The startup ecosystem within the Iberian Peninsula — the area encompassing Spain and Portugal — has been on a roll the final couple of years. The worth of Spanish startups surpassed €100 billion in 2023, in keeping with Dealroom information, with enterprise funding of €2.2 billion throughout some 850 rounds. Meanwhile, Portugal has produced a slew of VC companies equivalent to Shilling, Indico, Armilar, Bynd, and extra.
Lisbon-based enterprise agency Faber has turn into the most recent to double down on the area — it just lately launched its third fund, marking a primary shut of €31 million (about $33.9 million). The fund is anchored by the European Investment Fund (EIF) and has obtained main contributions from the NATO Innovation Fund and Portugal’s Caixa Capital, in addition to household workplaces. It’s aiming to boost €60 million (about $64.2 million) in whole.
The new fund, titled Faber Tech Fund III, will goal pre-seed and seed-stage startups in deep tech, AI, robotics, and biotech throughout Portugal, Spain, and the Netherlands.
Alexandre Barbosa, managing accomplice at Faber, informed TechCrunch that the brand new fund is supposed to focus significantly on deep tech, AI/ML, and data-related applied sciences. “The first investments are lined up in photonic chips, analog chip design, and artificial biology,” he stated.
The agency’s thesis, Barbosa stated, is backed by the truth that scientific and technical expertise continues to stream towards Southern Europe, particularly on condition that Portugal and Spain are among the many prime 5 locations for trade applications.
“Maintaining Europe’s technological edge is important to making sure the area’s safety and resilience,” Chris O’Connor, managing accomplice of the NATO Innovation Fund, stated in an announcement.
Faber’s final fund raised about $24 million, and the agency additionally has a “blue” fund, Faber Blue Pioneers, via which it invests in ocean applied sciences. Its most notable portfolio firms embody Sword Health, Smartex, Mitiga, Luminate Medical, Unbabel, and MicroHarvest.
