Top 8 Venture Capital Firms in Lisbon (2026)

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

1. Indico Capital Partners

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.

2. Shilling VC

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.

3. Bynd Venture Capital

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.

4. Faber

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.

5. Armilar Venture Partners

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.

6. HCapital Partners

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.

7. LC Ventures

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.

8. AgileGTM Capital

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.