200M Fund is a matching Fund that aims to foster co-investment in high growth STARTUPS in Portugal, with national or international private Co-investors.

The 200M Coinvestment Fund is managed by Banco Português de Fomento, S.A., a financial company which has the nature of a national promotion bank.

Its mission is to support the economic and social development of Portugal, through the creation of innovative, competitive and appropriate solutions to the needs and challenges of the business ecosystem, enhancing entrepreneurial capacity, investment and job creation, and promoting sustainability and the country’s economic, social and territorial cohesion.

With a view to boosting and expanding the offer of sustainable financing, Banco Português de Fomento promotes:

  • support for the development of the economy through innovative solutions with conditions equivalent to the best references in the international market;
  • the modernization of companies, promoting sustainable entrepreneurship, research, investment and job creation
  • corporate sustainability and economic, social and territorial cohesion in Portugal.

200M Fund grants a call option to Co-Investors that can be exercised during the first four years from the date of the investment:

  • If the call option is exercised by the end of the 2nd year, an IRR of 4% must be ensured for the investment made by the Fund;
  • If the call option is exercised between the 3rd and 4th year, an IRR of 6% must be ensured for the investment made by the Fund; or
  • If the Investment Operation is made in the Life Sciences sector indicated in subparagraph (h) above, the call option may be exercised until the end of the 4th year, ensuring a 4% IRR to the Fund, or between the beginning of the 5th and end of the 6th year, in which case an IRR of 6% must be ensured.

The 200M Fund co-investment match up to 100% of private investors’ commitment, with min €500k and max €5M.

What type of investments?

Venture Capital investment in Portuguese companies in different stages (seed, start up, later stage venture – series A and B) for the development of new products/services or innovative projects regarding processes, products or marketing.

In companies certified as SME to develop investment projects in the Northern, Central, Alentejo, Lisbon and Algarve regions.

Due to the high volume of investment of applications received for the Lisbon Region, the submition of applications related to investment projects located in this Region is suspended. This decision can be reversed if the investment amount related to this Region is increased.

Direct investment in SME via equity or quasi-equity (no in kind investments) and/or debt (up to 30% of total investment).

Preferred Sectors: Life Sciences, Biotechnology, Digital and IT, Tourism, Engineering and Industry 4.0.

Eligible investments in SMEs shall be made by 31 December 2022. This deadline may be extended after authorization from each of the Fund’s public participating entities, together with each of the Operational Programs via the relevant ESIF.

Talk to our business advisor.