The fund is intended for investments in technological startups and will have an expected duration of 10 years.
Bynd Venture Capital announced the launch of its third fund, Fund III, with an amount of 40 million euros destined to invest in technology startups in the Iberian Peninsula.
This fund will focus on companies in the pre-seed and seed stages, with a special commitment to innovation in the areas of Artificial Intelligence, software, consumer goods and sustainable technology.
Portuguese startups Equall, CircuitLeap e Spot were the first to benefit from the new fund. Since 2010, with the creation of its business angels vehicle, Bynd has been supporting the innovation ecosystem in the region, a mission reinforced in 2015 with the creation of its own venture capital management company.
Santiago Salazarchairman of Bynd, highlights the company’s long-term commitment to Iberian entrepreneurs looking to launch global businesses, explaining that the fund “allows us privileged access to investment opportunities and the ability to offer founders the tools and knowledge to scale your business”, quotes Jornal Económico.
Fund III has a expected duration of 10 yearsof which four will be dedicated to investment and the remaining six to portfolio consolidation.
The main investors in this fund include Fond-ICO (Spain), Nors (Portugal) and bank Caixa Capital, as well as family businesses, startup founders in the portfolio and private investors.
Bynd has also expanded its team in the Iberian Peninsula, hiring Gerard Adell to the Barcelona office and Álvaro Garcia to Madrid, both with experience in the venture capital sector.
In addition to financial support, Bynd is committed to monitoring startups in ESG metrics, favoring companies with practices that promote a positive impact.
“We had our first closing in May and we are very active investing. We intend to carry out around 40 investments over the next 4 years, 20 in startups in the pre-seed phase and another 20 in companies in the seed phase, and also reserve capital for follow-up rounds”, he concludes Francisco Ferreira Pintopartner da Bynd.
