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Top 10 Venture Capital Firms in Portugal (2026)

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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.

Failory's Top 10 Picks

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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.

HeadquartersLisbon, Lisboa, Portugal
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

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.

HeadquartersOporto, Porto, Portugal
Year Founded2022
FoundersCarlos Alberto Silva, Carlos Moreira da Silva
Investment StageEarly Stage, Late Stage
Nº of Investments4 (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.

HeadquartersLisbon, Lisboa, Portugal
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 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.

HeadquartersLisbon, Lisboa, Portugal
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

5. Faber

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.

HeadquartersLisbon, Lisboa, Portugal
Year Founded2012
FoundersAlexandre Barbosa
Investment StageEarly Stage, Seed
Nº of Investments83 (22 as Lead Investor)
Nº of Exits10
Contactcontact@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.

HeadquartersLisbon, Lisboa, Portugal
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.

HeadquartersLisbon, Lisboa, Portugal
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.

HeadquartersLisbon, Lisboa, Portugal
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

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.

HeadquartersMaia, Porto, Portugal
Year Founded2015
Founders
Investment StageEarly Stage, Seed
Nº of Investments99 (38 as Lead Investor)
Nº of Exits18

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.

HeadquartersLisbon, Lisboa, Portugal
Year Founded2024
Founders
Investment StageEarly Stage
Nº of Investments3
Nº of Exits
Contactemail@agilegtm.vc

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