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EU Blue Economy Observatory
News article30 March 20231 min read

InvestEU: €28 million for Portugal's first Blue Economy instrument

The Growth Blue I is the first fund signed under the new InvestEU Blue Economy instrument, which focuses on southern Europe. Growth Blue will be funded with €28 million from national public resources through Fundo Azul and European Investment Fund (EIF), and supported by the InvestEU Blue Economy instrument. It will invest in SMEs and small Mid Caps, primarily from Portugal and Spain, to support the growth and internationalisation of mature blue economy companies with a focus on sustainability, climate action and the blue economy sectors.

The €50m fund includes funding from Portugal Blue, InvestEU, and private commitments from strategic institutional investors. Growth Blue Fund plans to invest in 8 to 12 companies with equity and quasi-equity tickets above €1.5m. The fund has a broad sectorial focus with a preference for companies operating in the value chain of seafood, offshore energy, shipping, ports and blue biotechnology contributing to decarbonisation, reducing ocean contamination, and conservation of marine ecosystems.

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Publication date
30 March 2023