Lisbon's startup scene is getting more attention, and for good reason. A strong community of local investors is helping to fuel the city's growth.
Firms like Shilling VC have backed over 100 companies, and others like Armilar Venture Partners and Faber aren't far behind. Getting to know these investors is a good first step for any founder in the city.
Below is our list of the best 8 VC firms in Lisbon.
Failory's Top 8 Picks
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Buy It For $97 $297 →As Portugal's leading independent venture capital firm, they back global technology companies from the earliest stages. Focusing on sectors like SaaS, AI, and fintech, the team applies its experience from building previous Portuguese tech successes to foster the next generation of global companies.
| Year Founded | 2017 |
| Founders | Cristina Fonseca, Stephan Morais |
| Investment Stage | Convertible Note, Early Stage, Late Stage, Non Equity Assistance, Seed |
| Nº of Investments | 76 (52 as Lead Investor) |
| Nº of Exits | 2 |
| Contact | investors@indicocapital.com |
Shilling provides early-stage capital to founders building companies across B2B and consumer categories. Its platform of founder LPs offers entrepreneurs direct access to successful executives for guidance on validating their ventures and accelerating growth into global markets.
| Year Founded | 2010 |
| Founders | António Casanova, Diogo da Silveira, Hugo Bernardo, Hugo Gonçalves Pereira, João Coelho Borges, Juan Alvarez |
| Investment Stage | Early Stage, Seed |
| Nº of Investments | 106 (19 as Lead Investor) |
| Nº of Exits | 9 |
| Contact | team@shilling.vc |
Bynd Venture Capital backs seed and early-stage startups across the IT, Digital, and Sustainability sectors. The firm concentrates on ventures from Portugal and Spain, including any startup with a direct connection to these markets.
| Year Founded | 2010 |
| Founders | Francisco Ferreira Pinto, Joao Costa, Luis Mira Amaral, Santiago Salazar |
| Investment Stage | Early Stage, Seed |
| Nº of Investments | 65 (10 as Lead Investor) |
| Nº of Exits | 7 |
| Contact | bynd@bynd.vc |
Faber backs outstanding entrepreneurs building early-stage deep tech companies that drive digital transformation and climate action. Focusing on Southern Europe, they have been an early investor in companies like Unbabel and SWORD Health, providing dedicated support for startups powered by AI, Web3, or Ocean/Climate technologies.
| Year Founded | 2012 |
| Founders | Alexandre Barbosa |
| Investment Stage | Early Stage, Seed |
| Nº of Investments | 83 (22 as Lead Investor) |
| Nº of Exits | 10 |
| Contact | contact@faber.vc |
Armilar Venture Partners champions early-stage, deep-tech companies in sectors ranging from healthcare to climate tech. The firm has a track record of helping Portuguese entrepreneurs build global businesses, including the low-code platform OutSystems.
| Year Founded | 2000 |
| Founders | Joaquim Sérvulo Rodrigues |
| Total Funding | €45M |
| Industries | Deep Tech & Hard Science, Healthcare, Climate & Sustainability |
| Investment Stage | Early Stage, Seed, Series A |
| Nº of Investments | 96 (34 as Lead Investor) |
| Nº of Exits | 12 (2 IPO'd) |
| Top Portfolio Startups | Brighter AI, Reckon.ai, StudentFinance |
| Contact | info@armilar.com / +351 216 030 166 |
HCapital Partners manages private equity funds across the Iberian peninsula, backing both mature, export-oriented companies and startups. The firm provides growth capital to established medium-sized businesses and also supports companies in sectors like energy, mobility, and industrial processes through dedicated funds.
| Year Founded | 2014 |
| Founders | Isabel Duarte Lima, João Arantes e Oliveira |
| Investment Stage | Convertible Note, Early Stage, Late Stage, Seed |
| Nº of Investments | 27 (8 as Lead Investor) |
| Nº of Exits | 1 |
| Contact | info@hcapital.pt / +351 219 362 960 |
LC Ventures provides early-stage capital to globally-minded European founders building tech startups. The firm emphasizes quick investment decisions and connects its portfolio companies with an international network of mentors to help them scale and raise future rounds.
| Year Founded | 2014 |
| Founders | Manuel Tânger, Pedro Falcão, Pedro Rocha Vieira, Ricardo Marvão |
| Investment Stage | Convertible Note, Early Stage, Seed |
| Nº of Investments | 65 (13 as Lead Investor) |
| Nº of Exits | 5 (1 IPO'd) |
| Contact | info@lcv.pt / +351211942027 |
Focusing primarily on Europe, AgileGTM Capital invests $150k in early-stage startups that apply blockchain technology to business use cases. All portfolio companies then participate in a cohort-based, in-person Go-To-Market program in Lisbon designed to fast-track their commercial success.
| Year Founded | 2024 |
| Founders | — |
| Investment Stage | Early Stage |
| Nº of Investments | 3 |
| Nº of Exits | — |
| Contact | email@agilegtm.vc |