Bynd launches €40 million fund to support startups in Portugal
Bynd Capital Ventures has announced today that it has launched a €40 million fund to help startups in Portugal and Spain in their initial phase.
The Fund III, which draws on a team of researchers from the two countries, already has investments in startups Equall, CircuitLeap and Spot and various others.
Bynd indicates that this fund is expected to last ten years (four years of investment period and six years of portfolio consolidation and active demand for exits), succeeding two other funds already launched by the venture capital company. It wants to focus on companies in the areas of artificial intelligence and software, consumer goods and technology for sustainability.
“This new fund highlights Bynd’s long-term commitment to the innovation ecosystem in the Iberian Peninsula, which began in 2010 with the launch of our Business Angels vehicle and was later reinforced in 2015 with the creation of our venture capital management company,” said Santiago Salazar, chairman of Bynd.
“This third fund aims to continue our mission of supporting entrepreneurs with the ambition to set up global companies from Portugal and Spain. The experience and network we have developed over the past few years allows us privileged access to investment opportunities and the ability to offer founders the tools and knowledge to scale their businesses,” he adds.
Investors in Fund III include the Spanish Fund of Funds Fond ICO, the Portuguese industrial group Nors, and the Caixa Capital bank, as well as family offices, portfolio founders and other private investors.
