HomeTechnologyPortuguese VC Shilling tops-up its Founders Fund, hitting $59M in capital to...

Portuguese VC Shilling tops-up its Founders Fund, hitting $59M in capital to deploy – TechCrunch

Further proof of the booming Portuguese tech ecosystem is rising right this moment with the information that enterprise capital agency Shilling is topping-up its ‘Founders Fund’ to €52 million ($59M), with €22M ($23M) greater than the first announcement final April.

Significantly for Europe the place typically VC funds are backed by the generally constraining European Investment Fund, this fund is solely backed by personal capital. This makes one of many largest personal early-stage VC funds in Portugal, if not probably the most important (we’ll verify later).

Backed by buyers together with Atomico, this fund closing is proof of the continued sturdy curiosity by nationwide and worldwide buyers in the Portuguese ecosystem.

Launched in April 2021, the Shilling Founders Fund has 2 distinctive options: it’s backed by greater than 40 Founder LPs, profitable Portugal-based entrepreneurs; and secondly, it joins these entrepreneurs in the profit-sharing mannequin, by sharing fund returns with all of its portfolio founders. It additionally permits them to ‘pay-it-forward’ with each assist and recommendation to portfolio corporations.

“More capital means more and larger tickets and more capacity to follow-on on the best companies, that will help us be more competitive nationally and internationally, and continue attracting deals to Portugal using the Shilling Platform”, Pedro Santos Vieira, managing associate at Shilling stated in a press release.

Ricardo Jacinto, Managing Partner at Shilling stated: “From the beginning we have invested in key areas like: digital health, fintech, mobility, future of work and blockchain. Having national and international investors interested in committing more capital to our Founders Fund, validates our thesis on how we can impact the ecosystem, from founders to founders.”

“Luca’s investment, announced this week, was our largest ticket and an example of a company that moved its headquarters in Portugal due to our investment. This is a key part of our value proposition and a clear differentiating factor,” he added. 

Ed-tech Luca recently raised €2.7 million in pre-seed funding led by Shilling Founders Fund and Heartcore Capital

Founded as a enterprise angel group by Hugo Gonçalves Pereira, António Casanova, Diogo da Silveira, João Coelho Borges, Juan Alvarez and Pedro Rutkowski in 2011, Shilling has turn into some of the energetic early-stage buyers in Portugal and Spain. It consists of profitable founders Ricardo Jacinto (Elecctro), Miguel Santo Amaro (Uniplaces/Coverflex), Pedro Ramalho Carlos (IP) and Pedro Santos Vieira (GoodGuide).

Since 2011, Shilling has made 20 investments from its first car, together with: Unbabel, Uniplaces, Best Tables (acq. by The Fork), Switch (acq. by Saltpay). Most latest capital deployments from the Shilling Founders Fund embrace: Circular, Rows, Payze , Vitaance, and Techstars alumni Cargo Five, Detech.ai, and Relive.



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