# Portugal VC Directory — Complete Data

> Full directory of 91 venture capital firms investing in Portugal. Data last updated: 2026-03-25.

## 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.

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## Directory Statistics

- **Total firms**: 91
- **Types**: 41 VC, 19 VC (SCR), 8 CVC, 6 VC (Impact), 5 PE/VC, 5 Venture Studio, 2 VC (Government), 2 Angel Network, 2 Accelerator/VC, 1 Incubator/VC
- **Cities**: Lisbon (77+), Porto (9+), Braga (2), Coimbra (2), Faro (1), Aveiro (1), Funchal (1)
- **Stage coverage**: Seed 64%, Series A 36%, Pre-Seed 31%, Growth 27%, Series B 5%
- **Sector leaders**: FinTech 14%, AI 13%, Healthcare 11%, Tech/Software 10%

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## Complete VC Listings

### VC (Government) (2 firms)

#### Portugal Ventures
- **Type**: VC (Government)
- **City**: Porto / Lisbon
- **Founded**: 2012
- **Stages**: Pre-Seed, Seed, Series A
- **Sectors**: Tech, Life Sciences, Tourism, Ocean Economy
- **AUM**: €350M
- **Ticket Size**: €50K–€1.5M
- **Website**: https://portugalventures.pt
- **Profile**: https://portugalvc.com/vc/portugal-ventures

Portugal Ventures is Portugal's state-backed venture capital firm, established to drive innovation and entrepreneurship in the country. With offices in both Porto and Lisbon, it is the most active early-stage investor in Portugal by deal volume, supporting founders across tech, life sciences, tourism, and ocean economy sectors.

*Thesis*: Backs Portuguese startups with global ambition from the earliest stages. Focuses on capital-efficient founders building technology with potential for international scale. Particularly active in deep tech, sustainability, and sectors that leverage Portugal's natural strengths.

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#### Banco Português de Fomento
- **Type**: VC (Government)
- **City**: Lisbon
- **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

Banco Português de Fomento (BPF) is Portugal's national development bank, playing a crucial role in the country's VC ecosystem. It manages venture capital programmes and operates as a fund-of-funds, backing entities like Portugal Ventures, Crest Capital, BIVEN Capital, and Indico Capital. BPF co-invests alongside private capital to stimulate innovation.

*Thesis*: National development bank operating as fund-of-funds and co-investor. Manages VC programmes that combine public and private capital. Backs fund managers and co-invests directly to stimulate innovation across all sectors of the Portuguese economy.

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### VC (41 firms)

#### Armilar Venture Partners
- **Type**: VC
- **City**: Lisbon
- **Founded**: 1999
- **Stages**: Seed, Series A, Series B, Growth
- **Sectors**: Deep Tech, Healthcare, Climate & Sustainability
- **AUM**: €260–300M
- **Ticket Size**: €500K–€10M+
- **Website**: https://armilar.com
- **Profile**: https://portugalvc.com/vc/armilar-venture-partners

Founded in 1999, Armilar Venture Partners is one of Portugal's oldest and most established independent venture capital firms. Managing €260–300M across multiple funds, it has built a track record of 12 exits including 2 IPOs. Armilar invests from seed through growth stages in deep tech, healthcare, and climate companies.

*Thesis*: Invests in technology companies with strong IP and defensible moats. Looks for founders tackling deep technical challenges in healthcare, sustainability, and enterprise software. Takes a long-term partnership approach and can follow on through to growth rounds.

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#### 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

Indico Capital Partners is widely regarded as Portugal's leading independent VC. Since its founding in 2017, it has made 76 investments across B2B SaaS, AI, FinTech, marketplaces, and cybersecurity. Indico has quickly established itself as the first call for ambitious founders building from Portugal and Southern Europe.

*Thesis*: Backs exceptional founders building category-defining B2B companies. Looks for startups with strong product-market fit signals, defensible technology, and global GTM strategies. Prioritizes AI, SaaS, FinTech, and cybersecurity verticals.

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#### Shilling Capital Partners
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2010
- **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

Shilling Capital Partners is one of Portugal's most prolific early-stage investors with 106 investments and 9 exits since 2010. Managing €52M, Shilling focuses on B2B, consumer tech, and AI startups at pre-seed through Series A stages. Known for its founder-friendly approach and high volume of deals.

*Thesis*: High-velocity early-stage investor that prioritizes founder quality and market timing. Invests in B2B and consumer tech companies leveraging AI and data. Takes a portfolio approach with a large number of bets at early stages.

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#### 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

Faber Ventures has been at the forefront of Portugal's deep tech and AI investing scene since 2012. With 83 investments and 10 exits, its portfolio includes standout companies like Unbabel, SWORD Health, and Codacy. Faber specializes in technically complex companies at the intersection of AI, climate tech, and biotech.

*Thesis*: Invests in deep tech founders who are building technically ambitious companies with large addressable markets. Especially drawn to AI/ML applications in healthcare, climate, and enterprise. Looks for strong technical founding teams with PhD-level domain expertise.

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#### Bynd Venture Capital
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2010
- **Stages**: Pre-Seed, Seed, Series A
- **Sectors**: Digital, SaaS, Sustainability, HealthTech
- **Ticket Size**: €250K–€600K
- **Website**: https://bynd.vc
- **Profile**: https://portugalvc.com/vc/bynd-venture-capital

Bynd Venture Capital is an Iberian-focused VC with 65 investments since 2010. Based in Lisbon, Bynd invests across digital, SaaS, sustainability, and healthtech sectors, with a particular strength in Portugal and Spain. The firm's portfolio includes companies like Bepro, Defined Crowd, and Zaask.

*Thesis*: Iberian-first approach to early-stage investing. Seeks digital-native companies in SaaS, sustainability, and healthtech that can scale across the Iberian Peninsula and beyond. Values operational efficiency and capital-light business models.

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#### LC Ventures
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2014
- **Stages**: Pre-Seed, Seed
- **Sectors**: IT, AI, IoT, Deep Tech
- **AUM**: €50M+
- **Ticket Size**: €100K–€1M
- **Website**: https://lcventures.pt
- **Profile**: https://portugalvc.com/vc/lc-ventures

LC Ventures has been a consistent early-stage investor in Portugal's tech ecosystem since 2014. With 65 investments including 5 exits and 1 IPO, the firm focuses on IT, AI, IoT, and deep tech at pre-seed and seed stages. Notable portfolio companies include Sizebay, Seedrs, and CleanWatts.

*Thesis*: Early-stage specialist focused on technically differentiated companies in IT, AI, and IoT. Seeks founders with deep technical expertise building products that can achieve rapid adoption. Willing to invest at the very earliest stages.

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#### HCapital Partners
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2014
- **Stages**: Seed, Series A, Late Stage
- **Sectors**: Energy, Mobility, Industrial, Sustainability
- **Website**: https://hcapital.pt
- **Profile**: https://portugalvc.com/vc/hcapital-partners

HCapital Partners focuses on energy, mobility, industrial, and sustainability investments across the Iberian Peninsula. Since 2014, it has made 27 investments with the ability to support companies from seed through late stage. The firm bridges the gap between traditional industry and tech-enabled innovation.

*Thesis*: Invests in the intersection of technology and traditional industry — energy transition, mobility, and industrial innovation. Seeks companies that can transform established sectors through technology. Iberian focus with an emphasis on sustainability-driven business models.

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#### Pathena
- **Type**: VC
- **City**: Porto / Lisbon
- **Stages**: Seed, Series A, Growth
- **Sectors**: B2B Software, Healthcare, Enterprise SaaS, Biotech
- **AUM**: €70M
- **Website**: https://pathena.com
- **Profile**: https://portugalvc.com/vc/pathena

Pathena is one of Portugal's oldest venture capital investors, with offices in both Porto and Lisbon. Managing €70M, the firm focuses on B2B software, healthcare, enterprise SaaS, and biotech. Pathena supports companies from seed through growth, leveraging decades of investing experience.

*Thesis*: Patient capital from one of Portugal's most experienced teams. Invests in B2B software and healthcare companies with strong recurring revenue models. Seeks founders building enterprise-grade solutions with defensible competitive advantages.

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#### GED Ventures Portugal
- **Type**: VC
- **City**: Lisbon
- **Founded**: 1996
- **Stages**: Seed
- **Sectors**: AI, Travel Tech, Healthcare, Hardware
- **AUM**: €1.3B+
- **Ticket Size**: €100K–€1.5M
- **Website**: https://gedventures.pt
- **Profile**: https://portugalvc.com/vc/ged-ventures-portugal

GED Ventures Portugal is the Portuguese arm of the GED group, which manages over €1B globally. Founded in 1996, GED has deep roots in European venture investing. In Portugal, it focuses on seed-stage investments in AI, travel tech, healthcare, and hardware, with portfolio companies like WEEZIE, Full Venue, and LUGGit.

*Thesis*: Seed-stage investing backed by a large European investment group. Leverages decades of experience across European markets. Seeks differentiated startups in AI, travel, and healthcare with clear path to international growth.

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#### Lince Capital
- **Type**: VC
- **City**: Lisbon
- **Stages**: Seed, Early Stage
- **Sectors**: Real Estate, Infrastructure, Agriculture, Telecom
- **AUM**: €550M
- **Website**: https://lince-capital.com
- **Profile**: https://portugalvc.com/vc/lince-capital

Lince Capital brings over 30 years of investment experience to Portugal's VC scene. Focused on real estate, infrastructure, agriculture, and telecom, Lince invests in sectors undergoing technology-driven transformation. With 8 investments, it takes a selective, high-conviction approach.

*Thesis*: Experienced investor focused on traditional sectors being disrupted by technology. Invests in real estate tech, agritech, infrastructure, and telecom innovation. Takes a selective approach with deep sector expertise.

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#### 33N Ventures
- **Type**: VC
- **City**: Porto
- **Founded**: 2022
- **Stages**: Early Stage, Series A+
- **Sectors**: Cybersecurity, Infrastructure Software
- **Ticket Size**: €4–€12M
- **Website**: https://33n.vc
- **Profile**: https://portugalvc.com/vc/33n-ventures

33N Ventures is a Porto-based VC founded in 2022, specializing in cybersecurity and infrastructure software. Despite its recent founding, 33N has an international investment thesis, deploying capital across Europe, Israel, and the US from its base in Porto.

*Thesis*: Cybersecurity and infrastructure software specialist with a global lens. Invests in deeply technical companies building essential digital infrastructure. Geographic focus spans Europe, Israel, and the US, with a particular affinity for founders connected to the Portuguese ecosystem.

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#### 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

BlueCrow Capital operates multiple fund series covering health tech, fintech, foodtech, and payments. Based in Lisbon, BlueCrow takes a diversified approach across fund types including development, growth, impact, innovation, and northern funds.

*Thesis*: Multi-fund platform covering health tech, fintech, and foodtech verticals. Invests across multiple fund strategies from impact to growth. Seeks companies with strong product-market fit in regulated and complex industries.

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#### Big Start Ventures
- **Type**: VC
- **City**: Lisbon
- **Stages**: Seed, Series A
- **Sectors**: FinTech, InsurTech, AI, Legal Tech, Cybersecurity
- **Website**: https://bigstart.vc
- **Profile**: https://portugalvc.com/vc/big-start-ventures

Big Start Ventures is a B2B-focused seed-stage VC based in Lisbon with 16 investments. The firm specializes in fintech, insurtech, AI, legal tech, and cybersecurity — all high-value B2B verticals with strong enterprise demand.

*Thesis*: B2B seed-stage specialist. Invests in founders building enterprise solutions in fintech, insurtech, legal tech, and cybersecurity. Looks for recurring revenue models and strong technical differentiation in regulated industries.

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#### APEX Capital
- **Type**: VC
- **City**: Cascais
- **Founded**: 2023
- **Stages**: Pre-Seed, Seed, Series A
- **Sectors**: Sports Tech, Media, Entertainment, Analytics
- **AUM**: €50M
- **Website**: https://apex-cp.com
- **Profile**: https://portugalvc.com/vc/apex-capital

APEX Capital is based in Cascais, investing in sports tech, media, entertainment, and analytics from pre-seed through Series A. The firm occupies a unique niche in the Portuguese VC landscape with its focus on the intersection of technology and entertainment/sports industries.

*Thesis*: Niche investor at the intersection of sports, media, entertainment, and data analytics. Seeks founders building technology platforms that transform how audiences engage with sports and entertainment content.

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#### 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

Olisipo Way is a Lisbon-based VC focused on adtech, sales/marketing, productivity, and SaaS. With 14 investments, the firm backs founders building tools that improve how businesses market, sell, and operate.

*Thesis*: Invests in the future of work and go-to-market technology. Focuses on adtech, marketing automation, sales enablement, and productivity tools. Seeks SaaS companies with strong product-led growth mechanics.

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#### Best Horizon
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2014
- **Stages**: Seed, Pre-Seed
- **Sectors**: Gaming, Music, Audio, AR/VR, Shipping
- **Ticket Size**: €1M–€2M
- **Website**: https://besthorizon.pt
- **Profile**: https://portugalvc.com/vc/best-horizon

Best Horizon is a Lisbon-based VC with a distinctive focus on gaming, music, audio, AR/VR, and shipping technology. The firm invests at pre-seed and seed stages in companies at the intersection of entertainment, immersive technology, and logistics.

*Thesis*: Invests in entertainment and immersive technology — gaming, music, audio, and AR/VR. Also covers shipping and logistics tech. Looks for founders creating new experiences and disrupting traditional industries through technology.

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#### 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

Bionova Capital is a healthcare and life sciences-focused VC based in Lisbon, founded in 2015. With a European investment scope, Bionova specializes in healthcare, biotech, deep tech, and life sciences. Portfolio companies include Adapttech, Anybrain, and CellmAbs.

*Thesis*: Healthcare and life sciences specialist with European scope. Invests in companies developing novel diagnostics, therapeutics, medical devices, and health-tech platforms. Seeks strong scientific foundations and clear clinical/regulatory pathways.

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#### Biovance Capital Partners
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2023
- **Stages**: 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

Biovance Capital Partners is a life sciences and biotech specialist VC launched in 2023 with €57M in its first fund. Backed by the European Investment Fund (EIF), BIAL (Portugal's largest pharma company), and Banco Português de Fomento, Biovance is purpose-built for later-stage life sciences investing.

*Thesis*: Later-stage life sciences investor backed by institutional capital and pharma industry. Targets biotech and life sciences companies post-Series A with validated science and clear commercialization paths. Leverages BIAL's pharma expertise and EIF backing.

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#### Critical Ventures
- **Type**: VC
- **City**: Coimbra
- **Founded**: 2011
- **Stages**: Seed, Series A
- **Sectors**: Software, Digital Tech, Medical, Genetics
- **Ticket Size**: €2M–€6M
- **Website**: https://critical-ventures.com
- **Profile**: https://portugalvc.com/vc/critical-ventures

Critical Ventures is based in Coimbra, leveraging one of Portugal's strongest university ecosystems. The firm invests in software, digital tech, medical, and genetics companies at seed and Series A stages, often working with spinoffs from the University of Coimbra's research labs.

*Thesis*: University ecosystem investor leveraging Coimbra's academic excellence. Invests in deep tech spinoffs and software companies with strong research foundations. Focus on medical technology, genetics, and digital health.

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#### 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

hypra.fund is a Lisbon-based VC investing in crypto, fintech, and enterprise software at seed and Series A stages. With ticket sizes up to $10M, the fund is positioned for significant early-stage bets in the web3 and financial technology space.

*Thesis*: Web3 and fintech specialist. Invests in crypto infrastructure, decentralized finance, and enterprise software companies. Seeks founders building at the intersection of traditional finance and blockchain technology.

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#### FundBox
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2004
- **Stages**: Pre-Seed
- **Sectors**: Space Tech, IoT
- **AUM**: €610M
- **Website**: https://fundbox.pt
- **Profile**: https://portugalvc.com/vc/fundbox

FundBox is a Lisbon-based pre-seed investor focused on space tech and IoT. Operating at the earliest stages, FundBox backs founders building hardware and software for space applications and connected devices.

*Thesis*: Pre-seed specialist in frontier technology — space tech and IoT. Invests at the earliest stages in technically ambitious companies building for the space economy and connected device ecosystem.

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#### Rising Ventures
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2014
- **Stages**: Pre-Seed
- **Sectors**: AdTech, Sales/Marketing
- **Ticket Size**: €90K–€950K
- **Website**: https://risingventures.pt
- **Profile**: https://portugalvc.com/vc/rising-ventures

Rising Ventures is a pre-seed VC based in Lisbon, investing in adtech and sales/marketing technology. The firm supports founders at the very earliest stages who are building tools to transform digital advertising and go-to-market operations.

*Thesis*: Pre-seed investor in adtech and marketing technology. Seeks founders building innovative solutions for digital advertising, customer acquisition, and sales enablement.

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#### RR² Capital
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2021
- **Stages**: Seed
- **Sectors**: Data/BI, Crypto/Web3
- **Website**: https://rr2.capital
- **Profile**: https://portugalvc.com/vc/rr-capital

RR² Capital is a Lisbon-based seed-stage VC investing in data/business intelligence and crypto/web3 companies. The firm focuses on the intersection of data infrastructure and decentralized technologies.

*Thesis*: Seed investor at the intersection of data infrastructure and web3. Backs founders building data analytics, business intelligence, and blockchain-powered data solutions.

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#### 3xP Global
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2018
- **Stages**: Pre-Seed, Seed
- **Sectors**: FinTech, AR/VR, Manufacturing
- **Website**: https://3xpglobal.eu
- **Profile**: https://portugalvc.com/vc/3xp-global

3xP Global is a Lisbon-based VC investing at pre-seed and seed stages in fintech, AR/VR, and manufacturing technology. The firm has a cross-sector approach, bridging digital and industrial innovation.

*Thesis*: Early-stage investor spanning fintech, immersive tech, and manufacturing. Seeks startups bridging the digital-physical divide with applications in financial services, extended reality, and smart manufacturing.

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#### 3 Comma Capital
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2022
- **Stages**: Pre-Seed, Seed
- **Sectors**: Media, Entertainment, Web3
- **Website**: https://3commacapital.com
- **Profile**: https://portugalvc.com/vc/3-comma-capital

3 Comma Capital, founded in 2022, is a Lisbon-based VC focused on media, entertainment, and web3. The firm invests at pre-seed and seed stages in companies reshaping digital content, entertainment platforms, and decentralized technologies.

*Thesis*: Media, entertainment, and web3 specialist. Invests in the convergence of content, technology, and decentralized platforms. Seeks founders building the next generation of media and entertainment experiences.

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#### BlockChange Capital
- **Type**: VC
- **City**: Lisbon
- **Stages**: Seed, Series B
- **Sectors**: FinTech, Blockchain/Crypto
- **Website**: https://blockchange.vc
- **Profile**: https://portugalvc.com/vc/blockchange-capital

BlockChange Capital is a globally-scoped VC based in Lisbon, investing in fintech and blockchain/crypto companies from seed through Series B. The firm's investment geography spans North America, South America, Europe, and Asia.

*Thesis*: Global blockchain and fintech investor. Invests in companies building financial infrastructure on blockchain technology. Seeks teams with strong technical capabilities and clear regulatory strategies across global markets.

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#### N1 Investment Company
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2018
- **Stages**: Seed
- **Sectors**: Financial Services, FinTech, Healthcare
- **Ticket Size**: €100K–€350K
- **Website**: https://n1invest.co
- **Profile**: https://portugalvc.com/vc/n1-investment-company

N1 Investment Company is a Lisbon-based seed-stage investor focused on financial services, fintech, and healthcare. The firm backs founders building innovative solutions in regulated industries.

*Thesis*: Seed investor in regulated sectors — financial services, fintech, and healthcare. Seeks founders who understand regulatory complexity and can build scalable solutions within compliance frameworks.

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#### 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

Start Ventures is a Lisbon-based VC with 7 investments in fintech, insurtech, and cybersecurity. The firm targets seed and Series A companies building technology solutions for financial services and security.

*Thesis*: Focused investor in fintech, insurtech, and cybersecurity. Seeks founders solving critical problems in financial infrastructure and digital security. Selective approach with concentrated portfolio.

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#### 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

WISENEXT is a Lisbon-based VC providing 'smart capital' with a focus on societal impact. Investing at pre-seed and seed stages in software, AI, and internet companies, WISENEXT combines financial returns with positive societal outcomes.

*Thesis*: Smart capital investor combining financial returns with societal impact. Invests in software and AI companies that address real societal challenges. Offers strategic guidance alongside capital.

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#### Ganexa Capital
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2013
- **Stages**: Seed, Pre-Seed
- **Sectors**: Healthcare, Fitness, Wellness
- **Website**: https://ganexacapital.com
- **Profile**: https://portugalvc.com/vc/ganexa-capital

Ganexa Capital is a Lisbon-based VC investing in healthcare, fitness, and wellness startups at pre-seed and seed stages. The firm focuses on the growing intersection of technology and personal health.

*Thesis*: Health and wellness specialist. Invests in startups building technology for healthcare, fitness, and personal wellness. Seeks founders addressing the growing demand for proactive health management.

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#### Bright Ventures
- **Type**: VC
- **City**: Lisbon
- **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

Bright Ventures is a Lisbon-based early-stage VC focused on software, advertising, and services companies. The firm invests at pre-seed and seed stages in companies building technology-driven service businesses.

*Thesis*: Early-stage investor in software and technology-enabled services. Seeks founders building scalable businesses in advertising technology and B2B services.

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#### Beta Capital
- **Type**: VC
- **City**: Porto / Lisbon
- **Founded**: 2003
- **Stages**: Seed
- **Sectors**: VoIP, Software, Wireless
- **Website**: https://betacapital.pt
- **Profile**: https://portugalvc.com/vc/beta-capital

Beta Capital operates across Porto and Lisbon, investing at seed stage in VoIP, software, and wireless technology companies. The firm focuses on telecommunications infrastructure and connectivity innovation.

*Thesis*: Seed investor in communications and connectivity technology. Focuses on VoIP, wireless, and software companies building next-generation telecommunications infrastructure.

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#### 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

AgileGTM Capital, founded in 2024, combines venture capital with a cohort-based go-to-market program. Based in Lisbon, it invests $150K in early-stage blockchain and web3 companies while providing structured GTM support to accelerate market entry.

*Thesis*: VC + GTM accelerator for web3 and blockchain startups. Provides $150K investment alongside a structured go-to-market program. Seeks early-stage teams with strong technology that need help with market entry and distribution strategy.

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#### Polkastarter Ventures
- **Type**: VC
- **City**: Lisbon
- **Stages**: Seed
- **Sectors**: Web3, Blockchain, Gaming
- **Website**: https://polkastarter.com
- **Profile**: https://portugalvc.com/vc/polkastarter-ventures

Polkastarter Ventures is the investment arm of Polkastarter, one of the most recognized decentralized fundraising platforms. Based in Lisbon, it invests at seed stage in web3, blockchain, and gaming startups, leveraging its deep expertise in token launches and decentralized finance.

*Thesis*: Web3-native investor with deep DeFi and token launch expertise. Backs seed-stage blockchain gaming and decentralized applications. Leverages the Polkastarter platform and community for portfolio company distribution.

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#### Grow Venture Partners
- **Type**: VC
- **City**: Lisbon
- **Founded**: 2022
- **Stages**: Seed
- **Sectors**: Early-stage tech
- **Ticket Size**: €100K–€1M
- **Website**: https://growventurepartners.com
- **Profile**: https://portugalvc.com/vc/grow-venture-partners

Grow Venture Partners is a seed-stage VC based in Lisbon investing broadly in early-stage technology companies. The firm provides capital and mentorship to founders building innovative tech products.

*Thesis*: Generalist seed investor in early-stage tech. Backs founders with innovative technology products and strong execution capabilities. Open to multiple sectors with a preference for technology-driven business models.

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#### Pitchdrive
- **Type**: VC
- **City**: Lisbon
- **Stages**: Pre-Seed, Seed
- **Sectors**: SaaS, AI
- **AUM**: €50M
- **Ticket Size**: €250K–€2M
- **Website**: https://pitchdrive.com
- **Profile**: https://portugalvc.com/vc/pitchdrive

Pitchdrive is a Lisbon-based VC investing €100K–€500K in SaaS and AI startups at pre-seed and seed stages. The firm focuses on software companies with strong recurring revenue potential and AI-powered differentiation.

*Thesis*: SaaS and AI specialist at pre-seed and seed. Invests €100K–€500K in founders building software-as-a-service products with AI at the core. Looks for strong product vision and early signals of product-market fit.

---

#### 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**: €250K–€1M
- **Website**: https://basinghallpartners.com
- **Profile**: https://portugalvc.com/vc/basinghall-partners

Basinghall Partners is a multi-office VC with presence in Lisbon, London, Luxembourg, and Germany. Founded in 2017, it invests €250K–€1M at pre-seed and seed stages across supply chain, big data, AI/ML, cybersecurity, and AR/VR. Portfolio includes Arthur Bus, Conntac, and Empion.

*Thesis*: Pan-European early-stage investor with multi-city operations. Invests in enterprise technology across supply chain, data, AI, and security. Offers founders access to multiple European markets through its distributed office network.

---

#### Eyer Partners
- **Type**: VC
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/eyer-partners

Eyer Partners is a Lisbon-based VC focused on growth-stage investments across multiple sectors. The firm targets established companies ready for expansion capital.

*Thesis*: Growth-stage multi-sector investor. Seeks established companies with proven business models that need capital to scale operations.

---

#### Altaz Capital
- **Type**: VC
- **City**: Porto
- **Founded**: 2025
- **Stages**: Seed, Series A
- **Sectors**: Consumer Brands, Sustainability, DTC
- **Website**: https://altazcapital.com
- **Profile**: https://portugalvc.com/vc/altaz-capital

Altaz Capital is a Porto-based VC with an Iberian focus, investing in mission-driven consumer brands, sustainability, and DTC companies. The firm backs founders who combine purpose with profit, with ISTO being a notable portfolio company.

*Thesis*: Mission-driven consumer brand investor. Backs purpose-led founders building sustainable consumer brands and DTC businesses across the Iberian Peninsula. Seeks companies where sustainability is core to the brand proposition.

---

#### Porto Venture
- **Type**: VC
- **City**: Porto
- **Stages**: Seed, Series A
- **Sectors**: Cloud, SaaS, E-Commerce
- **Website**: https://portoventure.com
- **Profile**: https://portugalvc.com/vc/porto-venture

Porto Venture is a Porto-based VC investing in cloud, SaaS, and e-commerce companies across Portugal and Spain. The firm focuses on founders building scalable software businesses from the Iberian Peninsula.

*Thesis*: Iberian SaaS and cloud investor. Backs founders building scalable software and e-commerce businesses from Portugal and Spain. Seeks strong recurring revenue models and product-led growth.

---

#### Demium Capital
- **Type**: VC
- **City**: Lisbon
- **Stages**: Pre-Seed, Seed
- **Sectors**: Multi-sector (Talent Investor)
- **Ticket Size**: €100K+
- **Website**: https://demium.com
- **Profile**: https://portugalvc.com/vc/demium-capital

Demium Capital is an international 'talent investor' with operations in Lisbon. Rather than investing in existing companies, Demium identifies talented individuals and helps them form teams, develop ideas, and build startups. Initial investment is €100K with €500K follow-on available.

*Thesis*: Talent-first investor — invests in people before products. Identifies entrepreneurial talent, forms teams, and helps build companies from scratch. Provides €100K initial investment, mentoring, and business advice, with follow-on capacity of €500K.

---

### CVC (8 firms)

#### Caixa Capital
- **Type**: CVC
- **City**: Lisbon
- **Founded**: 1991
- **Stages**: Seed, Series A, Growth
- **Sectors**: Tech, Life Sciences, Creative Industries
- **AUM**: €500M
- **Ticket Size**: €1M–€5M
- **Website**: https://caixacapital.pt
- **Profile**: https://portugalvc.com/vc/caixa-capital

Caixa Capital is the venture capital and private equity arm of Caixa Geral de Depósitos, Portugal's largest state-owned bank. Managing over €700M in assets, it is one of the most well-capitalized investors in the Portuguese ecosystem, covering tech, life sciences, and creative industries across multiple stages.

*Thesis*: Leverages the stability and reach of Portugal's largest banking institution to support companies from seed to growth. Focuses on technology-enabled businesses, life sciences, and creative industries with a preference for companies that can demonstrate strong unit economics.

---

#### 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

Bright Pixel Capital (formerly Sonae IM) is the technology investment arm of the Sonae group, one of Portugal's largest conglomerates. With 99 investments and 18 exits, it is one of the most active corporate VCs in Europe. Based in Maia near Porto, Bright Pixel focuses on cybersecurity, retail tech, and infrastructure software.

*Thesis*: Corporate VC leveraging Sonae's operational expertise and distribution network. Invests in cybersecurity, retail technology, and infrastructure software companies that can benefit from strategic synergies with the Sonae ecosystem. Offers more than capital — provides market access and enterprise customers.

---

#### EDP Ventures
- **Type**: CVC
- **City**: Lisbon
- **Founded**: 2008
- **Stages**: Seed, Series A
- **Sectors**: Cleantech, Energy, Smart Grids, Renewable Energy, AI
- **Ticket Size**: €1M–€10M
- **Website**: https://edpventures.com
- **Profile**: https://portugalvc.com/vc/edp-ventures

EDP Ventures is the corporate venture capital arm of EDP (Energias de Portugal), one of Europe's largest energy companies. It invests in cleantech, energy, smart grids, renewable energy, and AI startups, offering portfolio companies access to EDP's massive energy infrastructure and customer base across multiple countries.

*Thesis*: Strategic CVC investing in the future of energy. Looks for startups building solutions for the energy transition — smart grids, renewable energy, energy storage, and AI-powered energy management. Offers portfolio companies pilot opportunities and access to EDP's global operations.

---

#### Semapa Next
- **Type**: CVC
- **City**: Lisbon
- **Founded**: 2017
- **Stages**: Seed, Series A
- **Sectors**: FinTech, Crypto/Web3, Gaming, Industrial Tech, SaaS
- **Ticket Size**: €5M–€22.5M
- **Website**: https://semapanext.com
- **Profile**: https://portugalvc.com/vc/semapa-next

Semapa Next is the corporate venture capital arm of the Semapa group, a Portuguese industrial conglomerate. It invests in fintech, crypto/web3, gaming, industrial tech, and SaaS startups, looking for synergies with Semapa's core businesses in paper, cement, and environment.

*Thesis*: Strategic CVC connecting startups with industrial opportunities. Invests in technology companies that can create value at the intersection of digital and industrial. Particularly interested in fintech, web3, and SaaS solutions applicable to industrial contexts.

---

#### Novabase Capital
- **Type**: CVC
- **City**: Lisbon
- **Founded**: 2003
- **Stages**: Seed, Pre-Seed
- **Sectors**: ICT, Software, AI
- **Website**: https://novabase.pt
- **Profile**: https://portugalvc.com/vc/novabase-capital

Novabase Capital is the venture investment arm of Novabase SGPS, a Portuguese IT services company. It invests in early-stage ICT, software, and AI startups, leveraging Novabase's technology expertise and enterprise client relationships to support portfolio companies.

*Thesis*: CVC arm leveraging deep IT services expertise. Invests in ICT, software, and AI companies that can benefit from Novabase's technical capabilities and enterprise client network. Supports founders with hands-on technical guidance.

---

#### Amorim Holding II
- **Type**: CVC
- **City**: Lisbon
- **Stages**: Series B
- **Sectors**: Business Services (B2B), Financial Services
- **Profile**: https://portugalvc.com/vc/amorim-holding-ii

Amorim Holding II is the corporate venture arm of the Amorim Group, one of Portugal's wealthiest and most diversified family-owned conglomerates. It invests in Series B-stage B2B and financial services companies, offering portfolio companies connections to the Amorim business network.

*Thesis*: Strategic CVC from one of Portugal's most established family groups. Invests in B2B services and financial technology at growth stage. Leverages Amorim's global business network and operational expertise.

---

#### CTT Ventures
- **Type**: CVC
- **City**: Lisbon
- **Stages**: Seed
- **Sectors**: FinTech, Transportation, Logistics
- **Website**: https://ctt.pt
- **Profile**: https://portugalvc.com/vc/ctt-ventures

CTT Ventures is the corporate venture capital arm of CTT, the Portuguese postal service and one of the country's oldest institutions. It invests in fintech, transportation, and logistics startups, offering portfolio companies access to CTT's national logistics network and financial services infrastructure.

*Thesis*: Strategic CVC leveraging Portugal's postal and logistics infrastructure. Invests in fintech, transportation, and logistics startups that can create synergies with CTT's delivery network and financial services. Offers unique distribution advantages.

---

#### Sogrape Ventures
- **Type**: CVC
- **City**: Porto
- **Stages**: Seed, Series A
- **Sectors**: Wine/Beverage Tech, FoodTech, AgriTech
- **AUM**: €5M
- **Website**: https://sogrape.com
- **Profile**: https://portugalvc.com/vc/sogrape-ventures

Sogrape Ventures is the corporate venture capital arm of the Sogrape wine group, one of Portugal's most iconic companies. Managed in partnership with Beta Capital, it invests in wine/beverage tech, foodtech, and agritech startups. Portfolio companies benefit from access to Sogrape's global wine distribution network.

*Thesis*: Wine and food industry CVC. Invests in technology that transforms agriculture, food production, and beverage distribution. Offers unique access to Sogrape's global wine operations and supply chain.

---

### VC (SCR) (19 firms)

#### Inter-Risco
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Multi-stage
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/inter-risco

Inter-Risco (InterRisco – Sociedade de Capital de Risco, SA) is a CMVM-registered venture capital firm operating across multiple stages and sectors in Portugal. As one of the longer-standing SCRs, it has participated in the development of Portugal's venture capital ecosystem.

*Thesis*: Multi-stage, multi-sector venture capital firm. Registered with CMVM as a Sociedade de Capital de Risco. Invests broadly across the Portuguese economy with flexibility in deal structure and stage.

---

#### Espírito Santo Ventures
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Series B+
- **Sectors**: Electronics, FinTech, Internet, Tech
- **Profile**: https://portugalvc.com/vc/espirito-santo-ventures

Espírito Santo Ventures is a legacy venture capital entity from the BES/Novo Banco banking group. Focused on later-stage investments in electronics, fintech, internet, and tech, it has historical roots in one of Portugal's most prominent financial groups.

*Thesis*: Later-stage technology investor from the legacy BES/Novo Banco financial group. Targets established technology companies in fintech, electronics, and internet sectors.

---

#### ActiveCap Capital Partners
- **Type**: VC (SCR)
- **City**: Lisbon
- **Founded**: 2018
- **Stages**: Growth
- **Sectors**: SMEs, Mid-market
- **Website**: https://activecap.pt
- **Profile**: https://portugalvc.com/vc/activecap-capital-partners

ActiveCap Capital Partners is a CMVM-registered SCR (Sociedade de Capital de Risco) operating as a PE fund manager focused on growth-stage investments in SMEs and mid-market companies in Portugal.

*Thesis*: Growth capital for Portuguese SMEs and mid-market companies. CMVM-regulated fund manager providing expansion capital to established businesses. Focus on companies with proven models ready to scale.

---

#### ADMAR SCR
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/admar-scr

ADMAR SCR is a CMVM-registered closed-end venture capital fund investing in growth-stage companies across multiple sectors in Portugal.

*Thesis*: Closed-end growth fund regulated by CMVM. Multi-sector approach targeting established companies needing expansion capital.

---

#### Atena Equity Partners
- **Type**: VC (SCR)
- **City**: Lisbon
- **Founded**: 2014
- **Stages**: Growth
- **Sectors**: Industrials, Education, Healthcare
- **Website**: https://www.atenaep.com
- **Profile**: https://portugalvc.com/vc/atena-equity-partners

Atena Equity Partners is a CMVM-registered SCR focused on control-oriented investments in industrials, education, and healthcare. The firm takes majority or significant minority positions in growth-stage companies, actively participating in strategic and operational decisions.

*Thesis*: Control-oriented investor in industrials, education, and healthcare. Takes majority or significant minority positions and actively drives strategy. Seeks companies with strong fundamentals ready for operational transformation.

---

#### C2 Capital Partners
- **Type**: VC (SCR)
- **City**: Loures (Lisbon)
- **Founded**: 2009
- **Stages**: Growth
- **Sectors**: Life Sciences, Industry, Healthcare
- **Website**: https://c2capital.pt
- **Profile**: https://portugalvc.com/vc/c2-capital-partners

C2 Capital Partners is an independent PE firm and CMVM-registered SCR based in Loures, near Lisbon. Founded in 2009, the firm focuses on growth-stage investments in life sciences, industry, and healthcare. Its most notable investment is a €30M position in Bluepharma.

*Thesis*: Life sciences and healthcare growth investor. Takes significant positions in established companies in pharma, healthcare, and industrial sectors. Seeks companies with proven products and clear paths to market expansion.

---

#### Cedrus Atlantica
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Real Estate, Multi-sector
- **Profile**: https://portugalvc.com/vc/cedrus-atlantica

Cedrus Atlantica is a CMVM-registered SCR focused on growth-stage investments in real estate and multi-sector opportunities in Portugal.

*Thesis*: Growth investor with emphasis on real estate and diversified multi-sector opportunities. CMVM-regulated fund structure.

---

#### CoRe Capital
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Seed, Series A
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/core-capital

CoRe Capital is a CMVM-registered SCR investing across multiple sectors at seed and Series A stages. Based in Lisbon, it provides early-stage capital to companies across the Portuguese economy.

*Thesis*: Multi-sector early-stage investor. CMVM-registered fund providing seed and Series A capital across diverse sectors. Generalist approach with flexibility in deal structure.

---

#### Crest Capital Partners
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Seed, Series A, Growth
- **Sectors**: Tech, Multi-sector
- **AUM**: €51M
- **Profile**: https://portugalvc.com/vc/crest-capital-partners

Crest Capital Partners is a CMVM-registered SCR managing €51M through the Banco Português de Fomento (BPF) programme, with €34M from government sources and €17M from private capital. It invests across seed, Series A, and growth stages in tech and multi-sector companies.

*Thesis*: Government-backed fund investing across the company lifecycle. Part of the BPF programme combining public and private capital. Targets tech companies and innovation-driven businesses at all stages.

---

#### BIVEN Capital Partners
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Seed, Series A
- **Sectors**: Tech, Multi-sector
- **AUM**: €20M
- **Profile**: https://portugalvc.com/vc/biven-capital-partners

BIVEN Capital Partners is a CMVM-registered SCR managing €20M through the BPF Consolidar programme. It invests at seed and Series A stages in tech and multi-sector companies, combining government-backed funding with private sector investment discipline.

*Thesis*: Government-supported early-stage fund under the BPF Consolidar programme. Invests in tech and multi-sector companies at seed and Series A. Combines public capital with professional fund management.

---

#### HEED Capital
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **AUM**: €350M
- **Website**: https://heedcapital.com
- **Profile**: https://portugalvc.com/vc/heed-capital

HEED Capital is a CMVM-registered SGOIC (alternative asset management company) based in Lisbon. It focuses on growth-stage investments across multiple sectors, operating as a professional alternative asset manager.

*Thesis*: Alternative asset manager focused on growth-stage multi-sector investments. CMVM-regulated SGOIC providing institutional-grade capital to established businesses.

---

#### Insight Venture SCR
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: International Investment
- **Profile**: https://portugalvc.com/vc/insight-venture-scr

Insight Venture SCR is a CMVM-registered venture capital firm focused on growth-stage international investments from its Lisbon base.

*Thesis*: Growth-stage international investor. CMVM-regulated fund deploying capital in companies with international scope and proven business models.

---

#### ISQ SCR
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Seed, Series A
- **Sectors**: Tech, Industry
- **Profile**: https://portugalvc.com/vc/isq-scr

ISQ SCR is a CMVM-registered venture capital firm linked to the ISQ industrial group, one of Portugal's leading industrial services organizations. It invests at seed and Series A in tech and industrial companies, leveraging ISQ's deep industry expertise.

*Thesis*: Industrial-linked VC leveraging ISQ's technical expertise. Invests in tech and industrial innovation companies that can benefit from ISQ's engineering capabilities and industry connections.

---

#### Octanova SCR
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/octanova-scr

Octanova SCR is a CMVM-registered venture capital firm focused on growth-stage multi-sector investments in Portugal.

*Thesis*: Growth-stage multi-sector investor. CMVM-regulated fund providing expansion capital to Portuguese companies.

---

#### Quadrantis Capital
- **Type**: VC (SCR)
- **City**: Lisbon
- **Founded**: 2014
- **Stages**: Growth
- **Sectors**: Renewable Energy, Real Estate, Hospitality, AgriTech, FinTech
- **AUM**: €350M
- **Ticket Size**: €1M–€5M
- **Website**: https://quadrantiscapital.com
- **Profile**: https://portugalvc.com/vc/quadrantis-capital

Quadrantis Capital is a CMVM-registered SCR founded in 2014 with a focus on sustainable investment. It invests in growth-stage companies across renewable energy, real estate, hospitality, agritech, and fintech — all sectors aligned with sustainability objectives.

*Thesis*: Sustainability-focused growth investor. Invests in companies across renewable energy, agritech, and sustainable real estate. Seeks businesses where environmental sustainability drives competitive advantage.

---

#### Touro Capital Partners
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/touro-capital-partners

Touro Capital Partners is a CMVM-registered SCR focused on growth-stage investments across multiple sectors in Portugal.

*Thesis*: Growth capital provider across multiple sectors. CMVM-regulated fund targeting companies with established business models.

---

#### Vibecap SCR
- **Type**: VC (SCR)
- **City**: Algés (Lisbon)
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/vibecap-scr

Vibecap SCR is a CMVM-registered venture capital firm based in Algés, near Lisbon. It focuses on growth-stage multi-sector investments.

*Thesis*: Growth-stage multi-sector investor. CMVM-regulated fund based in the Lisbon metropolitan area.

---

#### IM Gestão de Ativos
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Profile**: https://portugalvc.com/vc/im-gestao-de-ativos

IM Gestão de Ativos is a CMVM-registered SGOIC (alternative asset management company) based in Lisbon. It operates as a professional asset manager focused on growth-stage multi-sector investments.

*Thesis*: Professional alternative asset manager. CMVM-registered SGOIC providing institutional capital to growth-stage companies across sectors.

---

#### Iberis Semper
- **Type**: VC (SCR)
- **City**: Lisbon
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Website**: https://iberiscapital.com
- **Profile**: https://portugalvc.com/vc/iberis-semper

Iberis Semper is a CMVM-registered SCR that is part of the larger Iberis Capital group. It focuses on growth-stage multi-sector investments, leveraging the broader Iberis platform and investor network.

*Thesis*: Growth-stage investor within the Iberis Capital group. Leverages the broader Iberis platform and its 1,300+ investor network for deal flow and co-investment. Multi-sector approach focused on growth capital.

---

### VC (Impact) (6 firms)

#### Mustard Seed MAZE
- **Type**: VC (Impact)
- **City**: Lisbon
- **Stages**: Seed, Series A
- **Sectors**: Impact Tech, Sustainability, Education, Health
- **AUM**: €40M
- **Website**: https://msm.vc
- **Profile**: https://portugalvc.com/vc/mustard-seed-maze

Mustard Seed MAZE is Portugal's leading impact-focused venture capital firm. Managing €40M, it invests in companies that generate measurable social and environmental impact alongside financial returns. Portfolio companies include knok, StudentFinance, Kitch, and Rnters.

*Thesis*: Impact-first investing that doesn't compromise on returns. Seeks startups solving critical challenges in education, health, and sustainability. Founders must demonstrate a clear theory of change and measurable impact metrics alongside their growth plan.

---

#### MSM
- **Type**: VC (Impact)
- **City**: Lisbon
- **Founded**: 2018
- **Stages**: Pre-Seed, Seed, Series A
- **Sectors**: Health Tech, Fashion, InsureTech, Climate
- **AUM**: €45M
- **Ticket Size**: €500K–€1M
- **Website**: https://msm.vc
- **Profile**: https://portugalvc.com/vc/msm

MSM is a Lisbon-based impact VC managing €45M across health tech, fashion, insuretech, and climate sectors. With 28 investments, MSM combines impact investing with a focus on technology-driven solutions that address systemic challenges.

*Thesis*: Impact VC investing in technology solutions that address health, climate, and social challenges. Seeks founders building scalable businesses where impact and profit are deeply integrated. Comfortable investing from pre-seed through Series A.

---

#### MAZE – decoding impact
- **Type**: VC (Impact)
- **City**: Lisbon
- **Stages**: Series B
- **Sectors**: B2B, Financial Services, Impact
- **Profile**: https://portugalvc.com/vc/maze-decoding-impact

MAZE – decoding impact is an impact-focused VC based in Lisbon, investing at Series B stage in B2B and financial services companies that generate positive social and environmental impact alongside financial returns.

*Thesis*: Later-stage impact investor focused on B2B and financial services. Invests in companies with proven impact models at scale. Seeks businesses where impact and profitability are deeply intertwined.

---

#### 200M / Social Innovation Fund
- **Type**: VC (Impact)
- **City**: Porto / Lisbon
- **Stages**: Seed, Series A
- **Sectors**: Healthcare, AI, Marketing, Media
- **Website**: https://200m.pt
- **Profile**: https://portugalvc.com/vc/200m-social-innovation-fund

The 200M / Social Innovation Fund operates across Porto and Lisbon with a focus on social innovation. It invests in healthcare, AI, marketing, and media startups at seed and Series A stages, prioritizing ventures that drive positive social outcomes.

*Thesis*: Social innovation investor supporting startups that combine technology with social impact. Invests in healthcare, AI, and media companies that address societal challenges. Dual-city presence in Porto and Lisbon.

---

#### Simpact VC
- **Type**: VC (Impact)
- **City**: Lisbon
- **Stages**: Early Stage
- **Sectors**: Impact, Social Enterprise
- **Profile**: https://portugalvc.com/vc/simpact-vc

Simpact VC is an impact-focused venture capital firm based in Lisbon. Investing at early stages in impact-driven companies and social enterprises, Simpact seeks to generate positive social and environmental outcomes alongside financial returns.

*Thesis*: Impact-first investor in social enterprises and purpose-driven companies. Seeks founders building businesses where social or environmental impact is core to the value proposition.

---

#### MAZE Impact
- **Type**: VC (Impact)
- **City**: Lisbon
- **Founded**: 2013
- **Stages**: Pre-Seed, Seed, Series A
- **Sectors**: Impact, Social Finance, Sustainability
- **Ticket Size**: €100K–€1M
- **Website**: https://maze-impact.com
- **Profile**: https://portugalvc.com/vc/maze-impact

MAZE Impact, founded in 2013, is a social finance intermediary and impact VC based in Lisbon. It invests €100K–€1M in impact, social finance, and sustainability companies from pre-seed through Series A. MAZE also runs the Maze X accelerator, one of Europe's leading impact accelerator programmes.

*Thesis*: Social finance intermediary combining investment with ecosystem building. Runs the Maze X accelerator for impact startups. Invests in companies that generate measurable social and environmental impact. Seeks founders building sustainable businesses that address systemic challenges.

---

### PE / VC (5 firms)

#### Explorer Investments
- **Type**: PE / VC
- **City**: Lisbon
- **Founded**: 2003
- **Stages**: Series A, Growth
- **Sectors**: Health Tech, Scalable Businesses
- **AUM**: €1.4B+
- **Website**: https://www.explorerinvestments.com
- **Profile**: https://portugalvc.com/vc/explorer-investments

Explorer Investments is Portugal's largest private equity and venture capital firm, managing approximately €1.4 billion in assets. While primarily a PE firm, Explorer also participates in later-stage venture capital rounds for health tech and other scalable businesses. It is a dominant player in the Portuguese investment landscape.

*Thesis*: Growth-stage and PE investor seeking companies with proven business models and clear paths to profitability. Targets health tech and other scalable businesses ready for significant capital deployment. Looks for market leadership potential in established sectors.

---

#### 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

Iberis Capital manages over €600M and has built a network of 1,300+ investors. Founded in 2017, the firm covers tech, healthcare, and industrial innovation from seed through growth stages. Iberis operates as both a PE and VC firm, giving it flexibility to support companies across their lifecycle.

*Thesis*: Multi-stage investor spanning the full company lifecycle. Invests in tech-enabled businesses with strong fundamentals across healthcare and industrial innovation. Leverages its large LP base for deal flow and co-investment opportunities.

---

#### ECS Capital
- **Type**: PE / VC
- **City**: Lisbon
- **Founded**: 2006
- **Stages**: Growth
- **Sectors**: Multi-sector
- **Website**: https://ecs.pt
- **Profile**: https://portugalvc.com/vc/ecs-capital

ECS Capital is a private investment firm (SCR) focused on growth-stage and private equity investments across multiple sectors in Portugal. Operating as a multi-sector investor, ECS targets established companies ready for growth capital.

*Thesis*: Growth-stage and PE investor across multiple sectors. Targets companies with proven revenue and profitability seeking capital to accelerate expansion. Multi-sector approach with a focus on the Portuguese market.

---

#### 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

Oxy Capital is an alternative asset management firm founded in 2011. Based in Lisbon, it focuses on growth-stage investments in SMEs across multiple sectors. Oxy positions itself as a partner for mid-market companies seeking capital and operational support.

*Thesis*: Growth capital for established SMEs. Invests in mid-market companies with strong fundamentals that need capital to scale. Takes an operational partnership approach, providing strategic guidance alongside capital.

---

#### Vallis Capital Partners
- **Type**: PE / VC
- **City**: Lisbon
- **Founded**: 2010
- **Stages**: Growth
- **Sectors**: Industrial, Multi-sector
- **AUM**: €226M
- **Ticket Size**: €7M–€30M
- **Website**: https://vallis.pt
- **Profile**: https://portugalvc.com/vc/vallis-capital-partners

Vallis Capital Partners is an independent PE fund advisor managing over €200M, focused on industrial investments. Founded in 2010, the firm advises on growth-stage investments in industrial and multi-sector companies across Portugal.

*Thesis*: Industrial PE fund advisor. Manages growth capital focused on industrial companies and manufacturing-related businesses. Seeks operational improvement opportunities in established Portuguese companies.

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### Venture Studio (5 firms)

#### Laika Ventures
- **Type**: Venture Studio
- **City**: Braga
- **Stages**: Pre-Seed, Seed
- **Sectors**: AI, Venture Studio
- **Website**: https://laikaventures.co
- **Profile**: https://portugalvc.com/vc/laika-ventures

Laika Ventures is Portugal's first AI Venture Studio, based in Braga. It combines venture capital with a hands-on studio model, co-building AI companies from the ground up. Portfolio companies receive a $100K AI tools grant and access to an Entrepreneur-in-Residence (EiR) programme.

*Thesis*: AI venture studio model — co-builds companies rather than just investing. Provides $100K in AI tools, technical resources, and hands-on co-founding support. Seeks AI-native founders who want a deeply collaborative studio partner.

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#### 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

Build Up Labs is an AI-native venture studio and startup incubator based in Lisbon, operating since 2014. It generates ideas, validates opportunities, builds MVPs, and launches digital businesses from scratch. The studio also runs an incubator programme (since 2020) that supports external founders with mentorship, network access, and resources. Founder Rui Gouveia also presides over the STUDIOS.PT industry association.

*Thesis*: AI-native methodology to identify market opportunities and rapidly build MVPs. Focuses on creating scalable digital products through lean, iterative processes with emphasis on go-to-market strategies. Operates both a venture studio (own ideas) and incubator (external founders) model.

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#### 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

SURFnCODE is a startup studio and venture firm based in Porto that partners with hand-picked founders to co-build early-stage companies. The team comprises former senior product managers, engineers, and investors from Skype, Apple, Microsoft, and Amazon, collectively holding over 100 patents. They position themselves as co-founders rather than passive advisors.

*Thesis*: Co-founder model — partners deeply with founders to reduce risk and accelerate time-to-market. Provides hands-on support in product development, strategy, operations, and fundraising. Focuses on ambitious founders with clear problems to solve, leveraging deep technical expertise from world-class product backgrounds.

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#### 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

CRON STUDIO is a venture studio in Coimbra that brings ideas to market-ready products by providing both technical development (software, hardware, AI) and comprehensive financial management. It runs the Boomerang programme, which has unlocked €7.5M in EU grants for portfolio companies with a 92% approval rate. CEO João Neves Monteiro is also Executive Director of STUDIOS.PT.

*Thesis*: Integrated technical and financial support from ideation through scalability. Combines product development with EU grant access (Boomerang programme) to de-risk early-stage ventures. Partners with projects that show clear growth potential and sustainable impact across software, hardware, and AI.

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#### 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

Dengun Startup Studio is a co-building venture studio based in Faro, Algarve, that accelerates early-stage tech startups by co-building digital products with founders. Originally founded as a digital agency in 2009, it evolved into a startup studio model. With 70+ team members and 600+ clients globally, Dengun brings deep product-building expertise. Founder Miguel Fernandes serves as Secretary General of STUDIOS.PT.

*Thesis*: Co-building studio model — partners with founders from idea through execution and scale. Leverages deep digital product expertise (70+ engineers and designers) to rapidly validate business models, build MVPs, and execute go-to-market strategies. Positions the Algarve as a tech hub.

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### Angel Network (2 firms)

#### REDangels
- **Type**: Angel Network
- **City**: Aveiro
- **Founded**: 2014
- **Stages**: Pre-Seed, Seed
- **Sectors**: Tech, IoT, Mobile
- **Ticket Size**: €10K–€100K
- **Website**: https://redangels.pt
- **Profile**: https://portugalvc.com/vc/redangels

REDangels is an angel investor network based in Aveiro, one of Portugal's growing tech hubs. With 17 investments in tech, IoT, and mobile, REDangels provides early-stage capital along with mentorship from its network of experienced entrepreneurs and operators.

*Thesis*: Angel syndicate providing pre-seed and seed capital alongside hands-on mentorship. Leverages the Aveiro tech ecosystem and university network. Invests in tech, IoT, and mobile startups with clear technical differentiation.

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#### 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

COREangels is an angel syndicate network based in Ílhavo, near Aveiro. The network brings together angel investors to co-invest in early-stage software, e-commerce, and IT companies. COREangels operates as a structured syndicate, pooling capital and expertise for pre-seed and seed investments.

*Thesis*: Syndicated angel investing in software and e-commerce. Pool capital from experienced operators and entrepreneurs for structured early-stage investments. Seek companies with clear revenue models and strong technical foundations.

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### Accelerator / VC (2 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

Beta-i is Lisbon's premier innovation hub and accelerator with a venture capital arm. It runs corporate innovation programs, accelerators, and startup events while also making direct investments in early-stage B2B companies. Beta-i has been instrumental in growing Lisbon's startup ecosystem.

*Thesis*: Innovation-first investor combining accelerator programs with direct investment. Supports early-stage B2B companies through structured programs, corporate partnerships, and hands-on mentorship. Deep connections to Lisbon's startup ecosystem.

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#### 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

Building Global Innovators (BGI) is a deep tech accelerator and VC backed by 12 Portuguese universities. It invests at pre-seed and seed stages in deep tech, cleantech, and sustainability companies, leveraging the research output of Portugal's academic institutions.

*Thesis*: University-backed deep tech accelerator. Leverages research from 12 Portuguese universities to identify and accelerate deep tech, cleantech, and sustainability startups. Bridges the gap between academic research and commercial application.

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### Incubator / VC (1 firms)

#### Startup Lisboa
- **Type**: Incubator / VC
- **City**: Lisbon
- **Founded**: 2012
- **Stages**: Pre-Seed
- **Sectors**: Multi-sector
- **Website**: https://startlisbon.pt
- **Profile**: https://portugalvc.com/vc/startup-lisboa

Startup Lisboa is Lisbon's leading incubator and accelerator, supporting pre-seed startups across all sectors. Beyond incubation services, it provides investment, mentorship, workspace, and connections to Portugal's investor and corporate community.

*Thesis*: Pre-seed support across all sectors through incubation and acceleration. Provides founders with office space, mentorship, and access to the investor community. Multi-sector approach focused on the earliest stages of company building.

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## Frequently Asked Questions

### How many venture capital firms are there in Portugal?
As of 2026, there are 91 venture capital firms indexed in Portugal — 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.

### What venture studios operate in Portugal?
Portugal has 5 venture studios: Laika Ventures (Braga, AI-focused), Build Up Labs (Lisbon, AI-native, established 2014, 5 exits), SURFnCODE (Porto, co-founded by ex-Skype/Apple/Microsoft team), CRON STUDIO (Coimbra, software/hardware with EU grant expertise), and Dengun Startup Studio (Faro, digital products, 70+ team). They formed the STUDIOS.PT industry association in November 2025.

### What is the largest VC fund in Portugal?
By AUM: Oxy Capital and Explorer Investments each manage approximately €1.4 billion (both PE-leaning). For pure VC: Iberis Capital €600M+, BlueCrow Capital €570M+, Lince Capital €550M, Caixa Capital €500M, Portugal Ventures €350M, Bright Pixel Capital €300M, Armilar Venture Partners €260-300M.

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

### 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.

### Top sectors for VC investment in Portugal?
FinTech leads with 14% of firms, followed by AI (13%), Healthcare (11%), Tech/Software (10%), Cybersecurity (7%), Sustainability/Climate (7%), Life Sciences (6%), Deep Tech (6%), and Biotech (5%).

### 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.

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*Source: Portugal VC Directory (portugalvc.com) — Data last updated 2026-03-25*