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Venture capital firm Faber to set up USD 34.88 million Faber Blue fund

Venture capital firm Faber to set up USD 34.88 million Faber Blue fund
Venture capital firm Faber to set up USD 34.88 million Faber Blue fund

Portuguese-headquartered Venture capital firm Faber is set to launch a new fund named Faber Blue Pioneers I, to invest in early-stage companies developing innovative “deep tech solutions” for ocean sustainability and climate action mainly from Portugal and Southern Europe.

The initial target for the fund is USD 34.88 million, with contributions from Portugal Blue along with major institutional investors such as Sociedade Francisco Manuel dos Santos (through its investment arm Movendo Capital), Champalimaud Foundation, and Calouste Gulbenkian Foundation.

The latest fund will initially focus on 20 to 25 startups for supporting them in domains like “blue biotech”, ocean health, food and feed from the ocean, ocean intelligence, or the decarbonization of various industries.

Faber Capital will manage the Faber Blue Pioneers Fund along with a new investment team led by Bruno Ferreira as a venture partner and Carlos Esteban & Rita Sousa as fund partners. They will work with Tiago Pitta e Cunha, the senior strategic advisor, who is also the CEO of Oceano Azul Foundation, and Joana Ciimar science and innovation officers Moreira da Silva and Susana Moreira as the scientific lead advisors, among other founders, scientists, and industry experts.

Partner of Faber Blue Pioneers Fund, Rita Sousa, mentioned that they believe deep tech and goal-driven entrepreneurs will have a significant impact on ocean sustainability and climate action. She added that venture capital will play an important role in helping these founders make a considerable difference.

Sousa further stated that they are excited to launch Faber’s Blue Pioneers Fund to support the most innovative and impactful startups and are honored to be supported by the EIF and Portugal Blue, as well as the prominent Portuguese institutions committed to ocean sustainability.

Faber is known for investing in different deep techs firms like Codacy, Unbabel, iLoF, SWORD Health, and Abtrace.

Source credits –

 https://techcrunch.com/2021/10/21/portuguese-vc-faber-to-launch-faber-blue-a-e30m-fund-for-ocean-sustainability/?guccounter=1

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.