David Boulton and Pedro Falcão will be the managing partners of the new VC firm which has a portfolio of nearly 40 tech startups and over $30M of discretionary capital. The new larger VC firm benefits from the compelling VC regime in Portugal, and will also be set to support a select number of emerging European VC fund managers, while investing throughout Europe with a new $60M fund already earmarked to target overlooked markets and founders.

Newzone Ventures will maintain offices and teams in both capitals but has plans to expand its team to new regions in Europe, as it is weeks away from launching a brand new fund focused on disruptive tech startups. The team brings together significant institutional expertise and experience over a couple of decades, being involved in success stories such as wejo, the UK’s connected car unicorn, Hero, the retail live shopping app recently acquired by Klarna, Gitlab, the leading web-based DevOps lifecycle tool, and Portugal’s Feedzai, the AI market leader fighting financial crime.

The Newzone Ventures’ management said “We’re proud of this great leap forward, and will continue to move boundaries with our progressive mindsets. It is no secret that the VC landscape needs more diversity and we are on a mission to make venture capital truly accessible to the best talent in Europe, regardless of where they are born, race, gender or background.”