponding to an increase of around 48% (€80 million) on 2020.
On the 31 December 2021, the aggregated value of investments in CRFs under management saw a valuation of €147 million which compares with €101.7 million in 2020 and is an increase in value of 45.1% (345.9 million).
“This is a historic result for Portugal Ventures, and an increased value of the assets that are in its venture capital portfolio (of companies) has contributed towards this”, states the BPF.
Founded 10 years ago, Portugal Ventures is today a benchmark investor in the ‘pre-seed’ and ‘seed’ phases for company development, and a co-investor in subsequent investment rounds, filling important gaps in the market” says Rui Ferreira who leads Portugal Ventures.