European Union's SME Instrument program to support €1.78M investment into Sound Particles

Indico portfolio company achieves major funding milestone.
Lisbon, June  27th, 2019 – Sound Particles, an Indico Capital portfolio company known for its state-of-the-art 3D sound software used in many Hollywood productions including “Game of Thrones” and “Batman versus Superman”, has just been selected to be awarded a European Union grant of €1.25 million, covering 70% of a total project of €1.78 million.

Sound Particles’ winning proposal included a comprehensive plan to develop a broader version of its sound software as well as a number of business development initiatives to reach new major customer segments. 

The grant was attributed as part of the SME Instrument - Phase 2 program, a European Commission initiative supporting Research and Development and all forms of innovation towards commercialization.

The EU commission program is the world's biggest and most prestigious for financing of science and innovation. The SME instrument Phase 1 offers an EU grant of €50,000 to prepare for the international demonstration of product viability and Phase 2 grants, which are notoriously difficult to obtain, serve the purpose of scaling the company together with venture capital funding.

As a highly competitive program, in the last 19 calls for application combined, only 12 companies from Portugal were selected for funding, and on this call Sound Particles was part of a group of 6 Portuguese companies to be awarded funds - a record for the local ecosystem.

Nuno Fonseca, Founder and CEO of Sound Particles stated, “With this funding, coupled with the recognition of such a prestigious program, and the continuous support from Indico Capital, we intend to accelerate the completion of a new ambitious step in the development of our platform.” 

Stephan Morais, Managing General Partner at Indico commented “We are very happy to have yet another high caliber institution recognizes the incredible value proposition and innovation created by Sound Particles. This funding effectively will enable Sound particles to skip a dilutive equity round, creating value for the company and all its shareholders.

About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal with 48 million Euros of committed capital from over 30 institutional and private, local and international investors. The experienced Partner team works to identify, invest and nurture the most promising Portuguese and Spanish early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico can invest between 150 thousand and 5 million Euros per company.

Horizon 2020, EFSI and Portugal Tech
Indico VC Fund I is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Funds for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. It is also co-financed by Fundo de Capital e Quase Capital (FC&QC) managed by IFD - Instituição Financeira de Desenvolvimento, S.A. through the Portugal Tech facility managed by the European Investment Fund (EIF).

Copyright © 2019 Indico Capital Partners, All rights reserved.

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