The Portuguese Government is co-investing in a new € 25m Business Angels Fund aimed at funding innovative 60 early stage companies.
The Fund represents the result of more than 2 years of cooperative work of FNABA (Federação Nacional das Associações de Business Angels) with the Portuguese Ministério da Economia, and other official institutions.
Under the proposed scheme at least 3 business angels must create a new company with the purpose for risk investment. The business angels must bring to the new company 35% of the necessary funds, while COMPETE (managed by Portuguese authorities) will make an up to 10 year loan of 65% of the necessary funds.
The overall budget is exepected to reach € 25m coming from the Portuguese Government (€10m), Business Angels, entrepreneurs and some expected bank financing from the start ups.