- Text: aicep Portugal Global
- Photo: rawpixel
Lisbon-based Faber launches €33 million fund to back Iberian startups. Portuguese venture capital firm Faber has announced the first close of Faber Tech II at €20.5 million, with a goal of reaching €30 million in the next few months. The new fund will focus on early-stage, data-driven startups in Southern Europe, especially Iberia, that want to scale globally.
The VC is looking for teams that are digging into data, applying artificial intelligence, machine learning, data science and other technologies to the problems in their sector. Faber Tech II has already made three initial investments: co-financing SWORD Health’s €15.6 million Series A; leading the pre-seed round for YData; and co-financing a pre-seed round for Emotai.
After an initial investment cycle that started in 2013, the Lisbon-based firm was a first local investor in many of the most promising startups like Seedrs (which was co-founded by Carlos Silva, one of Faber’s partners, and recently announced its merger with CrowdCube), Unbabel, Codacy and Hole19, among other Portuguese startups.
In this first close, the European Investment Fund and the local Financial Development Institution were the cornerstone investors with a joint commitment of €15 million (backed by the Investment Plan for Europe and through the Portugal Tech program), joined by other private institutional and individual investors.
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