Applications relating to Investment Operations to be invested by the 200M Fund shall be submitted by Co-Investors using the available electronic form.

The Co-Investors must have already taken an investment intention decision regarding the Investment Operation, duly demonstrated by submission of the respective term sheet (to be presented until the decision of 200M Fund concerning the Investment Operation).


The Co-Investors shall, in accordance with their usual methodologies, assess the Business Plan/Projects submitted by SMEs or entrepreneurs. Such Business Plans/Projects must include, inter alia, a description of the product/service, expected revenue and profitability calculations, feasibility analysis and an exit strategy and must be accompanied by economic, financial and legal due diligence reports.


To apply to the 200M Fund the Co-Investors should go to the “Apply Now” area on the site, fill and submit the online form. The application form can only be submitted after all required fields are filled in and all documents are uploaded.

See below the check list of documents for application.

In the following link you can find the forms which must be fully filled in to be able to submit the application.


Applications submitted by the Co-Investors shall be assessed in the order they are received. Only applications that are properly formulated shall be deemed received. Once the authorised capital of the 200M Fund has been fully invested, applications shall no longer be accepted nor shall pending Investment Operations be approved.


It shall be incumbent upon the 200M Fund to assess the eligibility of Investment Operations pursuant to European standards and the regulatory standards of the 200M Fund.


Applications shall be assessed based on the following criteria:

  • Co-Investors’ experience and track record in venture capital activities and in the 200M Fund’s preferred areas;
  • The project’s target/sector;
  • Volume of investment in companies;
  • Weight of private investment regarding the total proposed Operation;
  • Number of jobs created;
  • Number of partners involved in the Investment Operation (incubators, accelerators, other investors);
  • Project’s ARR;
  • Introduction of innovative products / services;
  • Project’s expected IRR.


Investments in SMEs by the 200M Fund and the Co-investors shall be made simultaneously and entail the execution of a shareholders’ agreement/investment agreement between the SME, Co-investor and the 200M Fund, which shall govern the relationship between the parties. The 200M Fund may only perform its investment simultaneously or after the investment by the Co-investors (and after receiving the evidence), and never before the Co-investors’ investment.


For Investment Operations to be made in tranches, the respective applications shall be submitted for the overall amount and the investment will be made in stages and simultaneously among the Co-investors and the 200M Fund:

  • Co-investors shall submit a duly substantiated Plan with the amounts and expected investment milestones, and the underlying requirements thereof. The Fund Manager of the 200M Fund must be notified of any deviations that occur over time.


Financial entities are called upon to ensure that proceeds arising from or in connection with or destined to criminal or suspicious activities are not placed, circulated in or integrated the financial system, for the purpose of avoiding that the executors of such criminal activities from benefiting of or continuing their unlawful operations. For this reason, and even though neither Co-investors nor the Beneficiary Companies are clients of Banco Português de Fomento (the company managing the 200M Fund), it has been established that failure to comply with the market and legal standards applicable in this respect shall entail the immediate rejection of the respective application.

It is of the most importance that the KYC forms provided with the application form are duly filled in and signed and are uploaded to the application platform together with the requested documentation.

The KYC forms that need to be completed in full to be able to submit your application are available below.


Please note that, if the investment conditions that are mentioned on the application form (including the several documents attached) are modified, and such adjustments have a direct impact on the relevant criteria that is analysed by Banco Português de Fomento at the level of the Co-Investor and the Investment Operation, the Co-Investor will be required to submit a new application.