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

Past deals in Portugal

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.

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.

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.

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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