The Portuguese government is redirecting €25 million from former QREN reimbursements to support the Capital & Quasi-Capital Fund (FC&QC). These funds will help finance the Deep2Start deep tech fund, aimed at supporting innovative startups with transformative technologies.
The Deep2Start fund, set to launch in the first quarter of 2025, will have €60.6 million in public funding and €50 million from private investors, totaling €110.6 million. It aims to foster entrepreneurship and attract venture capital to deep tech startups.
The €25 million from QREN reimbursements can only be used in Portugal's convergence regions, as required by European fund regulations. These funds will support innovation, competitiveness, and internationalization initiatives.
Deep tech startups rely on high-tech innovations or scientific breakthroughs, often facing challenges in securing traditional investments due to long development cycles. Pedro Reis highlighted that the fund aligns with the Accelerate the Economy Program, promoting economic growth through technology and innovation.
Portugal Ventures will manage the public component of the fund, with potential partnerships with the European Investment Fund (EIF) under discussion. This initiative emphasizes the government's commitment to fostering innovation-driven growth and supporting startups tackling global challenges.
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