November 6, 2018 / 5:11 PM / 8 months ago

New EU-backed funds to invest 190 million euros Portuguese firms

LISBON, Nov 6 (Reuters) - Two equity funds backed by the EU’s European Investment Fund (EIF) will invest 190 million euros ($217 million) in Portuguese small and medium-sized businesses that tackle a range of social, environmental and related issues, EIF said on Tuesday.

The funds, launched at the Web Summit technology conference in Lisbon, are backed by EIF investment vehicles, including InnovFin Equity, which provides seed and start-up funding to life sciences, clean energy and high-tech companies.

A 150 million euro fund managed by Vallis Capital Partners would support companies that addressed issues such as demographic growth and scarcity of natural resources, EIF said.

A 40 million euro fund managed by Mustard Speed Maze would offer funding to social enterprises that plough profits back into their communities and which address social and environmental issues, EIF said.

$1 = 0.8762 euros Reporting by Catarina Demony Editing by Axel Bugge Editing by Edmund Blair

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