Portugal's startup ecosystem has been gaining momentum in recent years, attracting attention from both local and international investors. The country's most active venture capital (VC) firms are at the heart of this growth, which is crucial in nurturing and scaling innovative Portuguese startups. From Lisbon to Porto, these VC firms drive innovation across various sectors, including fintech, cybersecurity, retail technology, and more. This article highlights some of the most prominent players in Portugal's venture capital landscape, showcasing insights on their activities.

Armilar

• 🏦 HQ: Amoreiras, Lisbon

• 👨‍💻👩‍💻 Leadership: Joaquim Sérvulo Rodrigues, Pedro Ribeiro Santos, Duarte Mineiro, Nuno Leite

• 🔢 Number of Investments: 50-100

• 🎯 Target Stages: Seed, Series A, Series B

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Feedzai, OutSystems, SafetyPay

Bright Pixel Capital

• 🏦 HQ: Lugar do Espido, Maia, Porto

• 👨‍💻👩‍💻 Leadership: Eduardo Piedade

• 🎯 Target Sectors: Cybersecurity, RetailTech, Infrastructure Software

• 🔢 Number of Investments: 50-100

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Vicarius, Feedzai, Codacy

Bynd Venture Capital

• 🏦 HQ: Esquerdo, Lisboa

• 👨‍💻👩‍💻 Leadership: Francisco Ferreira Pinto

• 🔢 Number of Investments: 10-50

• 🎯Target Stages: Seed

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Impress, Casafari, Colvin

Caixa Capital

• 🏦 HQ: Lisboa, Lisbon

• 👨‍💻👩‍💻 Leadership: Pedro Rangel

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: NOS Portugal, Codacy, D-Orbit

EDP Ventures

• 🏦 HQ: Lisboa, Lisbon

• 👨‍💻👩‍💻 Leadership: Luís Manuel, Frederico Bilelo Gonçalves

• 🔢 Number of Investments: 10-50

• 🎯Target Stages: Seed to Series B

• 💵 Average Investment Ticket: 1M€-10M€

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Feedzai, Defined.ai, Principle Power

Faber

• 🏦 HQ: Praça da Alegria, Lisbon

• 👨‍💻👩‍💻 Leadership: Alexandre Barbosa

• 🔢 Number of Investments: 10-50

• 🎯 Target Sectors: AI/Data, Climate/Ocean tech, Web3

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Codacy, Sword Health, Mitiga Solutions

HCapital Partners

• 🏦 HQ: Avenida Duque d'Ávila, Lisbon

• 👨‍💻👩‍💻 Leadership: Isabel Duarte Lima, João Arantes e Oliveira

• 🔢 Number of Investments: 10-50

• 🎯 Target Sectors: Energy & Sustainability, Mobility & Logistics, Industrial & Enterprise Solutions, Data & Connectivity

• 🎯Target Stages: Late Seed to Series B

• 💵 Average Investment Ticket: €500K-€3M

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Libattion, Loqr, Glartek

Indico

• 🏦 HQ: Rua do Instituto Industrial, Lisbon

• 👨‍💻👩‍💻 Leadership: Stephan de Moraes

• 💲 AUM: €200 million

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Anchorage, Remote, TIER Mobility

Lince Capital

• 🏦 HQ: Amoreiras, Lisbon

• 👨‍💻👩‍💻 Leadership: Vasco Pereira Coutinho, Tomás Lavin Peixe

• 💲 AUM: €450 million

• 🔢 Number of Investments: 10-50

• 👜 Notable Portfolio companies: Kencko, Bhout, Sensei

Mustard Seed Maze

• 🏦 HQ: Lisbon

• 👨‍💻👩‍💻 Leadership: Alex Pitt, António Miguel, Henry Wigan

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Loctax, Connect Earth, UpHill

Novabase Capital

• 🏦 HQ: Parque das Nações, Lisbon

• 👨‍💻👩‍💻 Leadership: Luís Paulo Salvado

• 🔢 Number of Investments: 1-10

• 👜 Notable Portfolio companies: Feedzai, Habit, Glartek

Olisipo Way

• 🏦 HQ: Avenida Infante Dom Henrique, Lisbon

• 👨‍💻👩‍💻 Leadership: José Serra

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Checkfirst, sheerME, Reatia

Pathena

• 🏦 HQ: Praça do Bom Sucesso, Edíficio Península, Porto

• 👨‍💻👩‍💻 Leadership: António Murta, Jorge Brás, Vitor Dinis

• 🔢 Number of Investments: 10-50

• 💲 AUM: €70 million

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: 360imprimir, A-to-Be, EbankIT

Portugal Ventures

• 🏦 HQ: Av Dr. Antunes Guimarães, Porto

• 👨‍💻👩‍💻 Leadership: Teresa Fiúza

• 🔢 Number of Investments: 250-300

• 💲AUM: €280.8 million

• 🎯Target Stages: Seed to Series D

• 💰️ Number of Exits: 50-100

• 👜 Notable Portfolio companies: Glovo, OutSystems, Defined.ai

RR2 Capital

• 🏦 HQ: Estrada Malveira da SerraCascais, Lisbon

• 👨‍💻👩‍💻 Leadership: Richard Seiler

• 🔢 Number of Investments: 150-200

• 💰️ Number of Exits: 10-50

• 👜 Notable Portfolio companies: Oxygen, Waves, Portal

Semapa Next

• 🏦 HQ: Venida Fontes Pereira de Melo, lisbon

• 👨‍💻👩‍💻 Leadership: Hugo Augusto

• 🔢 Number of Investments: 10-50

• 🎯Target Stages: Series A

• 👜 Notable Portfolio companies: Defined.ai, Probely, Overstory

Shilling VC

• 🏦 HQ: Lisbon

• 👨‍💻👩‍💻 Leadership: Ricardo Jacinto, Pedro Ramalho Carlos

• 🔢 Number of Investments: 50-100

• 💵 Average Investment Ticket: €100K - €1M

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Kencko, Unbabel, Probely

Staked VC

• 🏦 HQ: Portugal

• 👨‍💻👩‍💻 Leadership: Joel Jabalera

• 🔢 Number of Investments: 10-50

• 👜 Notable Portfolio companies: Concordium, Aperture, Solana

Start Ventures

• 🏦 HQ: Lisbon

• 👨‍💻👩‍💻 Leadership: João Freire de Andrade

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 🎯Target Sectors: Fintech, Insurtech

• 👜 Notable Portfolio companies: Loqr, Habit, Counting Up

WiseNext

• 🏦 HQ: Praça Marquês de Pombal, Lisbon

• 👨‍💻👩‍💻 Leadership: Paulo Moreira Santos

• 🔢 Number of Investments: 10-50

• 💰️ Number of Exits: 1-10

• 👜 Notable Portfolio companies: Mindprober, Reatia, Habit

Portugal's diverse landscape of venture capital firms reflects the country's growing and dynamic startup ecosystem. These firms, ranging from established players to newer specialized entrants, drive innovation across multiple sectors. Concentrated mainly in urban centers, they offer Portuguese entrepreneurs crucial support at various stages of growth.

As Portugal solidifies its position as a European tech hub, these VC firms play a vital role in nurturing talent, fostering innovation, and enabling global expansion for local startups. Success stories from their portfolios highlight the potential of Portuguese entrepreneurship when backed by strategic capital and support. The continued evolution of this ecosystem promises to significantly impact Portugal's economic future and its standing in the global startup community.