The Portuguese Government has approved €60.6 million in public funding to launch Deep2Start, a national financing program aimed at turbocharging the deep tech manufacturing sector. With a total potential investment of €110.6 million, the initiative is set to roll out in early 2025.
Deep2Start is part of the Accelerate the Economy Program and specifically enacts measures 15, 16, and 17 to foster disruptive technological innovation, support high-potential startups, and enhance Portugal’s position in strategic sectors like green energy and advanced manufacturing.
Two Core Components:
1. Deep Tech Fund
- €50M in public funding
- Matched by €50M in private capital
- Investment focus: deep tech projects aligned with climate, energy, and digital transitions
- In partnership discussions with Banco Português de Fomento, Portugal Ventures, and the European Investment Fund
2. €10.6M in Ignition Support (via ANI, Portugal Ventures & Startup Portugal):
- Ignition Funds: accelerate knowledge transfer from academia to the market
- EIC Accelerator Vouchers: support Portuguese startups applying for EU innovation funding
The program aims to fill funding gaps, encourage cross-sector innovation, and increase economic resilience, with deep tech seen as a cornerstone of Portugal's future competitiveness.
This move follows a related announcement by the European Investment Fund, pledging €90M for Portuguese startups, also with a focus on deep tech and cybersecurity.
Related News