Nos fund with ten million euros to invest in 5G startups will be managed by Armilar. Investment proposals from interested companies are already accepted.
Armilar Venture Partners will manage the Nos fund to invest in technologies related to 5G and is already open to proposals, announced the operator. The project had been announced in December last year and has ten million euros to be invested in startups over the next five-year.
“We have established a strategic partnership with Armilar Venture Partners, the largest private venture capital operator in Portugal, to ensure the management of the first nationally based startups investment fund with research and development (R&D) in 5G ecosystem solutions,” the company said in a statement.
On December 16, 2019, Nos had announced the creation of a ten million euro fund to “invest in companies with technological solutions based on or powered by the next-generation mobile network, covering areas as varied as virtual reality, smart cities, autonomous driving, internet of things and big data”. The intention is to invest in early stage companies, that is, in very early stages of development.
Now, the telecommunications operator led by Miguel Almeida is giving more details about the project, ensuring that the fund “intends to privilege investment with the community of entrepreneurs in Portugal”. “We are sure that this fund will be a valuable tool to exploit the potential that the fifth generation of mobile communications has and the subsequent availability of benefits for the Portuguese economy and society,” reinforces Miguel Almeida, quoted in the same note.
According to Nos, the 5G investment fund “has already started its operation”, so the startups can already “submit an investment proposal.”