Government-backed FundAllocates capital directlyInactiveLAST VERIFIED Oct 2026 · 5 SOURCES

Fundo 200M

Also known as 200M Co-Investment Fund, Fundo de Coinvestimento 200M

Public co-investment fund (Decree-Law 126-C/2017, €100M initial ESIF capital) managed by Banco Português de Fomento; matched private VCs in SMEs. Closed to new applications.

Some directories list this fund as “200M / Social Innovation Fund”; it is BPF’s 200M Co-Investment Fund (Fundo 200M), not a social innovation fund.

HEADQUARTERS: Porto, Portugal
FOUNDED: 2017
AUM: €100M (2017)
OUTSIDE CAPITAL: No — own capital only
TEAM LISTED: —

FOCUS

STAGES: SeedSeries ASeries B
SECTORS: —
ASSET MIX: Venture capital
GEOGRAPHY: Portugal

WHAT IT IS

Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.

ABOUT

Fundo 200M was created by Decree-Law 126-C/2017 to make equity and quasi-equity investments in SMEs alongside qualified co-investors, with initial capital of €100M fully financed by European Structural and Investment Funds through Portugal's five mainland regional operational programmes. It targeted companies at seed, start-up and Series A/B stage and aimed to mobilise national and international venture capital. PME Investimentos was its first managing entity; Banco Português de Fomento took over on 3 November 2020. BPF's April 2023 listing shows €48.36M of ERDF (FEDER) support across 31 operations in 24 companies (€103.86M total financing), and the fund is now closed to new applications.

INVESTMENT THESIS

Co-invests in SMEs with product or process innovation projects, only alongside a qualified co-investor that has already decided to invest at least the amount requested from the fund; fund and co-investor together must stay below 50% of the company.

PORTFOLIO (12)

Indie CampersNOTABLE
Mobility & Logistics
BiosurfitNOTABLE
HealthTech
BarkynNOTABLE
Consumer & E-commerce
Aptoide
Software & SaaS
Chrysea Labs
Biotech & Life Sciences
Sweet Capsule, Unipessoal, Lda.
HealthTech
Didimo
Software & SaaS
Tonic App
HealthTech
Sound Particles
Media & Entertainment
Limm Therapeutics
Biotech & Life Sciences
Codavel
Software & SaaS
Zenklub
HealthTech

FAQ

Fundo 200M is a government-backed fund based in Porto, Portugal, founded in 2017.

Yes. Fundo 200M invests directly in private companies.

Fundo 200M invests at Seed, Series A and Series B stages.

Fundo 200M's investments include Indie Campers, Biosurfit, Barkyn, Aptoide, Chrysea Labs, Sweet Capsule, Unipessoal, Lda., Didimo and Tonic App, among others.

Fundo 200M states that it does not accept unsolicited proposals.

No. Fundo 200M invests its own capital and does not raise money from outside investors.