EU to invest €190m in innovative Portuguese SMEs
The two funds benefit from EU support under InnovFin Equity, COSME EFG and the Juncker PlanEuropost , Brussels
In the context of the 2018 Web Summit in Lisbon and in presence of Commissioner Moedas, on Wednesday the European Investment Bank Group signed two agreements, together worth €190m, for the launch of two equity funds managed by the firms Vallis Capital Partners and Mustard Seed MAZE. Both funds benefit from the support of the InnovFin Equity, COSME EFG and the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe - the Juncker Plan.
Vallis Capital Partners' launch of a €150m fund targets innovative Portuguese small and medium businesses over the next 5 years. Mustard Seed Maze, on the other hand, launched a fund worth €40m to invest in the most promising social innovation business models across the country.
"These two Juncker Plan deals worth €190m will give Portuguese small and medium businesses the boost they need to express their talents and turn their ideas into concrete projects. Fresh funding will be available for innovative projects of high value added and for social enterprises, which are two sectors that are key to the future of Europe's economy. The Web Summit is probably the most symbolic place where such deals can be formalised," Commissioner Carlos Moedas, responsible for Research, Science and Innovation, said.