Portugal's startup community is getting more attention, and for good reason. A strong set of local investors are actively funding the next generation of companies.
Established players like Shilling VC have made over 100 investments, while others like Bright Pixel have seen nearly 20 exits from their portfolio. For founders, the challenge is finding the right partner among these active investors.
Below is our list of the best 10 VC firms in Portugal.
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Buy It For $97 $297 →As Portugal's leading independent VC, Indico Capital Partners invests in early-stage tech companies with global ambitions. The team focuses on sectors like SaaS and AI, drawing on a history of building local tech successes to guide portfolio companies like Unbabel.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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 |
33N Ventures invests in early growth-stage companies developing cybersecurity and infrastructure software across Europe, Israel, and the US. They provide active support for global expansion, drawing on an experienced international team and an extensive network of industry leaders.
| Headquarters | Oporto, Porto, Portugal |
| Year Founded | 2022 |
| Founders | Carlos Alberto Silva, Carlos Moreira da Silva |
| Investment Stage | Early Stage, Late Stage |
| Nº of Investments | 4 (3 as Lead Investor) |
| Nº of Exits | — |
Shilling backs exceptional founders from the start, investing in early-stage B2B and consumer companies across a wide range of verticals. More than just capital, their Shilling Platform provides direct access to successful founders and executives who help entrepreneurs validate their ideas and accelerate growth into global markets.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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 provides seed and early-stage funding to technology companies in Portugal and Spain, focusing on the Digital and Sustainability sectors. The firm, formerly Busy Angels, aims to strengthen the Iberian tech scene by investing in founders with strong ties to the region.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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 early-stage entrepreneurs in Southern Europe who are building deep tech companies to drive digital transformation and climate action. The firm actively helps founders build global companies through dedicated funds and expert advisors, having previously backed hard tech companies like Unbabel, SWORD Health, and Codacy.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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 backs early-stage companies rooted in deep tech and hard science across the healthcare and sustainability industries. With nearly €300 million under management, the firm helps founders transform scientific breakthroughs into globally competitive businesses.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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.
| Headquarters | Lisbon, Lisboa, Portugal |
| 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 |
As the technology investment arm of the multinational Sonae group, Bright Pixel Capital funds companies from early to growth stages in cybersecurity, retail technologies, and business applications. They provide specialized knowledge and a global footprint to help startups scale from their initial stages all the way to an IPO.
| Headquarters | Maia, Porto, Portugal |
| Year Founded | 2015 |
| Founders | — |
| Investment Stage | Early Stage, Seed |
| Nº of Investments | 99 (38 as Lead Investor) |
| Nº of Exits | 18 |
AgileGTM Capital funds early-stage, business-focused blockchain startups, with a primary interest in the European market. Portfolio companies receive a standard $150k investment and participate in a cohort-based, in-person Go-To-Market program in Lisbon.
| Headquarters | Lisbon, Lisboa, Portugal |
| Year Founded | 2024 |
| Founders | — |
| Investment Stage | Early Stage |
| Nº of Investments | 3 |
| Nº of Exits | — |
| Contact | email@agilegtm.vc |