Bynd Venture Capital has a new fund with 40 million euros to invest new companies in Portugal and Spain. Portuguese venture capital wants to use the amount from Fund III to invest in technology companies that are in their early stages pre-seed and seeds.
“This new fund highlights Bynd’s long-term commitment to the innovation ecosystem in the Iberian Peninsula, which began in 2010 with the launch of our Business Angels vehicle and was subsequently reinforced, in 2015, with the creation of our company of risk capital management,” explains Santiago Salazar, president of Bynd in a statement.
The third fund wants to continue the “mission to support entrepreneurs with the ambition of creating global companies from Portugal and Spain”, remains responsible. Santiago Salazar affirms that the “experience and network of contacts” developed in recent years allow “privileged access to investment opportunities.”
Bynd’s goal is to create a portfolio focused on three main areas: artificial intelligence (AI) and software, consumer goods and technology for sustainability.
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Among the investors in this fund are the Spanish Fond-ICO, which finances investment funds, the Portuguese industrial group Nors and the Caixa Capital bank. The statement also refers to investments from “family businesses, portfolio founders and other private investments.”
Fund III has “several investment processes underway and three already completed”: this is the case of the investment in Equall, which develops investment solutions software for the legal sector using AI, CircuitLeap, specialized in the development of software for the design and simulation of integrated circuits, and Spot, which uses AI to automate processes in large companies. It was not detailed what the investment will be in each of the new companies.
Francisco Ferreira Pinto, couple of Bynd VC, details that the venture capital intends to “make about 40 investments in the next four years, 20 in new companies in phase pre-seed and another 20 in companies in phase seedsand also reserve capital to carry out rounds of continue”.
Bynd reinforced its presence in Spain with the hiring of two associates: Gerard Adell for Barcelona and Álvaro García for Madrid.
Venture capital was founded in 2010 by a group of business angels. His portfolio includes investments in companies such as Impress, a dental aligner company, artificial intelligence company Defined.AI and avatar company Didimo.
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Source: Observadora
