A new fund has been created to support the growth of the sustainable blue economy in Spain and Portugal.
The Growth Blue I fund is the second blue economy fund for Portugal Blue, a joint venture between the European Investment Fund, Banco Português de Fomento and the Portuguese government.
The first fund invested in start-ups focused on deep tech solutions to combat climate change and protect the oceans.
This second fund will support small and medium-sized companies in the food and fish, renewable energy and biotechnology sectors.
“The ocean is part of our past and future,” said the Minister of Economy and Maritime Affairs, António Costa Silva.
“Portugal Blue – whose second fund we are now presenting – represents important investments focused on the blue economy and aligned with the priorities of climate action and the sustainable development goals defined by the United Nations,” he added.
With €50m in funding from Portugal Blue, InvestEU and private investors, Growth Blue I will invest in eight to 12 mature companies with equity above €1.5 million.
Its focus will be encouraging sustainability within the offshore energy sector, ports, shipping and biotech companies involved in decarbonisation, ocean clean-up and marine ecosystem conservation.
