Portugal-based early-stage VC Shilling has closed its Founders Fund at €52 million, with €22 million more than the primary announcement last April. Solely backed by private capital which includes powerhouse investors such as Atomico, the new fund reflects the growing momentum of the Portuguese startup ecosystem.
Founded in April 2021, the fund is looking at early-stage startups in Portugal and Spain. It also joins the pioneers in the profit-sharing model, by sharing fund returns with all of its portfolio founders. The areas of interest for its over 30 investments include digital health, fintech, mobility, future of work, and blockchain.
Talking about the fund closure, Pedro Santos Vieira, managing partner at Shilling said: “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.”
“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,” Ricardo Jacinto, managing partner at Shilling added.
Since 2011, Shilling has made 20 investments from its first vehicle, including Unbabel (follow-ons from GV, Notion, Greycroft, FoundersClub and more); Uniplaces (follow-ons from Atomico, Octopus Ventures and others), Best Tables (acquired by The Fork), and Switch.