Juncker Plan supports Portuguese software start-ups at the Web Summit with €15 million investment into new fund Faber Tech II

The European Investment Fund (EIF) and Instituição Financeira de Desenvolvimento (IFD) – Portugal’s national promotional institution – have made a €15 million investment in Faber Tech II, a new venture capital fund. The EIF’s investment is backed by the Juncker Plan’s European Fund for Strategic Investments. Faber Tech II will focus on investing in early-stage, data-centric start-ups in Iberia, primarily from Portugal. Speaking at the signature event at the Web Summit in Lisbon, Commissioner Carlos Moedas, responsible for Research, Innovation and Science, said: “The European Fund for Strategic Investments – the Juncker Plan – is once again demonstrating its European added value by supporting the Portuguese economy and its innovation ecosystem. Thus, Portugal remains one of the top five beneficiaries of the Juncker Plan, which dedicates more than 25% of its funds to research and innovation projects. The agreement signed today at the Web Summit will help to scale-up investments made in Portugal. By co-funding a venture capital fund, we are strengthening innovation in Europe and helping to create future Portuguese innovative products and services.” The press release is available here. As of October 2019, the Juncker Plan had already mobilised €439.4 billion of investment across the EU, including €9.8 billion in Portugal, and supported more than one million start-ups and small and medium businesses. Juncker Plan-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobs compared to the baseline scenario. By 2022, the Juncker Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.