Portugal based VC Firm Faber Closes €20.5 Million Round for its AI and Machine Learning focused Fund for European Startups

Portugal-based VC firm Faber has revealed that it has closed a €20.5 million round for Faber Tech II, which is a fund that will primarily focus on supporting early-stage initiatives. Faber plans to commit €30 million to the fund that will offer assistance to startups based in Southern Europe (particularly Iberia).

The VC firm is interested in projects involving artificial intelligence (AI), machine learning (ML), data science and other emerging technologies. Faber Tech II has invested in SWORD Health’s €15.6 million Series A round. The fund also led the pre-seed round for YData, the first dataset experimentation platform. Additionally, Faber has taken part in a pre-seed round for Emotai.

After completing an investment cycle that began in 2013, the Lisbon-headquartered VC company was one of the first investors in many high-potential initiatives such as Seedrs (which was co-founded by Carlos Silva, who’s notably one of Faber’s key partners, and recently revealed that it would be merging operations with CrowdCube). As reported by Tech.eu, Faber has also invested in Unbabel, Codacy, Hole19, and several other Portuguese startups.

Jeff Lynn, Co-Founder at Seedrs, has stated:

“Faber was Seedrs’ first VC investor and has been a huge help to us since then. From the contributors on our Board to the resources that the whole Faber network brings, they have been invaluable supporters and a constant pleasure to work with.”

The Faber Tech II Fund received investments from the European Investment Fund and the local Financial Development Institution. Both organizations have reportedly contributed a total of €15 million. The initiative is also supported by the Investment Plan for Europe and also through the Portugal Tech program. Several other private institutional and individual investors joined as well.

The Faber team states:

“We combine investment focus with active and specialized support to help you succeed. Faber is a founder-first firm looking to invest in teams with a global vision starting from Europe.”

They added:

“We are looking for talented people driven by values. Starting a company is a challenging and complex problem. That’s why we believe in partnering with highly specialized tech teams aiming to build a diverse, balanced and inclusive culture with an open mindset, endless curiosity and relentless ambition to conquer the world.”

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