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The Founder's Handbook
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The Perfect Pitch Deck
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100 Accelerators & Incubators
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Top 8 Venture Capital Firms in Lisbon (2026)

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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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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 Founded2017
FoundersCristina Fonseca, Stephan Morais
Investment StageConvertible Note, Early Stage, Late Stage, Non Equity Assistance, Seed
Nº of Investments76 (52 as Lead Investor)
Nº of Exits2
Contactinvestors@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 Founded2010
FoundersAntónio Casanova, Diogo da Silveira, Hugo Bernardo, Hugo Gonçalves Pereira, João Coelho Borges, Juan Alvarez
Investment StageEarly Stage, Seed
Nº of Investments106 (19 as Lead Investor)
Nº of Exits9
Contactteam@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 Founded2010
FoundersFrancisco Ferreira Pinto, Joao Costa, Luis Mira Amaral, Santiago Salazar
Investment StageEarly Stage, Seed
Nº of Investments65 (10 as Lead Investor)
Nº of Exits7
Contactbynd@bynd.vc
Faber Logo

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.

Year Founded2012
FoundersAlexandre Barbosa
Investment StageEarly Stage, Seed
Nº of Investments83 (22 as Lead Investor)
Nº of Exits10
Contactcontact@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 Founded2000
FoundersJoaquim Sérvulo Rodrigues
Total Funding€45M
IndustriesDeep Tech & Hard Science, Healthcare, Climate & Sustainability
Investment StageEarly Stage, Seed, Series A
Nº of Investments96 (34 as Lead Investor)
Nº of Exits12 (2 IPO'd)
Top Portfolio StartupsBrighter AI, Reckon.ai, StudentFinance
Contactinfo@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 Founded2014
FoundersIsabel Duarte Lima, João Arantes e Oliveira
Investment StageConvertible Note, Early Stage, Late Stage, Seed
Nº of Investments27 (8 as Lead Investor)
Nº of Exits1
Contactinfo@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 Founded2014
FoundersManuel Tânger, Pedro Falcão, Pedro Rocha Vieira, Ricardo Marvão
Investment StageConvertible Note, Early Stage, Seed
Nº of Investments65 (13 as Lead Investor)
Nº of Exits5 (1 IPO'd)
Contactinfo@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 Founded2024
Founders
Investment StageEarly Stage
Nº of Investments3
Nº of Exits
Contactemail@agilegtm.vc

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