# Portugal VC Directory: Complete Data > Full directory of 98 venture capital firms investing in Portugal. Data last updated: 2026-09-06. ## How to Use This Data This file contains structured information about every VC firm in the Portugal VC Directory. Each entry includes the firm's name, type, location, investment stages, sectors, AUM, typical ticket size, website, founding year, description, and investment thesis. --- ## Directory Statistics - **Total firms**: 98 - **Types**: 35 VC, 17 PE / VC, 16 VC (SCR), 8 CVC, 6 Venture Studio, 5 VC (Impact), 4 Angel Network, 3 VC (Government), 3 Accelerator / VC, 1 Incubator / VC - **Cities**: Lisbon (73+), Porto (11+), Braga (3), Coimbra (3), Maia (Porto) (2), Oeiras (1), Aveiro (1) - **Stage coverage**: Seed 64%, Series A 41%, Growth 41%, Pre-Seed 36%, Series B 13%, Early Stage 5%, Late Stage 3% --- ## Complete VC Listings ### VC (35 firms) #### Armilar Venture Partners - **Type**: VC - **City**: Lisbon - **Founded**: 2000 - **Stages**: Pre-Seed, Seed, Series A, Series B, Growth - **Sectors**: Deep Tech, Healthcare, Climate & Sustainability - **AUM**: €600M+ - **Ticket Size**: €200K–€10M - **Website**: https://armilar.com - **Profile**: https://portugalvc.com/vc/armilar-venture-partners - **Track record**: 80 investments, 22 exits, 3 IPOs - **Portfolio**: OutSystems, Feedzai, Codacy, Sword, Amplemarket, Didimo, Rows, CASAFARI, Coverflex, DOJO AI, Coreflux, TonicApp, Veeton, Trendtracker, mama health, Sword Health, Reckon.ai, Neuraspace, Cintoo, brighter AI, TxVia, A123 Systems, Advanced Cyclone Systems, Malo Clinic, Sousacamp, AquaSpy, Ynvisible, HeartGenetics, Berd, SafetyPay, Coreworks One of Portugal's oldest independent VCs, founded in 2000. 80+ companies backed, 22 exits including 3 IPOs. Manages €600M+ and invests from pre-seed through growth in deep tech, healthcare, and climate. *Thesis*: Backs technology companies with strong IP in healthcare, sustainability, and enterprise software. Can follow on from seed through growth rounds. --- #### Bondstone Ventures - **Type**: VC - **City**: Lisbon - **Founded**: 2026 - **Stages**: Seed, Early Stage - **Sectors**: Deep Tech, AI, Climate & Sustainability - **AUM**: €50M - **Ticket Size**: €500K–€1M - **Website**: https://www.bondstone.com - **Profile**: https://portugalvc.com/vc/bondstone-ventures Bondstone Ventures is the venture capital arm of Bondstone, a Lisbon-based investment firm founded in 2016. Launched in April 2026 by two former physicists, its inaugural fund Maxwell Technologies I targets €50M in commitments from institutional investors and is authorised and supervised by the CMVM. The fund invests in seed and early-stage rounds across deep tech. *Thesis*: Backs breakthrough-technology startups in AI, computational biology, climate tech, and enabling technologies (including space and defence applications). Focuses on Southern Europe with selective wider-European coverage, writing €500K–€1M tickets and partnering with universities for deal flow. --- #### Indico Capital Partners - **Type**: VC - **City**: Lisbon - **Founded**: 2017 - **Stages**: Pre-Seed, Seed, Series A - **Sectors**: B2B SaaS, AI, FinTech, Marketplaces, Cybersecurity - **AUM**: €244M - **Ticket Size**: €500K–€10M - **Website**: https://indicocapital.com - **Profile**: https://portugalvc.com/vc/indico-capital-partners - **Track record**: 59 investments - **Portfolio**: Arborea, Barkyn, BioMimetx, Bizay, Cargo.one, Conexa, Data4Deals, Dealroom, Eleos, Exclusible, FOSSA Systems, FRVR, Gazelle Wind Power, Hercules AI, Inclita Seaweed Solutions, Indie Campers, Infraspeak, Cargofive, Rows, Zenklub, Anchorage Digital, Remote, Sword Health, TIER, Preply, Kencko, Unbabel, Bildia, ArtPool Portugal's leading independent VC. 59 companies backed since 2019, managing €244M. Focused on B2B SaaS, AI, deep tech, fintech, spacetech and oceantech. Typically the first institutional check for strong founders in Portugal, Spain and Italy. *Thesis*: Invests in B2B companies with strong product-market fit and global go-to-market strategies. Prioritizes AI, SaaS, fintech, and cybersecurity. --- #### Shilling Capital Partners - **Type**: VC - **City**: Lisbon - **Founded**: 2011 - **Stages**: Pre-Seed, Seed, Series A - **Sectors**: B2B, Consumer Tech, AI - **AUM**: €52M - **Ticket Size**: €100K–€1M - **Website**: https://shilling.vc - **Profile**: https://portugalvc.com/vc/shilling-capital-partners - **Track record**: 60 investments - **Portfolio**: Balance, Assimetria, Bounce, Aptivio, Cooby, Equall, Networkme, Cafler, Inductiva Research Labs, Piper, Connected, Nook, Puter, Tucuvi, Tonic App, Spotlite, Reviewpad, Replai, Phase, Framedrop, Cuyna, Bitskout, Anybrain, Algori, Zharta, Avenue, Relive, Volt Games, Komon, Smartex, Fraudio, tl;dv, Innovationcast, Circular, Payze, Timeleft, Talka, Luca, Life Supplies, MyCareforce, Vitaance, Velvet Formula, Cargofive, Exclusible, Super Agent, Promptly, Biocol Labs, Vawlt, Modatta, Gira, Detech.ai, Deci, Rows, Zax, Coverflex, Katoo, Hunter Boards, Student Finance, EatTasty, Casafari, Barkyn, Unbabel, Mainframe, Bizay, Switch, Best Tables, Uniplaces, Musiversal, La Wash, Sword Health One of Portugal's most prolific early-stage investors. 84 investments across two funds (€52M Founders Fund + €50M Opportunity Fund). Most active VC by deal count in Portugal in 2025. Portfolio includes Sword Health (unicorn). *Thesis*: High-velocity early-stage investor. Takes lots of bets at small check sizes, prioritizing founder quality and market timing. Focuses on B2B and consumer tech companies using AI and data. --- #### Faber Ventures - **Type**: VC - **City**: Lisbon - **Founded**: 2012 - **Stages**: Pre-Seed, Seed, Series A - **Sectors**: Deep Tech, AI/ML, Climate, Biotech - **Ticket Size**: Up to €2.5M - **Website**: https://faber.vc - **Profile**: https://portugalvc.com/vc/faber-ventures - **Track record**: 83 investments, 10 exits - **Portfolio**: ATMOS, Biographica, ISPTech, Koa Biotech, Ocean Ecostructures, Ponda, YPlasma, B'ZEOS, CircuitLeap, Equall, Opnova, Photon Bridge, Poseidona, Resoniks, Zymvol, Hefring Marine, Kern AI, Nostos Genomics, Seamoretech, Subdron, Titanium Technology, 1S1 Energy, ANNEA, AstraKode, deb0x, Fuelsave, Kamu, Kloov, Luminate Medical, MC5, MicroHarvest, Mitiga, Vyoma, Abtrace, Apres, iLof, Maven, Meight, Smartex, Youverse, Emotai, SWORD Health, YData, tandem, Zaask, Advicefront, Enjoy HQ, Gitter, Hoko, Chic by Choice, Coacher, HiFi, Hole19, Liquid, Maily, Passworks, Seedrs, bugle, Codacy, Getsocial, Gleam, Unbabel, ATMOS Space Cargo Deep tech and AI specialist since 2012. 83 investments, 10 exits. Portfolio includes Unbabel, SWORD Health, and Codacy. Focuses on technically complex companies at the intersection of AI, climate tech, and biotech. *Thesis*: Backs deep tech founders building technically ambitious companies in large markets. Especially drawn to AI/ML applied to healthcare, climate, and enterprise. Looks for strong technical teams, often with PhD-level domain expertise. --- #### Bynd Venture Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2010 - **Stages**: Pre-Seed, Seed - **Sectors**: AI, Software, Consumer, Sustainability - **AUM**: €40M - **Ticket Size**: €250K–€600K - **Website**: https://bynd.vc - **Profile**: https://portugalvc.com/vc/bynd-venture-capital - **Track record**: 70 investments, 10 exits - **Portfolio**: Assimetria, Zenvi, Spacebackend, Pollen, Reach, AdCities, Wio, Kapia, Permisso, Sax, Uptail, Manie, Dealcar, Mogu, Noxus, Equall, CircuitLeap, Quixotic, Nuuenergy, Trebellar, Guud, Reveni, Zenrows, Relive, Pontio, Incapto, Rice, Last App, Ukio, Fraudio, Impress, Weezie, Medical Port, Casafari, Amelia Virtual Care, Luope, DefinedAI, TTR, Didimo, Tandem, FastInov, Velcro, Colvin, Wio Capital, Ritmo Iberian-focused VC. 70+ investments since 2010, Fund III (€40M) launched 2024 with Fond-ICO and Caixa Capital backing. 15 investments in the current fund including Pollen, Reveni, Equall, and Wio Capital. *Thesis*: Iberian-first early-stage investor. Backs digital-native SaaS, sustainability, and healthtech companies that can scale across the Iberian Peninsula. Prefers capital-light business models. --- #### LC Ventures - **Type**: VC - **City**: Lisbon - **Founded**: 2015 - **Stages**: Pre-Seed, Seed - **Sectors**: IT, AI, IoT, Deep Tech - **AUM**: €50M+ - **Ticket Size**: €100K–€1M - **Website**: https://www.lcventures.pt - **Profile**: https://portugalvc.com/vc/lc-ventures - **Track record**: 50 investments, 3 exits, 2 IPOs - **Portfolio**: Didimo, Climber RMS, Coverflex, Cleanwatts, Sizebay, BITCLIQ, Republic, Honest Consistent early-stage investor since 2014. 65 investments, 5 exits including 1 IPO. Focuses on IT, AI, IoT, and deep tech at pre-seed and seed. Portfolio includes Sizebay, Seedrs, and CleanWatts. *Thesis*: Early-stage specialist in IT, AI, and IoT. Willing to invest at the very earliest stages in technically differentiated companies. --- #### Pathena - **Type**: VC - **City**: Braga - **Founded**: 2008 - **Stages**: Seed, Series A, Growth - **Sectors**: B2B Software, Healthcare, Enterprise SaaS, Biotech - **AUM**: €70M - **Website**: https://pathena.com - **Profile**: https://portugalvc.com/vc/pathena - **Portfolio**: Neadvance, Huub, Vortal, 360hyper, Bizay, Klinik, ebankIT, A-to-Be, TNI medical, 360 onlineprint, AI4Med, UniqNx, Primetag, Exago, Biorce, NVision Imaging Technologies, Healthplus.ai One of Portugal's oldest VC firms, now based in Braga. Manages €70M across B2B software, healthcare, enterprise SaaS, and biotech from seed through growth; its fund is in run-off and not making new investments. *Thesis*: Patient capital. Invests in B2B software and healthcare companies with strong recurring revenue. Decades of experience in the Portuguese market. --- #### Buenavista Equity Partners Portugal (ex-GED Ventures) - **Type**: VC - **City**: Lisbon - **Founded**: 2021 - **Stages**: Seed - **Sectors**: AI, Travel Tech, Healthcare, Hardware - **AUM**: €1.3B+ - **Ticket Size**: €100K–€1.5M - **Website**: https://www.buenavistaequity.com - **Profile**: https://portugalvc.com/vc/ged-ventures-portugal - **Track record**: 16 investments - **Portfolio**: CPs Eranovum, Gemswell Surf Madrid, Instituto Bernabeu, Hundred, Highlight Therapeutics, Shop&Roll, Rofim, PFx Biotech, Omniscope, Syngoi, Ienai Space, Hotelverse, Sqill, Pleez, Hoopers Club, PluggableAI, Indie Campers, Cryotherapeutics, Unbabel, Glartek, LUGGit, Full Venue, Weezie Portuguese arm of the GED group, which manages over €1B globally. Founded in 1996. Focuses on seed-stage investments in AI, travel tech, healthcare, and hardware. *Thesis*: Seed-stage investing backed by a large European investment group with decades of experience. Backs differentiated startups in AI, travel, and healthcare with a path to international growth. --- #### Lince Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2016 - **Stages**: Seed, Early Stage - **Sectors**: Real Estate, Healthcare, Technology, Retail, Industrial - **AUM**: €550M - **Ticket Size**: €250K–€5M - **Website**: https://lince-capital.com - **Profile**: https://portugalvc.com/vc/lince-capital - **Track record**: 60 investments, 2 IPOs - **Portfolio**: 1872 River House, AceCann, AlgarExperience, Bairro do Avillez, Besthealth4u, Bhout, Bizay, Bling Energy, Cargofive, Coverflex, Data4Deals, Elecctro, Evio, EXMO. Hotel, Feedzai, FRVR, Guest Ready, Heden, Hijiffy, Hytro, IEM 4.0, iLof, Kencko, Leadzai, Lyzer, Marinha Prime, MLC Ceramic Machinery, Musiversal, Nutrium, Olivia Singular Houses, Páteo da Cordoaria, Paynest, Pleez, proGrow, Pulsely, RCDPLAS, Sensei, SheerME, Speedbird Aero, Sword Health, Tecmafoods, The Rebello Hotel, The Vintage Hotel & Spa, Vawlt, visor.AI, Zeoos, Zwim Over 30 years of investment experience. Focuses on real estate, infrastructure, agriculture, and telecom. 8 investments, with a selective, high-conviction approach. *Thesis*: Backs traditional sectors being changed by technology: real estate tech, agritech, infrastructure, and telecom. --- #### 33N Ventures - **Type**: VC - **City**: Porto - **Founded**: 2022 - **Stages**: Series A, Series B, Growth - **Sectors**: Cybersecurity, AI, Defense, Infrastructure Software - **AUM**: €150M - **Ticket Size**: €4–€12M - **Website**: https://33n.vc - **Profile**: https://portugalvc.com/vc/33n-ventures - **Track record**: 25 investments, 8 exits - **Portfolio**: Acoru, Apono, DataGalaxy, Equixly, Exein, Panorays, StrikeReady, Arctic Wolf, Cellwize, Codacy, Cybersixgill, Deepfence, Excellium, Feedzai, Fyde, Hackuity, IriusRisk, Jscrambler, Medux, Nextel, OutSystems, Portainer, Probely, Reblaze, S21sec, SafeBreach, Secucloud, Sysvalue Porto-based cybersecurity and infrastructure software specialist. Founders investing since 2014; formally launched as 33N in 2022. 27 companies, 3 unicorns (Arctic Wolf, Feedzai, OutSystems), 8 exits including Apono ($250M+ to 1Password). *Thesis*: Pure-play cybersecurity and infrastructure software. €4-€12M tickets at Series A and B across Europe, Israel, and the US. --- #### BlueCrow Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2010 - **Stages**: Seed, Series A - **Sectors**: Health Tech, FinTech, FoodTech, Payments - **AUM**: €570M+ - **Ticket Size**: €3M–€6M - **Website**: https://bluecrowcapital.com - **Profile**: https://portugalvc.com/vc/bluecrow-capital - **Track record**: 40 investments - **Portfolio**: 4iTec Lusitânea, AceCann, AgentifAI, Bandora, BGW, Big Group, Bling Solutions II, BTOCNET, Boega, Congelagos, Enartin, Ento Green, Estoril Riviera, Flowbotic Mobile Systems, Gra Nutra, Inklusion Entertainment, ISQ&CTAG Automotive Technologies, IVV Automação, KIT-AR, Leadzai, LEF, Maven Pet, NaturaFish, NaturaFish Alvor, Oceano Fresco, Ophiomics, Paynest, Plenoenergia, Q-Better, Senseidata, SilicoLife, Thunder Foods, Tonic Easy Medical, Twevo, Mona Experience Group, Anadia Futebol Clube SAD, Herdade de Santo Isidro, Hotel das Flores, Okah Projects, Monteiro, Dias & Fernandes, Quinta Nossa Senhora do Rosário, Sensei, Tonic App, Bling Energy, BIGhub, Flowbotic Multi-fund platform in Lisbon managing €570M+ across 16 funds. Covers robotics, medtech, biotech, sustainable food, and industrial sectors. Growth Fund I listed on Euronext Access in July 2025. *Thesis*: Invests across multiple fund strategies in health tech, fintech, and foodtech. Targets companies in regulated and complex industries. --- #### Olisipo Way - **Type**: VC - **City**: Lisbon - **Founded**: 2015 - **Stages**: Pre-Seed, Seed - **Sectors**: AdTech, Sales/Marketing, Productivity, SaaS - **Ticket Size**: €50K–€150K - **Website**: https://olisipoway.com - **Profile**: https://portugalvc.com/vc/olisipo-way - **Track record**: 58 investments, 4 exits - **Portfolio**: Climber RMS, SQS, Oscar, Checkfirst, Lisbon Nearshore Lisbon-based early-stage VC focused on IT and B2B software (adtech, sales/marketing, productivity, SaaS). 58 investments, 4 acquisitions. *Thesis*: Backs adtech, marketing automation, sales enablement, and productivity tools. Prefers SaaS with product-led growth mechanics. --- #### Best Horizon - **Type**: VC - **City**: Lisbon - **Founded**: 2014 - **Stages**: Seed, Pre-Seed - **Sectors**: ICT, Software, IT - **AUM**: €3M - **Ticket Size**: €50K–€160K - **Website**: https://besthorizon.weebly.com - **Profile**: https://portugalvc.com/vc/best-horizon - **Track record**: 51 investments, 5 exits, 2 IPOs - **Portfolio**: Aircall, GitLab, Shippo, Musiversal, KIT-AR, Republic Lisbon-based seed VC. Portfolio includes 2 unicorns (Aircall, Shippo) and 2 IPOs (GitLab, Republic). 51 investments, 5 exits. Covers gaming, music, audio, AR/VR, and shipping tech. *Thesis*: Pre-seed and seed investment in innovative ICT startups, providing financing, mentoring and network access in the first critical years; EU-co-financed vehicles target tech companies headquartered (or with a subsidiary) in the North, Centre, Alentejo and Azores regions of Portugal, alongside startups in Europe and the Americas. --- #### Bionova Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2015 - **Stages**: Early Stage - **Sectors**: Healthcare, Biotech, Deep Tech, Life Sciences - **Website**: https://bionovacapital.com - **Profile**: https://portugalvc.com/vc/bionova-capital - **Portfolio**: Anybrain, CellmAbs, Adapttech, Delox, SolasCure, Vaxdyn, Oxular Healthcare and life sciences VC in Lisbon with European scope, founded in 2015 as Hovione Capital. No new investments since 2024 (team moved to Biovance Capital Partners); portfolio includes Adapttech, Anybrain, and CellmAbs. *Thesis*: Healthcare and life sciences specialist. Backs companies developing diagnostics, therapeutics, medical devices, and health-tech platforms with strong science and clear regulatory pathways. --- #### Biovance Capital Partners - **Type**: VC - **City**: Lisbon - **Founded**: 2023 - **Stages**: Seed, Series A - **Sectors**: Life Sciences, Biotech - **AUM**: €57M - **Ticket Size**: €1.5M–€6M - **Website**: https://biovancecapital.com - **Profile**: https://portugalvc.com/vc/biovance-capital-partners - **Track record**: 2 investments - **Portfolio**: Laigo Bio, Mondego Bio Portugal's first specialized biotech VC, founded in 2023; Fund I launched in 2024 and reached €57M in June 2025. Backed by the European Investment Fund (EIF), BIAL (Portugal's largest pharma company), and Banco Português de Fomento. *Thesis*: Early-stage biopharma investor (seed and Series A) across Europe with a Southern Europe focus. Targets drug-development companies with strong preclinical models and patented or patentable assets. BIAL's pharma expertise and EIF backing give it sector depth. --- #### Critical Ventures - **Type**: VC - **City**: Coimbra - **Founded**: 2011 - **Stages**: Seed, Series A, Series B - **Sectors**: Deep Tech, AI, Cybersecurity, Robotics, Defence Tech, Industrial Software, MedTech - **Ticket Size**: €500K–€3M - **Website**: https://critical-ventures.com - **Profile**: https://portugalvc.com/vc/critical-ventures - **Track record**: 13 investments, 7 exits - **Portfolio**: Hackurity, Rhizome, Almetra, RunSafe Security, Kirontech, Twinzo, Critical Links, Watchful Software, Critical Manufacturing, Coimbra Genomics, Retmarker Based in Coimbra and founded by the co-founders of Critical Software. Leads or co-leads deep-tech rounds from seed to Series B in AI, robotics, defence tech, cybersecurity and industrial software across Europe and North America, with first cheques of €500K–€3M. *Thesis*: Backs deep-tech founders building critical systems — AI, robotics, defence tech, cybersecurity and industrial software — where getting it wrong is not an option. Leads or co-leads from seed to Series B. --- #### hypra.fund - **Type**: VC - **City**: Lisbon - **Founded**: 2022 - **Stages**: Seed, Series A - **Sectors**: Crypto, FinTech, Enterprise Software - **AUM**: $25M - **Ticket Size**: Up to $10M - **Website**: https://hypra.fund - **Profile**: https://portugalvc.com/vc/hypra-fund - **Portfolio**: Trinetix, Boosty Labs, EvaCodes, Utorg, Party.Space, Boosty Venture Studio Lisbon-based VC investing in crypto, fintech, and enterprise software at seed and Series A. Ticket sizes up to $10M. *Thesis*: Web3 and fintech specialist. Invests in crypto infrastructure, DeFi, and enterprise software at the intersection of traditional finance and blockchain. --- #### FundBox - **Type**: VC - **City**: Lisbon - **Founded**: 2004 - **Stages**: Pre-Seed - **Sectors**: Space Tech, IoT - **AUM**: €600M - **Website**: https://fundbox.pt - **Profile**: https://portugalvc.com/vc/fundbox - **Portfolio**: TEN63 Therapeutics, Connected Lisbon-based alternative investment manager with ~€600M AUM. Primarily real estate funds (75% of AUM), with 25% in private equity funds including early-stage venture investments. *Thesis*: Pre-seed investor in space tech and IoT. Main business is real estate fund management. --- #### Rising Ventures - **Type**: VC - **City**: Lisbon - **Founded**: 2014 - **Stages**: Pre-Seed - **Sectors**: AdTech, Sales/Marketing - **Ticket Size**: €90K–€950K - **Profile**: https://portugalvc.com/vc/rising-ventures - **Track record**: 6 investments, 1 exits - **Portfolio**: Leadzai, Climber RMS, doDOC Pre-seed VC in Lisbon investing in adtech and sales/marketing technology. 6 investments, 1 exit. *Thesis*: Pre-seed investor in adtech and marketing technology. Backs founders building tools for digital advertising, customer acquisition, and sales enablement. --- #### RR² Capital - **Type**: VC - **City**: Cascais - **Founded**: 2021 - **Stages**: Seed - **Sectors**: Data/BI, Crypto/Web3 - **Website**: https://rr2.capital - **Profile**: https://portugalvc.com/vc/rr-capital - **Track record**: 140 investments - **Portfolio**: Dolomite, Polygon, Nebula, zkLink, Particle Network, Ape Terminal, Wormhole, IO.net, Mantle, Aethir, Polyhedra, Sahara AI, Naoris Protocol, Peaq, Orderly Network Cascais- and Andorra-based seed-stage Web3 VC. 140+ investments in DeFi, infrastructure, AI and gaming. Launched an AI division in 2024. *Thesis*: Web3 and data infrastructure specialist. Backs data analytics, business intelligence, and blockchain projects at seed stage. --- #### 3 Comma Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2022 - **Stages**: Pre-Seed, Seed - **Sectors**: Web3, Crypto, AI, FinTech, Gaming - **Website**: https://3commacapital.com - **Profile**: https://portugalvc.com/vc/3-comma-capital - **Track record**: 19 investments - **Portfolio**: IO Media, Credi, Loyi, ScoreStars, Bitrefill, Civey, Exclusible, Laddercast, Lamina1, Nefture, Anthropic, ByteDance, CausaLens, Cavrnus, Common Ground, Aquaterra, Time Guardian, Tru Markets, Zoop, 3 Comma Digital Founded in 2022, Lisbon-based, CMVM-regulated asset manager and VC. Invests at pre-seed and seed in web3, blockchain, AI and fintech. 19 portfolio companies. Runs Golden Visa-eligible open-ended funds plus closed-end VC funds (Unbound, Speedster). *Thesis*: Media, entertainment, and web3. Invests at the convergence of content and decentralized platforms. --- #### BlockChange Capital - **Type**: VC - **City**: Lisbon - **Stages**: Seed, Series B - **Sectors**: FinTech, Blockchain/Crypto - **Profile**: https://portugalvc.com/vc/blockchange-capital Lisbon-based blockchain and crypto investment and research firm that backs early-stage projects globally at seed through Series B. Not to be confused with Blockchange Ventures (New York). *Thesis*: Global blockchain and fintech investor. Backs teams building financial infrastructure on blockchain with strong technical capabilities and clear regulatory strategies. --- #### N1 Investment Company - **Type**: VC - **City**: Lisbon - **Founded**: 2018 - **Stages**: Pre-Seed, Seed - **Sectors**: FinTech, AI, SaaS, B2B, EdTech, Marketplaces - **Ticket Size**: €100K–€350K - **Website**: https://n1invest.co - **Profile**: https://portugalvc.com/vc/n1-investment-company - **Track record**: 12 investments - **Portfolio**: ObriyAI, Workee, Transenix, Path Craft, Delfin, Marko, SteadyPay, Bolt, Wantent.io, Invest Direct, Spraga, NotiPark, Roncredit Lisbon-headquartered pre-seed and seed investor (offices in London and Limassol) backing European fintech, AI and B2B SaaS founders with €100K–€350K tickets; evolved in 2025 from a single-LP fund into an investment company with a venture-building arm. *Thesis*: Pre-seed and seed investor in European fintech, AI and B2B SaaS founders, avoiding licence-dependent and clinical-stage models; combines capital with hands-on venture building. --- #### Start Ventures - **Type**: VC - **City**: Lisbon - **Founded**: 2016 - **Stages**: Seed, Series A - **Sectors**: FinTech, InsurTech, Cybersecurity - **Website**: https://startventures.vc - **Profile**: https://portugalvc.com/vc/start-ventures - **Track record**: 20 investments, 4 exits - **Portfolio**: LOQR, Habit, Coverflex, Zego, Elucidate, Fraudio, Youverse, Claims Carbon, Countingup, Hapi, James, Jove, Kirontech, Switch, WealthKernel, Zango, Ethiack, ClaimSorted, Sonant, Anansi, WeatherPromise, Frank, Drivit, Quantee, MeetFrank Lisbon-based VC managed by Onetier Partners SCR. 20+ companies backed, 4 exits. Early-stage B2B fintech, insurtech and cybersecurity at seed and Series A. *Thesis*: Focused investor in fintech, insurtech, and cybersecurity. Selective approach with concentrated portfolio. --- #### WISENEXT - **Type**: VC - **City**: Lisbon - **Founded**: 2016 - **Stages**: Seed, Pre-Seed - **Sectors**: Software, AI, Internet - **Website**: https://wisenext.net - **Profile**: https://portugalvc.com/vc/wisenext - **Track record**: 19 investments - **Portfolio**: Hi Interactive, BestTables, Mobrand, Prodflow, PC Clinic, Mindprober, REATIA, Hunter, Mighty, Pleez, Paycritical, Reckon.ai, Volup, TheFork, Azorean, Habit, Relive Lisbon-based VC providing 'smart capital' with a societal impact focus. 19 investments at pre-seed and seed in software, AI, and internet. Portfolio includes TheFork (BestTables) and Reckon.ai. *Thesis*: Invests in software and AI companies with a societal impact angle. Offers strategic guidance alongside capital. --- #### Bright Ventures - **Type**: VC - **City**: Maia (Porto) - **Founded**: 2015 - **Stages**: Seed, Pre-Seed - **Sectors**: Software, Advertising, Services - **AUM**: €36M - **Ticket Size**: €50K–€500K - **Website**: https://brpx.com/bright-ventures - **Profile**: https://portugalvc.com/vc/bright-ventures - **Track record**: 80 investments - **Portfolio**: Advert.io, Automaise, Habit, Dataplace.ai, Reckon.ai, Replai, Sensei, Sway, Taikai, Codacy, Probely, Infraspeak, OutSystems, Portainer, Feedzai, Arctic Wolf Investment arm of Bright Pixel Capital (formerly Sonae IM). €36M fund. 80 investments at pre-seed and seed in software, advertising, and services. Retail, telco, and cybersecurity focus. *Thesis*: Early-stage arm of the Bright Pixel / Sonae platform. Backs software and B2B services at pre-seed and seed with €50K-€500K tickets. --- #### Beta Capital - **Type**: VC - **City**: Porto - **Founded**: 2003 - **Stages**: Seed - **Sectors**: VoIP, Software, Wireless - **Ticket Size**: €250K–€1M - **Website**: https://betacapital.pt - **Profile**: https://portugalvc.com/vc/beta-capital - **Track record**: 40 investments, 14 exits - **Portfolio**: Ambilab, Biopremier, Stemmatters, Bullet Solutions, Nonius, Zen8 (Zwim), Delox, PFx Biotech, Cell4Food, Loop OS, Immunethep, Nuada, Nutrium, Azitek, The Loop Co., GovWise, Vawlt, HeartGenetics Pioneer Portuguese VC, founded in 2003 and based in Porto. Deep tech and biotech focus, 40+ start-up investments. Latest fund: BETA BEAT I (€20M, Feb 2026). *Thesis*: Seed investor in deep tech, biotech, software, and communications. One of the longest-running VCs in Portugal. --- #### AgileGTM Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2024 - **Stages**: Early Stage - **Sectors**: Blockchain, Web3 - **Ticket Size**: €150K - **Website**: https://agilegtm.vc - **Profile**: https://portugalvc.com/vc/agilegtm-capital - **Track record**: 3 investments - **Portfolio**: Autowhale, Ospree Founded in 2024. Combines VC with a cohort-based go-to-market program. Invests €150K in early-stage blockchain and web3 companies. 3 investments so far. *Thesis*: VC + GTM accelerator for web3 and blockchain. Provides €150K plus structured go-to-market support for early-stage teams. --- #### Polkastarter Ventures - **Type**: VC - **City**: Lisbon - **Founded**: 2020 - **Stages**: Seed - **Sectors**: Web3, Blockchain, Gaming - **Website**: https://polkastarter.com - **Profile**: https://portugalvc.com/vc/polkastarter-ventures - **Track record**: 14 investments - **Portfolio**: Aether Games, Blocklords, Galaxy Fight Club, Deliq Finance, Whydah, DOMI Online, Sentient AI, NOTAI Investment arm of Polkastarter, a well-known decentralized fundraising platform. Based in Lisbon. Seed-stage web3, blockchain, and gaming. *Thesis*: Web3-native investor with DeFi and token launch expertise. Backs seed-stage blockchain gaming and decentralized apps. Portfolio companies can tap into the Polkastarter platform and community. --- #### Basinghall Partners - **Type**: VC - **City**: Lisbon / London - **Founded**: 2017 - **Stages**: Pre-Seed, Seed - **Sectors**: Supply Chain, Big Data, AI/ML, Cybersecurity, AR/VR - **Ticket Size**: €500K–€5M - **Website**: https://basinghallpartners.com - **Profile**: https://portugalvc.com/vc/basinghall-partners - **Track record**: 10 investments - **Portfolio**: Arthur Bus, Conntac, Delicious Data, Empion, EMSU, Harper, HUBX, Invevo, Retorio, Tended, Toposens, Vawlt, Visplore Multi-office VC with presence in Lisbon, London, Luxembourg, and Germany. Founded in 2017. Invests €250K-€1M at pre-seed and seed in supply chain, big data, AI/ML, cybersecurity, and AR/VR. Focuses on digital enablers for traditional industries. *Thesis*: Pan-European early-stage B2B investor. Covers supply chain, data, AI, and security. Multi-city presence gives founders access to several European markets. --- #### Porto Venture - **Type**: VC - **City**: Porto - **Founded**: 2022 - **Stages**: Seed, Series A - **Sectors**: Cloud, SaaS, E-Commerce - **Profile**: https://portugalvc.com/vc/porto-venture Porto-based VC investing in cloud, SaaS, and e-commerce across Portugal and Spain. *Thesis*: Iberian SaaS and cloud investor. Backs scalable software and e-commerce businesses from Portugal and Spain. --- #### Ventures.eu - **Type**: VC - **City**: Lisbon - **Founded**: 2025 - **Stages**: Seed, Series A - **Sectors**: Deep Tech, AI - **AUM**: €30M - **Ticket Size**: €250K–€2M - **Website**: https://ventures.eu - **Profile**: https://portugalvc.com/vc/ventures-eu - **Portfolio**: Spot Ship Deep tech and AI fund born out of Dealflow.eu. €30M Fund I launched in 2025, with 60% allocated to Portuguese startups. Invests €250K–€2M at seed and pre-Series A. *Thesis*: Deep tech and AI at seed. Majority of capital reserved for Portugal, remainder across Europe. --- #### Alpac Capital - **Type**: VC - **City**: Lisbon - **Founded**: 2013 - **Stages**: Series A, Growth - **Sectors**: Tech, Media - **Website**: https://alpaccapital.com - **Profile**: https://portugalvc.com/vc/alpac-capital - **Track record**: 12 investments, 2 exits - **Portfolio**: Euronews, 4iG, EARTH AI, Adria News Network, Caravela Seguros, e-Schooling, DreamShaper, Biometrid, ALPAC-Luzon, Login Autonom, TC2, iScholar, Codevision, Petapilot, ISDC Tech and media VC founded in 2013. CMVM-regulated, invests in Portugal and Central Europe with a strong Hungary connection. *Thesis*: Tech and media companies bridging Portugal and Central Europe. --- #### Lightshift - **Type**: VC - **City**: Lisbon - **Founded**: 2021 - **Stages**: Pre-Seed, Seed - **Sectors**: Web3 / Crypto - **AUM**: $30M - **Ticket Size**: $250K–$2M - **Website**: https://lightshift.xyz - **Profile**: https://portugalvc.com/vc/lightshift - **Portfolio**: AminoChain, Gyld, Xweave, Haven Digital Partners, Arda, D3, Finisterra, Human.tech, Union, Lattica Web3 and blockchain infrastructure fund based in Lisbon, founded 2021. ~$30M fund with backers including Gavin Wood, Marc Andreessen, and Digital Currency Group. *Thesis*: Early-stage blockchain and crypto infrastructure. Hands-on with protocol and tooling teams. --- ### PE / VC (17 firms) #### HCapital Partners - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2014 - **Stages**: Seed, Series A, Series B, Growth - **Sectors**: Energy, Mobility, Industrial, Sustainability - **Ticket Size**: €500K–€3M - **Website**: https://hcapital.pt - **Profile**: https://portugalvc.com/vc/hcapital-partners - **Track record**: 30 investments, 9 exits - **Portfolio**: Automaise, AVK, Dingoo, Ecozoleti, Eneida.io, Evio, Glartek, GT Renewables, Italbox, Libattion, Lival, Loqr, Millasur, Native, New Terracotta and Ideias & Detalhes, Omniflow, proGrow, Puntes Packaging Partners, Reefilla, Routal, Sunny Sunday, Tugbot, Vidrexport, Vipremi, Enline, Frotcom, HCCM Consulting, Hoooked, Icebel, New Spring Services, Quantal, Solzaima, Teiga TMI Focuses on energy, mobility, industrial, and sustainability investments across the Iberian Peninsula. 27 investments since 2014, covering seed through late stage. *Thesis*: Invests where technology meets traditional industry: energy transition, mobility, and industrial tech. Iberian focus with emphasis on sustainability-driven business models. --- #### Explorer Investments - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2003 - **Stages**: Series A, Growth - **Sectors**: Health Tech, Scalable Businesses - **AUM**: €1.8B+ - **Ticket Size**: €10M–€30M (buyouts) - **Website**: https://www.explorerinvestments.com - **Profile**: https://portugalvc.com/vc/explorer-investments - **Track record**: 105 investments, 39 exits - **Portfolio**: Adla, Alfasom, ASBW, BBG, BERD, BHOUT, Bial, Biogerm, Brandcare, Caixiave, Charon, Clube Fashion, Code for All, Compracá, CME, Constantino, Crioestaminal, Crivedi, Devscope, DFK, Douro 41, eSelf, Espaço Casa, Ethiack, Eurogalva, Exaktus, Fapajal, Fastinov, Feedzai, Finieco, Forteams, Francork, Gascan, Glintt, Global Test, Gosimac, Greenfiber Tech, Grestel, Grow Energy, Grupo Adclick, Grupo Celeste, Grupo Your, Guarnição, Holmes Place Iberia, Hovione, Iberomassa, Insyncro, JASE, JJ Teixeira, Jove, Knok, Litehaus, Luca, LxBio, Rows, Spotlite, Penha Longa Resort, Speedbird, Six Senses Douro Valley, Dolce Campo Real, Micronipol, Perfinox Portugal's largest independent PE and alternatives fund manager, managing ~€1.8B across buyout, growth, and hospitality funds. Founded in 2003. 105 investments, 39 exits. Also does growth-stage VC and co-led Feedzai's $75M Series E in 2025. *Thesis*: Growth-stage and PE investor. Targets companies with proven business models and clear profitability paths, especially in health tech. Looks for market leadership potential. --- #### Iberis Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2017 - **Stages**: Seed, Series A, Growth - **Sectors**: Tech, Healthcare, Industrial Innovation - **AUM**: €600M+ - **Ticket Size**: €2M–€12M - **Website**: https://iberiscapital.com - **Profile**: https://portugalvc.com/vc/iberis-capital - **Track record**: 55 investments, 3 exits - **Portfolio**: AIM Forest, Oak Vinagra, Paços Smart, Sword Health, Feedzai, Bolttech, Unbabel, Jscrambler, Reckon.ai, FRVR, Tonic App, StudentFinance, Bizay, Codacy, CorPower Ocean, Primetag, Probely, LOQR, TEKEVER, SiPhox Health, Mobrand, Inductiva Research Labs, Connected Manages over €600M with 1,400+ investors. Founded in 2017. 58 portfolio companies, 4 unicorns (Sword Health, Bolttech, Feedzai, Unbabel). Covers tech, healthcare, and industrial innovation from seed through growth. *Thesis*: Multi-stage investor across the full company lifecycle. Invests in tech-enabled businesses in healthcare and industrial innovation. Large LP base provides deal flow and co-investment capacity. --- #### APEX Capital - **Type**: PE / VC - **City**: Oeiras - **Founded**: 2020 - **Stages**: Pre-Seed, Seed, Series A, Growth - **Sectors**: Sports Tech, Media, Entertainment, Analytics - **AUM**: €50M - **Ticket Size**: €100K–€1.5M - **Website**: https://apex-cp.com - **Profile**: https://portugalvc.com/vc/apex-capital - **Portfolio**: Venezia FC, Baller League, Northern Super League, ScorePlay, Output Sports, Tiva, TMRW Sports, BWT Alpine Formula 1 Team, Hexis, VRTL, Traits Insights, Versus Game, TGL Oeiras-based, athlete-backed sports investor covering venture, growth and private equity — from pre-seed sports tech and media to minority stakes in teams and leagues. Unusual niche for Portugal. *Thesis*: Sports, media, entertainment, and data analytics. Invests in technology platforms at the intersection of sports and entertainment. --- #### ECS Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2006 - **Stages**: Growth - **Sectors**: Multi-sector - **AUM**: €1B - **Website**: https://ecs.pt - **Profile**: https://portugalvc.com/vc/ecs-capital - **Portfolio**: JJW, La Vie Funchal, I2S, EIPA2, Chamartín Portfolio, FPM41, Viva Marinha, Madeira Hotels, Iberwind, Newvision, Torres de Lisboa, Campo Pequeno 81, Porto Prime, Terras de Murches, Hilton Vilamoura & Garden, Cascade, Hilton Porto Gaia, Salgados, Conrad Hotel & Apartments, Palácio do Governador Hotel, Vale do Lobo Private equity / restructuring firm. Acquired by Davidson Kempner in 2022. Not a traditional VC. *Thesis*: Growth-stage PE investor across multiple sectors. Targets companies with proven revenue seeking expansion capital. --- #### Oxy Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2011 - **Stages**: Growth - **Sectors**: SMEs, Multi-sector - **AUM**: €1.4B - **Website**: https://oxycapital.com - **Profile**: https://portugalvc.com/vc/oxy-capital - **Track record**: 108 investments, 47 exits - **Portfolio**: Vilalara Thalassa Resort, Prio Group, MedicineOne, Walk on By, Farmaloures, Everlasting, The Lake Spa Resort, Maxividro, Vitrocsa, Bring Focus 2 Group, Grupo Piedade, BeAnyWhere, Feedzai, Sword Health, Eurogalva, Lucios Alternative asset manager founded in 2011, managing €1.4B. 108 investments, 47 exits. Focuses on growth-stage SMEs across multiple sectors. More PE than VC. *Thesis*: Growth capital for established SMEs. Invests in mid-market companies with strong fundamentals. Takes an operational partnership approach. --- #### IR-Capital (Inter-Risco) - **Type**: PE / VC - **City**: Porto - **Founded**: 1988 - **Stages**: Growth - **Sectors**: Multi-sector - **Ticket Size**: €5M–€20M - **Website**: https://www.ir-capital.pt - **Profile**: https://portugalvc.com/vc/inter-risco - **Portfolio**: Chipidea, ExpressGlass, Mecwide, Stay Hotels, ENC Energy Group, Colégio Oceanus, Veracruz, Atis Group, Aquaterra, MasterTest, Escolas João Paulo II, Tickles International School, OneVet Group, Sotkon, Douro Azul CMVM-registered venture capital firm (Sociedade de Capital de Risco, SA). Multi-stage, multi-sector. One of the longer-standing SCRs in Portugal. *Thesis*: Multi-stage, multi-sector VC. Invests broadly across the Portuguese economy with flexibility in deal structure. --- #### CoRe Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2017 - **Stages**: Growth - **Sectors**: Industry, Agribusiness, Healthcare, Retail, Tourism, Transport & Logistics, Services - **Ticket Size**: €7M–€12M - **Website**: https://corecapital.pt - **Profile**: https://portugalvc.com/vc/core-capital - **Portfolio**: Palsystems, Bolseira – Embalagens, Clínicas Costa Maia, Varandas de Sousa, PSHC – Portugal Senior Health Care, Purever, Plastrofa, Lisbon Serviced Apartments, Move Clinics, Real Life Technologies, Lift Consulting/Evercom, Electrofer, Jayme da Costa Lisbon-based private equity manager (CMVM-registered SCR) investing in Portuguese SMEs and Mid-Caps through the CoRe Restart (2018) and CoRe Consolida (2023) funds. Tickets of €7M–€12M in industry, agribusiness, healthcare, retail, tourism, transport and logistics. *Thesis*: Private equity for Portuguese SMEs and Mid-Caps: restructuring/growth (CoRe Restart) and buy-and-build consolidation (CoRe Consolida), majority or minority stakes alongside experienced management teams. --- #### Crest Capital Partners - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2017 - **Stages**: Growth - **Sectors**: Multi-sector, Agribusiness - **AUM**: €475M - **Website**: https://crest-cp.com - **Profile**: https://portugalvc.com/vc/crest-capital-partners - **Portfolio**: Vigobloco, Etnaga, Pixel Light Audiovisuals, GSS Group, Gardengate, CPM-Penta Group, Campotec In, James Baroud, Ecopool, Ecocompósitos, BOL, Frutas Lurdes, Ovnitur, Safiestela, Ambiflora, Aquacria Piscícolas, Metal Group, AVK Group, Irmarfer, Queijos Tavares, Rollerdoor, Arteche Paper, Dualparts Group, Aquabath Group, Global Safety Systems (GSS), Grupo Tecnopack Lisbon private equity manager (CMVM-registered SCR, founded 2017) running buyout funds Crest I (€100M), Crest II (€125M) and Crest III (€140M, closed Dec 2025) plus the BPF/PRR-backed Crest Agro I; €475M raised in total. Targets profitable Portuguese SMEs with EBITDA above €2M across all sectors except real estate and finance. *Thesis*: Buyouts of profitable, competitive Portuguese SMEs (EBITDA > €2M) in partnership with founders and aligned management, driving growth, internationalisation, consolidation and professionalisation; separate agribusiness strategy for greenfield/brownfield agri, forestry and agritourism projects. --- #### Vallis Capital Partners - **Type**: PE / VC - **City**: Porto - **Founded**: 2010 - **Stages**: Growth - **Sectors**: Industrial, Multi-sector - **AUM**: €226M - **Ticket Size**: €10M–€30M - **Website**: https://vallis.pt - **Profile**: https://portugalvc.com/vc/vallis-capital-partners - **Track record**: 15 investments - **Portfolio**: Smile.up, ARKA, Saúde Viável / Insparya, Zolve, Europalco, Docout, Castelbel, Solana Fruits, Imperial, Vortal, CGC Genetics, Ceramirupe Cerâmicas, AVTECH, Raclac, Costa Verde Independent PE fund advisor managing €226M. Founded in 2010. Industrial investments including Smile.Up, Castelbel, and VORTAL. €7M-€30M tickets. *Thesis*: Industrial PE fund advisor. Focuses on operational improvement opportunities in established Portuguese companies. --- #### Vibecap SCR - **Type**: PE / VC - **City**: Algés (Lisbon) - **Founded**: 2023 - **Stages**: Growth, Late Stage - **Sectors**: Multi-sector - **Website**: https://vibecp.com - **Profile**: https://portugalvc.com/vc/vibecap-scr CMVM-registered SCR trading as Vibe Capital Partners, based in Algés. Iberian private equity firm acquiring and operationally improving Portuguese and Spanish SMEs; SFDR Article 8, PRI signatory. *Thesis*: Iberian SME buyouts with hands-on operational improvement. CMVM-regulated, SFDR Article 8. --- #### Altaz Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2025 - **Stages**: Growth - **Sectors**: Multi-sector, Consumer Brands - **Website**: https://altazcapital.com - **Profile**: https://portugalvc.com/vc/altaz-capital - **Portfolio**: ISTO. Lisbon-based investment and operations firm, founded in 2025, that acquires stakes in and helps operate established Iberian companies with growth potential. Took a relevant minority stake in fashion brand ISTO. in 2025. *Thesis*: Operational investor in Iberia: acquires stakes in established, profitable companies with clear customer value and strong teams, then works alongside founders to optimize, recapitalize and internationalize them. --- #### Alea Capital Partners - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2021 - **Stages**: Series A, Growth - **Sectors**: B2B SaaS, AI - **AUM**: €35M - **Website**: https://aleacp.com - **Profile**: https://portugalvc.com/vc/alea-capital-partners - **Portfolio**: Sensorz, Kirontech, Choice, Checkstep, Feelit Technologies, Reckon.ai, Anansi, Secjur, Tymely, Fraudio, Keeyns, Andy Student Living – Braga, Andy Student Living – Covilhã Lisbon-based VC founded in 2021. Manages the €35M Alea Innovation One fund, selected for BPF's Venture Capital Program. Portfolio includes Reckon.ai and Feelit. *Thesis*: B2B SaaS and AI/ML companies at seed and Series A. Co-invests alongside larger Portuguese funds. --- #### Point Capital Partners - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2021 - **Stages**: Seed, Series A, Series B, Growth - **Sectors**: Deep Tech, FinTech, Climate Tech, B2B Software, AI, MedTech, Real Estate, Multi-sector - **AUM**: €380M+ - **Ticket Size**: €500K–€3M - **Website**: https://pointcapital.pt - **Profile**: https://portugalvc.com/vc/point-capital-partners Lisbon fund manager founded in 2021, running venture capital and real estate funds. Selected for BPF's Venture Capital Program. *Thesis*: Venture and real estate strategies for Portuguese companies. --- #### Growth Partners Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2019 - **Stages**: Growth - **Sectors**: Multi-sector, Ocean Economy - **AUM**: €200M+ - **Ticket Size**: €1.5M–€3.5M (Growth Blue) - **Website**: https://growthpartners.capital - **Profile**: https://portugalvc.com/vc/growth-partners-capital - **Track record**: 25 investments - **Portfolio**: Carlos V Education, Digital SupplAI, Ideas Consultora, CAMPI&D, Sistemas Kern Growth capital manager for Iberian SMEs. Runs Growth One, Growth Inov, Growth Iberia, and Growth Blue, an EIF-backed blue economy fund. Part of BPF's Consolidar program. *Thesis*: Growth capital for Iberian SMEs, with a dedicated blue economy strategy backed by the EIF. --- #### Fortitude Capital - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2022 - **Stages**: Growth - **Sectors**: Multi-sector - **Website**: https://fortitudecapital.pt - **Profile**: https://portugalvc.com/vc/fortitude-capital - **Track record**: 7 investments - **Portfolio**: Treetops, Uhub II, The Oitavos, Bioportugal, Oakberry Southern Europe, Iberol & Biovegetal, Senior Club Special situations investor founded in 2022. Runs the Fortitude Portugal Special Situations Fund I, part of BPF's Consolidar program. *Thesis*: Special situations and growth capital for Portuguese companies, sector-agnostic. --- #### STAG Fund Management - **Type**: PE / VC - **City**: Lisbon - **Founded**: 2020 - **Stages**: Growth, Late Stage - **Sectors**: Hospitality, Real Estate, Renewable Energy, Healthcare, Agriculture, Blue Economy - **AUM**: €4B - **Website**: https://stagfundmanagement.com - **Profile**: https://portugalvc.com/vc/stag-fund-management - **Portfolio**: Ando Living CMVM-regulated fund manager founded in 2020, running 19 private equity and venture capital funds (€4B) across hospitality, real estate, renewable energy, pharma and agriculture. Most funds are golden-visa eligible. *Thesis*: Hospitality and healthcare companies from early stage through growth. --- ### VC (SCR) (16 firms) #### ActiveCap Capital Partners - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2018 - **Stages**: Growth - **Sectors**: SMEs, Mid-market - **Ticket Size**: €1M–€20M - **Website**: https://activecap.pt - **Profile**: https://portugalvc.com/vc/activecap-capital-partners - **Track record**: 19 investments, 5 exits - **Portfolio**: Ozo Living, Firmo, Natstone, Tintex, PMH, Nexx Helmets, Cristalmax, HATA, Beyond Vision, MOMA Tiles, DRT Group, Agrocate, Sound Particles, Fabridoce, T&T Software, Staples, Zumub, Delnext, CLiPER Cerâmica CMVM-registered SCR. Mid-market PE fund manager with six vehicles (ActiveCap I, II, I&D II, I&D III, Alpha Fund, Corporate Bond Fund). Growth capital, private credit and special situations for Portuguese SMEs. 19 investments, 5 exits. *Thesis*: Growth capital for Portuguese SMEs and mid-market companies. Expansion capital for established businesses. --- #### ADMAR SCR - **Type**: VC (SCR) - **City**: Estoril - **Founded**: 2020 - **Stages**: Growth - **Sectors**: Real Estate, Hospitality, Healthcare, Energy, Industry - **Website**: https://admarscr.pt - **Profile**: https://portugalvc.com/vc/admar-scr - **Track record**: 36 investments, 9 exits - **Portfolio**: Sidefarma, Conserveira do Sul, Tróia Eco Resort, Moinho das Antas, Observador, Outsite, Lota da Esquina, ShaperBuddy, Xhapeland, Beloura Business Campus, Hospital Internacional dos Açores, Splendid Beloura CMVM-registered SCR based in Estoril managing three closed-end funds (Admar, Golden Estate, H2-Health & Hospitality). Growth investments in real estate, hospitality, healthcare, energy and industry; 27 active and 9 exited projects. *Thesis*: Closed-end growth fund. CMVM-regulated. Multi-sector. --- #### Atena Equity Partners - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2014 - **Stages**: Growth - **Sectors**: Industrials, Healthcare, Business Services - **Ticket Size**: ~€15M - **Website**: https://www.atenaep.com - **Profile**: https://portugalvc.com/vc/atena-equity-partners - **Track record**: 18 investments, 7 exits - **Portfolio**: Cariano, Plastrofa, Grupo Matcerâmica, SIMI, Sidefarma, Malo Clinic, Tecnifreza, E&T Plastics, AFR Moldes, Hospital Particular de Almada, ASBW, Unisana, Science4You, Redshift, Buzz DMC, PONTUAL, Nacionalgest, Quinta Santos Score, Leya, Páginas Amarelas, Prado Cartolinas da Lousã CMVM-registered SCR focused on control-oriented PE investments in industrials, healthcare and business services. Takes majority or significant minority positions. 11 current portfolio companies, 7 exits; investing from Atena III (€60M, 2024). Portfolio generates €300M+ in sales. *Thesis*: Control-oriented investor in industrials, education, and healthcare. Takes majority or significant minority positions and actively drives strategy. Succession, consolidation, and restructuring deals. --- #### C2 Capital Partners - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2009 - **Stages**: Growth - **Sectors**: Life Sciences, Industry, Healthcare - **AUM**: €430M - **Website**: https://c2capital.pt - **Profile**: https://portugalvc.com/vc/c2-capital-partners - **Track record**: 50 investments - **Portfolio**: Agora, Adventech, Arquiled, Aquaterra, Bala, Balflex, Bial, Bliss, Bluepharma, Boost, Brainr, Brands & Ninjas, Brief Time, British Hospital, Card Mobili, Casca Wines, Castello, Centro do Bebé, Cork Supply, Chilli Beans, Churra, Clothius, Cortex, Destilaria Portuguesa, EAD, Efapel, Eight Hill, Exsepi, Food Story, Gypfor, Grestel, Hospital da Luz, Hospital de Loulé, Carmo Hotel, Pessoa Hotel, Santiago Hotel, Isa, IMG, Letra, Live Content, Logic, The Loop, Lyzer, MadPizza, Malo Clinic, Mercado de Campo de Ourique, Modatta, Monchique, Montemar, Multilem, My Care Force, Neuce, Nutrium, Pecol, Paynest, Praia na Villa, Hotel Praia Verde, Hospital Privado das Beiras, Proef, Quinta & Santos, Raize, RNM, Sel, Simoldes, Splendid Opportunity, Sheer Me, USC, Hotel Vila Monte, Voqin, Visor AI, Wine.pt, Parque Oriente, Quinta do Cochão, Pinheirinho, Platinum, Sheraton Reserva do Paiva Independent PE firm, CMVM-registered SCR based in Lisbon. Founded in 2009. €500M invested across 50+ Portuguese companies. Most notable: €30M in Bluepharma. ESG and energy focus. *Thesis*: Life sciences and healthcare growth investor. Takes significant positions in pharma, healthcare, and industrial companies with proven products. --- #### Cedrus Atlantica - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2020 - **Stages**: Growth - **Sectors**: Multi-sector, SMEs, R&D (SIFIDE), Golden Visa, Special Situations, Real Estate - **AUM**: €160M - **Website**: https://cedruscapital.pt - **Profile**: https://portugalvc.com/vc/cedrus-atlantica - **Portfolio**: Batistas, SkillUp Online, Wyndham Grand Algarve, Tekever, Indie Campers, iPlastika, MTEX NS, ISPT Group, Comtemp, Fraudio, Ubirider, Visabeira, Tree Flowers Solutions, Azitek, Speedbird Aero, BHOUT, sheerME, Grupo Durit, AloCredit, Bizay CMVM-registered SCR trading as Cedrus Capital. Manages ~€160M across closed-end SIFIDE R&D, Golden Visa, special-situations and real-estate funds, investing in Portuguese SMEs (Tekever, Indie Campers, Visabeira). *Thesis*: Growth investor with emphasis on real estate. CMVM-regulated. --- #### BIVEN Capital Partners - **Type**: VC (SCR) - **City**: Braga - **Founded**: 2023 - **Stages**: Seed, Series A - **Sectors**: Tech, Multi-sector - **AUM**: €20M - **Profile**: https://portugalvc.com/vc/biven-capital-partners Independent CMVM-registered SCR (Braga) managing a €20M fund under the Banco Português de Fomento Venture Capital Programme (€12M public via the Capitalisation and Resilience Fund, €8M private). Seed and Series A in tech and multi-sector. *Thesis*: Government-supported early-stage fund under the BPF Venture Capital Programme (FdCR/PRR). Combines public capital with professional fund management. --- #### HEED Capital - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2003 - **Stages**: Growth - **Sectors**: Multi-sector - **AUM**: €350M - **Website**: https://www.heedcap.com - **Profile**: https://portugalvc.com/vc/heed-capital CMVM-supervised SGOIC asset manager (founded 2003, formerly Dunas Capital Portugal) with over €350M under management and advisory across mutual funds, real-estate and Golden Visa-eligible alternative funds, portfolio management and financial advisory. Not an active startup investor. *Thesis*: Independent, CMVM-regulated asset manager offering mutual funds, real-estate/Golden Visa alternative funds and portfolio management; no startup investment mandate. --- #### Insight Venture SCR - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2020 - **Stages**: Growth - **Sectors**: Sustainability, Renewable Energy, HealthTech, Smart Cities, Digital, Sustainable Tourism, R&D - **Website**: https://www.insightventure.pt - **Profile**: https://portugalvc.com/vc/insight-venture-scr - **Portfolio**: INEYE Therapeutics, IH Care, Heaboo, Boavista, SocialTalk, Sea4Us, BlueOasis, SIA, BAM and BOO, Cell4Food, LusoSpace, Grupo MetalTech CMVM-registered SCR (Lisbon) managing a family of venture capital funds (Green Insight, Bluewater, Digital Insight, Prime Insight, Crown Investments, Insight Continental Core) that invest in innovative and sustainable Portuguese companies; several funds are marketed to Golden Visa investors. *Thesis*: Invests in innovative, sustainable Portuguese companies across renewable energy, smart cities, future commerce, digital lifestyles, health technologies and sustainable tourism, via multiple CMVM-regulated funds, several of them Golden Visa-eligible. --- #### ISQ SCR - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2003 - **Stages**: Seed, Series A - **Sectors**: Tech, Industry - **AUM**: €20M - **Website**: https://www.ask.pt - **Profile**: https://portugalvc.com/vc/isq-scr CMVM-registered SCR that serves as the venture capital arm of Lisbon financial boutique ASK – Advisory Services Kapital, in which the ISQ engineering group holds a stake. Manages a €20M fund backed by the BPF Venture Capital Programme (€14M public, €6M private) for early-stage and growing Portuguese companies. *Thesis*: Venture capital fund management within the ASK corporate finance and wealth management group; BPF-backed €20M fund for Portuguese SMEs in start-up and growth phases. --- #### Octanova SCR - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2020 - **Stages**: Growth - **Sectors**: AI, FinTech, Digital Assets, Infrastructure, Multi-sector - **Website**: https://octanova.pt - **Profile**: https://portugalvc.com/vc/octanova-scr CMVM-registered SCR. Growth-stage multi-sector investments. *Thesis*: Growth-stage multi-sector investor. CMVM-regulated. --- #### Quadrantis Capital - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2014 - **Stages**: Growth - **Sectors**: Renewable Energy, Real Estate, Hospitality, AgriTech, Financial Services, Media & Entertainment - **AUM**: €350M - **Ticket Size**: €1M–€5M - **Website**: https://quadrantiscapital.com - **Profile**: https://portugalvc.com/vc/quadrantis-capital CMVM-registered SCR, founded in 2014. Manages €350M. PE focus on renewable energy, real estate, and hospitality. Also invests in agritech and fintech. €1M-€5M tickets. *Thesis*: Sustainability-focused growth investor. Renewable energy, agritech, and sustainable real estate. --- #### Touro Capital Partners - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2020 - **Stages**: Growth, Late Stage - **Sectors**: Industrial, Sustainability, HealthTech, Multi-sector - **AUM**: €93M - **Website**: https://tourocp.com - **Profile**: https://portugalvc.com/vc/touro-capital-partners - **Portfolio**: Reckon.ai, ProGrow, Effizency, AGENTIFAI, Cerâmica de Pegões J. G. Silva, S317 Consulting, Maven Pet, Sair da Casca, Norbags, Bhout, Engidro, Uzugos, Pasto Alentejano, Factor Social CMVM-registered SCR. Growth-stage multi-sector investments. *Thesis*: Growth capital across multiple sectors. CMVM-regulated. --- #### IM Gestão de Ativos - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 1989 - **Stages**: Seed, Series A, Series B, Growth - **Sectors**: Multi-sector, DeepTech, Life Sciences, Real Estate, Logistics - **AUM**: €6B+ - **Website**: https://www.imga.pt - **Profile**: https://portugalvc.com/vc/im-gestao-de-ativos CMVM-registered SGOIC (alternative asset management company). Growth-stage multi-sector. *Thesis*: Professional alternative asset manager. CMVM-registered SGOIC. --- #### Iberis Semper - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2017 - **Stages**: Seed, Series A, Series B, Growth - **Sectors**: Multi-sector - **AUM**: €600M+ - **Ticket Size**: €2M–€12M - **Website**: https://iberiscapital.com - **Profile**: https://portugalvc.com/vc/iberis-semper - **Portfolio**: AIM Forest, Oak Vinagra, Paços Smart, Sword Health, Bolttech, Unbabel, Mobrand, SiPhox Health CMVM-registered SCR, part of the Iberis Capital group. Growth-stage multi-sector investments. *Thesis*: Growth-stage investor within the Iberis Capital group. Taps into the broader Iberis platform and its 1,300+ investor network for deal flow and co-investment. --- #### Draycott SCR - **Type**: VC (SCR) - **City**: Lisbon - **Founded**: 2019 - **Stages**: Pre-Seed, Seed, Series A, Series B, Growth - **Sectors**: Multi-sector - **AUM**: €3B+ - **Website**: https://draycott.pt - **Profile**: https://portugalvc.com/vc/draycott - **Portfolio**: Verescence, Purever, Pradecon, TTM Group, Greenview, Viriato Funerárias, Claro, Exus Management Partners, Lisbon Camping, Project To Be, Obi Wan Conobi, Nextbitt, Science4you, Coverflex, Kencko Foods, Belém Vista, Estoril Two . Four, Atlantic Pines, I53 Carcavelos, Alta de Lisboa, Amoreiras Vista, Amoreiras Residence, Sublime, Square AM, Punto Health, Tucuvi, Rows, Sword Health, Totalmédia Group Multi-asset SCR founded in 2019. Runs buyout and real estate strategies plus a SIFIDE-eligible Growth Fund. Portfolio includes Science4you. *Thesis*: Growth capital for established Portuguese companies across sectors. --- #### Change Partners - **Type**: VC (SCR) - **City**: Porto - **Founded**: 1989 - **Stages**: Series A - **Sectors**: Life Sciences, Enterprise Software, AgriFood - **Website**: https://changepartners.pt - **Profile**: https://portugalvc.com/vc/change-partners - **Track record**: 11 investments, 1 exits - **Portfolio**: GuestCentric, Exogenus Therapeutics, Zypho One of Portugal's oldest venture firms, operating from Porto since 1989. Invests at Series A in life sciences, enterprise software, and agri-food. Portfolio includes GuestCentric and Exogenus Therapeutics. *Thesis*: Series A for Portuguese companies in life sciences, enterprise applications, and agri-food. --- ### CVC (8 firms) #### Caixa Capital - **Type**: CVC - **City**: Lisbon - **Founded**: 1991 - **Stages**: Series A, Series B, Growth - **Sectors**: Tech, Life Sciences, Creative Industries - **AUM**: €360M - **Ticket Size**: €1M–€5M - **Website**: https://caixacapital.pt - **Profile**: https://portugalvc.com/vc/caixa-capital - **Track record**: 59 investments - **Portfolio**: Assis, Elastictek, Fomentinvest, ME3I, Smileup, Dart, Agentifai, Amplemarket, Biomimetx, Charge2Change, Codacy, D-Orbit, Delox, Exogenus, Faber Investments, Fever, Fibersail, Eat Tasty, Growappy, Hijiffy, Hole19, Infraspeak, Lifetag, Luggit, Meta, MyCareForce, Neuropsyai, Noxus, Nurise, Plux, Probely, Prodsmart, sheerME, Shilling, Unbabel, Uniplaces, Uphill, Uplink, Watgrid, YOUVERSE, Veniam, Acoru, Farfetch VC and PE arm of Caixa Geral de Depósitos, Portugal's largest state-owned bank. Manages around €360M across tech, life sciences, and creative industries. One of the most well-capitalized investors in the country. *Thesis*: Backs tech-enabled businesses, life sciences, and creative industries from seed to growth. Prefers companies with strong unit economics. Benefits from CGD's banking infrastructure and deal flow. --- #### Bright Pixel Capital - **Type**: CVC - **City**: Maia (Porto) - **Founded**: 2015 - **Stages**: Seed, Series A, Series B - **Sectors**: Cybersecurity, Retail Tech, Infrastructure Software - **AUM**: €300M - **Ticket Size**: €1M–€10M - **Website**: https://brpx.com - **Profile**: https://portugalvc.com/vc/bright-pixel-capital - **Track record**: 107 investments, 22 exits - **Portfolio**: THEKER, Encord, Mesh Security, Infinipoint, Ona, Second Nature, HiveMQ, Tidal Cyber, FlowFuse, Duel, Brij, Bria, Knostic, Keychain, Trustero, Tamnoon, Vicarius, Jentis, Harmonya, Infraspeak, Sekoia.io, Vanish ID, Seldon, Mayan, Chord, Codacy, Afresh, Experify, WeDo Technologies, Secucloud, Saphety, Medux, Fyde, Civalue, CB4, BizDirect, Weaveworks, ViSenze, TAIKAI, StyleSage, Cybersixgill, Sensei, Sellforte, Sales Layer, SafeBreach, S21sec, Replai, Reckon.ai, Reblaze, Probely, Portainer, OutSystems, Ometria, Nextail, Jscrambler, IriusRisk, Inovretail, Hackuity, Habit, Feedzai, Excellium Services, Eat Tasty, Didimo, Deepfence, PlaceMe, Daisy Intelligence, Citcon, Cellwize, Beamy, Automaise, Arctic Wolf, Leadzai, Huskeys Tech investment arm of the Sonae group, one of Portugal's largest conglomerates. Formerly Sonae IM. 99 investments, 18 exits. Based in Maia near Porto. Focuses on cybersecurity, retail tech, and infrastructure software. *Thesis*: Corporate VC backed by Sonae's retail and tech operations. Invests in cybersecurity, retail technology, and infrastructure software. Portfolio companies get access to Sonae's enterprise customers and distribution network. --- #### EDP Ventures - **Type**: CVC - **City**: Lisbon - **Founded**: 2008 - **Stages**: Seed, Series A, Series B - **Sectors**: Cleantech, Energy, Smart Grids, Renewable Energy, AI - **AUM**: €150M - **Ticket Size**: €1M–€10M - **Website**: https://www.edp.com/en/innovation/edp-ventures - **Profile**: https://portugalvc.com/vc/edp-ventures - **Track record**: 71 investments, 9 exits - **Portfolio**: Vyntelligence, Voltbras, Yotta Energy, YData, Zypho, Presenso, PVcomplete, Probely, Relectrify, Sepio Systems, SOLshare, Time Energy, Spotlite, Vertequip, Splight, Terabase, HypeLabs, Jungle.ai, LoqR, Net2Grid, Plexigrid, Principle Power, Mixergy, Piclo, Power to Hydrogen, Effizency, Green Li-ion, HSL Technologies, DotGIS, Drivit, Energyworx, Enging, Feedzai, Fractal, Glartek, Green Eagle, Captura, Clarke Energia, Chemitek, CoLAB, Arquiled, Delfos, Defined.ai, Dom Rock, 77Sol, Aperio, Aplanet, Terabase Energy, GridBeyond CVC arm of EDP (Energias de Portugal), one of Europe's largest energy companies. 71 investments, 7 exits. Portfolio companies get access to EDP's energy infrastructure and customers across multiple countries. *Thesis*: Strategic CVC focused on the energy transition. Backs startups in smart grids, renewable energy, energy storage, and AI for energy management. Offers pilot opportunities within EDP's global operations. --- #### Semapa Next - **Type**: CVC - **City**: Lisbon - **Founded**: 2018 - **Stages**: Series A, Growth - **Sectors**: FinTech, Crypto/Web3, Gaming, Industrial Tech, SaaS - **Ticket Size**: €5M–€22.5M - **Website**: https://semapanext.com - **Profile**: https://portugalvc.com/vc/semapa-next - **Track record**: 20 investments, 4 exits - **Portfolio**: Airly, Constellr, Defined.ai, Emotai, Ferodrinks, Flecto, Gigaton, GROPYUS, Kencko, LOQR, Meisterwerk, Oceanofresco, Overstory, Probely, REALFEVR, Sonant, Soveren, Spoke, Sybilion, JUPUS CVC arm of Semapa, a Portuguese industrial conglomerate (paper, cement, environment). Invests in fintech, crypto/web3, gaming, industrial tech, and SaaS. *Thesis*: Strategic CVC looking for synergies between startups and industrial operations. Interested in fintech, web3, and SaaS that can apply to industrial contexts. --- #### Novabase Capital - **Type**: CVC - **City**: Lisbon - **Founded**: 2003 - **Stages**: Seed, Pre-Seed - **Sectors**: ICT, Software, AI - **AUM**: €11.4M - **Website**: https://www.novabasecapital.pt - **Profile**: https://portugalvc.com/vc/novabase-capital - **Track record**: 14 investments - **Portfolio**: Feedzai, Glartek, Wizdee, Uplink, PowerData, Habit, Weezie, Bright Innovation Venture arm of Novabase SGPS, a Portuguese IT services company. Invests in early-stage ICT, software, and AI startups. Portfolio companies benefit from Novabase's technical expertise and enterprise client relationships. *Thesis*: CVC with deep IT services background. Backs ICT, software, and AI companies that can tap into Novabase's technical capabilities and enterprise client network. --- #### CTT 1520 Innovation Fund - **Type**: CVC - **City**: Lisbon - **Founded**: 2021 - **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 - **Profile**: https://portugalvc.com/vc/ctt-ventures - **Track record**: 9 investments - **Portfolio**: Paynest, Ubirider, KIT-AR, Sensefinity, Habit, Fraudio, Neuralshift, GoFact, ZeroPact CVC arm of CTT, the Portuguese postal service. Invests in fintech, transportation, and logistics. Portfolio companies get access to CTT's national delivery network and financial services infrastructure. *Thesis*: Strategic CVC. Backs fintech, transportation, and logistics startups that can work with CTT's delivery network and financial services. --- #### Sogrape Ventures - **Type**: CVC - **City**: Porto - **Founded**: 2023 - **Stages**: Seed, Series A - **Sectors**: Wine/Beverage Tech, FoodTech, AgriTech - **AUM**: €5M - **Ticket Size**: ~€200K - **Website**: https://ventures.sogrape.com/en - **Profile**: https://portugalvc.com/vc/sogrape-ventures - **Track record**: 1 investments - **Portfolio**: Candam Tech CVC arm of Sogrape, one of Portugal's most iconic wine companies. Managed via Beta Capital partnership. €5M fund. Invests in wine/beverage tech, foodtech, and agritech. ESG emphasis. *Thesis*: Wine and food industry CVC. Backs technology for agriculture, food production, and beverage distribution. Portfolio companies get access to Sogrape's global wine operations. --- #### Innventures - **Type**: CVC - **City**: Lisbon - **Founded**: 2023 - **Stages**: Seed, Series A - **Sectors**: Tech, Enterprise Software - **AUM**: €15–20M - **Website**: https://innventures.vc - **Profile**: https://portugalvc.com/vc/innventures - **Portfolio**: Vigie, GoSupply, Gamifyou, Givin CVC arm of tech consultancy Innowave. Fund 0 launched 2023; Fund 1 targeting €15-20M. Already has exits: GoSupply and Vigie. *Thesis*: Tech startups that can plug into Innowave's enterprise consulting network. --- ### Venture Studio (6 firms) #### Eyer Partners - **Type**: Venture Studio - **City**: Lisbon - **Founded**: 2024 - **Stages**: Growth - **Sectors**: Multi-sector - **Ticket Size**: €100K–€500K - **Website**: https://eyerpartners.com - **Profile**: https://portugalvc.com/vc/eyer-partners Lisbon-based venture-builder that takes minority stakes in high-potential SMEs and startups, pairing €100K–€500K tickets with hands-on marketing, finance and technology support. *Thesis*: Venture-builder taking minority stakes in SMEs and startups, combining capital with operational know-how (marketing, finance, technology) to increase founders' odds of success. --- #### Laika Ventures - **Type**: Venture Studio - **City**: Braga - **Founded**: 2024 - **Stages**: Pre-Seed, Seed - **Sectors**: AI, Venture Studio - **Website**: https://laikaventures.co - **Profile**: https://portugalvc.com/vc/laika-ventures - **Track record**: 45 investments, 12 exits, 1 IPOs - **Portfolio**: Tally, Reach, Savearth, Nilo, WiseWorld, Dazzl, Dojo AI, Sandclock, Avenue, Talent Protocol, Oh! My snacks, Framedrop, Abtrace, Finlayer, Decipad, Bhout, Coverflex, Keyruptive, Bepro, Pets App, LayerX, Union, Utrust, Zet Gallery, Barkyn, Founders Founders, Sioslife, Crediflux, Globalfy, Nutrium, Peekmed, Oncostats, Auth0, YLD, Subvisual, Giver, ShiftForward, Kevel, Tuizzi, Velocidi, BySide, Clever Advertising, Casa Financeira Portugal's first AI Venture Studio, based in Braga. Co-builds AI companies from the ground up as a permanent-capital structure. 15 partners; portfolio ventures have raised €145M+ with 12+ exits, acquisitions and IPOs. Runs an AI Grant offering founders up to €1,000 in AI tools plus mentorship. *Thesis*: AI venture studio that co-builds companies rather than just investing. Provides capital for validation and go-to-market, AI tooling (AI Grant up to €1,000), technical resources, and hands-on co-founding support. --- #### Build Up Labs - **Type**: Venture Studio - **City**: Lisbon - **Founded**: 2014 - **Stages**: Pre-Seed, Seed - **Sectors**: AI, SaaS, Mobile Apps, Digital Products - **Website**: https://builduplabs.com - **Profile**: https://portugalvc.com/vc/build-up-labs - **Track record**: 18 investments, 6 exits - **Portfolio**: Ask Cory, CatchUp, 'NVY Life, F*ck Marry Kill, Kiss My Score, Tap My Back, Grants Finder, Are We There Yet, Wiser, Idea Generation, Have A Blast, I Bet That, Uspeak, Web2TV, Team Survey, ToyToy, Faturado, Foresight Radar AI-native venture studio and incubator in Lisbon since 2014. 18 ventures launched, 6 exits. Generates ideas, validates, builds MVPs, and launches digital businesses. Also runs an incubator for external founders (since 2020). Founder presides over the STUDIOS.PT association. *Thesis*: Uses AI-native methodology to identify opportunities and build MVPs fast. Operates both a venture studio (own ideas) and incubator (external founders). Lean, iterative, go-to-market focused. --- #### SURFnCODE - **Type**: Venture Studio - **City**: Porto - **Founded**: 2018 - **Stages**: Pre-Seed, Seed - **Sectors**: Deep Tech, AI, Product, Venture Building - **Website**: https://www.surfncode.io - **Profile**: https://portugalvc.com/vc/surfncode - **Portfolio**: Kaldi Startup studio in Porto. Team includes ex-Skype, Apple, Microsoft, and Amazon seniors with 100+ patents collectively. Partners with hand-picked founders to co-build early-stage companies. Acts as co-founders, not passive investors. *Thesis*: Co-founder model: partners deeply with founders on product, strategy, operations, and fundraising. Deep technical expertise from world-class product backgrounds (Skype, Apple, Microsoft, Amazon). --- #### CRON STUDIO - **Type**: Venture Studio - **City**: Coimbra - **Founded**: 2017 - **Stages**: Pre-Seed, Seed - **Sectors**: Software, Hardware, FinTech, AI, Sustainability, Health - **Website**: https://www.cron.studio - **Profile**: https://portugalvc.com/vc/cron-studio - **Track record**: 10 investments - **Portfolio**: ValidaBets, JogosHoje, ConsolidaCreditos.pt, Brava, Bloq.it, Wisify, Ecoceno, The Codex World, GripWise, Wada Solutions, HomeIT, L2 Spirit, BioTeaFood, Tech4Home, Science 351, MJ Hair Advisors Venture studio in Coimbra. Provides technical development (software, hardware, AI) and financial management. Runs the Boomerang programme; its grant practice has secured €7.6M in EU/PT2030 financing with a 92% approval rate. CEO is also Executive Director of STUDIOS.PT. *Thesis*: Integrated technical and financial support from ideation to scale. Combines product development with EU grant access (Boomerang programme) to de-risk early-stage ventures. --- #### Dengun Startup Studio - **Type**: Venture Studio - **City**: Faro - **Founded**: 2009 - **Stages**: Pre-Seed, Seed - **Sectors**: AI, SaaS, Marketplaces, E-Commerce, Digital Products - **Website**: https://www.dengun.com - **Profile**: https://portugalvc.com/vc/dengun-startup-studio Co-building venture studio in Faro, Algarve. Started as a digital agency in 2009, evolved into startup studio. 70+ team members, 600+ clients globally. Founder is Secretary General of STUDIOS.PT. *Thesis*: Co-building studio that partners with founders from idea through execution. 70+ engineers and designers to validate, build MVPs, and go to market. Based in the Algarve. --- ### VC (Impact) (5 firms) #### MSM (Mustard Seed MAZE) - **Type**: VC (Impact) - **City**: Lisbon - **Founded**: 2018 - **Stages**: Pre-Seed, Seed, Series A - **Sectors**: Health Tech, Fashion, InsureTech, Climate - **AUM**: €40M - **Ticket Size**: €500K–€1M - **Website**: https://msm.vc - **Profile**: https://portugalvc.com/vc/msm - **Track record**: 35 investments, 1 exits - **Portfolio**: Pollen, Biorce, Samara, Yurtle, Win-Win, Maven, Orbital Materials, Uplink, FINDS, Ivy Protocol, AgroLeague, Sojo, Your Juno, Connect Earth, Superflows, Thrift+, Mindstone, Clear, Uphill, Chatterbox, Iconoclass, Goparity, KETS, Nui Care, refive, Loctax, Ohne, tl;dv, Vanilla Steel, Outmind, Knok, Kitch, Omocom, Flecto, StudentFinance, Winnow, UpHill Health, Samara Energy Lisbon-based impact VC (Mustard Seed MAZE) managing a €40M EIF-backed fund. 35 portfolio companies across health tech, fashion, insuretech, and climate. *Thesis*: Impact VC backing technology solutions for health, climate, and social challenges. Invests from pre-seed through Series A in businesses where impact and profit are integrated. --- #### 3xP Global - **Type**: VC (Impact) - **City**: Lisbon - **Founded**: 2018 - **Stages**: Seed, Series A, Growth - **Sectors**: HealthTech, Life Sciences, Impact, Sustainability, AI - **AUM**: €108M - **Ticket Size**: €250K–€5M - **Website**: https://3xpglobal.eu - **Profile**: https://portugalvc.com/vc/3xp-global - **Track record**: 26 investments - **Portfolio**: Inokem, Intuitivo, Granter, Octo Health, nuAura Health, Mezze, ECO-ONE, Amparo, Seedsight, Bloodflow, Goparity, LoopOS, Spanance, Bolsa Social, Qevo, Leadzai, Exogenus Therapeutics, Instituto Galénico, Mútua Saúde, Skill Augment, Kinetikos Health, Biometrid, Sioslife, LiMM, Sea4us, PeekMed, Chrono Health Lisbon-based impact investor and first B Corp in Portugal's financial sector. Manages five funds (~€108M) across health and life sciences, impact investing and responsible AI, with tickets of €250K–€5M in Portugal and Spain. *Thesis*: Impact-driven investor across health and life sciences, social/environmental impact, and responsible AI in Portugal and Spain. Backs post-proof-of-concept companies entering growth, pairing financial returns with measurable impact. --- #### MAZE Impact - **Type**: VC (Impact) - **City**: Lisbon - **Founded**: 2013 - **Stages**: Pre-Seed, Seed, Series A - **Sectors**: Impact, Social Finance, Sustainability - **AUM**: €45M - **Ticket Size**: €100K–€1M - **Website**: https://maze-impact.com - **Profile**: https://portugalvc.com/vc/maze-impact - **Track record**: 60 investments, 1 exits - **Portfolio**: Pollen, coobi, Blend, ParaStruct, Biorce, Beans, Samara, Umami Bioworks, Tetis Biotech, Resistomap, Origin by Ocean, MariHealth Solutions, Hemoalgae, Grisea Biotec, FlexSea, Exogenus Therapeutics, BlueBlocks Concepts, BioMara, Miinta, Uplink, Orbital Materials, Chatterbox, Yurtle, Easy Bites, CoGrader, KiDSie, Root Sustainability, Connect Earth, Win-Win Food Labs, Your Juno, Flecto, Ohne, Sojo, Loctax, FINDS, Ivy Protocol, AgroLeague, Academia de Código, Faz-Te Forward, Projeto Família, Maven, Mindstone, refive, Superflows, Knok, KETS, Thrift+, Aproxima, Clear.bio, Amparo, Bettafish, CBR Genomics, Deedster, Howdy, kaputt.de, Neki, Nevaro, Omoguru, Sensefinity, Goparity, Nui Care, Cuidar de Quem Cuida, Uphill, Iconoclass, Omocom, Outmind, tl;dv, Eco Wave Power, ElectricFeel, Mystery Minds, NU Rise, Panion, SafetyNet Technologies, sepiia, Vytal, Vanilla Steel, Student Finance, Kitch, Bios, Goodbag, Mello, MyPolis, Springkode, TriggerSystems, UpHill Health, Win-Win Social finance intermediary and impact VC, founded in 2013. 60 investments, 1 exit. €100K-€1M tickets at pre-seed through Series A. Also runs the Maze X accelerator, one of Europe's leading impact accelerator programmes. *Thesis*: Combines investment with impact accelerator (Maze X). Invests in companies with measurable social and environmental impact. €100K-€1M range. --- #### August One Capital - **Type**: VC (Impact) - **City**: Lisbon - **Founded**: 2020 - **Stages**: Seed, Series A - **Sectors**: Climate & Sustainability, Impact - **Website**: https://august.one - **Profile**: https://portugalvc.com/vc/august-one - **Portfolio**: Pentagonal, TravClan, Glartek, Footar, Floating Particle, Sparkyway, Algicel, Nutrition From Water, Gazelle Wind Power, Blykalla, Hydrotwin, Wizard Sardine, Oh!mysnacks, Tree Flowers Solutions, Oursupport, Govwise, Davest Partners SAS, Kopi Near Me, The EMBASSIES, Plutos Pet Food, Mission to Escape, Bam&Boo, Ignae, Fieldwork Robotics, Wizard Lizard, Resync Impact-focused fund manager in Lisbon with Asian family office ties. Manages the Atlântico fund alongside Portugal Ventures and BPF. CMVM licensed, golden-visa compliant. *Thesis*: Health-of-planet investing: climate, sustainability, and impact ventures. --- #### Casa do Impacto - **Type**: VC (Impact) - **City**: Lisbon - **Founded**: 2018 - **Stages**: Pre-Seed, Seed - **Sectors**: Impact, Social Innovation - **AUM**: €3.4M+ - **Ticket Size**: Up to €100K - **Website**: https://casadoimpacto.scml.pt - **Profile**: https://portugalvc.com/vc/casa-do-impacto - **Portfolio**: Café Joyeux, Koiki, NoCode Institute, Matterpieces, Penylon by Circular Oceans, WeGuide Impact hub of Santa Casa da Misericórdia de Lisboa. Runs the +PLUS fund with €50K testing and €100K scaling tickets. Over €3.4M deployed in social innovation ventures since 2018. *Thesis*: Social innovation and impact ventures at the earliest stages. Grant-adjacent capital plus incubation support. --- ### Angel Network (4 firms) #### REDangels - **Type**: Angel Network - **City**: Aveiro - **Founded**: 2014 - **Stages**: Pre-Seed, Seed - **Sectors**: Tech, IoT, Mobile - **Ticket Size**: €10K–€100K - **Profile**: https://portugalvc.com/vc/redangels - **Track record**: 34 investments, 14 exits - **Portfolio**: Sound Particles, LOQR, Musiversal, Sensefinity, Visor.ai, Uplink Angel investor network based in Aveiro. 34 investments, 14 exits. No longer actively investing; the founders launched COREangels in 2019 as their active vehicle. *Thesis*: Angel syndicate providing pre-seed and seed capital alongside hands-on mentorship. Taps into the Aveiro tech and university network. Invests in tech, IoT, and mobile. --- #### COREangels - **Type**: Angel Network - **City**: Ílhavo (Aveiro) - **Founded**: 2019 - **Stages**: Pre-Seed, Seed - **Sectors**: Software, E-Commerce, IT - **AUM**: €5M - **Ticket Size**: €50K–€200K - **Website**: https://coreangels.com - **Profile**: https://portugalvc.com/vc/coreangels - **Track record**: 100 investments - **Portfolio**: Comunidad Feliz, Sizebay, HandsOn, eSponsor, Tech Balance, GreenMetrics, CourtMaster, Movmenta, eDynamics, Indie Seguros, Medgical, Pawer, Tilect, MarinaTex, ByTheLaw, Moca AI, Limelight, HANCE, Hypt, Trendio, Vartheo, Fiber Foods, Aloha, Weiver, Crono, DOJO AI, Dig-In, Horizon, Plain Tiger, CodeGPT, Scandens, Tilores, Testwaves, Beseif CORE, 180 ops, Planet Dataset, Imageryst, Haddock, Kindly Human, Gova, Intuitivo, My AI, Finvero, InstaDeel, Legalify, Tripartie, Triple, EDHP, Scalable, NumberEight, Sorwe, Instreamatic, Caplena, Uelz, Forme Educação Financeira, KiddlePass, Waisense, Linguistic Factory, BoxMagic, Jrny, Hamelyn, Stellation Care, Kombo, Token City, MindCo Health, Arkadia Space, Ethiack, BHOUT, Webel, Hotel Manager, Enso Co-living, Run to Wear, CazaTuPlaza, LetMePark, Hunty, TripYeah, Emendu, Mooevo, Kibus Petcare, Vyootrip, Code Contract, Luda Partners, Acqustic, Deale, Talentfy, Palqee, WSense Angel syndicate network based in Ílhavo, near Aveiro. Global network: 12 angel funds, 300+ investors, 20+ countries, 100+ portfolio startups. Rolling fund model pooling capital for structured pre-seed and seed investments in software, e-commerce, and IT. *Thesis*: Syndicated angel investing in software and e-commerce. Pools capital from experienced operators for structured early-stage investments. --- #### Ganexa Capital - **Type**: Angel Network - **City**: Coimbra - **Founded**: 2013 - **Stages**: Seed, Pre-Seed - **Sectors**: Software, Hardware, Blockchain - **Website**: https://ganexacapital.com - **Profile**: https://portugalvc.com/vc/ganexa-capital - **Track record**: 6 investments - **Portfolio**: EGG Electronics, Mindprober, b_create, betprotocol, Climber, sheerME, ChemiTek, OH!MY Snacks, Abtrace Business-angel group with offices in Coimbra, Porto, Braga, Lisbon, and São Paulo. Backs early-stage tech startups with global ambitions; portfolio includes EGG Electronics, Mindprober, and Climber. *Thesis*: Generalist business-angel group: backs early-stage tech projects filling a market gap, ideally with positive impact, that aim to be big and global. Provides know-how and networks alongside capital. --- #### Invicta Angels - **Type**: Angel Network - **City**: Porto - **Founded**: 2007 - **Stages**: Pre-Seed, Seed - **Sectors**: Tech, Multi-sector - **Ticket Size**: €25K–€250K - **Profile**: https://portugalvc.com/vc/invicta-angels Porto's business angel association, founded in 2007. A founding member of FNABA (now Investors Portugal). Connects angel investors with early-stage startups in northern Portugal. *Thesis*: Angel syndication for pre-seed and seed startups, primarily in the Porto region. --- ### VC (Government) (3 firms) #### Portugal Ventures - **Type**: VC (Government) - **City**: Porto / Lisbon - **Founded**: 2012 - **Stages**: Pre-Seed, Seed, Series A - **Sectors**: Digital, Industry, Life Sciences, Tourism - **AUM**: €283M - **Ticket Size**: Up to €6M - **Website**: https://portugalventures.pt - **Profile**: https://portugalvc.com/vc/portugal-ventures - **Track record**: 256 investments, 19 exits, 3 IPOs - **Portfolio**: Ablute, About Aqua Food, Abyssal, Addvolt, Adeci, AgriMarketplace, AJP Motos, Aldeia da Pedralva, Algarve Sun Boat Trips, Algicel, Anciian, AnubisNetworks, Aptoide, Aqvamore, Asinus Atlanticus, Autódromo Internacional do Algarve, Azitek, Azores Touch, Azulfy, B-Guest, B-Parts, Bag4Days, Bamboo, Bandora, Barkyn, Batardas, Beamian, Beat Therapeutics, Beeyard, BERD, BestHealth4You, Beyond Devices, BHOUT, Biotrend, Bioworld, BitSight, BSIM, Bugleon, Bullet Solutions, ByFoods Global, C-MO Medical Solutions, C-Side, Ccrave, Cell4Food, Cellmabs, Cereal Games, Chemitek, Circular Unity, Classihy, Clean Watts, Cleocare, Codavel, Codeplace, Coimbra Genomics, Convento do Espinheiro, Cosmos, Critical Ventures, Cubo, Defined.ai, Didimo, Dig-In, Digital Manager Guru, Displax, Doinn, Doppio, EasyEasy, Eat Tasty, eDynamics Technologies, Egg Electronics, Eneida, Epedal, Eptune Engineering, eSolidar, Europeltier Thermotechnology, Expresstec, Farmcontrol, FastCompChem, Feel Sampa, Fever, Fibersensing, Fibersight, Flash Rapid Diagnostics, Floating Particle, Follow Inspiration, FollowPrice, Footar, Fraudio, GoFriday, Fulhaus, Fyde, Gazelle, Genepredit, Generosa, GetSocial, GHOTW, Glartek, Glovo, Clever, Goma, GovWise, Graphenest, GuestCentric, OutSystems, Jscrambler, Nutrium, Probely, Reckon.ai Portugal's state-backed VC (part of the Banco Português de Fomento group) and the most active early-stage investor in the country by deal count. 256 startups backed since 2012, with €283M under management. Offices in Porto and Lisbon. *Thesis*: Backs Portuguese startups from pre-seed through Series A, typically €50K-€1.5M checks. Focuses on capital-efficient founders with global ambition, particularly in deep tech, sustainability, and sectors where Portugal has natural advantages. --- #### 200M / Social Innovation Fund - **Type**: VC (Government) - **City**: Porto / Lisbon - **Founded**: 2017 - **Stages**: Seed, Series A, Series B - **Sectors**: Sector Agnostic - **AUM**: €200M - **Ticket Size**: €500K–€5M - **Website**: https://www.bpfomento.pt/en/institutional/funds-under-management/200m-co-investment-fund/ - **Profile**: https://portugalvc.com/vc/200m-social-innovation-fund - **Track record**: 24 investments - **Portfolio**: Indie Campers, Biosurfit, Platforme, EatTasty Public €200M co-investment (matching) fund managed by Banco Português de Fomento that co-invested alongside qualified private VCs in Portugal-based startups from seed to Series B. Closed to new applications since December 2022; 24 companies backed. *Thesis*: Public matching fund co-investing 1:1 with qualified private VCs in Portugal-based startups to crowd in international capital. Sector-agnostic; no longer accepting new operations. --- #### Banco Português de Fomento - **Type**: VC (Government) - **City**: Lisbon - **Founded**: 2020 - **Stages**: Seed, Series A, Growth - **Sectors**: Multi-sector (co-investment, fund-of-funds) - **AUM**: €9.8B - **Website**: https://bpfomento.pt - **Profile**: https://portugalvc.com/vc/banco-portugues-de-fomento - **Portfolio**: Data4Deals, DiVERGE, Nova Motorsport Portugal's national development bank. Manages €9.8B total, including a €337M Venture Capital Program via the Recovery & Resilience Plan. Operates as a fund-of-funds, backing Portugal Ventures, Crest Capital, BIVEN Capital, and Indico Capital. Co-invests alongside private capital. *Thesis*: National development bank operating as fund-of-funds and co-investor. Combines public and private capital to back fund managers and co-invest directly across all sectors. --- ### Accelerator / VC (3 firms) #### Beta-i - **Type**: Accelerator / VC - **City**: Lisbon - **Founded**: 2009 - **Stages**: Early Stage - **Sectors**: B2B, Innovation - **Website**: https://beta-i.com - **Profile**: https://portugalvc.com/vc/beta-i - **Portfolio**: Didimo Lisbon's premier innovation hub and accelerator, founded in 2009. Runs corporate innovation programs, accelerators, and startup events. Also makes direct investments in early-stage B2B companies. 850+ startups accelerated. *Thesis*: Combines accelerator programs with direct investment. Supports early-stage B2B companies through structured programs, corporate partnerships, and mentorship. --- #### Building Global Innovators (BGI) - **Type**: Accelerator / VC - **City**: Lisbon - **Founded**: 2010 - **Stages**: Pre-Seed, Seed - **Sectors**: Deep Tech, Cleantech, Sustainability - **Website**: https://bgi.pt - **Profile**: https://portugalvc.com/vc/building-global-innovators-bgi - **Track record**: 110 investments, 9 exits - **Portfolio**: Sword Health, Feedzai, Movvo, Veniam Deep tech accelerator and VC backed by 12 Portuguese universities. 110 investments, 9 exits. Alumni have raised €660M total. 335 startups accelerated with a 70% survival rate. *Thesis*: University-backed deep tech accelerator. Turns academic research from 12 Portuguese universities into startups in deep tech, cleantech, and sustainability. --- #### Fábrica de Startups - **Type**: Accelerator / VC - **City**: Oeiras (Lisbon) - **Founded**: 2012 - **Stages**: Pre-Seed, Seed - **Sectors**: Enterprise Software, Consumer Tech - **Ticket Size**: Up to €100K - **Website**: https://www.fabricadestartups.com - **Profile**: https://portugalvc.com/vc/fabrica-de-startups - **Track record**: 38 investments, 1 exits - **Portfolio**: Codacy, Primetag, Climber RMS Accelerator founded in 2012, based in Oeiras with presence in 9 countries. Has supported ~38 startups including Codacy, Primetag, and Climber RMS (acquired by Revenue Analytics in 2025). *Thesis*: Pre-seed acceleration with small checks. Structured methodology for validating and launching startups. --- ### Incubator / VC (1 firm) #### Startup Lisboa - **Type**: Incubator / VC - **City**: Lisbon - **Founded**: 2012 - **Stages**: Pre-Seed - **Sectors**: Multi-sector - **Website**: https://unicornfactorylisboa.com - **Profile**: https://portugalvc.com/vc/startup-lisboa - **Portfolio**: Uniplaces, Codacy, Hole19, Indie Campers, Defined.ai, 360imprimir Lisbon's leading incubator, founded in 2011 by Lisbon Municipality, Montepio, and IAPMEI. Supports pre-seed startups across all sectors from the Hub Criativo do Beato. 400+ startups incubated, 4,500 jobs created, €340M raised by its startups. *Thesis*: Pre-seed support across all sectors. Provides office space, mentorship, and access to the investor community. --- ## Frequently Asked Questions ### How many venture capital firms are there in Portugal? As of 2026, there are 98 venture capital firms indexed in Portugal: 35 independent VCs, 17 PE/VC hybrids, 16 CMVM-registered SCRs, 8 corporate venture arms, 6 venture studios, 5 impact funds, 4 angel networks, 3 government-backed funds, 3 accelerator/VCs, 1 incubator/VCs. ### What stages do Portuguese VCs typically invest in? 64% of firms invest at Seed, 41% of firms invest at Series A, 41% of firms invest at Growth. For rounds above Series A, Portuguese startups typically bring in international co-investors. ### What is a typical VC ticket size in Portugal? Pre-Seed: €10K-€250K. Seed: €100K-€2M. Series A: €2M-€12M. Growth/PE: €7M-€30M. Many rounds are syndicated between 2-4 co-investors. ### How to approach a Portuguese VC? Warm intros from portfolio founders work best. Web Summit (Lisbon, November) and Lisbon Investment Summit are key events. For cold outreach: under 5 sentences, lead with traction, reference a specific portfolio company to show fund fit. ### Tax incentives for VC in Portugal? SIFIDE II offers R&D tax credits up to 82.5%. Business angels can deduct up to 40% of startup investments (capped at €100K/year). Government co-invests through Portugal Ventures and BPF. EU grants (COMPETE 2030, PT2030) can be combined with equity rounds. --- *Source: Portugal VC Directory (portugalvc.com), data last updated 2026-09-06*