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Banco de Fomento contracts seven operations and generates $261 million for the economy

Banco de Fomento contracts seven operations and generates $261 million for the economy

The seven venture capital funds were supported by an investment of €171.5 million from the Capitalization and Resilience Fund.

Banco Português de Fomento (BPF) has contracted the first seven operations of its venture capital programme, exceeding the €750 million contracted this year. According to the Foundation, these contracts generate a total investment of 261 million euros in the Portuguese economy.

With the contracted amount, BPF also reveals that it has exceeded its 2023 Recovery and Resilience Program target.

The seven venture capital funds were supported by an investment of €171.5 million from the Capitalization and Resilience Fund (FdCR). “These funds, which focus on supporting, capitalizing and expanding companies, especially at the early stage of their development, reflect BPF’s commitment to promoting economic growth through entrepreneurship and innovation,” BPF notes.

August One Capital will receive an investment of 34.5 million from FdCR, BIVEN Capital Partners will receive 12 million, Crest Capital Partners will receive 34 million, Indico Capital Partners will receive 35 million (highest value), ISQ will receive 14 million, Oxy Capital will receive 30 million Portugal Capital Ventures will receive 12 million.

“The signing of the first seven operations under the Venture Capital Program increases the value of operations contracted from the Capitalization and Resilience Fund to more than €750 million, which is higher than the target of €650 million set in the PRR Operational Agreement” What Ana Carvalho, CEO of Banco Português de Fomento, said in a statement.

“These appointments, together with others scheduled to take place in January 2024, represent a fundamental step towards supporting innovation and entrepreneurship in Portugal through venture capital tools,” emphasizes the person in charge.

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The entity shows that the program attracted 44 applications, after the allocations doubled to 400 million euros. With further allocation, the program selected 16 entities with investment operations with a total value of FdCR allocations and an average rating of 2.4, above the minimum of 1.6 set by the competition.