Lisbon, 4 July 2023 – Portugal Ventures, a venture capital firm that is part of Portuguese promotional bank Banco Português de Fomento, announces investment in two Madeira-based startups – Floating Particle and Plutospetfood, totalling €490,000.
These two investments are the result of the Call Madeira initiative, launched in February 2022 in partnership with the IDE (Business Development Institute) and the Madeira Government, aimed at attracting deal flow for the Atlântico Venture Capital Fund with startups with registered office and/or business activity in the region capable of promoting exports, the archipelago as a destination linked to nature and environmental sustainability, and entrepreneurship in Madeira. Through the Atlântico Venture Capital Fund, Portugal Ventures invests in partnership with August One, a Singapore-based venture capital firm. Thus far, Portugal Ventures has invested in three startups under Call Madeira – FootAR (announced in October 2022), Floating Particle and Plutospetfood, investing a total of €690,000in the economy of the Autonomous Region of Madeira.
Pedro Mello Breyner, Executive Director of Portugal Ventures, says “the investment in Floating Particle and Plutospetfood embodies our and the Government of Madeira, IDE, and our partner in the Atlântico Fund August One’s steadfast commitment to strengthening the entrepreneurial ecosystem in Madeira, leveraging the growth of new businesses in the region and its proven ability to embrace entrepreneurs and qualified talent. Portugal Ventures believes in the potential of the Floating Particle and Plutospetfood teams, who will work very closely with our team to continue to drive the growth of their businesses, and put Madeira on the global stage.”
Duarte Freitas, CEO of IDE, said “Call Madeira was an innovative initiative that enabled projects in key areas for the Autonomous Region of Madeira, from digital to technology and industry. The financing of these projects, with EU ERDF support under the Operational Programme Madeira 2014-2020, has helped boost the region’s image as a highly innovative, competitive and attractive hub for foreign investment, and the region’s entrepreneurial ecosystem.”
José Maia, Investment Lead at August One, points out that “these investments are the result of our constant attention to emerging energy transition needs and opportunities and the identification of trends in the fast-moving consumer goods industry. The teams at Floating Particle and Plutospetfood, who we are supporting with these investments, have proven that they are capable of competing in global markets and are ideal for opening the Atlântico VCF up to these sectors. Specifically with regard to the investment in Floating Particle, we also reaffirm our commitment to driving positive change in the world, seeking to create solid and promising financial returns on our investments.”
FloFloating Particle, led by Luís Duarte Silva and Diogo Soares, offers an innovative solution for waste management and clean energy generation. Its flagship product, STELLA, uses state-of-the-art gasification technology to produce green hydrogen from urban solid waste, revolutionising current waste management processes and reducing their environmental impact. With groundbreaking solutions, Floating Particle uses AI, IoT, big data and machine learning to efficiently solve everyday problems and add value to partners, benefiting several industries and public and private entities. Floating Particle will use the investment to reinforce its technical team for the production of machines.
Plutospetfood, led by José Araújo Correia, is a leading manufacturer of high-quality dog treats dedicated to the well-being and happiness of our furry friends. Founded in 2015 and exporting to 34 countries on four continents, its mission is to create delicious and nutritious treats that dogs love, while ensuring their health and safety. All products are made using premium ingredients and following strict quality standards. Portugal Ventures’ investment will enable the company to acquire assets to increase production.
Both investments were made through the Atlântico Venture Capital Fund, co-financed by the Equity and Quasi-Equity Fund (FC&QC) managed by Banco Português de Fomento, in partnership with August One, to strengthen the business capabilities of companies operating in the Autonomous Region of Madeira and the Azores, with a view to building a robust innovation and internationally competitive ecosystem.