Portugal Venture
Capital Directory

Overview of the Portuguese VC Ecosystem

Portugal has 108 active venture capital firms as of 2026-08-13. That includes 46 independent VCs, 21 CMVM-registered SCRs, 10 corporate venture arms,8 impact funds, 9 PE/VC hybrids,2 government-backed funds, 3 angel networks,3 accelerator/VCs, 1 incubator/VCs, and 5 venture studios.

Investment Stages in Portugal

Most Portuguese VCs focus on early stage. 66% invest at Seed (71 firms), 35% at Series A (38 firms),33% at Pre-Seed (36 firms). Only 28% do Growth (30 firms). Past Series A, most Portuguese startups bring in international co-investors.

Typical VC Ticket Sizes in Portugal

Pre-Seed: €10K–€250K, usually from angel networks (REDangels, COREangels). Seed: €100K–€2M from Shilling, Faber, Bynd, and others. Series A: €2M–€12M from Indico, Armilar, Iberis. Growth/PE: €7M–€30M+ from Explorer and Oxy Capital. Most rounds have 2–4 co-investors.

Geographic Distribution

93 firms (86%) are in Lisbon. Porto has 12 firms. Braga (Pathena), Coimbra (Critical Ventures), and a few other cities have local VCs too. Most funds invest nationally regardless of where they're based.

Top Sectors for VC Investment in Portugal

FinTech and AI get the most VC attention (14% and 13% of firms respectively). HealthTech (11%), general Tech/Software (10%), Cybersecurity (7%), and Climate (7%) follow. About 20% of firms are generalists.

Largest VC Funds in Portugal by AUM

Banco Português de Fomento (€9.8B, development bank). Oxy Capital (~€1.4B) and Explorer Investments (~€1.4B), both PE-leaning. Pure VC: Iberis Capital (€600M+), BlueCrow Capital (€570M+), Lince Capital (€550M), Caixa Capital (€500M), Portugal Ventures (€350M), Bright Pixel Capital (€300M), Armilar Venture Partners (€260–300M).

How to Raise Funding from Portuguese VCs

Get an intro from a portfolio founder if you can. For cold outreach, keep it short. Lead with your numbers and mention one of their portfolio companies. Web Summit (Lisbon, November) and Lisbon Investment Summit are good for meeting people. Most Portuguese VCs respond within 1–2 weeks.

Tax Incentives for VC Investment in Portugal

SIFIDE II: R&D tax credits up to 82.5%. Angel tax deduction: up to 40% of qualifying investments (capped at €100K/year). Portugal Ventures and BPF co-invest with private VCs. EU grants (COMPETE 2030, PT2030) can be stacked with equity rounds.

Complete List of VC Firms in Portugal

• Portugal Ventures, VC (Government) in Porto / Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: Tech, Life Sciences, Tourism, Ocean Economy. AUM: €350M. Ticket: €50K–€1.5M. Website: https://portugalventures.pt.
• Armilar Venture Partners, VC in Lisbon. Stages: Seed, Series A, Series B, Growth. Sectors: Deep Tech, Healthcare, Climate & Sustainability. AUM: €260–300M. Ticket: €500K–€10M+. Website: https://armilar.com.
• Bondstone Ventures, VC in Lisbon. Stages: Seed, Early Stage. Sectors: Deep Tech, AI, Climate & Sustainability. AUM: €50M. Ticket: €500K–€1M. Website: https://www.bondstone.com.
• Caixa Capital, CVC in Lisbon. Stages: Seed, Series A, Growth. Sectors: Tech, Life Sciences, Creative Industries. AUM: €500M. Ticket: €1M–€5M. Website: https://caixacapital.pt.
• Indico Capital Partners, VC in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: B2B SaaS, AI, FinTech, Marketplaces, Cybersecurity. AUM: €244M. Ticket: €500K–€10M. Website: https://indicocapital.com.
• Shilling Capital Partners, VC in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: B2B, Consumer Tech, AI. AUM: €52M. Ticket: €100K–€1M. Website: https://shilling.vc.
• Faber Ventures, VC in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: Deep Tech, AI/ML, Climate, Biotech. Ticket: Up to €2.5M. Website: https://faber.vc.
• Bynd Venture Capital, VC in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: Digital, SaaS, Sustainability, HealthTech. AUM: €40M. Ticket: €250K–€600K. Website: https://bynd.vc.
• Bright Pixel Capital, CVC in Maia (Porto). Stages: Seed, Series A, Series B. Sectors: Cybersecurity, Retail Tech, Infrastructure Software. AUM: €300M. Ticket: €1M–€10M. Website: https://brpx.com.
• LC Ventures, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: IT, AI, IoT, Deep Tech. AUM: €50M+. Ticket: €100K–€1M. Website: https://lcventures.pt.
• HCapital Partners, VC in Lisbon. Stages: Seed, Series A, Late Stage. Sectors: Energy, Mobility, Industrial, Sustainability. Ticket: €500K–€3M. Website: https://hcapital.pt.
• EDP Ventures, CVC in Lisbon. Stages: Seed, Series A. Sectors: Cleantech, Energy, Smart Grids, Renewable Energy, AI. AUM: €150M. Ticket: €1M–€10M. Website: https://www.edp.com/en/innovation/edp-ventures.
• Explorer Investments, PE / VC in Lisbon. Stages: Series A, Growth. Sectors: Health Tech, Scalable Businesses. AUM: €2B+. Website: https://www.explorerinvestments.com.
• Iberis Capital, PE / VC in Lisbon. Stages: Seed, Series A, Growth. Sectors: Tech, Healthcare, Industrial Innovation. AUM: €600M+. Ticket: €2M–€12M. Website: https://iberiscapital.com.
• Pathena, VC in Porto / Lisbon. Stages: Seed, Series A, Growth. Sectors: B2B Software, Healthcare, Enterprise SaaS, Biotech. AUM: €70M. Website: https://pathena.com.
• Mustard Seed MAZE, VC (Impact) in Lisbon. Stages: Seed, Series A. Sectors: Impact Tech, Sustainability, Education, Health. AUM: €40M. Ticket: €500K–€1M. Website: https://msm.vc.
• MSM, VC (Impact) in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: Health Tech, Fashion, InsureTech, Climate. AUM: €45M. Ticket: €500K–€1M. Website: https://msm.vc.
• Semapa Next, CVC in Lisbon. Stages: Seed, Series A. Sectors: FinTech, Crypto/Web3, Gaming, Industrial Tech, SaaS. Ticket: €5M–€22.5M. Website: https://semapanext.com.
• GED Ventures Portugal, VC in Lisbon. Stages: Seed. Sectors: AI, Travel Tech, Healthcare, Hardware. AUM: €1.3B+. Ticket: €100K–€1.5M. Website: https://gedventures.pt.
• Lince Capital, VC in Lisbon. Stages: Seed, Early Stage. Sectors: Real Estate, Infrastructure, Agriculture, Telecom. AUM: €550M. Ticket: €250K–€5M. Website: https://lince-capital.com.
• Novabase Capital, CVC in Lisbon. Stages: Seed, Pre-Seed. Sectors: ICT, Software, AI. AUM: €11.4M. Website: https://novabase.pt.
• 33N Ventures, VC in Porto. Stages: Early Stage, Series A+. Sectors: Cybersecurity, Infrastructure Software. AUM: €150M. Ticket: €4–€12M. Website: https://33n.vc.
• BlueCrow Capital, VC in Lisbon. Stages: Seed, Series A. Sectors: Health Tech, FinTech, FoodTech, Payments. AUM: €570M+. Ticket: €3M–€6M. Website: https://bluecrowcapital.com.
• Big Start Ventures, VC in Lisbon. Stages: Seed, Series A. Sectors: FinTech, InsurTech, AI, Legal Tech, Cybersecurity. Website: https://bigstart.vc.
• APEX Capital, VC in Cascais. Stages: Pre-Seed, Seed, Series A. Sectors: Sports Tech, Media, Entertainment, Analytics. AUM: €50M. Ticket: €100K–€1.5M. Website: https://apex-cp.com.
• REDangels, Angel Network in Aveiro. Stages: Pre-Seed, Seed. Sectors: Tech, IoT, Mobile. Ticket: €10K–€100K. Website: https://redangels.pt.
• COREangels, Angel Network in Ílhavo (Aveiro). Stages: Pre-Seed, Seed. Sectors: Software, E-Commerce, IT. AUM: €5M. Ticket: €50K–€200K. Website: https://coreangels.com.
• Olisipo Way, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: AdTech, Sales/Marketing, Productivity, SaaS. Ticket: €50K–€150K. Website: https://olisipoway.com.
• Best Horizon, VC in Lisbon. Stages: Seed, Pre-Seed. Sectors: Gaming, Music, Audio, AR/VR, Shipping. Ticket: €1M–€2M. Website: https://besthorizon.pt.
• Bionova Capital, VC in Lisbon. Stages: Early Stage. Sectors: Healthcare, Biotech, Deep Tech, Life Sciences. Website: https://bionovacapital.com.
• Biovance Capital Partners, VC in Lisbon. Stages: Series A+. Sectors: Life Sciences, Biotech. AUM: €57M. Ticket: €1.5M–€6M. Website: https://biovancecapital.com.
• Critical Ventures, VC in Coimbra. Stages: Seed, Series A. Sectors: Software, Digital Tech, Medical, Genetics. Ticket: €2M–€6M. Website: https://critical-ventures.com.
• ECS Capital, PE / VC in Lisbon. Stages: Growth. Sectors: Multi-sector. AUM: €1B. Website: https://ecs.pt.
• Oxy Capital, PE / VC in Lisbon. Stages: Growth. Sectors: SMEs, Multi-sector. AUM: €1.4B. Website: https://oxycapital.com.
• Inter-Risco, VC (SCR) in Lisbon. Stages: Multi-stage. Sectors: Multi-sector. Ticket: €5M–€20M.
• Espírito Santo Ventures, VC (SCR) in Lisbon. Stages: Series B+. Sectors: Electronics, FinTech, Internet, Tech.
• hypra.fund, VC in Lisbon. Stages: Seed, Series A. Sectors: Crypto, FinTech, Enterprise Software. AUM: $25M. Ticket: Up to $10M. Website: https://hypra.fund.
• FundBox, VC in Lisbon. Stages: Pre-Seed. Sectors: Space Tech, IoT. AUM: €610M. Website: https://fundbox.pt.
• Rising Ventures, VC in Lisbon. Stages: Pre-Seed. Sectors: AdTech, Sales/Marketing. Ticket: €90K–€950K. Website: https://risingventures.pt.
• RR² Capital, VC in Lisbon. Stages: Seed. Sectors: Data/BI, Crypto/Web3. Website: https://rr2.capital.
• 3xP Global, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: FinTech, AR/VR, Manufacturing. Ticket: €250K–€5M. Website: https://3xpglobal.eu.
• 3 Comma Capital, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: Media, Entertainment, Web3. Website: https://3commacapital.com.
• BlockChange Capital, VC in Lisbon. Stages: Seed, Series B. Sectors: FinTech, Blockchain/Crypto. Website: https://blockchange.vc.
• MAZE – decoding impact, VC (Impact) in Lisbon. Stages: Series B. Sectors: B2B, Financial Services, Impact. AUM: €45M.
• 200M / Social Innovation Fund, VC (Impact) in Porto / Lisbon. Stages: Seed, Series A. Sectors: Healthcare, AI, Marketing, Media. AUM: €200M. Ticket: €500K–€5M. Website: https://200m.pt.
• Amorim Holding II, CVC in Lisbon. Stages: Series B. Sectors: Business Services (B2B), Financial Services.
• N1 Investment Company, VC in Lisbon. Stages: Seed. Sectors: Financial Services, FinTech, Healthcare. Ticket: €100K–€350K. Website: https://n1invest.co.
• Start Ventures, VC in Lisbon. Stages: Seed, Series A. Sectors: FinTech, InsurTech, Cybersecurity. Website: https://startventures.vc.
• WISENEXT, VC in Lisbon. Stages: Seed, Pre-Seed. Sectors: Software, AI, Internet. Website: https://wisenext.net.
• Ganexa Capital, VC in Lisbon. Stages: Seed, Pre-Seed. Sectors: Healthcare, Fitness, Wellness. Website: https://ganexacapital.com.
• Bright Ventures, VC in Lisbon. Stages: Seed, Pre-Seed. Sectors: Software, Advertising, Services. AUM: €36M. Ticket: €50K–€500K. Website: https://brpx.com/bright-ventures.
• Beta Capital, VC in Porto / Lisbon. Stages: Seed. Sectors: VoIP, Software, Wireless. Ticket: €250K–€1M. Website: https://betacapital.pt.
• AgileGTM Capital, VC in Lisbon. Stages: Early Stage. Sectors: Blockchain, Web3. AUM: €9.6M. Ticket: €150K. Website: https://agilegtm.vc.
• Polkastarter Ventures, VC in Lisbon. Stages: Seed. Sectors: Web3, Blockchain, Gaming. Website: https://polkastarter.com.
• Grow Venture Partners, VC in Lisbon. Stages: Seed. Sectors: Early-stage tech. Ticket: €100K–€1M. Website: https://growventurepartners.com.
• Pitchdrive, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: SaaS, AI. AUM: €50M. Ticket: €250K–€2M. Website: https://pitchdrive.com.
• Basinghall Partners, VC in Lisbon / London. Stages: Pre-Seed, Seed. Sectors: Supply Chain, Big Data, AI/ML, Cybersecurity, AR/VR. Ticket: €250K–€1M. Website: https://basinghallpartners.com.
• Beta-i, Accelerator / VC in Lisbon. Stages: Early Stage. Sectors: B2B, Innovation. Website: https://beta-i.com.
• Startup Lisboa, Incubator / VC in Lisbon. Stages: Pre-Seed. Sectors: Multi-sector. Website: https://startlisbon.pt.
• CTT Ventures, CVC in Lisbon. Stages: Seed. Sectors: FinTech, Transportation, Logistics. AUM: €8M. Website: https://ctt.pt.
• Simpact VC, VC (Impact) in Lisbon. Stages: Early Stage. Sectors: Impact, Social Enterprise. Ticket: €500K–€2M.
• ActiveCap Capital Partners, VC (SCR) in Lisbon. Stages: Growth. Sectors: SMEs, Mid-market. Ticket: €1M–€20M. Website: https://activecap.pt.
• ADMAR SCR, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector.
• Atena Equity Partners, VC (SCR) in Lisbon. Stages: Growth. Sectors: Industrials, Education, Healthcare. Ticket: ~€15M. Website: https://www.atenaep.com.
• C2 Capital Partners, VC (SCR) in Loures (Lisbon). Stages: Growth. Sectors: Life Sciences, Industry, Healthcare. AUM: €430M. Website: https://c2capital.pt.
• Cedrus Atlantica, VC (SCR) in Lisbon. Stages: Growth. Sectors: Real Estate, Multi-sector. AUM: €160M.
• CoRe Capital, VC (SCR) in Lisbon. Stages: Seed, Series A. Sectors: Multi-sector.
• Crest Capital Partners, VC (SCR) in Lisbon. Stages: Seed, Series A, Growth. Sectors: Tech, Multi-sector. AUM: €51M.
• BIVEN Capital Partners, VC (SCR) in Lisbon. Stages: Seed, Series A. Sectors: Tech, Multi-sector. AUM: €20M.
• HEED Capital, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector. AUM: €350M. Website: https://heedcapital.com.
• Insight Venture SCR, VC (SCR) in Lisbon. Stages: Growth. Sectors: International Investment.
• ISQ SCR, VC (SCR) in Lisbon. Stages: Seed, Series A. Sectors: Tech, Industry.
• Octanova SCR, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector.
• Quadrantis Capital, VC (SCR) in Lisbon. Stages: Growth. Sectors: Renewable Energy, Real Estate, Hospitality, AgriTech, FinTech. AUM: €350M. Ticket: €1M–€5M. Website: https://quadrantiscapital.com.
• Touro Capital Partners, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector.
• Vallis Capital Partners, PE / VC in Lisbon. Stages: Growth. Sectors: Industrial, Multi-sector. AUM: €226M. Ticket: €7M–€30M. Website: https://vallis.pt.
• Vibecap SCR, VC (SCR) in Algés (Lisbon). Stages: Growth. Sectors: Multi-sector.
• IM Gestão de Ativos, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector. AUM: €5B.
• Eyer Partners, VC in Lisbon. Stages: Growth. Sectors: Multi-sector.
• Altaz Capital, VC in Porto. Stages: Seed, Series A. Sectors: Consumer Brands, Sustainability, DTC. Website: https://altazcapital.com.
• Laika Ventures, Venture Studio in Braga. Stages: Pre-Seed, Seed. Sectors: AI, Venture Studio. Website: https://laikaventures.co.
• Sogrape Ventures, CVC in Porto. Stages: Seed, Series A. Sectors: Wine/Beverage Tech, FoodTech, AgriTech. AUM: €5M. Ticket: ~€200K. Website: https://sogrape.com.
• Porto Venture, VC in Porto. Stages: Seed, Series A. Sectors: Cloud, SaaS, E-Commerce. Website: https://portoventure.com.
• MAZE Impact, VC (Impact) in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: Impact, Social Finance, Sustainability. AUM: €45M. Ticket: €100K–€1M. Website: https://maze-impact.com.
• Demium Capital, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: Multi-sector (Talent Investor). AUM: €50M. Ticket: €100K+. Website: https://demium.com.
• Building Global Innovators (BGI), Accelerator / VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: Deep Tech, Cleantech, Sustainability. Website: https://bgi.pt.
• Banco Português de Fomento, VC (Government) in Lisbon. Stages: Seed, Series A, Growth. Sectors: Multi-sector (co-investment, fund-of-funds). AUM: €9.8B. Website: https://bpfomento.pt.
• Iberis Semper, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector. AUM: €600M. Website: https://iberiscapital.com.
• Build Up Labs, Venture Studio in Lisbon. Stages: Pre-Seed, Seed. Sectors: AI, SaaS, Mobile Apps, Digital Products. Website: https://builduplabs.com.
• SURFnCODE, Venture Studio in Porto. Stages: Pre-Seed, Seed. Sectors: Deep Tech, AI, Product, Venture Building. Website: https://www.surfncode.io.
• CRON STUDIO, Venture Studio in Coimbra. Stages: Pre-Seed, Seed. Sectors: Software, Hardware, FinTech, AI, Sustainability, Health. Website: https://www.cron.studio.
• Dengun Startup Studio, Venture Studio in Faro. Stages: Pre-Seed, Seed. Sectors: AI, SaaS, Marketplaces, E-Commerce, Digital Products. Website: https://www.dengun.com.
• Ventures.eu, VC in Lisbon. Stages: Seed, Series A. Sectors: Deep Tech, AI. AUM: €30M. Ticket: €250K–€2M. Website: https://ventures.eu.
• Alea Capital Partners, VC in Lisbon. Stages: Seed, Series A. Sectors: B2B SaaS, AI. AUM: €35M. Website: https://aleacp.com.
• Draycott SCR, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-Sector. Website: https://draycott.pt.
• Point Capital Partners, PE / VC in Lisbon. Stages: Seed, Growth. Sectors: Multi-Sector, Real Estate. Website: https://pointcapital.pt.
• August One Capital, VC (Impact) in Lisbon. Stages: Seed, Series A. Sectors: Climate & Sustainability, Impact. Website: https://august.one.
• Alpac Capital, VC in Lisbon. Stages: Series A, Growth. Sectors: Tech, Media. Website: https://alpac.capital.
• Lightshift, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: Web3 / Crypto. AUM: $30M. Ticket: $250K–$2M. Website: https://lightshift.xyz.
• Change Partners, VC (SCR) in Porto. Stages: Series A. Sectors: Life Sciences, Enterprise Software, AgriFood. Website: https://changepartners.pt.
• Innventures, CVC in Lisbon. Stages: Seed, Series A. Sectors: Tech, Enterprise Software. AUM: €15–20M. Website: https://innowave.tech.
• Hovione Ventures, CVC in Lisbon. Stages: Pre-Seed, Seed. Sectors: Life Sciences, HealthTech. Ticket: €200K–€1M. Website: https://hovioneventures.com.
• Growth Partners Capital, PE / VC in Lisbon. Stages: Growth. Sectors: Multi-Sector, Ocean Economy. Website: https://growthpartners.capital.
• Fortitude Capital, PE / VC in Lisbon. Stages: Growth. Sectors: Multi-Sector. Website: https://fortitudecapital.pt.
• STAG Fund Management, PE / VC in Lisbon. Stages: Early Stage, Growth. Sectors: Tourism, HealthTech. AUM: €4B. Website: https://stagfundmanagement.com.
• Invicta Angels, Angel Network in Porto. Stages: Pre-Seed, Seed. Sectors: Tech, Multi-Sector. Ticket: €25K–€250K. Website: https://invictaangels.pt.
• Casa do Impacto, VC (Impact) in Lisbon. Stages: Pre-Seed, Seed. Sectors: Impact, Social Innovation. AUM: €3.4M+. Ticket: €50K–€100K. Website: https://casadoimpacto.scml.pt.
• Fábrica de Startups, Accelerator / VC in Oeiras (Lisbon). Stages: Pre-Seed, Seed. Sectors: Enterprise Software, Consumer Tech. Ticket: Up to €100K. Website: https://fabstart.pt.