Web Summit to Stay in Lisbon Until 2028

World biggest tech conference will be settled in the beautiful capital of Portugal for a while 
25 October 2018   213

Paddy Cosgrave, CEO of Web Summit, and António Costa, Prime Minister of Portugal reported that Lisbon will remain the host of Web Summit for the next decade. This is under a new €110 million deal, including a large-scale venue expansion to facilitate the conference’s fast-growth. This is reported by official press release.

We’re incredibly excited to be staying in Portugal. Without a larger venue this would not be possible. Even until a few months ago, we never believed it would be possible. The plans are incredible and we’re very thankful to all those who have worked on them.
 

Paddy Cosgrave

CEO, Web Summit

After a competitive tender process involving offers from over 20 cities across Europe, the company behind the world’s largest technology conference has come to a new agreement with the Portuguese government. As part of the deal, Web Summit will receive €11 million per year from the country.

This 10 year agreement with Web Summit will decisively make Lisboa a key capital for innovation, entrepreneurship and talent. I am confident the next few years will bring a sharp raise in IT investment and employment in Lisboa. We are thrilled to continue to write this story together with Web Summit.
 

Fernando Medina

Mayor, Lisbon

Web Summit has also agreed to a €3 billion buyout clause. The buyout clause is the minimum expected economic impact of Web Summit to Portugal over the duration of it’s contract, and provides security to Portugal that Web Summit will remain in it’s capital for the 10 year period. It was estimated by the Government of Portugal that Web Summit generated more than €300 million in economic impact for the country. Web Summit has also helped elevate Portugal and Portuguese companies on the global stage.

Web Summit to Launch VC Fund

$50 million venture capital fund will be called Amaranthine
09 November 2018   334

Web Summit had become on of the largest tech conferences in the world. 2018 eevent was held in Lisbon, Portugal, and gathered around  2,000 start-ups and 1,500 investors.

 Web Summit organization has filed with the U.S. Securities and Exchange Commission to create a $50 million venture capital fund called Amaranthine. This is reported by Financial Times.

Look, we help some companies in a really huge way for three days. What about the other 362 days?
 

Paddy Cosgrave

CEO, Web Summit

The fund will be supported by the data, collected at the event, regarding which start ups gather the biggest interest among people and investors. Connections, which were established in 6 six years of around the world events, are being offered to the start ups.

When we talked venture capital 10 years ago, it was all about access to finance. It was a VC choice game. It’s not just about the capital any more, it’s about the value-add. Not all venture capital is created equal. At seed stage, it’s about transformational contacts like customers, advisers to board, building networks and customers.
 

Siobhan Clarke

Partner, venture capital fund Episode 1

As reported, Amaranthine will be headed by Patrick Murphy, previously of Goldman Sachs and Universal’s venture arm, and Web Summit co-founder David Kelly, according to its website and SEC filing.