The European Investment Fund and the Portuguese state-owned financial company, Instituição Financeira de Desenvolvimento, have signed a €15 million commitment to the new venture capital fund focused on investing in data-centric start-ups in Portugal, Faber Tech II.

This is the fourth joint commitment to Portuguese fund managers in less than one year. The agreement was signed under the Portugal Tech programme, and Juncker’s Investment Plan for Europe.

Juncker Plan-backed investments have increased EU gross domestic product by 0.9%. The Plan will also have a long term macroeconomic impact on the Union: by 2022, the Juncker Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.