Explorer Investments
ABOUT EXPLORER INVESTMENTS
Explorer Investments is Portugal's largest independent alternatives and private equity fund manager, founded in 2003 by Rodrigo Guimarães and Elizabeth Rothfield and based in Lisbon, managing roughly €1.8B across buyout, growth, and hospitality funds. Alongside its buyout work it invests minority growth capital from early-stage firms to established mid-caps, with a focus on health tech and scalable businesses that have proven models and clear paths to profitability. Explorer Investments has made 105 investments and recorded 39 exits. Its portfolio spans pharmaceutical group Bial, fintech Feedzai — whose $75M Series E it co-led in 2025 — spreadsheet startup Rows, cybersecurity firm Ethiack, and AI company eSelf, along with hospitality assets such as Penha Longa Resort and Six Senses Douro Valley. Realised exits include Crioestaminal, Espaço Casa, Constantino, Douro 41, Micronipol (sold to Veolia in 2024) and Perfinox (sold to Krones in 2024). The firm is led by Founding Partner and CEO Elizabeth Rothfield, with José Tiago Silva leading hospitality, António Rocha e Silva leading growth, and Pedro Coutinho and Tiago Gonçalves partners in buyouts. As of 2025–26 it is raising Explorer V (buyouts), Explorer Growth Fund VII (a SIFIDE fund) and the Explorer Hospitality Fund. Details are at explorerinvestments.com.
INVESTMENT 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.
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FREQUENTLY ASKED QUESTIONS
What stage does Explorer Investments invest at?
Explorer Investments invests at Series A, Growth stages.
What is Explorer Investments's typical ticket size?
Explorer Investments typically writes cheques of €10M–€30M (buyouts).
What sectors does Explorer Investments invest in?
Explorer Investments focuses on Health Tech, Scalable Businesses.
Where is Explorer Investments based?
Explorer Investments is a PE / VC based in Lisbon, Portugal, founded in 2003.
Who are the partners at Explorer Investments?
Key people at Explorer Investments include Elizabeth Rothfield (Founding Partner, CEO), José Tiago Silva (Partner, Hospitality), Pedro Coutinho (Partner, Buyouts), Tiago Gonçalves (Partner, Buyouts).
What companies has Explorer Investments invested in?
Explorer Investments's portfolio includes Adla, Alfasom, ASBW, BBG, BERD, BHOUT, Bial, Biogerm, among others.
How much does Explorer Investments manage?
Explorer Investments manages €1.8B+ in assets / fund commitments.
Is Explorer Investments actively investing?
Explorer V, EGF VII, Hospitality Fund raising.
Can I invest in Explorer Investments's funds as an external investor?
Explorer Investments is currently raising: Explorer V, EGF VII, Hospitality Fund raising. Qualified investors can contact the firm about subscribing; minimum tickets and investor-qualification rules (CMVM) apply.
How do I contact or pitch Explorer Investments?
You can reach Explorer Investments via their website (www.explorerinvestments.com). You can also run your startup through Portugal VC's AI matcher to get a ranked shortlist of the investors that fit.