Paddy Cosgrave's Web Summit secures new €110m deal to stay in Lisbon for ten years
Paddy Cosgrave’s Web Summit has secured a whopping €110m from the Portuguese government to stay in Lisbon for the next 10 years.
The company had been engaged in “a competitive tender process” with other European cities over the last year.
The deal also includes what the Web Summit describes as a “€3 billion buyout clause”, should another city want to tempt the event away from Lisbon.
The conference in venue in Lisbon will also double in size to facilitate the Web Summit’s expansion in scale, according to the Portuguese government.
“Without a larger venue this would not be possible,” said Paddy Cosgrave. “Even until a few months ago, we never believed it would be possible. More than 20 cities bid for Web Summit.
“We were flattered by the offers of cities as diverse as London and Valencia, and greatly appreciate the time of prime ministers, presidents and mayors from across Europe. We’ve now a long-term home for Web Summit.
“Our partnership with Portugal gives certainty to our many attendees from over 170 countries around the world, and our thousands of partners and exhibitors.
“It also gives certainty to our host country, and to our team of nearly 200 in Dublin, and in our other offices around the world. Together we’re looking forward to doing incredible things.”
Lisbon’s mayor, Fernando Medina said: “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.”