HCapital

HCapital, established in 2014, is a Portuguese private equity firm headquartered in Lisbon. It manages funds investing in small and medium-sized enterprises (SMEs) across Portugal and Spain. The firm focuses on companies operating in the energy, smart territories, mobility, industrial processes, and data & connectivity sectors, with a growth and value creation perspective. It typically invests a minimum of EUR 3 million in mature companies and those with export potential.

Gonçalo Sousa Coutinho

Associate Partner

Isabel Duarte Lima

Founding Partner and Managing Partner

João Arantes e Oliveira

Founding Partner

17 past transactions

Automaise

Series A in 2025
Automaise is a developer of a cloud-based low-code artificial intelligence platform that specializes in providing artificially intelligent virtual employees for customer service. The company offers a diverse and expanding portfolio of virtual employees capable of autonomously executing designated tasks across various business verticals and processes. By leveraging its platform, organizations can streamline operations, reduce customer service costs, enhance staff productivity, and ultimately boost sales. Automaise aims to simplify and automate process automation, making it easier for businesses to integrate AI solutions into their customer service operations.

Reefilla

Seed Round in 2024
Reefilla is a company that offers a mobile charging service for electric vehicles (EVs). It enables EV owners to charge their vehicles anywhere and at any time without disrupting their daily routines. Reefilla uses 100% green energy sourced from used batteries, contributing to net-zero emissions through a circular approach. The company employs fully electric vans for delivery, further reducing its carbon footprint.

Eneida

Series B in 2024
Eneida Wireless & Sensors, SA is a company based in Coimbra, Portugal, specializing in the development of solutions for optimizing electric grid assets. Founded in 2012, Eneida focuses on creating smart sensors and artificial intelligence applications to enhance the resilience and efficiency of low voltage networks. Its key offerings include a Low Voltage Monitoring system that alerts staff to equipment failures, Theft Avoidance Smart Systems to combat theft in secondary distribution substations, and a Smart Flooding Solution to prevent flooding in underground installations. Additionally, the company provides monitoring and control solutions for Rural PV Parks, enabling real-time oversight of equipment and production in remote areas. Eneida's collaborative energy IoT platform, known as Deep Grid, integrates smart sensor networks with data analytics to facilitate the optimization of grid-critical assets, aiming to support electric utilities in delivering reliable and affordable energy.

Libattion

Venture Round in 2024
Libattion is a sustainable-native battery supplier focused on advancing the global transition to more sustainable energy storage solutions. The company specializes in innovative battery processing technology, partnering with battery recyclers in Europe to test and select upcycled batteries for reuse in applications such as stationary energy storage systems. By offering cost-effective and safer battery alternatives, Libattion aims to enhance the circular economy of batteries and reduce their environmental impact. The company’s technology supports various applications, including ancillary services, peak-shaving, photovoltaic self-consumption optimization, and backup power solutions, allowing clients to minimize their environmental footprint while efficiently managing energy storage.

Routal

Venture Round in 2024
Routal provides learning AI software solutions for logistics services and field operations. SmartMonkey software learns from a company’s operational and logistics digital history, utilizing existing technology and knowledge as well as IoT methodologies to ensure accuracy in data poor environments.

proGrow

Seed Round in 2022
proGrow, S.A. is a software company based in Matosinhos, Portugal, founded in 2014. It specializes in providing a software as a service (SaaS) platform tailored for industrial sites, focusing on Kaizen and continuous improvement methodologies. The platform integrates real-time data from various sources, allowing users to analyze key performance indicators and enhance operational efficiency through collaboration tools. With customizable dashboards and automatic alerts, proGrow empowers operational teams to make data-driven decisions and take immediate actions. By streamlining production management and fostering continuous improvement, proGrow aims to help manufacturing plants optimize their processes and achieve greater productivity with fewer resources.

Puntes Packaging Partners

Acquisition in 2021
Puntes Packaging Partners is a company that specializes in packaging management and flexographic printing services, primarily serving the Spanish market. The firm offers a comprehensive range of solutions, including packaging design, pre-press services, color management, and flexographic printing for both flexible film and cardboard substrates. Additionally, Puntes Packaging Partners manufactures flexographic photo-polymer print plates using various materials. By focusing on cost reduction and resource optimization, the company aims to improve packaging efficiency for its clients.

LOQR

Series A in 2021
LOQR is a company that specializes in providing a comprehensive digital customer onboarding platform tailored for financial institutions. It offers a centralized solution that manages the entire digital identity lifecycle, including identity verification and authentication. By leveraging its expertise in artificial intelligence and compliance, LOQR enables financial institutions to create seamless, client-centric banking experiences through its journey builder platform. The platform facilitates certified digital processes such as remote account opening and customer data updates, ensuring that all services are regulatory compliant. LOQR's mission is to empower clients to enhance their customers' digital experiences with efficient and integrated solutions.

Chehaoduo

Series E in 2021
Chehaoduo designs an online car trading platform that sells used cars. Its online car trading platform directly links individual car sellers and buyers, which help buyers remove the middlemen as well as purchase used cars easily. Haoyong Yang founded Chehaoduo in 2014, with its headquarters in Beijing in China, with branches in Chinese cities such as Hangzhou and Chongqing.

Automaise

Seed Round in 2021
Automaise is a developer of a cloud-based low-code artificial intelligence platform that specializes in providing artificially intelligent virtual employees for customer service. The company offers a diverse and expanding portfolio of virtual employees capable of autonomously executing designated tasks across various business verticals and processes. By leveraging its platform, organizations can streamline operations, reduce customer service costs, enhance staff productivity, and ultimately boost sales. Automaise aims to simplify and automate process automation, making it easier for businesses to integrate AI solutions into their customer service operations.

Enline

Seed Round in 2020
Enline is a global leader in Digital Twin technology specifically designed for power grids. The company specializes in developing software that enhances the design, construction, and operation of power systems throughout their entire life cycle. Enline's innovative solutions allow for predictive and real-time monitoring, fault detection, and system optimization without the need for physical sensors, which significantly reduces operational costs while increasing asset efficiency and reliability. Their technology can be deployed quickly and remotely, making it accessible to a diverse range of sectors including transmission system operators, distribution system operators, power generation, industry, mining, and insurance. With a presence on five continents, Enline serves a broad clientele, including energy companies, industrial firms, banks, and international insurance providers. The company maintains offices in Portugal, Germany, Brazil, and Peru, and has representatives in over 25 countries, reflecting its commitment to global service and innovation.

Eneida

Series A in 2020
Eneida Wireless & Sensors, SA is a company based in Coimbra, Portugal, specializing in the development of solutions for optimizing electric grid assets. Founded in 2012, Eneida focuses on creating smart sensors and artificial intelligence applications to enhance the resilience and efficiency of low voltage networks. Its key offerings include a Low Voltage Monitoring system that alerts staff to equipment failures, Theft Avoidance Smart Systems to combat theft in secondary distribution substations, and a Smart Flooding Solution to prevent flooding in underground installations. Additionally, the company provides monitoring and control solutions for Rural PV Parks, enabling real-time oversight of equipment and production in remote areas. Eneida's collaborative energy IoT platform, known as Deep Grid, integrates smart sensor networks with data analytics to facilitate the optimization of grid-critical assets, aiming to support electric utilities in delivering reliable and affordable energy.

proGrow

Seed Round in 2020
proGrow, S.A. is a software company based in Matosinhos, Portugal, founded in 2014. It specializes in providing a software as a service (SaaS) platform tailored for industrial sites, focusing on Kaizen and continuous improvement methodologies. The platform integrates real-time data from various sources, allowing users to analyze key performance indicators and enhance operational efficiency through collaboration tools. With customizable dashboards and automatic alerts, proGrow empowers operational teams to make data-driven decisions and take immediate actions. By streamlining production management and fostering continuous improvement, proGrow aims to help manufacturing plants optimize their processes and achieve greater productivity with fewer resources.

LOQR

Convertible Note in 2019
LOQR is a company that specializes in providing a comprehensive digital customer onboarding platform tailored for financial institutions. It offers a centralized solution that manages the entire digital identity lifecycle, including identity verification and authentication. By leveraging its expertise in artificial intelligence and compliance, LOQR enables financial institutions to create seamless, client-centric banking experiences through its journey builder platform. The platform facilitates certified digital processes such as remote account opening and customer data updates, ensuring that all services are regulatory compliant. LOQR's mission is to empower clients to enhance their customers' digital experiences with efficient and integrated solutions.

Glartek

Seed Round in 2019
Glartek is a developer of an Augmented and Connected Worker platform aimed at enhancing operational efficiency and safety for industrial front-line workers. The company's software is designed to improve business operations management and monitoring by leveraging augmented reality technology. This innovative approach allows organizations to analyze data related to production and maintenance processes, enabling them to monitor costs effectively. Glartek's solutions provide access to cloud analytics and augmented reality tools, supporting businesses in optimizing their operations and ensuring a safer working environment for their employees.

Omniflow

Venture Round in 2019
Omniflow is a company specializing in sustainable energy solutions, focusing on the development of innovative technologies for microgeneration and energy storage. It has created a Smart IoT Lamppost that combines wind and solar power to transform traditional street lighting into intelligent infrastructure. This lamppost is capable of supporting various applications, including 5G Small Cells and Edge Computing, while also providing high-quality data through advanced software services. Omniflow's proprietary technology features an omnidirectional wind turbine and efficient solar cells, complemented by integrated batteries, which facilitate effective power generation for both urban and remote locations. Through its advancements, Omniflow aims to enhance energy efficiency and support the growing demand for smart urban solutions.

Eneida

Seed Round in 2018
Eneida Wireless & Sensors, SA is a company based in Coimbra, Portugal, specializing in the development of solutions for optimizing electric grid assets. Founded in 2012, Eneida focuses on creating smart sensors and artificial intelligence applications to enhance the resilience and efficiency of low voltage networks. Its key offerings include a Low Voltage Monitoring system that alerts staff to equipment failures, Theft Avoidance Smart Systems to combat theft in secondary distribution substations, and a Smart Flooding Solution to prevent flooding in underground installations. Additionally, the company provides monitoring and control solutions for Rural PV Parks, enabling real-time oversight of equipment and production in remote areas. Eneida's collaborative energy IoT platform, known as Deep Grid, integrates smart sensor networks with data analytics to facilitate the optimization of grid-critical assets, aiming to support electric utilities in delivering reliable and affordable energy.
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