Pathena
ABOUT PATHENA
Pathena is one of Portugal's oldest venture capital firms, founded in 2008 and now operating from Forum Braga in Braga, having previously been headquartered in Porto. It manages roughly €70M and has invested from seed through Series A and growth in B2B software, healthcare, enterprise SaaS, and biotech, favouring a patient-capital approach and companies with strong recurring revenue. Pathena's portfolio includes Primetag, Exago, ebankIT, Bizay, Klinik, A-to-Be, and healthcare and imaging ventures such as TNI medical, AI4Med, Biorce, and NVision Imaging Technologies. The firm has recorded four exits, among them the acquisitions of Huub (Maersk, 2021), Vortal (DOCU Nordic/Byggfakta, 2020) and Neadvance (Atlas Copco, 2025). Pathena is led by Managing Partner and CEO António Murta and Managing Partner and CFO Vitor Dinis, with Jorge Brás as Partner. Its SFDR disclosure states that the Pathena Fund does not intend to acquire new investments until its liquidation, so the firm is currently managing and exiting its existing portfolio rather than deploying new capital.
INVESTMENT THESIS
Patient capital. Invests in B2B software and healthcare companies with strong recurring revenue. Decades of experience in the Portuguese market.
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FREQUENTLY ASKED QUESTIONS
What stage does Pathena invest at?
Pathena invests at Seed, Series A, Growth stages.
What sectors does Pathena invest in?
Pathena focuses on B2B Software, Healthcare, Enterprise SaaS, Biotech.
Where is Pathena based?
Pathena is a VC based in Braga, Portugal, founded in 2008.
Who are the partners at Pathena?
Key people at Pathena include António Murta (Managing Partner & CEO), Vitor Dinis (Managing Partner & CFO), Jorge Brás (Partner).
What companies has Pathena invested in?
Pathena's portfolio includes Neadvance, Huub, Vortal, 360hyper, Bizay, Klinik, ebankIT, A-to-Be, among others.
How much does Pathena manage?
Pathena manages €70M in assets / fund commitments.
Is Pathena actively investing?
No new investments until fund liquidation.
Can I invest in Pathena's funds as an external investor?
Pathena is not deploying new capital and is not raising from investors.
How do I contact or pitch Pathena?
You can reach Pathena via their website (pathena.com). You can also run your startup through Portugal VC's AI matcher to get a ranked shortlist of the investors that fit.