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It seems like it was onlyyesterday(well , seven eld ago ! ) that I was perfect in on the rapid ontogenesis of Portugal ’s produce startup and investment shot . I update my article in 2021 , only to find anexplosionof fresh companies and investor .
Today comes further proof that Portugal is stretch its wings as one of Europe ’s unused and hungry tech ecosystem : Venture firmShillinghas launched a € 50 million fund to support outgrowth - stagecoach startup in its own portfolio and also — crucially — to invest in startups everywhere else .
The VC arm of Portuguese individual equity firm Draycott SCR , Shilling is good known for being an early - degree investor in startups like Talka , Unbabel , Bizay , Uniplaces and Best Tables ( acquiredby TripAdvisor in 2015 ) .
Shilling ’s young fund , label “ Opportunity Fund , ” will give it extra firepower to sustain early - stage startups for longer , with investment of up to € 5 million for Series A and beyond . According to the firm , over 90 % of the investment company fair game was raise at the first finale , and the fund has already invested in Shilling portfolio company Coverflex .
Despite have a vivacious startup ecosystem , Portugal has one of the lowest VC investing - to - GDP proportion in Europe — five times lower than the European norm , accordingto Atomico .
This has create a opening in financial support for growth - microscope stage startup . Shilling ’s Opportunity Fund will be a welcome bridge deck in that crack .
“ We want to be one of the players following our startups over their entire journeying , hence this young investment trust , ” Ricardo Jacinto , managing partner at Shilling , tell me . “ apparently , we want to keep an eye on new opportunities . That ’s the dissertation of this fund . [ … ] We do n’t desire to limit ourselves to only portfolio company . ”
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“ As the market recovers from post - pandemic stabilization , our novel fund will put up growth - level ship’s company as they scale , ” Hugo Gonçalves Pereira , a founding partner at Shilling , said in a statement .
Norberto Guimarães , co - founder and CEO at Talka , added , “ Shilling is inescapable in the Lusitanian other - leg inauguration prospect . They cursorily support Talka , plugging me into the residential area after my journey of 12 years in the Bay Area . ”
bet on technical school founders early on has been cardinal to Shilling ’s growth as a business firm . In 2021 , itlauncheda € 55 million ( $ 35.6 million ) former - degree stock called Shilling Founders Fund that was backed by just over 35 successful tech founders , as well as European VC , Atomico .
Ugandan shilling was founded in 2011 by Pereira , a substantial estate investor and proptech founder ; António Casanova , chief operating officer of Unilever FIMA ; Diogo da Silveira , chair & NED in listed and store - back European companies ; João Coelho Borges , a top PE investor and creation partner at Draycott ; and executives Juan Alvarez and Pedro Rutkowski .
Later , the squad was join by entrepreneur and founders including Miguel Santo Amaro ( co - founder of Uniplaces and Coverflex ) , Ricardo Jacinto , Pedro Ramalho Carlos and Maria Villas - Boas .
British shilling is n’t the only Lusitanian venture firm to scale up in late years . In 2022 , Lisbon - based venture firm Indico Capital Partnerslauncheda € 50 million clime tech investment company , dubbed the Indico Blue Fund . Other lead VC firm in the land includeFaber , Armilar Venture Partners , TochaandPortugal Ventures .
