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December 1, 2023
min read
Press release

Blockchain Technology commands a 36% share of all venture funding in Portugal

Lisbon, Portugal. 14 Nov 2023. Technology is a formidable force propelling Portugal's economy, and blockchain is firmly establishing its prominence. Portugal's tech sector, contributing nearly 10% to the GDP, markedly surpasses the European Union's tech industry, representing 4.9% of the EU's economic output. Against this backdrop, CV VC presents the inaugural Portugal Blockchain Report, a world-first specific analysis of the nation's blockchain landscape. Through the lens of funding data analytics, Q3 2022 to Q2 2023, it discloses:

  • Blockchain takes center stage with a 36% share of all venture funding in Portugal 
  • Portuguese blockchain entities exhibited an eight-fold increase in their share of global blockchain funding - from 0.09% to 0.73%
  • They secured an all-time-high and nearly six-fold increase in their share of European blockchain funding - from 0.5% to 2.8%
  • Fuel Labs played a pivotal role, contributing $80 million and largely impacting the fact that the country witnessed a 221% YoY blockchain funding surge, reaching $106.3 million

The in-depth venture funding analysis within CV VC’s Portugal Blockchain Report underscores Portugal's activity in constructing robust blockchain utility. Notable actions, exemplified by Fuel Labs, showcase the drive to facilitate faster and more secure global financial transactions. Initiatives such as Light Protocol's $4.2 million funding highlight Portugal's focus on the possibility of privacy-centric transactions. The prowess of Portugal's DeFi space is evident in solid offerings such as staking, as evidenced by Texture raising $5 million. The emergence of new shareholders and creative economies is a hallmark of Portugal's blockchain landscape, drawing significant investor attention, as seen in RealFevr's successful raise of $9.8 million.

The Portugal Blockchain Report showcases the passion and innovation driving the rapidly developing Portuguese Blockchain and Web3 space. The report gathers insights from key stakeholders and industry experts, offers regulatory perspectives, and emphasizes collaborative efforts between academia and industry to provide a comprehensive overview of the evolving blockchain ecosystem.

At the launch of the Portugal Blockchain Report today, Mathias Ruch, CEO of CV VC, said “Portugal's strategic geographical location in Europe will benefit from MiCA. It is fast emerging as a crucial hub for tech companies that are diversifying their supply chains, R&D locations, and talent pools to build resilience against global shocks. They are strategically relocating business critical functions and roles to areas with lower geopolitical risk. This global shift will continue to bolster Portugal’s powerhouse tech scene. CV Labs is the accelerator and ecosystem pillar of CV VC. As a blockchain investor, we are honored and pleased to become part of Portugal's vibrant tech ecosystem and look forward to engaging. We trust that this Portugal Blockchain Report demonstrates our commitment.

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