Investment & Fund Management

Nelo, a leading manufacturer of canoes and kayaks based in Vila do Conde, Portugal, faced the challenge of scaling its operations to meet the growing demand for its high-quality products, which had gained international acclaim, particularly in competitive sports. The company had established a strong reputation, evidenced by the impressive medal tally of athletes using their boats at the 2016 Olympics, where they secured 8 gold, 9 silver, and 10 bronze medals. However, to sustain and enhance this success, Nelo needed to invest in expanding its manufacturing capabilities.

In 2016, Nelo sought financial support from Banco BPI, which was backed by the European Investment Fund (EIF) through the InnovFin SMEG program. This financing was crucial for Nelo, enabling them to invest in a new factory that would significantly enhance both the quality and quantity of their production. As a result of this investment, Nelo was able to hire 44 new employees and anticipated doubling its workforce shortly, with additional training programs already in place for new recruits.

With a production capacity of approximately 4,000 boats per year and a strong export focus, Nelo's strategic investment not only bolstered its manufacturing capabilities but also reinforced its commitment to innovation and research and development. This approach is essential for maintaining a competitive edge in the market, ensuring that Nelo continues to deliver top-tier products that meet the demands of elite athletes and enthusiasts alike.