Portuguese economy minister Pedro Siza Vieira and EIB Vice President Ricardo Mourinho Félix announced the Portugal Tech II programme at the Web Summit on Tuesday.
The programme will mobilise €250 million in venture capital investments to boost technology-transfer projects from universities and technology-based start-ups with high potential in areas such as artificial intelligence, machine learning, fintech, healthtech and cybersecurity, amongst others.
Portugal Tech II continues the work of its predecessor programme launched in 2018. “[It] will continue to support an environment where technology and innovation play central roles in the transformation of our economy,” said Vieira. The programme will select venture capital funds managed by Portuguese private teams with relevant track-record in the venture capital, technology transfer and acceleration segments, provided that they are able to raise capital from private and institutional investors.
“This initiative crowds in private investors resources and will help transform disruptive ideas into successful businesses that can give Portugal and Europe a leading edge in the global tech race,” said Félix.