Consolidating 83 million investments and venture capital mobilizing 370 million

Banco Português de Fomento (BPF) evaluated the indirect investment programs of the Capitalization and Resilience Fund (FdCR), in the context of the Recovery and Resilience Plan (PRR).

Thus, the Consolidar program has already reached 15 companies, with investments of €83.1 million (of which €42.9 million were contributed by the Capitalization and Resilience Fund) and by the end of June 2024, venture capital firms are expected to reach nearly €300 million. In contractual investment.

“The forecast of underwritten venture capital funds, reported by the venture capital management companies themselves to the BPF (in the context of applicable regular reporting), is that investment in companies will reach €298 million, by the end of June 2024,” Banco de Fomento reveals in statement.

The Venture Capital Program includes 15 contracted venture capital management companies that are mobilizing around €370 million from the Capitalization and Flexibility Fund. The Oxy-managed fund has already made its first capital call under the programme, BPF reveals.

“Contracts have been signed with 15 venture capital management firms for a total of €368.9 million from the FdCR, representing more than 92% of the planned allocation for the program (400 million). With funds already contracted, it is expected to have a global impact of approximately €567 million. million euros on the Portuguese economy,” reveals Banco de Fomento.

The Portuguese Bank of the Fomento (BPF) “highlights the results and positive development in the indirect investment programs of the Capitalization and Resilience Fund (FdCR), in the context of the Recovery and Resilience Plan (PRR),” the statement revealed.

Unification program

The Consolidar Program expects that the selected management companies will ensure subscription to funds with a minimum allocation of EUR 40 million each, with a contribution from the FdCR, launched in the context of the PRR, of between EUR 10 and EUR 50 million per fund, and that the investment will be in equity funds. The investment fund to be subscribed accompanied by a private investment, with a contribution of not less than 30% of the total capital of each fund.

Recall that the 11 venture capital firms that secured subscription funds through the Consolidar program are 3XP Global, ActiveCap, CoRe Capital, Crest Capital Partners, Fortitude Capital, Growth Partners Capital, HCapital Partners, Horizon Equity Partners Management, Inter-Risco, and Oxy . Capital and Toro Capital Partners

In detail, in the case of the Consolidar Program, which aims to create dimension in companies, the BPF says that according to information reported by venture capital firms, the 15 companies backed by funds created under the Consolidar Program are Aquacria Piscícolas; Safiestela – sustainable aquaponics investments; Aquaria Nazareth; Campy&d; karnis campikarn; ID Energy Group (a company supported by funds created under the Consolidar program, although it is investment operations outside the national territory, there is no investment from the FdCR); S317 Consultations; TTOPS; Sistemas Kern (a company supported by funds created within the framework of the Consolidar programme, although it is an investment operation outside the national territory, there is no investment from the FdCR); PSHC – Management; Dilectus – assisted living; SmartMonkey Scalable Computing (a company supported by funds created under the Consolidar program, although it is an investment operation outside the national territory, there is no investment from the FdCR); Manuel de Castro y Velhos (Palsystems); Campester plenary session; and Uhub II student residences

“The investments made cover a wide range of sectors, such as aquaculture, renewable energy, engineering, services, health, mobility, industry, agriculture, housing and the food sector,” says BPF.

Venture capital program

Under this programme, three new companies have joined the 12 venture capital firms (SCR) appointed in 2023 – Bynd Venture Capital, Draycott and Magnify Afterburner Capital Partners, Banco de Fomento reveals. This increased the number of SCRs participating in the venture capital program to 15.

“These three new contracts amount to a total investment of €39.75 million from the FdCR, and it is estimated that they could invest around €65 million in the Portuguese economy, to encourage innovation and competitiveness in key areas such as science, technology and life,” Energy Efficiency, IT and the Green Economy said. , effectively contributes to the country’s economic growth and job creation,” explains the promotional bank.

In 2024, new venture capital firms were also selected: Insight Venture and Vesalius Biocapital IV Partners, “which are in the hiring phase after reallocating available funds in the meantime.”

“The selection of these applications, according to the final classification of eligible applications, allows financing of a wide range of companies and projects in strategic areas, including biotechnology, energy efficiency, smart mobility, IT, tourism and artificial intelligence, in line with the… Celeste Hagatong and Ana Carvalho The strategic objectives of the BPF and FdCR are to encourage investment in innovative and sustainable companies.

BPF also highlights the completion of the first capital call related to the fund managed by Oxy Capital for €3.75 million, with the aim of supporting the first investment to be made in the short term.

Banco de Fomento also reveals that “on March 5, 2024, it submitted to the competent court, in the context of precautionary measures brought by a nominated company, a reasoned decision determining the existence of serious harm to the public interest.” “This would result in any delay in implementing the program,” he said, without elaborating.