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30 Best Active Investors in Portugal in 2024

Over the past decade, Europe has become the second largest technology ecosystem in the world, creating startups solving problems worth solving in society. Behind many of these companies are investors who provide not just funds but also guidance and support.


Our 2024 list brings together the most notable investors from across the continent, with everyone listed having a track record of making strategic investments in generation-defining companies. These rankings are the result of tracking investment activity across 17,000+ companies and +2,500 venture capital investors Europe, and includes funds who have invested in at least 5 European companies in the past year, regardless of where they are HQ'd.


Whether you're a budding entrepreneur seeking the right funding partner, an investor looking for co-investment opportunities, or simply curious about the financial powerhouses investing in Europe, this list provides invaluable insights into the region.


Last update to the database: Dec 10, 2024. See changelog.


Icon Investor Rankings are calculated using our ÐÓ°ÉÔ­´´ Score – a 1 to 100 score that uses quantitative and qualitative data points (like the size of their fund or the quality of the companies they invested in) to signal the strength behind an investor. A score closer to 100 indicates an investor is worth watching closely.

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List of 30 top Portugal VCs

Heartcore is a venture capital fund based in Copenhagen. They invest in startups at stages ranging from pre-seed to series F, with check sizes between $300,000 and $6 million. Heartcore focuses on industries including tech, health, real estate, finance, and entertainment. Their portfolio includes FlexAI, Zefir, Travel Perk, Podimo, and Taster. They aim to support founders in creating impactful consumer-focused brands, helping driven entrepreneurs turn their ideas into successful businesses.

48

Offices:

Copenhagen (HQ)

Berlin

Paris

Stockholm

Lisbon

Investment Stage:

Pre Seed, Seed, Series A, Series B, Series C, Series D, Series E, Series F, Unknown

Check Size:

$100k - $500M

Industries:

Climate Tech & Green Tech, Health Tech, Edtech

Top investments in Portugal:

TravelPerk (
70)
, GetYourGuide (
60)
, Zolar (
60)

33N Ventures, based in Porto, is a venture capital fund specializing in early-stage cybersecurity and infrastructure software companies. They invest between $250k and $5M, supporting firms that push technological boundaries. Their goal is to help emerging companies thrive in the cybersecurity landscape and build long-term partnerships with those poised to shape the future of technology.

35

Offices:

Porto (HQ)

Investment Stage:

Series B

Check Size:

$20M - $30M

Industries:

Cybersecurity, Internet of Things

Top investments in Portugal:

Exein (
56)

Explorer Investments, based in Lisbon, is a venture capital fund specializing in Health Tech companies at the Series A stage. Founded in 2003, it is Portugal's leading private equity firm, managing around €1,400 million in assets. With a team of over 30 professionals from investment banking, consulting, and legal backgrounds, Explorer has established strong relationships with local businesses and financial entities. The fund aims to create value for investors and contribute positively to the community and environment by supporting the growth and sustainability of its portfolio companies, including UpHill.

26

Offices:

Lisbon

Investment Stage:

Series A

Check Size:

$10M - $20M

Industries:

Health Tech

Top investments in Portugal:

UpHill (
41)

Offices:

Lisbon (HQ)

Investment Stage:

Seed, Series A

Check Size:

$2.5M - $20M

Industries:

Health Tech, FinTech, Foodtech

Top investments in Portugal:

Paynest (
41)
, KIT-AR (
37)
, Tonic App (
33)

Indico Blue Fund is a venture capital fund based in Lisbon. It invests in early-stage companies from pre-seed to Series C, with check sizes between $100,000 and $10 million. The fund focuses on sectors such as climate tech, ecommerce, sales, manufacturing, hiring, logistics, IoT, insuretech, and service industries. Indico Blue has backed companies like Bizay, Cargofive, FlexSea, Eleos, and Nortech AI. Founded in 2017, the Indico team has a strong track record of supporting global tech success.

23

Offices:

Lisbon (HQ)

Investment Stage:

Pre Seed, Seed, Series A, Series B, Series C

Check Size:

$1M - $40M

Industries:

Climate Tech & Green Tech, Foodtech, Gaming

Top investments in Portugal:

Eleos (
48)
, Bizay (
44)
, Rows (
44)

23

Offices:

Lisbon (HQ)

Investment Stage:

Pre Seed, Seed, Series A

Check Size:

$2.5M - $10M

Industries:

Health Tech, Fashion, Insuretech

Top investments in Portugal:

UpHill (
41)
, Sojo (
37)
, Yurtle (
30)

Semapa Next is a company founded in 2017.

23

Offices:

No data available

Investment Stage:

No data available

Check Size:

$100k - $500k

Industries:

No data available

Top investments in Portugal:

No data available

Semapa Next is a company founded in 2017.

23

Offices:

Lisbon (HQ)

Lisbon (HQ)

Investment Stage:

Series A, Unknown

Check Size:

$5M - $30M

Industries:

FinTech, Crypto & web3, Gaming

Top investments in Portugal:

Ferovinum (
67)
, Probely (
34)
, Airly (
33)

APEX Capital is a venture capital fund based in Cascais that invests in early-stage companies, focusing on seed and pre-seed rounds. They typically write checks ranging from $250k to $5M, concentrating on sectors like sports technology, analytics, and manufacturing. APEX Capital has backed companies such as Hexis and Exclusible, partnering with elite athletes to bring expertise in sports, media, and entertainment to their investments.

21

Offices:

Cascais (HQ)

Investment Stage:

Pre Seed, Seed

Check Size:

$2.5M - $5M

Industries:

Sportstech, Data and Analytics, Manufacturing

Top investments in Portugal:

Hexis (
37)
, Exclusible (
28)

Big Start Ventures is a venture capital fund based in Lisbon, focusing on startups from seed to series A stages. They invest in finance technology, mobile apps, artificial intelligence, and business software. Notable investments include WealthKernel, Countingup, Fraudio, Elucidate, and LOQR. Big Start Ventures aims to help early-stage companies grow and succeed by providing necessary funding and support.

21

Offices:

Lisbon (HQ)

Investment Stage:

Seed, Series A, Unknown

Check Size:

$2.5M - $10M

Industries:

FinTech, AI, Legal Tech

Top investments in Portugal:

WealthKernel (
44)
, Countingup (
37)
, Elucidate (
31)

Bynd Venture Capital is a leading venture capital fund in Lisbon that supports early-stage tech companies in Iberia. They focus on seed and pre-seed stages, with investments ranging from €200,000 to €300,000. Key sectors include real estate, e-commerce, fintech, and health tech. Notable investments include UpHill, Ritmo, Frenetic, Ukio, and ZenRows.

21

Offices:

Lisbon (HQ)

Investment Stage:

Pre Seed, Seed, Series A, Unknown

Check Size:

$100k - $50M

Industries:

Health Tech, FinTech, Foodtech

Top investments in Portugal:

Ritmo (
56)
, Ukio (
44)
, Impress (
43)

Offices:

Lisbon (HQ)

Investment Stage:

Seed, Series A

Check Size:

$2.5M - $20M

Industries:

Climate Tech & Green Tech, AI, Energy & Nuclear

Top investments in Portugal:

Libattion (
37)
, Routal (
31)

CTT is a venture capital fund based in Lisbon, focused on seed-stage investments in fintech and transportation. They have backed startups like Paynest and Ubirider. CTT aims to support businesses with solutions in mailing, logistics, e-commerce, and digital services, providing tailored offerings for both businesses and individuals.

21

Offices:

Lisbon

Investment Stage:

Seed

Check Size:

$2.5M - $5M

Industries:

FinTech, Mobility & Transportation

Top investments in Portugal:

Paynest (
41)
, Ubirider (
26)

Armilar Venture Partners is a Lisbon-based venture capital company founded in 1999.

20

Offices:

Lisbon (HQ)

Investment Stage:

Seed, Series A, Series B, Unknown

Check Size:

$100k - $250M

Industries:

Health Tech, Edtech, FinTech

Top investments in Portugal:

StudentFinance (
48)
, Casafari (
44)
, Codacy (
44)

Offices:

Lisbon

Investment Stage:

Pre Seed, Seed

Check Size:

$1M - $5M

Industries:

FinTech, AR / VR, Manufacturing

Top investments in Portugal:

KIT-AR (
37)
, La Bolsa Social (
26)

3 Comma Capital is a Lisbon-based venture capital fund founded in 2022. They focus on seed-stage investments in media, entertainment, sales, and marketing sectors. The fund emphasizes digital assets' potential in future markets, supporting wealth management firms, family offices, and institutional investors in the Web 3.0 space. Notable investments include Scorestars, aiming to drive growth through digital and blockchain technologies.

20

Offices:

Lisbon

Investment Stage:

Pre Seed, Seed

Check Size:

$500k - $1M

Industries:

Media and Entertainement, Sales and Marketing

Top investments in Portugal:

Scorestars (
34)
, Loyi (
30)

Alter Venture Partners is a venture capital fund based in Luxembourg that invests in early-stage companies, particularly in artificial intelligence. Typically writing checks ranging from $250k to $5M, the fund supports AI-driven startups like Everysens, aiming to provide the financial backing needed for growth.

19

Offices:

Luxembourg (HQ)

San Francisco

Lisbon

Investment Stage:

Series A

Check Size:

$10M - $20M

Industries:

AI

Top investments in Portugal:

Everysens (
31)

Bright Pixel, a venture capital fund based in Lisbon, focuses on early and growth-stage tech companies. They invest in cybersecurity, personal finance, artificial intelligence, machine learning, and more. Bright Pixel supports entrepreneurs with financial backing and strategic advice. Their portfolio includes Jentis, Probely, Codacy, MedUx, and Infraspeak. The fund aims to drive the future of work and technology by partnering with innovative thinkers and building impactful companies.

19

Offices:

Lisbon (HQ)

Investment Stage:

Series A, Series B, Unknown

Check Size:

$100k - $30M

Industries:

FinTech, Gaming, CPG & Consumer Goods

Top investments in Portugal:

Codacy (
44)
, IriusRisk (
41)
, Probely (
34)

hypra.fund, based in Lisbon, invests in early-stage startups, particularly in seed and Series A rounds. They focus on the crypto, fintech, and enterprise software sectors, offering check sizes from $0 to $10 million. Notable investments include Utorg and Trinetix, highlighting their commitment to supporting web3 projects.

19

Offices:

Lisbon (HQ)

Investment Stage:

Seed, Series A

Check Size:

$5M - $10M

Industries:

FinTech, Crypto & web3, Enterprise software

Top investments in Portugal:

Utorg (
33)
, Trinetix (
28)

Best Horizon is a venture capital fund based in Lisbon, focusing on early-stage startups in technology and audio. They offer financing, mentoring, and valuable connections. Notable investments include KIT-AR and Musiversal. Best Horizon is dedicated to helping startups succeed by providing essential resources.

18

Offices:

Lisbon (HQ)

Investment Stage:

Seed

Check Size:

$1M - $5M

Industries:

AR / VR, Music and Audio, Manufacturing

Top investments in Portugal:

KIT-AR (
37)
, Musiversal (
21)

Portugal Ventures is a venture capital fund based in Porto, specializing in early-stage startups. They focus on tech, life sciences, and tourism, particularly in areas such as privacy, security, and health tech. Investment sizes range from €50,000 to €1,500,000. Portugal Ventures has backed companies like Probely and Lovys. Their goal is to help Portuguese startups grow and succeed by providing essential capital and support at crucial early stages.

17

Offices:

Porto (HQ)

Lisbon

Amsterdam

Investment Stage:

Pre Seed, Seed, Series A, Unknown

Check Size:

$1M - $30M

Industries:

Climate Tech & Green Tech, Health Tech, FinTech

Top investments in Portugal:

Lovys (
52)
, Cleanwatts (
34)
, Probely (
34)

Faber Ventures, based in Lisbon, invests in early-stage tech startups from pre-seed to Series B, with check sizes from $100,000 to $1.5 million. Focus areas include biotech, AI, and climate tech. Faber supports entrepreneurs leveraging science and technology for significant impacts. With dedicated funds, expert teams, and advisors, they help founders grow globally. Since 2013, Faber has backed numerous successful firms, promoting digital and climate transformation.

17

Offices:

Lisbon (HQ)

Investment Stage:

Pre Seed, Seed, Series A, Series B, Unknown

Check Size:

$100k - $20M

Industries:

Climate Tech & Green Tech, Health Tech, Crypto & web3

Top investments in Portugal:

Mitiga Solutions (
48)
, Codacy (
44)
, Kern AI (
37)

GED Ventures Portugal is a venture capital fund based in Lisbon, focusing on seed-stage tech companies with transformative potential. They have invested in firms like WEEZIE, Full Venue, and LUGGit in fields such as AI and travel tech. Their mission, encapsulated in #Tech4Purpose, is to support sustainable technologies that create lasting positive impact. Founded in 1996, GED manages over €1000 million and operates across Europe, the US, and LATAM. They adhere to ESG best practices to ensure reliable returns.

17

Offices:

Lisbon

Investment Stage:

Seed, Series B

Check Size:

$2.5M - $40M

Industries:

Hardware, AI, Travel Tech

Top investments in Portugal:

Full Venue (
34)
, Indie Campers (
34)
, WEEZIE (
31)

RR² CAPITAL is a venture capital fund based in Lisbon that supports early-stage companies. They focus on data and business intelligence, as well as crypto and web3 technologies. The fund invests in promising startups like Whalemap, providing essential financing to help these companies grow and succeed.

16

Offices:

Lisbon (HQ)

Andorra

Investment Stage:

Seed

Check Size:

$2.5M - $5M

Industries:

Crypto & web3, Data and Analytics, Business Intelligence

Top investments in Portugal:

Whalemap (
25)

FundBox is a venture capital fund based in Lisbon, focusing on early-stage investments in Space Tech and the Internet of Things. They typically invest at the pre-seed stage, offering clear and transparent investment processes with no conflicts of interest. Regulated by the Comissão do Mercado de Valores Mobiliários, FundBox comprises Fundbox SGOIC, S.A., and Fundbox SCR, S.A., both Portuguese legal entities. Notable investments include Connected. FundBox provides a distinct alternative for venture capital in Portugal.

16

Offices:

Lisbon

Investment Stage:

Pre Seed

Check Size:

$2.5M - $5M

Industries:

Space Tech, Internet of Things

Top investments in Portugal:

Connected (
26)

Olisipo Way is a venture capital fund based in Lisbon, focused on pre-seed investments in Sales and Marketing, Adtech, and Productivity Tools. With investment sizes ranging from $250k to $5M, they have backed companies such as Checkfirst and Advertio. Specializing in B2B projects, Olisipo Way aims to build a supportive community to enhance the lives of its startups.

15

Offices:

Lisbon

Investment Stage:

Pre Seed

Check Size:

$1M - $2.5M

Industries:

Adtech, Sales and Marketing, Productivity Tools

Top investments in Portugal:

Checkfirst (
26)
, advertio (
21)

Bionova Capital is a venture capital fund based in Lisbon, focusing on early-stage health-related technology startups in Europe. They support companies developing breakthrough solutions in healthcare and deep technology. Notable investment includes Adapttech.

13

Offices:

Lisbon (HQ)

Investment Stage:

Unknown

Check Size:

$5M - $10M

Industries:

Health Tech, Biotech, Deep Tech

Top investments in Portugal:

Adapttech (
21)

Rising Ventures, a venture capital fund based in Lisbon, specializes in pre-seed investments in Sales and Marketing and Adtech industries. They support early-stage technology companies that primarily use the internet for distribution. Notable investments include advertio.

13

Offices:

Lisbon

Investment Stage:

Pre Seed

Check Size:

$1M - $2.5M

Industries:

Adtech, Sales and Marketing

Top investments in Portugal:

advertio (
21)

Critical Ventures, based in Coimbrã, is an early-stage venture capital fund. They provide initial funding to young companies in various industries, supporting their growth. Known for a hands-on approach, Critical Ventures is committed to helping new businesses succeed from the outset.

1

Offices:

Coimbrã (HQ)

Investment Stage:

No data available

Check Size:

$100k - $500k

Industries:

No data available

Top investments in Portugal:

No data available

H.I. Capital is a venture capital fund located in Zug. It invests across various stages of company growth and offers support through a robust network and services. The fund caters to entrepreneurs seeking investment and guidance, with flexible check sizes. With a focus on diverse industries, H.I. Capital has a track record of successful investments and aims to help businesses reach their full potential.

1

Offices:

Zug (HQ)

Lisbon

Investment Stage:

No data available

Check Size:

$100k - $500k

Industries:

No data available

Top investments in Portugal:

No data available