Report: Lisbon VC Bynd Launches €40M Iberian Tech Startup Fund

Iberian firm Bynd Venture Capital is raising a €40M (~$42.6M) third fund for pre-seed and seed technology startup companies in Spain and Portugal, according to multiple media reports.

Fund III will seek to make investments over the next four years in 40 high-potential companies in the artificial intelligence (AI), software, consumer goods, and sustainability technology sectors. Investors already committed to the fund include Spanish fund-of-funds Fond-ICO and Portuguese firms Nors and Caixa Capital. The vehicle, which will operate on a 10-year cycle, has already closed three investments in three startups: legal tech software Equall, integrated circuit design firm CircuitLeap, and automation solution Spot.

Bynd VC has supported over 60 portfolio companies in the region across its funds, and offers platform access to its 400 partners and 70 active founders.