At the Web Summit, Portugal’s Minister of Economy, Pedro Reis, announced the launch of a €110.6 million fund to boost deep tech innovation. The initiative, called Deep2Start, will include €60.6 million in public funding, with an additional €50 million expected from private investors. The fund will target disruptive technological innovations and is set to begin in the first quarter of 2025.
The program has two components: the main Deep Tech fund, which will mobilize €50 million in public funding and match it with €50 million from private investors, and an additional €10.6 million to support early-stage financing and technology transfer. This funding will support deep tech startups and academic projects aiming to commercialize technological advancements.
Reis also extended an invitation to international entrepreneurs at the Web Summit to consider Portugal as a business destination, emphasizing the country’s investment-friendly policies, quality of life, and strategic location as a gateway to Europe, Africa, and the Americas. He highlighted Portugal’s commitment to sustainability, innovation, and its open economy, which welcomes foreign investment and supports entrepreneurial growth.
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