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  • Writer's pictureKelly Alica Liman

Top 18 VC Funds and Angel Investors in Portugal

Portugal is becoming an increasingly prominent startup destination now that the country has begun to create a favorable climate for entrepreneurship and investments. High quality of life, great climate, low cost of living, solid infrastructure, and a business-friendly environment make for solid reasons why Portugal is an attractive destination for entrepreneurs. Coupled with recent success stories, the country has proven to be a magnet for investors looking to capitalize on new opportunities. In this article, we have compiled a comprehensive list of Top VC Funds and Angel Investors in Portugal that can provide you with the capital and support to help you succeed!

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VCs and Angel investors in Portugal
VCs and Angel investors in Portugal

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Startups should consider raising funds in Portugal for the following reasons:

1. Funding Opportunities:

Portugal offers a variety of investment and funding alternatives to both domestic and foreign enterprises, including angel investment opportunities, venture capital funds, and government funding schemes. According to Ernest Youngs Attractiveness Survey in 2021, Portugal is part of the top ten investment destinations in Europe, establishing itself as one of Europe's primary Foreign Direct Investment (FDI) destinations. International investors have played an increasingly crucial role in the ecosystem, accounting for more than 80% of the total investment raised by Lisbon-based companies in 2022. Local investors are also contributing to the success of local companies. Furthermore, a government partner, IAPMEI, offers a variety of particular incentives and support programs for entrepreneurs, including a $200 million co-matching fund, a social innovation fund, and the ADN Startup Scheme, to name a few.

2. Business-Friendly Regulations:

The Portuguese government offers plenty of initiatives and benefits to both Europeans and non-Europeans looking to grow and establish a startup in Portugal. One key initiative is the Startup Visa program, a residence visa for non-EU-Schengen startup founders who want to starting a company in the country. There are also other ways of getting a permit to work or set up a company through the Tech Visa, the Non-Habitual Residence Program (NHR), and the E-Residency Program. As a result of such programs, Portugal has been placed as the 12th among EU member states and 39th globally for ease of doing business, according to World Bank data.

3. Easy Market Access

Portugal has the potential to become one of Europe's strongest startup economies, thanks to easy access to the European market and the Schengen Zone. Portugal's strategic position provides companies with easy access to commerce and investment across 26 European nations. The country's commercial links with Brazil, with whom it shares a shared language, also provide Portuguese startups access to the massive Brazilian market.

The venture capital firms below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.

  • Year of Inception: 2015

  • Stage: Pre Seed, Seed

  • Focus: Technology

  • Notable Portfolio: Sizebay, Coverflex, Musiversal, Primetag, Scubic

LC Ventures is a forward-thinking venture capital firm that focuses on finding and fostering early-stage startups. LC Ventures actively searches for entrepreneurs that are positioned to make a substantial impact in their respective industries, with a strong emphasis on innovation and disruption. They provide critical financial assistance, as well as strategic direction and coaching, to assist these entrepreneurs in navigating the obstacles of growth and succeeding.

  • Year of Inception: 2012

  • Stage: Pre Seed, Seed, Series A

  • Focus: Digital Technology, Manufacturing & Technology, Therapeutics & HealthTech, Tourism

  • Notable Portfolio: Farfetch, Doppio Games, Codeplace, Stokedge, Risimet

Portugal Ventures is committed to encouraging entrepreneurship and innovation in Portugal. They provide investments in a variety of industries, assisting companies with innovative ideas and scalable business plans. Their mission is to help strengthen Portugal's startup environment and generate economic development.

  • Year of Inception: 2019

  • Stage: Seed

  • Focus: FinTech, InsurTech, Cybersecurity

  • Notable Portfolio: Coverflex, Counting Up, Drivit

BiG Start Ventures is a venture capital fund affiliated with Banco de Investimento Global (BiG), a specialized financial institution providing multi-asset brokerage and banking services in Portugal and Spain. They focus on technology-driven enterprises and provide funding, experience, and connections to help entrepreneurs succeed.

  • Year of Inception: 2010

  • Stage: Seed, Series A

  • Focus: B2B, B2C, Sustainability

  • Notable Portfolio: Colvin, Bepro, Doppio, Fraudio, Ukio, Tandem

Bynd is a venture capital fund that focuses on impactful early-stage startups. Bynd regularly searches for creative and game-changing company concepts as part of its commitment to assisting companies with disruptive potential. Bynd encourages companies to disrupt old conventions and alter sectors via strategic investments and hands-on coaching.

  • Year of Inception: 2011

  • Stage: Seed, Series A

  • Focus: Deep Tech, Software, IoT, Automatisation and Digitalisation, Cyber Security, AI/ML / Descentralised Tech, UxD / Interfaces, Mobility, Medical Software

  • Notable Portfolio: Critical Links, Phoenix Security, Retmarker ,Watchful Software, Move Mile

Critical Ventures is a dynamic venture capital firm that focuses on early-stage technology businesses. Critical Ventures provides financial support as well as strategic mentorship for startups with a strong eye for innovation and digital change. They assist entrepreneurs in navigating the difficulties of the industry and accelerating their growth trajectory by investing in fields such as software and digital technology.

  • Year of Inception: 2016

  • Stage: Seed, Series A

  • Focus: Digital, Enterprise Solution

  • Notable Portfolio: Petapilot, Codevision, Caravela Seguros, Polygon

Alpac Capital is a VC firm that focuses on entrepreneurs that use technology and digital breakthroughs to generate value and drive growth. They provide financial support as well as strategic mentoring to assist businesses in navigating the competitive landscape and achieving long-term success.

  • Year of Inception: 2008

  • Stage: Seed, Series A

  • Focus: IT, Digital Health

  • Notable Portfolio: 360hyper, AI4MedImaging, Primetag, Exago

Pathena is an innovative venture capital firm that invests in promising Portuguese entrepreneurs, notably those in technology, health, and biotechnology secors. Pathena plays an important role in assisting entrepreneurs to handle hurdles and grow their operations by offering critical capital, guidance, and a network of contacts.

  • Year of Inception: 2011

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Fraudio, Avenue, Relive, Phrase, Framedrop, TonicApp

Shilling VC is a fast-growing venture capital firm that invests in early-stage startups with revolutionary potential. Their major aim is to find and promote early-stage entrepreneurs with the potential to disrupt existing markets. Shilling VC offers companies with not just critical financial resources but also mentorship and assistance from seasoned industry professionals through selective investments and hands-on engagement. Through a combination of financial and strategic assistance, their investments help these businesses develop traction in their respective sectors.

  • Year of Inception: 2000

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: Codee, Cintoo, Automaise, Novaphos, Outsystems, Maven

Armilar Venture Partners is a well-established venture capital firm that focuses on technology-based enterprises. Their areas of interest include software, finance, and deep tech, and they regularly search for firms with disruptive technologies and significant growth potential. Their proactive approach to mentoring and advising businesses as well as providing key contacts in their network assist startups in navigating hurdles and scaling their operations.

  • Year of Inception: 2003

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: Ambilab, Heart Genetics, Interactome, Matera, Stemmatters

Beta Capital provides critical financial support and technical coaching to entrepreneurs with scalable business plans and revolutionary technology. Beta Capital's active participation extends beyond finance, as they collaborate with entrepreneurs to develop a knowledge-sharing and networking environment. They enable entrepreneurs to develop their strategy, overcome hurdles, and achieve long-term success; accelerating the next generation of entrepreneurs and game-changing ideas.

  • Year of Inception: 2015

  • Stage: Seed, Series A

  • Focus: Technology

  • Notable Portfolio: Zharta, sheerME, Leadzai, SQS

Olisipo Way is a mission-driven venture capital fund focused in accelerating the growth of early-stage entrepreneurs in a variety of industries. Olisipo Way seeks and invests in businesses with intriguing ideas and revolutionary potential as part of its mission to support innovation and entrepreneurship. Their objective is to help entrepreneurs get from concept to market success, leaving a lasting impression on the country's innovation scene.

  • Year of Inception: 2013

  • Stage: Seed, Series A

  • Focus: Technology, AI/Data, Climate/Ocean Tech, Web 3.0

  • Notable Portfolio: Subdron, Nextbloc, Zaask, Tandem, Hifi

Faber Ventures is a venture capital firm that is well-known for its active participation in supporting and financing early-stage technology firms. Faber Ventures is a key player in the country's startup ecosystem, with a strong dedication to supporting innovation. Faber Ventures distinguishes itself with its hands-on approach, which includes not just funding but also strategic advice, mentorship, and access to a large network of industry specialists. Through its dynamic support, Faber Ventures empowers startups to scale and create impactful products.

  • Year of Inception: 2017

  • Stage: Seed, Series A, Series B, Series C

  • Focus: Artificial Intelligence, Web3, Marketplaces, Big Data, Enterprise SaaS, IOT / Robotics, Fintech, Security and Privacy, Mobility, Sustainable Ocean

  • Notable Portfolio: Artpool, Anchorage Digital, Unbabel, TIER, Barkyn

Indico Capital Partners is a well-known venture capital firm that funds European businesses, notably those in Portugal. What distinguishes Indico Capital Partners is their dedication to developing long-term partnerships with the startups in which they invest. They provide hands-on help, coaching, and direction to companies at all phases of growth, assisting them in overcoming obstacles and reaching their full potential.

  • Year of Inception: 2014

  • Stage: Seed, Series A, Series B, Series C

  • Focus: Energy, Smart Territories & Mobility, Industrial Processes, Data & Connectivity

  • Notable Portfolio: Automaise, Enline, Omniflow, LOQR

HCapital concentrates its venture capital investments on startups with strong technical promise, creative and scalable global business strategies, and significant growth potential. They seek enterprises whose activities support the energy transition and the development of new business models for big infrastructures such as cities, energy networks, telecommunications networks, transportation and logistics operations, industrial operations, and service delivery firms.

  • Year of Inception: 2008

  • Stage: Seed, Series A

  • Focus: Renewable Energy Sources, Storage & Flexibility, Grid, Mobility, Distributed Energy Resources, Energy Usage Decarbonization, Green Hydrogen, AI & Digital

  • Notable Portfolio: Defined.AI, Presenso, YData, Terabase

EDP Ventures is the corporate venture capital arm of Energias de Portugal (EDP), a major energy company in Europe. EDP Ventures invests in disruptive and creative firms in the energy and clean technology industries. EDP Ventures' strategic goal is to promote and expedite the development of cutting-edge technologies that can alter the energy sector. EDP Ventures contributes to Portugal's and Europe's energy transition initiatives by working with entrepreneurs, supporting sustainable solutions, and pushing the evolution of the energy environment.

  • Year of Inception: 2015

  • Stage: Seed, Series A, Series B, Series C

  • Focus: Cybersecurity, Retail Technologies, Digital Infrastructure

  • Notable Portfolio: Automaise, Beamy, Deepfence, Feedzai, Weaveworks

Bright Pixel Capital is a venture capital firm backed by Sonae IM, a renowned technology investor. Bright Pixel Capital is strongly integrated in the Portuguese and European innovation ecosystems, specializing on a variety of areas, including software, artificial intelligence, finance, and digital media. Bright Pixel Capital goes beyond typical finance to help entrepreneurs expand and prosper by providing strategic counsel, coaching, and access to a network of specialists.

  • Year of Inception: 2017

  • Stage: Series A, Series B, Series C

  • Focus: Sector Agnostic

  • Notable Portfolio: Defined.AI, LOQR, Brava, Tictactrip

Semapa Next is a venture capital firm with a mission to support the leaders of tomorrow, from Portugal to Europe. They aspire to be a long-term partner for extraordinary teams that are positively impacting the world. They contribute a combination of entrepreneurial, operational, and financial skills to their portfolio firms in addition to patient capital. They also give access to the Semapa Group and its global network of partners in order to capitalize on prospects for business growth, technology pilots, and world-class experience in managing and expanding global enterprises.

Angel investors may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.

  • Stage: Seed, Series A

  • Focus: Sector Agnostic

  • Notable Portfolio: Hotel Manager, BHOUT, Ethiack, Motoreto

COREAngels is a well-known angel investor network in Portugal that supports early-stage businesses and creative ventures. Comprised of experienced and successful entrepreneurs, executives, and industry experts, COREAngels offers not only financial investments but also important mentorship, assistance, and access to a broad network of resources. The network aggressively seeks for potential entrepreneurs in a variety of industries, including technology, healthcare, and consumer products, COREAngels contributes considerably to the growth of the Portuguese startup ecosystem by cultivating innovation and promoting entrepreneurial potential through its collaborative approach.

Portugal's startup environment is growing, strengthened by a startup-friendly environment, robust investment prospects, and a highly sought-after talent pool. Producing worldwide unicorns such as Farfetch, Outsystems, Talkdesh, and Feedzai, Portugal has placed its name on the map and became the highlight of the European market. With a growing number of local startups performing well abroad and poised for successful exits, we can anticipate capital to pour into the ecosystem, supplementing the local venture capital scene.

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