- Bright Pixel strategy changed and now is focused on investing directly in new startups (vs. creating startups/being a startup Lab). As a result, Celso is stepping down and joining the Cloudflare team and Alexandre is the new captain. Congrats to both! Bright Pixel is part of Sonae IM, which invests directly in series A and beyond startups. So it will be interesting to see the strategy of the 2 investment companies. On a personal level, we admire Celso’s work and we hope to continue to see him around. “It takes a village” to build a startup ecosystem
- Ricardo Normand is joining Tomahawk as Venture Partner for Portugal. Congrats Ricardo! Great to see another international Venture Capital firm with a local presence. Tomahawk invests €100k-1M in B2B SaaS and decentralized startups and in pre-seed to series A rounds. (check here for international funds interested in the Portugal Startup scene)
- Portugal Ventures is expected to launch a new call for tourism in September (Check Portugal Ventures open calls here). Also, Portugal Ventures will be supporting Glintt in launching an accelerator program next year.
- This month, we came across a great article about Venture Capital Landscape in Portugal — thanks Miguel Alves for sharing it on LinkedIn. If you haven’t done it already, you can read the article here (we can wait for you — FYI it is in Portuguese only). Multiple great insights
- Starting with the good news. Portugal Venture Capital funds have enough dry powder to invest in new opportunities over the next 12–24 months!
- On the negative side, the window for new Venture Capital funds seems to be closed for now. If these market conditions continue for some time, it might be a problem in the near future (particularly for an emergent ecosystem as Portugal), as it takes ~2 years to raise a new Venture fund. As such, we call all potential LPs, both public or private, to support early-stage investing during this time. We believe that some of the best investment opportunities are ahead of us.
- In addition and not referenced in the article, we also see a potential bottleneck on pre-seed/seed as IFD financial lines (public incentives for business angels syndicates and Venture Capital funds) are coming into the final of the investment period at the end of 2020.
- Finally, in the article, there were also interesting references related to Armilar Venture Partners and Indico Capital Partners fund execution. At the beginning of 2019, Armilar and Indico raised new funds with similar sizes (€60M and €54M) and, since then, have invested in a similar number of startups (8 and 9 startups, respectively). But the 2 funds seem to have very different investment thesis. Armilar has been investing in deep tech startups at early stages, Seed and €500k per startup, while Indico has been focusing on late seed/series A software startups, investing €2.4M per startup. Also, Armilar seems to be dedicating much more capital for the next years, for new investment opportunities and/or as reserves for future rounds of portfolio companies, as it has only invested €4M (7% of the fund) vs. €22M (41% of the fund) invested by Indico. This year, both Venture Capital firms have launched new funds — €10M and €12M — so we expect both firms to continue to be active on pre-seed.
- Crisis creates opportunities! Now you can work from anywhere and we, but also top VCs such as Harry Briggs, have been noticing an increase in foreign entrepreneurs moving to Portugal. Have you also noticed it too? We think this can be a positive lever for Portugal — great entrepreneurs willing to relocate to places with good quality of life, affordable, with coronavirus “under control” and high-quality infrastructure and entrepreneurial ecosystem. What can be done to further accelerate this trend?
- Finally, Felipe, from Infraspeak, did a great job during his vacation and publish multiple posts about pre-seed, seed, series A, series B, and late-stage Venture Capital funds actively in investing in Portugal.
Accelerator deadlines, pitch competition and events
- September 2: Smart Open Lisbon
- September 4: Start and co — Nestlé and Nova SBE
- September 10: Portugal Fintech report
- September 11: Entrepreneurship and Innovation Award Crédito Agrícola
- September 13: Startup of the year PMS2020
- September 20: Future Female Founders
- September 20: From start to table — Startup Lisboa
- September 30: Altice Innovation Award
- September 30: Blockchain Block Start
- September 30: Mais Ajuda Hackaton
- October 2: Startup Leiria accelerator
- October 7: Tourism Explorers
- (Always open for application): CTT 1520 startup program
Resources for entrepreneurs
Portugal Startup Scene data
- Market activity data: The Portuguese Startup, Venture Capital and Business Angel activity data; Scaleup Porto; Ecosystem map
- Newsletter: Pedro and João newsletter
- Survey: If you are an entrepreneur, contribute to the Portuguese investment landscape survey
- Business Angels: Business angels in Portugal
- VCs: Venture capital and business angels syndicates in Portugal; International Venture Capital firms interested in Portugal; 200M
- Term-sheets: Angel term-sheet (Team Genesis/Morais Leitão); General Term-sheet (Team Genesis/Morais Leitão)
- Product-Market fit: DashDash product-market fit survey; Scaling Unbabel — My Personal Learnings
- Churn: Reducing Churn In SaaS And Subscription Startups
- Podcast: Tech Deciphered Show; Startup Portugal Podcast; O podcast das startups (PT)
- Videocast: Bitalk
If there is any great resource for Portuguese based entrepreneurs, we are happy to had them.
Startup: PICadvanced (https://picadvanced.com/)
TAGs: B2B, Hardware, Internet of Things,Telecommunications
Investors: Verizon Ventures, 200M
Startup: Loop Co. (https://www.theloop.pt/)
TAGs: B2C, e-commerce, Marketplace, Social
Investors: Fundo Bem Comum, Fundo para a Inovação Social
Startup: Trivial Castle
Investors: Team Play Ventures, Pausa Ventures
Startup: Probely (https://probely.com/)
TAGs: B2B, Cyber Security, Information Technology, Internet, Location Based Services, SaaS, Software, Web Apps
Investors: Portugal Ventures
Startup: LiMM (www.limmtx.com)
TAGs: B2B, Biotechnology, Health Care, Medical Device, Therapeutics
Investors: Portugal Ventures
International funding rounds participated by Portuguese investors
- Summertime… no news