# Portugal VC Directory

> The most comprehensive directory of venture capital firms investing in Portugal. 91 VCs indexed with filters by stage, sector, city, and ticket size.

## About

Portugal VC Directory (portugalvc.com) is the definitive reference for venture capital in Portugal. It lists every active VC firm, angel network, corporate venture arm, accelerator, venture studio, and government-backed fund operating in the Portuguese startup ecosystem as of 2026.

The directory covers 91 firms across 12 sectors, including 41 independent VCs, 19 CMVM-registered SCRs, 8 corporate venture arms, 6 impact funds, 5 PE/VC hybrids, 5 venture studios, 2 government-backed funds, 2 angel networks, 2 accelerator/VCs, and 1 incubator/VC.

## Key Facts

- Total firms indexed: 91
- Primary hub: Lisbon (88% of firms)
- Secondary hub: Porto (9+ firms)
- Most active stages: Seed (64%), Series A (36%), Pre-Seed (31%)
- Top sectors: FinTech (14%), AI (13%), Healthcare (11%), Tech/Software (10%)
- Ticket range: €10K (angel) to €30M+ (growth/PE)
- Venture studios: 5 (Laika Ventures, Build Up Labs, SURFnCODE, CRON STUDIO, Dengun)
- Data last updated: 2026-03-25

## Pages

- [Home](https://portugalvc.com/): Full searchable directory with filters
- [Fundraising Guide](https://portugalvc.com/fundraising-guide): Stage-by-stage guide to raising capital in Portugal
- [Sectors Overview](https://portugalvc.com/sectors): All 12 investment sectors with VC counts
- [Sector: Tech](https://portugalvc.com/sector/tech): VCs investing in Tech
- [Sector: Fintech](https://portugalvc.com/sector/fintech): VCs investing in Fintech
- [Sector: HealthTech](https://portugalvc.com/sector/healthtech): VCs investing in HealthTech
- [Sector: Life Sciences](https://portugalvc.com/sector/life-sciences): VCs investing in Life Sciences
- [Sector: Deep Tech](https://portugalvc.com/sector/deep-tech): VCs investing in Deep Tech
- [Sector: Climate & Sustainability](https://portugalvc.com/sector/climate-sustainability): VCs investing in Climate & Sustainability
- [Sector: SaaS & Enterprise](https://portugalvc.com/sector/saas-enterprise): VCs investing in SaaS & Enterprise
- [Sector: PropTech](https://portugalvc.com/sector/proptech): VCs investing in PropTech
- [Sector: Web3 & Crypto](https://portugalvc.com/sector/web3-crypto): VCs investing in Web3 & Crypto
- [Sector: Impact Investing](https://portugalvc.com/sector/impact): VCs investing in Impact Investing
- [Sector: Tourism & Hospitality](https://portugalvc.com/sector/tourism): VCs investing in Tourism & Hospitality
- [Sector: Blue Economy](https://portugalvc.com/sector/ocean-economy): VCs investing in Blue Economy

## VC Profiles

Each VC has a dedicated profile page at https://portugalvc.com/vc/{slug} with investment thesis, description, AUM/fund size, ticket sizes, stages, sectors, portfolio companies with links, social links, and metrics.

## FAQ

Q: How many venture capital firms are there in Portugal?
A: 91 firms as of 2026 — 41 independent VCs, 19 SCRs, 8 CVCs, 6 impact funds, 5 PE/VC hybrids, 5 venture studios, 2 government-backed funds, 2 angel networks, and more.

Q: What is the largest VC fund in Portugal?
A: By AUM: Oxy Capital and Explorer Investments each manage ~€1.4B (PE-leaning). Pure VC: Iberis Capital €600M+, BlueCrow Capital €570M+, Lince Capital €550M, Caixa Capital €500M.

Q: What stages do Portuguese VCs invest in?
A: Heavily early-stage. 64% invest at Seed, 36% at Series A, 31% at Pre-Seed. Only 27% cover Growth, 5% Series B.

Q: Typical ticket sizes in Portugal?
A: Pre-Seed €10K–€250K, Seed €100K–€2M, Series A €2M–€12M, Growth/PE €7M–€30M.

Q: Top sectors for VC in Portugal?
A: FinTech (14%), AI (13%), Healthcare (11%), Tech/Software (10%), Cybersecurity (7%), Sustainability/Climate (7%).

Q: What venture studios operate in Portugal?
A: 5 venture studios: Laika Ventures (Braga, AI-focused), Build Up Labs (Lisbon, AI-native, est. 2014), SURFnCODE (Porto, deep tech), CRON STUDIO (Coimbra, software/hardware), and Dengun Startup Studio (Faro, digital products). They recently formed the STUDIOS.PT industry association.

Q: How to approach a Portuguese VC?
A: Warm intros from portfolio founders work best. Web Summit (Lisbon, November) is the key event. For cold outreach: under 5 sentences, lead with traction, reference a portfolio company.

Q: Tax incentives for VC in Portugal?
A: SIFIDE II R&D tax credits up to 82.5%. Angel investors can deduct up to 40% of startup investments (€100K/year cap). Government co-invests via Portugal Ventures and BPF.

## Complete VC List

For the full directory with descriptions, investment details, and portfolio companies, see: [llms-full.txt](https://portugalvc.com/llms-full.txt)