As 50,000 people descend on Lisbon to attend the Web Summit’s new home, the Portuguese Government has created a €200m venture capital fund to entice overseas start-ups to locate in Portugal.
The Web Summit kicked off in Lisbon last night. While Paddy Cosgrave and Portuguese prime minister António Costa took to the stage, the spectre of Wi-Fi issues appeared to haunt Cosgrave as a Facebook Live demo had to be initially abandoned.
But the show went on, and Costa proclaimed his vision to make Lisbon a world capital for entrepreneurship.
Portugal is certainly putting its money where its mouth is, and Costa yesterday launched a new €200m venture capital fund designed to bolster the country’s start-up ecosystem.
Global start-ups urged to locate in Portugal
The fund is suitably entitled C200M’ and is part of a public support package worth over €400m to supercharge the Portuguese economy.
As well as encouraging local start-ups, the fund will be made available to budding companies all over the world.
Investors can apply for co-investment in deal-by-deal or capture support for a ‘fund of funds’.
But start-ups availing of the funds must be willing to be headquartered in Portugal, where a number of vital ecosystems are developing in Lisbon, Braga and Porto.
More than 600 leaders from the top venture capital firms are in Lisbon to attend the Web Summit.