Portugal Venture
Capital Directory

Overview of the Portuguese VC Ecosystem

Portugal has 98 active venture capital firms as of 2026-09-06. That includes 35 independent VCs, 16 CMVM-registered SCRs, 8 corporate venture arms,5 impact funds, 17 PE/VC hybrids,3 government-backed funds, 4 angel networks,3 accelerator/VCs, 1 incubator/VCs, and 6 venture studios.

Investment Stages in Portugal

Most Portuguese VCs focus on early stage. 64% invest at Seed (63 firms), 41% at Series A (40 firms),36% at Pre-Seed (35 firms). Only 41% do Growth (40 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

75 firms (77%) are in Lisbon. Porto has 13 firms. Braga (Pathena, Laika Ventures), Coimbra (Critical Ventures, CRON STUDIO), 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

AI and FinTech get the most VC attention (23% and 12% of firms respectively). Healthcare (11%), Deep Tech (10%), Sustainability (9%), Life Sciences (8%), and Cybersecurity (6%) follow. About 20% of firms are generalists.

Largest VC Funds in Portugal by AUM

Banco Português de Fomento (€9.8B, development bank). Explorer Investments (€1.8B+) and Oxy Capital (~€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: Digital, Industry, Life Sciences, Tourism. AUM: €283M. Ticket: Up to €6M. Website: https://portugalventures.pt.
• Armilar Venture Partners, VC in Lisbon. Stages: Pre-Seed, Seed, Series A, Series B, Growth. Sectors: Deep Tech, Healthcare, Climate & Sustainability. AUM: €600M+. Ticket: €200K–€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: Series A, Series B, Growth. Sectors: Tech, Life Sciences, Creative Industries. AUM: €360M. 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. Sectors: AI, Software, Consumer, Sustainability. 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://www.lcventures.pt.
• HCapital Partners, PE / VC in Lisbon. Stages: Seed, Series A, Series B, Growth. Sectors: Energy, Mobility, Industrial, Sustainability. Ticket: €500K–€3M. Website: https://hcapital.pt.
• EDP Ventures, CVC in Lisbon. Stages: Seed, Series A, Series B. 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: €1.8B+. Ticket: €10M–€30M (buyouts). 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 Braga. Stages: Seed, Series A, Growth. Sectors: B2B Software, Healthcare, Enterprise SaaS, Biotech. AUM: €70M. Website: https://pathena.com.
• MSM (Mustard Seed MAZE), VC (Impact) in Lisbon. Stages: Pre-Seed, Seed, Series A. Sectors: Health Tech, Fashion, InsureTech, Climate. AUM: €40M. Ticket: €500K–€1M. Website: https://msm.vc.
• Semapa Next, CVC in Lisbon. Stages: Series A, Growth. Sectors: FinTech, Crypto/Web3, Gaming, Industrial Tech, SaaS. Ticket: €5M–€22.5M. Website: https://semapanext.com.
• Buenavista Equity Partners Portugal (ex-GED Ventures), VC in Lisbon. Stages: Seed. Sectors: AI, Travel Tech, Healthcare, Hardware. AUM: €1.3B+. Ticket: €100K–€1.5M. Website: https://www.buenavistaequity.com.
• Lince Capital, VC in Lisbon. Stages: Seed, Early Stage. Sectors: Real Estate, Healthcare, Technology, Retail, Industrial. 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://www.novabasecapital.pt.
• 33N Ventures, VC in Porto. Stages: Series A, Series B, Growth. Sectors: Cybersecurity, AI, Defense, 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.
• APEX Capital, PE / VC in Oeiras. Stages: Pre-Seed, Seed, Series A, Growth. 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.
• 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: ICT, Software, IT. AUM: €3M. Ticket: €50K–€160K. Website: https://besthorizon.weebly.com.
• 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: Seed, 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, Series B. Sectors: Deep Tech, AI, Cybersecurity, Robotics, Defence Tech, Industrial Software, MedTech. Ticket: €500K–€3M. 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.
• IR-Capital (Inter-Risco), PE / VC in Porto. Stages: Growth. Sectors: Multi-sector. Ticket: €5M–€20M. Website: https://www.ir-capital.pt.
• 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: €600M. Website: https://fundbox.pt.
• Rising Ventures, VC in Lisbon. Stages: Pre-Seed. Sectors: AdTech, Sales/Marketing. Ticket: €90K–€950K.
• RR² Capital, VC in Cascais. Stages: Seed. Sectors: Data/BI, Crypto/Web3. Website: https://rr2.capital.
• 3xP Global, VC (Impact) in Lisbon. Stages: Seed, Series A, Growth. Sectors: HealthTech, Life Sciences, Impact, Sustainability, AI. AUM: €108M. Ticket: €250K–€5M. Website: https://3xpglobal.eu.
• 3 Comma Capital, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: Web3, Crypto, AI, FinTech, Gaming. Website: https://3commacapital.com.
• BlockChange Capital, VC in Lisbon. Stages: Seed, Series B. Sectors: FinTech, Blockchain/Crypto.
• 200M / Social Innovation Fund, VC (Government) in Porto / Lisbon. Stages: Seed, Series A, Series B. Sectors: Sector Agnostic. AUM: €200M. Ticket: €500K–€5M. Website: https://www.bpfomento.pt/en/institutional/funds-under-management/200m-co-investment-fund/.
• N1 Investment Company, VC in Lisbon. Stages: Pre-Seed, Seed. Sectors: FinTech, AI, SaaS, B2B, EdTech, Marketplaces. 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, Angel Network in Coimbra. Stages: Seed, Pre-Seed. Sectors: Software, Hardware, Blockchain. Website: https://ganexacapital.com.
• Bright Ventures, VC in Maia (Porto). Stages: Seed, Pre-Seed. Sectors: Software, Advertising, Services. AUM: €36M. Ticket: €50K–€500K. Website: https://brpx.com/bright-ventures.
• Beta Capital, VC in Porto. Stages: Seed. Sectors: VoIP, Software, Wireless. Ticket: €250K–€1M. Website: https://betacapital.pt.
• AgileGTM Capital, VC in Lisbon. Stages: Early Stage. Sectors: Blockchain, Web3. Ticket: €150K. Website: https://agilegtm.vc.
• Polkastarter Ventures, VC in Lisbon. Stages: Seed. Sectors: Web3, Blockchain, Gaming. Website: https://polkastarter.com.
• Basinghall Partners, VC in Lisbon / London. Stages: Pre-Seed, Seed. Sectors: Supply Chain, Big Data, AI/ML, Cybersecurity, AR/VR. Ticket: €500K–€5M. 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://unicornfactorylisboa.com.
• CTT 1520 Innovation Fund, CVC in Lisbon. Stages: Seed, Series A, Growth. Sectors: E-commerce, Logistics, Communications, FinTech, Retail, Advertising, Sustainability. AUM: €8M. Website: https://www.ctt.pt/grupo-ctt/a-empresa/inovacao-e-startups/1520-startup-program.
• 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 Estoril. Stages: Growth. Sectors: Real Estate, Hospitality, Healthcare, Energy, Industry. Website: https://admarscr.pt.
• Atena Equity Partners, VC (SCR) in Lisbon. Stages: Growth. Sectors: Industrials, Healthcare, Business Services. Ticket: ~€15M. Website: https://www.atenaep.com.
• C2 Capital Partners, VC (SCR) in Lisbon. Stages: Growth. Sectors: Life Sciences, Industry, Healthcare. AUM: €430M. Website: https://c2capital.pt.
• Cedrus Atlantica, VC (SCR) in Lisbon. Stages: Growth. Sectors: Multi-sector, SMEs, R&D (SIFIDE), Golden Visa, Special Situations, Real Estate. AUM: €160M. Website: https://cedruscapital.pt.
• CoRe Capital, PE / VC in Lisbon. Stages: Growth. Sectors: Industry, Agribusiness, Healthcare, Retail, Tourism, Transport & Logistics, Services. Ticket: €7M–€12M. Website: https://corecapital.pt.
• Crest Capital Partners, PE / VC in Lisbon. Stages: Growth. Sectors: Multi-sector, Agribusiness. AUM: €475M. Website: https://crest-cp.com.
• BIVEN Capital Partners, VC (SCR) in Braga. 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://www.heedcap.com.
• Insight Venture SCR, VC (SCR) in Lisbon. Stages: Growth. Sectors: Sustainability, Renewable Energy, HealthTech, Smart Cities, Digital, Sustainable Tourism, R&D. Website: https://www.insightventure.pt.
• ISQ SCR, VC (SCR) in Lisbon. Stages: Seed, Series A. Sectors: Tech, Industry. AUM: €20M. Website: https://www.ask.pt.
• Octanova SCR, VC (SCR) in Lisbon. Stages: Growth. Sectors: AI, FinTech, Digital Assets, Infrastructure, Multi-sector. Website: https://octanova.pt.
• Quadrantis Capital, VC (SCR) in Lisbon. Stages: Growth. Sectors: Renewable Energy, Real Estate, Hospitality, AgriTech, Financial Services, Media & Entertainment. AUM: €350M. Ticket: €1M–€5M. Website: https://quadrantiscapital.com.
• Touro Capital Partners, VC (SCR) in Lisbon. Stages: Growth, Late Stage. Sectors: Industrial, Sustainability, HealthTech, Multi-sector. AUM: €93M. Website: https://tourocp.com.
• Vallis Capital Partners, PE / VC in Porto. Stages: Growth. Sectors: Industrial, Multi-sector. AUM: €226M. Ticket: €10M–€30M. Website: https://vallis.pt.
• Vibecap SCR, PE / VC in Algés (Lisbon). Stages: Growth, Late Stage. Sectors: Multi-sector. Website: https://vibecp.com.
• IM Gestão de Ativos, VC (SCR) in Lisbon. Stages: Seed, Series A, Series B, Growth. Sectors: Multi-sector, DeepTech, Life Sciences, Real Estate, Logistics. AUM: €6B+. Website: https://www.imga.pt.
• Eyer Partners, Venture Studio in Lisbon. Stages: Growth. Sectors: Multi-sector. Ticket: €100K–€500K. Website: https://eyerpartners.com.
• Altaz Capital, PE / VC in Lisbon. Stages: Growth. Sectors: Multi-sector, Consumer Brands. 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://ventures.sogrape.com/en.
• Porto Venture, VC in Porto. Stages: Seed, Series A. Sectors: Cloud, SaaS, E-Commerce.
• 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.
• 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: Seed, Series A, Series B, Growth. Sectors: Multi-sector. AUM: €600M+. Ticket: €2M–€12M. 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, PE / VC in Lisbon. Stages: Series A, Growth. Sectors: B2B SaaS, AI. AUM: €35M. Website: https://aleacp.com.
• Draycott SCR, VC (SCR) in Lisbon. Stages: Pre-Seed, Seed, Series A, Series B, Growth. Sectors: Multi-sector. AUM: €3B+. Website: https://draycott.pt.
• Point Capital Partners, PE / VC in Lisbon. Stages: Seed, Series A, Series B, Growth. Sectors: Deep Tech, FinTech, Climate Tech, B2B Software, AI, MedTech, Real Estate, Multi-sector. AUM: €380M+. Ticket: €500K–€3M. 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://alpaccapital.com.
• 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://innventures.vc.
• Growth Partners Capital, PE / VC in Lisbon. Stages: Growth. Sectors: Multi-sector, Ocean Economy. AUM: €200M+. Ticket: €1.5M–€3.5M (Growth Blue). 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: Growth, Late Stage. Sectors: Hospitality, Real Estate, Renewable Energy, Healthcare, Agriculture, Blue Economy. AUM: €4B. Website: https://stagfundmanagement.com.
• Invicta Angels, Angel Network in Porto. Stages: Pre-Seed, Seed. Sectors: Tech, Multi-sector. Ticket: €25K–€250K.
• Casa do Impacto, VC (Impact) in Lisbon. Stages: Pre-Seed, Seed. Sectors: Impact, Social Innovation. AUM: €3.4M+. Ticket: Up to €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://www.fabricadestartups.com.