Explorer Investments
ABOUT EXPLORER INVESTMENTS
Explorer Investments is Portugal's largest independent private equity firm, founded in 2003 and based in Lisbon, managing roughly €2B across buyout, growth, and hospitality funds. Alongside its PE work it invests at Series A and growth stage, with a focus on health tech and scalable businesses that have proven models and clear paths to profitability. Explorer Investments has made 133 investments and recorded 70 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, and Douro 41. The firm was co-founded by Elizabeth Rothfield, who serves as Founding Partner and CEO, with José Tiago Silva leading hospitality and Pedro Coutinho and Tiago Gonçalves partners in buyouts. 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 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 €2B+ in assets / fund commitments.
How do I contact or pitch Explorer Investments?
You can reach Explorer Investments via their website (www.explorerinvestments.com). You can also submit your startup through Portugal VC's pitch tool to be forwarded to matching investors.