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The Portuguese Business Angels Association (APBA) releases its data: more than €13 million invested

  • APBA members invested more than double than in 2018 (5,5m)

  • FinTech, Healthcare Services and Industry / Energy are the leading investment sectors

  • APBA and FNABA deliver a document to the government with measures to support the Portuguese entrepreneurial ecosystem

In 2019, more than 150 members of the Portuguese Association of Business Angels (APBA) invested cumulatively over €13.3m, more than double than in 2018 (€5.5m). These spectacular numbers are testimony to the consolidation of early stage investments in Portugal and the great work of angel investor networks to facilitate it.



The amount invested was invested in 28 projects. More than half is linked to the digital sector, as well as FinTech (18%), Health Care Services (14%) and Industry / Energy (11%) sectors, which reflects its maturity and the very sophistication of innovation on the national scene. In general, the largest reported investment in a company reached €4.3m and the lowest was around €39,500. The average investment was around €500,000.

João Trigo da Roza, president of APBA, says the following:


“2019 was an extremely promising year for the Portuguese entrepreneurial ecosystem. The data demonstrate an affirmation path, for which the professionalization of private investors was decisive. This remarkable growth has resulted in the entry of smart money in several innovative sectors of the economy, also side by side with the State, namely through the Financial Development Institution (IFD), which manages the co-investment funds.”


However, 2020 seems to have brought about a reversal of the trend. In this regard, Trigo da Roza remarks that:


“given the current situation, it is now important to ensure that we are able to face the challenges ahead and give rise to new opportunities. On the one hand, it is necessary to ensure that startups have the liquidity to continue with their activity and that there are targeted support channels. On the other hand, incentives must be created to generate investor confidence and encourage the maintenance of investment levels. Only coordinated action will successfully mitigate the impact of this crisis, sending positive signals to startups and investors. ”


To that point, APBA together with FNABA (Portuguese Federation of Business Angels Associations) sent a proposal to the Government, also signed by several other national early stage investors, which includes immediate and medium-term measures, in scopes of financing and fiscal policy, aiming at supporting the Portuguese entrepreneurial ecosystem.

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