€90 million for startups

The Government has earmarked €90 million to help a total of 3,000 startups over the next four years.

The announcement was made by the Minister of the Economy, António Costa e Silva on Tuesday at the opening ceremony of Web Summit.
“Over the next few days we will launch financing of €90 million in digital vouchers to help 3,000 startups over the next four years”, the minister said in the main stage at Web Summit which opened in Lisbon on Tuesday and also included a speech by the 1st lady of Ukraine, Olena Zelenska.
The money set aside for startups comes from Portugal’s Recovery and Resilience Plan (RRP). The measure will be overseen by Startup Portugal.
In has speech, Costa da Silva invited foreigners involved in startups and the technology sectors to relocate to Portugal, and said that the country was preparing a new law for startups “one of the most dynamic and competitive in Europe”, and which will include measures to encourage employees to get involved in the companies in which they work.
Costa Silva also said that Portugal and Web Summit was a “successful marriage” and that finding new energy solutions is one of the main priorities for the coming years.
The Mayor of Lisbon, Carlos Moedas had said in the days leading up to the Web Summit that Lisbon’s Unicorn Factory will raise up to €100 million in venture capital for startups and scale-ups. The project has already raised just over €30 million.