by Fernando Ferreira
Creating a venture capital fund for the first time is, above all, an exercise in resilience, patience, and conviction. It’s not a process measured in months but in years — often two to three even when macroeconomic conditions are favorable. And when the global environment turns uncertain, this mission becomes even more demanding. Yet precisely in such times, the best opportunities arise to build something solid and long-lasting.
When we began our fundraising journey in September last year, the outlook seemed promising. Institutional investor confidence was starting to recover after years of instability caused by the pandemic and geopolitical tensions following the war in Ukraine. However, new geopolitical setbacks have since shaken markets again, and many investors have grown more cautious. Faced with this shift, we chose to focus on what we can control most: human relationships.
Over several months, we traveled across Europe to attend LP/GP events, meeting investors, intermediaries, and potential partners. The feedback was consistent and constructive: despite a track record of strong results in prior investments — including stakes in successful companies such as Outsystems and Bitsight — investors wanted tangible proof that our new investment thesis works. They wanted results and data, not just success stories.
We achieved the first close of the Ventures fund this summer. This milestone is more than a financial result — it’s proof that even in an unstable global environment, there is room for those who believe in creating real value and strengthening the European economic fabric. The next step is to demonstrate, with concrete examples, that responsible innovation investing is possible.
That demand from the ecosystem pushed us to explore creative alternatives. In that search, we discovered a space with huge potential among U.S. investors with golden visas, many of whom have deep experience in technology and venture capital. Unlike more conservative profiles, these investors understand the inherent risk of innovation and value the impact beyond financial return. With dispersed networks and deep knowledge of the U.S. startup ecosystem, they are willing to actively support the startups we invest in — creating a win-win partnership.
Thanks to this alignment of interests, we successfully closed our first fund round this summer. This milestone is not just a financial achievement — it validates that even amid global instability, there is space for investors who believe in generating real economic value and supporting European innovation.
The next goal is clear: to show with concrete examples that it’s possible to invest responsibly in innovation, connecting promising startups with global companies and helping them scale from their first customer onward.
Ultimately, launching a fund is an act of faith — in the team, in the thesis, and in the future. When that faith is backed by hard work, vision, and perseverance, the challenge of starting becomes not an obstacle but the most exciting part of the journey.
Original Article: “Entre Lisboa e Bruxelas: os desafios de lançar um primeiro fundo em 2025” — ECO (Portuguese)
