Portugal Ventures will hold a “Call for Tourism” to promote projects and startups that highlight Portugal’s culture and heritage after investing €2 million in two tourism startups.
Portugal Ventures, which invests in seed rounds of Portuguese startups in tech, life sciences, and tourism, has invested €2 million in two Portuguese tourism startups, Great Hotels of the World and Live Electric Tours, ahead of its “Call for Tourism” campaign, which starts in October.
“These two investments materialize a new phase of Portugal Ventures in the investment in tourism projects that are not necessarily technology-based, to bring innovative products and services to the market with added value for the tourist experience and in line with the 2027 Tourism Strategy,” said Pedro de Mello Breyner, Executive Committee member of Portugal Ventures, in a statemente via Dinheiro Vivo.
Call for Tourism aims to facilitate access to venture capital for projects that contribute to the development of tourism activities associated with the appreciation of the country’s cultural and natural heritage.
Eligible projects that contribute to the development of the country’s tourism industry include projects that enhance Portugal’s history, art, architecture, culture and heritage.
Companies must already be incorporated or in the process of being set up, located in Portugal.
“Starting in October, Portugal Ventures calls the national entrepreneurial ecosystem to present tourism projects, extending the scope of its activities to investment opportunities in non-technological projects,” the Portuguese VC firm said in a statement.
For projects to be eligible for the Call for Tourism they must be based on an innovation which is distinctive and unique, and they must already have developed a fully working prototype and preliminary feedback from the market. Preference will be given to projects based on disruptive technology.
The projects’ target-markets cannot be limited to the Portuguese market – their goals must be to progressively target international markets as well. In addition, the projects must allow for the appropriation of a significant portion of the value generated in the respective value chain.
Portugal Ventures’ Investments in Tourism
Great Hotels of the World (GHOTW) and Live Electric Tours are the two startups invested by Portugal Ventures.
With this funding, “GHOTW will move the London headquarters to Portugal, leveraging our country’s acknowledged advantages in terms of human resources, infrastructures and leading technology partners and know-how in the tourism and hotel industry,” the company said in a statement.
“The brand aims to leverage the revenues of associates that make up the independent network of Great Hotels of the World and garner 4 and 5 star hotel accommodations with business and conference facilities, SPA, and wellness.”
With the latest investment, Live Electric Tours is a startup that offers 100% electric vehicles self-drive experiences will increase its fleet of vehicles “to be able to respond to the request of the service by large business groups and DMCs but will also allow expand the operation to Porto and other Portuguese cities in the interior of the country.
“The objective of this strategy is to contribute to the decentralization of the offer of tourist activities outside the big urban centers, betting on improving the experience of the tourist who visits these areas more and more.”