After six months of contracting funds invested through the venture capital program, Indico Capital Partners and Oxy Capital have exceeded their first implementation goal, showing initiative in project selection.
Banco Português de Fomento (BPF), the managing entity of the Capitalization and Resilience Fund (FdCR), announced a capital increase for the funds managed by these two entities. This increase, resulting from its good performance, increases FdCR's participation from 65 to 100 million euros, making more financial resources available to support startups and growing companies.
The subscription agreements provide for the possibility of capital increases by FdCR upon the proposal and approval of the management company, subject to the achievement of certain investment objectives in the ultimate beneficiaries. The initial target required that the actual investment, by June 30, 2024, correspond to at least 30% of the subscribed amount, with an increase to 60% by March 31, 2025.
After exceeding the initial target, the Budget Fund agreed to increase the capital of the funds:
– From 35 to 50 million euros in Indico VC Fund II, managed by Indico Capital Partners.
– From 30 to 50 million euros in the Juno Fund managed by Oxy Capital.
Indico VC Fund II focuses on supporting early-stage technology startups, and has already made investments totaling €14.8 million. In contrast, the Juno Fund aims to support companies dedicated to research and development, with investments totaling 20.6 million euros so far.
The venture capital programme, with a total allocation of €400 million, aims to support companies in the start-up stages and has so far made it possible to invest a total of €51.8 million in 21 companies from various sectors, including ICT, e-commerce and biotechnology.
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