€5 Million investment sees Portugal Ventures add 7 new startups to its portfolio

    • 4 startups resulting from Portugal Ventures’ core business activity in the Digital & Technology andHealth Tech sectors
    • 1 startup resulting from Call Madeira
    • 2 startups resulting from Call Turismo

Porto, 13 October 2022 –  Portugal Ventures, a venture capital company that is part of Portuguese promotional bank Banco Português de Fomento Group, is proud to announce 7 new investments – Fraudio, miio, WalliD, FootAR, C-mo, Pruvo and Spinach Tours – thereby strengthening the Digital & Technology, Health Tech and Tourism categories of its portfolio.

Portugal Ventures has already invested €6.3 million in 11 new startups in 2022 (thus far).

Rui Ferreira, President of Portugal Ventures, says “we have grown our portfolio by investing in six new companies developing solutions in strategic sectors such as sustainability, health, digital identity and tourism, and that have reached a stage of business growth and recognition in both the national and international market. For these investments we partnered with two leading international capital partners for co-investment – Boehringer Ingelheim Venture Fund and High-Tech Gründerfond – which reinforces our strategy for going global with our capital partners network.

The investment made through Call Madeira represents a strong commitment to the entrepreneurial potential of Madeira’s business ecosystem. We are very confident that the team led by David Olim will establish Madeira a national model for development of a reference innovation and tech hub.”

Investments in the Digital & Technology and Health Tech sectors:

  • Fraudio, based in Amsterdam and led by the Portuguese João Moura, offers a highly innovative solution for combating payment fraud and electronic crimes. Based on the pooling of transaction data and powered by next generation Artificial Intelligence algorithms, Fraudio products are easy to integrate and provide its customers with a powerful fraud detection tool from day one, enabling them to securely manage their own customer bases and reduce operating costs and fraud losses. The investment by Portugal Ventures was made in co-investment with Shiling and Fintech Fund, and will allow Fraudio to grow its presence in Portugal and boost sales, marketing and R&D. This investment was made through the Portugal Ventures Grow and Expand Venture Capital Fund.
  • miio specialises in electric mobility, which represents a 70% market share of electric vehicle users. The company’s app makes the lives of electric vehicle users easier by allowing them to search for charging stations, simulate and compare prices according to their vehicle and battery status, and to control consumption and costs. The app also recommends charging solutions suitable for their vehicle. The investment in miio will be channelled towards building the capacity of the engineering and marketing teams, and towards acceleration and internationalisation, in particular to the Spanish and French markets. This investment was made through the Turismo Crescimento Venture Capital Fund.
  • WalliD is an identity toolkit that links digital identity protocols to online applications to enable users to access, manage and verify their identity using a single digital wallet. With an estimated $12-billion market potential in 2025, WalliD will use this investment to acquire the resources it needs to further product development for increased network integration with digital identity networks and protocols. Portugal Ventures made this investment through the Portugal Ventures Tech Competitiveness Venture Capital Fund, supported by financial assistance from the Equity and Quasi-Equity Fund (FC&QC – Fundo de Capital e Quase Capital) managed by Banco Português de Fomento.
  • C-mo Medical Solutions develops solutions for the diagnosis and monitoring of respiratory diseases. Its mission is to revolutionise the clinical management of chronic cough, a symptom experienced by 400 million adults worldwide. The company is unlocking the clinical potential of analysing the characteristics and patterns of cough, and aims to address the medical need associated with the management of chronic cough. This investment round was made in co-investment with Boehringer Ingelheim Venture Fund and High-Tech Gründerfonds, and will enable C-mo Medical Solutions to take the technology to the European and US markets, and to expand its product portfolio. This investment was made through the Portugal Ventures Valor 2 Venture Capital Fund.

 Investment through Call Madeira:

  • FootAR, a startup in Madeira housed at Startup Madeira (Funchal), has developed an immersive augmented reality platform that replicates a virtual football stadium, with real-time data and statistics on players, clubs and championships. This solution, which has already been tested by Clube Desportivo Nacional da Madeira football club, is designed for sports organisations such as clubs, federations and leagues, as well as bookmakers, offering them an innovative way to boost revenues through advertising, marketing and sales with a high level of user engagement, thanks to gamification and augmented reality mechanisms. FootAR will use the investment to finalise the prototype and build integration for current and new customers, preparing the company for international expansion and attracting new investment rounds.

Portugal Ventures made this investment through the Atlântico Venture Capital Fund, supported by financial assistance from the Equity and Quasi-Equity Fund (FC&QC) managed by Banco Português de Fomento, in partnership with August One, a family office based in Singapore, to strengthen the business capabilities of companies operating in the Autonomous Region of Madeira, with a view to building a robust innovation ecosystem that is internationally competitive.

José Maia, Investment Lead at August One, says “this investment in Madeira is the result of the ability of the Autonomous Regions to attract and retain entrepreneurs and talent prepared to compete in highly competitive industries. It is now up to August One and Portugal Ventures to support the international growth of this business in order to enhance its value and offer good return to its investors”.

Launched in February this year, in partnership with IDE (Business Development Institute) and the Madeira Government, 20 applications from Portuguese, English, Brazilian, French and American entrepreneurs where submitted to Call Madeira, corresponding to a total requested investment of €3.7 million, most of which for creating new companies in the autonomous region.

Investment through Call Turismo:

  • Pruvo offers an AI-driven solution that enables travel agencies and travellers to benefit from price fluctuations in hotel bookings by allowing them to rebook the room at the lowest price if the price changes between the booking and check-in date. Its technology, powered by Artificial Intelligence, was the key in growing the company 10-fold in the past year. The company, which is based in Israel, has a strong presence in Portugal, where its customers are the leading national travel agencies.
  • Spinach Tours, in partnership with Grupo Barraqueiro and Boost Portugal, is a platform for tour operators offering a Vehicle-As-A-Service (VAAS) model for the worldwide marketing of a unique turnkey solution for electric vehicles and integrated technology for creating interactive sightseeing experiences. This investment will enable Spinach Tours to develop and deliver its solution worldwide.

These two investments were made through the Portugal Ventures Turismo Crescimento Venture Capital Fund. 

 About August One:

August One is a venture capital fund management company regulated by the Monetary Authority of Singapore (‘MAS’). It collaborates with various governments, universities and companies to help develop the potential of existing and emerging companies, through its Investment, Acceleration and Family Office platforms.

In Portugal, August One has partnered with Portugal Ventures under the Atlântico VCF and runs the OneBlue accelerator programme to help companies in the Blue Economy grow and expand into new markets in the Nordic countries and Asia. To learn more, visit www.august.one.