In late October, at the official launch of the Unicorn Factory, the mayor of Lisbon, Carlos Moedas (PSD), said that the 'Scaling Up' programme will support 20 scaleups per year.
More than 30 ‘high-growth’ companies have applied to the Lisbon Unicorn Factory’s ‘Scaling Up’, with up to eight candidates expected to be selected to join the first edition of the programme, it was announced on Monday.
In a statement, Lisbon’s unicorn factory, which is physically based at the Beato Creative Hub and was created to foster the growth of companies, revealed that a total of 33 scaleups had applied for the first edition of the ‘Scaling Up Program’.
“A total of 33 ‘scaleups’, ‘startups’ already at a more advanced stage of growth applied for a total of six to eight places. Together, 79% of the applicants have operations in Lisbon and already have an investment of €45 million and more than 840 employees,” the statement said.
According to the statement, the “Scaling Up Program was created for ‘scaleups’, ‘startups’ that have already obtained relevant investment, have a product or service in commercialisation and a strong and structured team, being on a fast growth trajectory and planning international expansion”.
Now, among the 33 applications, up to eight ‘scaleups’ that best meet the criteria will be selected to be part of the first edition of the programme, which kicks off on January 30.
At the launch session, the scaleups will present their business models to “more than 30 corporate partners and 28 investment funds”.
“Our goal is to help these companies maximise their growth potential and thus have a strong economic impact for Lisbon and the country, attracting more innovation, investment and jobs,” stresses Gil Azevedo, executive director of Startup Lisboa and the Lisbon Unicorn Factory, quoted in the note.
The ‘Scaling Up Program’ will run over eight months and aims to develop “the critical skills of leadership teams”, support in solving the growth challenges they face, “accelerating growth in Portugal and expansion to other markets”.
Among the programme’s strategic partners are Google, Galp, Delta Cafés, Cuatrecasas, Fidelidade, BPI and PwC, as well as Lisbon city council.
In late October, at the official launch of the Unicorn Factory, the mayor of Lisbon, Carlos Moedas (PSD), said that the ‘Scaling Up’ programme will support 20 scaleups per year.
At the time, the mayor also said that the programme has the support of 30 partner companies and 20 investors, who can help the growth of the ‘scaleups’, and “will start with eight million euros”, explaining that this investment is not only public money, because it counts on funding from the private sector.