Portugal Ventures is a venture capital firm based in Porto, Portugal and part of the Banco Português de Fomento group. Founded in 2012 as a merger of AICEP Capital Global, InovCapital and Turismo Capital, it provides venture capital and expansion investments to small and medium enterprises in Portugal. The firm focuses on innovative, science and technology-based companies across digital technology, manufacturing, therapeutics and health technology, as well as tourism and industrial sectors, and seeks opportunities at pre-seed, seed and Series A stages as well as later expansion rounds to stimulate the Portuguese economy and support global growth.

Indico Capital Partners is an independent venture capital firm based in Lisbon, Portugal, focused on backing early-stage global technology companies. The firm primarily invests in software as a service, artificial intelligence, cybersecurity, fintech, internet of things and other technology sectors, targeting seed to Series A rounds. Established in 2017 by experienced investors, Indico emphasizes a global perspective and supports portfolio companies with strategic guidance and access to international networks. It has backed notable Portuguese tech success stories and seeks to foster startups with a strong DNA in innovation from Portugal and beyond.

BlueCrow Capital is a venture capital firm founded in 2016 and based in Lisbon, Portugal. It invests in robotics and information and communications technology, medtech, biotech, sustainable food, leisure, industrial, and agriculture, supporting innovative companies with potential for scalable impact and value creation.

Bionova Capital is a seed and early-stage venture capital firm focused on healthcare and life sciences in Europe. It was founded in 2015 in Lisbon, Portugal by the shareholders of Hovione, a major Portuguese pharmaceutical group. The firm backs early-stage therapeutics, digital health, and medical technology startups, typically taking minority stakes and investing between €200,000 and €1,000,000 per project to support development and growth.

Bynd Venture Capital is a Lisbon-based venture capital firm specializing in seed and early-stage technology investments. It backs companies in IT, digital and sustainability sectors, including Lifesciences and Clean Tech, and seeks minority stakes. The firm focuses on Europe, especially Portugal, and on startups with ties to Portugal or Spain, as well as ventures connected to these markets; it also considers opportunities in the United States. Founded in 2010 as Busy Angels, the firm operates from Portugal.

Shilling is an early-stage venture capital firm and angel group based in Lisbon, Portugal. Founded in 2011, it backs B2B and consumer startups at early stages and pursues a community-centric approach that provides more than capital through its Shilling Platform, offering access to experienced founders and executives to help validate and develop ventures and accelerate growth into global markets. The firm aims to foster sustainable economic growth across diverse industries and disruptive technologies, operating with a profit-sharing model that emphasizes collaboration among founders, investors, and ecosystem participants.

Founded in 2010, EIT InnoEnergy is a leading European innovation engine focused on Sustainable Energy. It invests in early-stage climate tech and energy companies across Europe and the US, providing equity minority investments and added value services to de-risk projects.

Armilar Venture Partners is a Lisbon-based venture capital firm founded in 2000 that backs seed- and early-stage technology companies in Europe and the United States. The firm focuses on software and technology-enabled sectors, including enterprise software, SaaS, artificial intelligence and machine learning, cybersecurity, blockchain, the Internet of Things, computing, and augmented and virtual reality, with interest in industrials and other technology-driven applications. Armilar provides capital and strategic support to early-stage companies positioned for international growth.

Founded in 2013, Alpac Capital is a Lisbon-based venture capital firm focusing on European companies, particularly those in Hungary and Portugal. It invests in technology companies with B2B products/services, telecom operators, industrial/agro businesses, healthcare services, and other scalable ventures. Alpac takes an active role in business development to support scale-ups and ensures professional management. The firm looks for experienced teams with market-tested products/services.

C2 Capital Partners is a growth investment firm based in Lisbon, Portugal, established in 2009. It invests primarily in assets within the ESG and clean energy sectors, including solar, wind, batteries, recycling, biofuel processing, and biomass conversion, as well as other commercial and industrial facilities, with a focus on diversification, stable distribution, inflation hedging, and volatility mitigation. The firm operates as a subsidiary of Gaw Capital Partners.

XesGalicia is the private equity and venture capital arm of Instituto Gallego de Promoción Económica, based in Santiago de Compostela, Spain. It invests in seed and start-up projects, early venture and emerging growth, buyouts and growth capital in unquoted companies, with a focus on innovative technologies across biotechnology, telecommunications, renewables and the environment. The firm prefers newly formed companies and opportunities in the Galicia region but may consider investments in other parts of Spain and Portugal, including the north of Portugal. It does not invest in finance sector companies or in companies quoted on primary stock markets. Typical investments range from €0.06 million to €0.2 million per transaction, often taking temporary minority stakes. Investments in a single portfolio may not exceed 15% of the fund’s total assets, and investments in companies within the same group may not exceed 35% of assets; the firm may take minority stakes up to 45% of a company's equity. Founded in 1999, XesGalicia supports innovative business development.

Founded in 2018 and headquartered in Lisbon, Portugal, N1 Investment Fund is a venture capital firm that pursues early-stage and seed investments in fintech, software as a service, and artificial intelligence. The firm supports startups that enable innovative payments, digital banking, and rapid software integration, aiming to back scalable solutions across financial technology. Its portfolio includes fintech and tech companies such as sportbank, Asquad, TRANSENIX, Steadypay, and Heep, reflecting a focus on platforms that enhance payments, freelancing income, and no-code development.

Tejo Ventures is a venture capital firm based in Lisbon, Portugal, founded in 2021. It pursues investments across fintech, health tech, sustainability, education, female empowerment, real estate, renewable energy, and climate sectors.

Shapers is a venture capital firm established in 2023 and located in Lisbon, Portugal. The company focuses on investing in the fintech sector, targeting innovative founders and startups across Europe. Backed by experienced operators in the global fintech landscape, Shapers aims to support the growth of emerging fintech businesses, contributing to the development and evolution of the financial technology ecosystem in the region.

LC Ventures is a Lisbon, Portugal-based venture capital firm that backs early-stage technology startups. It invests across Europe, North America, and Latin America, with a focus on software-enabled solutions. The firm targets pre-seed to Series A rounds, offering initial tickets up to 200,000 euros and total investments up to 1 million euros per company. It emphasizes rapid decision-making and a hands-on partnership approach, leveraging a network of international mentors to help portfolio companies scale and advance to the next funding rounds. The partners bring long-standing tech investment experience dating back to 2000 and have supported a portfolio of startups across multiple countries, including the USA, Brazil, the Netherlands, Spain, and Portugal.

Faber Ventures is a Lisbon-based venture capital firm that backs early-stage, deep-tech startups. Founded around 2013, it focuses on science-driven companies advancing AI, data analytics, climate tech, ocean tech, and Web3 across Southern Europe, notably Spain and Portugal. The firm follows a thesis-driven approach and supports portfolio companies with dedicated funds, investment teams, and expert advisors to accelerate global growth. It has backed entrepreneurs building in AI/Data, Web3, and climate-related applications, including early bets on Unbabel, SWORD Health, Codacy, iLoF, and YData.

Kibo Ventures is a Madrid-based venture capital firm focusing on seed and early-stage technology companies, including pre-Series A and Series A rounds, with offices in Madrid, Barcelona and Lisbon. It invests globally, with emphasis on Europe, the United States and Latin America, in sectors including internet and direct marketing retail, online services, systems software, digital technology, wireless and telecom equipment, mobile devices, and consumer and enterprise software. The firm backs exceptional founders building global businesses and takes an active, hands-on approach in portfolio companies, often facilitating co-investment with other investors.

Caixa Capital is the private equity and venture capital arm of Caixa Geral de Depósitos, the Portuguese banking group, based in Lisbon. Founded in 1991, it has more than two decades of activity investing in funds and directly in companies, and also holds a portfolio of other funds. The firm targets opportunities across consumer, enterprise, life sciences, cleantech, energy, industrial, infrastructure and service sectors, and pursues indirect investments through its fund portfolio. It manages around 700 million euros and oversees a portfolio of more than 80 investments, making it a leading investor in terms of funds under management, portfolio size and diversity.

Redangels is an angel investment group founded in 2014 and based in Aveiro, Portugal. It focuses on seed-stage investments in Portuguese companies.

Semapa Next is a venture capital firm established in 2017 and based in Lisbon, Portugal. It focuses on investing in exceptional founders and teams across various sectors, including B2B, B2C, energy, financial services, healthcare, information technology, and materials and resources. The firm targets investments from Series A to late-stage funding, aiming to support leaders who are making a positive impact on the world. Semapa Next offers not only financial backing with patient capital but also a wealth of entrepreneurial, operational, and financial expertise. Its team, along with a network of advisors, brings direct experience in critical areas such as sales and marketing, talent management, finance, and mergers and acquisitions. Additionally, the firm provides access to Semapa's Group and its international network, facilitating opportunities for business development, technology piloting, and the management of global enterprises.

Sonae IM is the corporate venturing arm of the Sonae Group, specializing in investments in technology-driven companies aligned with Sonae's core business sectors. Operating with a flexible investment strategy, Sonae IM combines its technological expertise and brand capital with a global network to support its portfolio companies. The organization's history of corporate venturing dates back to initiatives such as the establishment of revenue assurance leader WeDo in 2001 and the successful spin-off of Mainroad in 2003. Sonae IM has also made strategic investments in the cybersecurity sector, notably in the Spanish company s21sec, and in location analytics through its investment in Movvo. Since its formal launch in 2015, Sonae IM has invested in companies like InovRetail, StyleSage, and Sysvalue, further enhancing its portfolio. The firm has also engaged in the acquisition of stakes in funds managed by ES Ventures and launched Bright Pixel, a company builder studio. Sonae IM operates from Porto, Portugal, and reflects Sonae's long-standing commitment to corporate venturing.

Beta Capital is a Portugal-based private equity and venture capital firm that makes direct investments in seed and early-stage technology companies and also participates in fund-of-funds through other venture funds. It takes minority stakes in portfolio companies, supports technology-intensive ventures including information technologies, energy, ICT, electronics, new materials, renewable energies, and biotechnology, and seeks university spin-offs and technology transfer opportunities. The firm prefers early-stage opportunities, often with Portugal focus, and typically invests €0.05-€1 million in equity and up to $0.08 million in debt, with a typical 4–6 year horizon (extendable). It engages via its own capital and/or a fund, providing hands-on support and forming relationships with entrepreneurs. Exit strategy targets higher-stage development bringing in corporate investors or traditional venture capital firms. Founded in 2003 and based in Porto, Beta Capital emphasizes technology-based projects and collaboration with universities and research centers.

European Investment Fund (EIF) is a public institution established in 1994 to improve access to finance for Europe's small and medium-sized businesses. It designs and develops venture capital and guarantee instruments to support SMEs and to catalyse private investment, aiming to build a robust European equity ecosystem. EIF engages in venture capital, growth capital, and guarantee operations, backing innovative entrepreneurs primarily in technology and life sciences, as well as across other sectors. Through cornerstone investments and fund participation, EIF seeks to crowd in private investors and stimulate venture activity across Europe. Its equity portfolio has grown substantially, with assets under management exceeding EUR 14 billion, reflecting its broad role in strengthening SME finance and supporting entrepreneurship and growth.

Novabase is a Portuguese technology and services group that delivers IT consulting, systems integration and digital transformation. It operates through segments focused on Next-Gen IT consulting and a Value Portfolio, providing technology, management, design and business-expertise services to banks, insurance, capital markets, government, transportation and energy sectors. The company supports financial services with platforms for regulatory reporting, risk management and full finance lifecycle processes, and offers digital platforms such as Wizzio, Symetria, Binfolio and Rely. It serves customers across Portugal, Europe, Africa and the Middle East and is headquartered in Lisbon. Founded in 1989, the group pursues growth through both services and venture investments in information and communications technology startups via its investment arm.

Cedrus Capital is a financial firm based in Lisbon, Portugal, specializing in venture capital and private equity investments with a focus on small and mid-sized companies. It provides credit facilities and wealth management services, offering capital solutions and asset management to clients.

BrainTrust, founded in 2014 and based in Alverca do Ribatejo, Portugal, is an angel investment group that focuses on supporting entrepreneurs and small-to-medium enterprises. The firm provides seed capital to individuals with innovative ideas looking to launch new companies, as well as expansion capital for existing businesses aiming to grow, particularly in international markets. Additionally, BrainTrust offers rescue capital to companies facing difficulties, with the goal of revitalizing projects that have potential for recovery beyond mere financial support.

Lince Capital is an independent venture capital company based in Lisbon, Portugal. It traces its origins to a family group with more than 30 years of experience in managing investment funds across real estate, infrastructure, agriculture, and telecommunications. The firm supports growth by providing hands-on, personalized support and maintains close, direct relationships with its investors and business partners through an experienced and dynamic team. Its investment activity spans multiple sectors, including real estate, accommodation, industrial, retail and services, health, and technology, reflecting its broad investment heritage and approach.

Diana Capital is a private equity firm founded in 2000 and based in Madrid, Spain. It invests in mid-market companies across Spain and Portugal, with a focus on Spanish middle-market businesses that require financing to support expansion, particularly in the industrial and service sectors.

2bpartner Sociedade de Capital de Risco S.A. is a venture capital firm founded in 2007 and headquartered in Braga, Portugal. The company specializes in seed, startup, and early-stage investments, focusing on sectors such as Industry, Energy, Construction, Retail, Tourism, Transport/Logistics, and Services. It primarily seeks investment opportunities in companies located in Portugal, particularly in the NUTS II Regions of North, Centre, and Alentejo. 2bpartner is designed to support ambitious entrepreneurs and management teams by providing not only capital but also management expertise and a valuable business network to enhance performance and facilitate growth. The firm was established with the backing of AIminho and various private investors, and it has evolved through strategic partnerships, including the dst group becoming the majority shareholder in 2012.

Savvy Capital Partners is an angel investment group founded in 2019 and based in Senhora da Hora, Portugal.

Bright Pixel Capital is the corporate venture capital arm of Sonae, based in Maia, Portugal. Founded in 2015, the firm focuses on investments in cybersecurity, retail technologies, and infrastructure software.

Valutia is a venture capital firm founded in 2020, headquartered in Lisbon, Portugal, focusing on early-stage startups building global businesses from Brazil and Portugal, offering capital and strategic support through a team of industry experts and international networks to help founders scale beyond local markets. The firm was established by Kiko Lumack, a serial entrepreneur, and Bruno Lino, a global executive with experience in 3G Capital portfolio companies.

Adara Ventures is a Madrid-based venture capital firm that backs early-stage technology companies across Europe. The firm focuses on deep-technology sectors such as cybersecurity, data applications and infrastructure, DevOps, hardware components, and digital health, and seeks ambitious founders capable of scaling internationally. It maintains a European footprint, investing across Spain, Portugal, France, Ireland, and the United Kingdom, and supports teams from product development through initial go-to-market stages. By providing early capital and guidance, Adara Ventures aims to accelerate growth for innovative startups at the intersection of software, hardware, and related infrastructure technologies.

GrayBella Capital is a European venture capital firm that backs technology and healthcare companies across health tech, life sciences, and complex tech sectors. It engages in seed through growth-stage investments, typically leading or co-leading rounds and maintaining active board involvement. The firm concentrates on Europe, including the UK, Ireland, Spain and Portugal, the Nordics, Baltics, and CEE, with typical equity checks in the €3–8 million range. It operates from multiple offices in Europe and North America and pursues pan-European opportunities.

GELLIFY is an innovation platform and venture activity based in Bologna, Italy, that invests in B2B digital software startups and connects them with traditional companies to drive digital transformation through open innovation. It supports startups from early stages through a growth process called Gellification, helping them progress from liquid to solid stages, and operates a B2B Innovation Community called EXPLORE to link entrepreneurs, innovators and professionals through events and phygital experiences. The company maintains a global footprint with operations in Italy, the United Arab Emirates, Spain and Portugal and engages across sectors including software, manufacturing, energy and resources, technology, retail and financial services, healthcare, cyber security, and the industrial internet of things.

Founded in 2021, Yellow Rocks! is a venture capital firm investing in early-stage companies with global expansion potential. They focus on disruptive technologies and aim for startups to reach $1 billion valuation. With a team distributed across the USA, Portugal, and Armenia, they leverage their collective experience from organizations like World Bank, IFC, Google, EPAM, MIT, Harvard, Stanford, Y Combinator, TechStars, MassChallenge, and 500 Startups.

BiG Start Ventures is a venture capital firm that concentrates on seed and early-stage investments, with a focus on fintech and insurtech. Based in Portugal, it supports startups in their early growth to scale and capture opportunities in financial technology and insurance technology markets.

Vincit is a software development and digital transformation company that delivers services across business design, transformation support, customer experience advisory, service design, and agile development, and builds websites and mobile apps, digital commerce solutions, IoT and embedded systems, and system integrations. It also provides SAP enterprise solutions, cloud transformation, and data and AI capabilities, along with digital platform services and SAP ecosystem technologies such as VincitEAM. The company operates in Finland, Poland, Portugal, Sweden, and the United States.

K Fund is a Madrid-based venture capital firm that backs startups at early stages, with investments across Spain, Portugal and Latin America. Founded in 2016 by Inaki Arolla, Carina Szpilka and Ian Noel, it focuses on digital-first, technology-driven companies with global growth potential. The firm pursues seed, early and later stage investments in sectors including information technology, mobile, big data, e-commerce, gaming, the internet of things, and both business and consumer products and services. It is based in Madrid and maintains offices in Barcelona and Lisbon to cover the Spain and Portugal region.

Apex Capital is a venture capital firm based in Oeiras, Portugal, founded in 2021. It targets investments in the sports, media, and entertainment sectors and collaborates with elite athletes to drive innovation and disruption in these industries. Through connected capital, it seeks to improve investment outcomes and positions itself as a strategic investor in the broader sports, media, and entertainment ecosystem.

33N Ventures is a venture capital firm focused on cybersecurity and infrastructure software companies at early growth stages. It funds opportunities across Europe, the United States and Israel, and aims to help portfolio companies expand globally through an active, international approach. Founded in 2022 and based in Porto, Portugal, the firm leverages an experienced cross-border team and a broad network of cybersecurity entrepreneurs, experts, and decision-makers to support companies in commercialising emerging technology solutions and scaling internationally.

Qualitas Equity Partners is a Madrid-based private equity and venture capital firm founded in 2003 that manages direct investments and fund-of-funds strategies in Europe. It pursues buyouts, management buyouts, growth and expansion capital, and buy-and-build opportunities in mid-market companies, with a focus on Spain, Portugal and broader Western Europe. The firm targets sectors such as industrials, consumer products and services, energy and renewables, and business services, and often engages in co-investments through its fund-of-funds activities.

Founded in Madrid, Spain in 2020, Fondo Bolsa Social is a venture capital firm investing in seed and series A startups across Portugal and Spain. It focuses on companies generating positive social and environmental impact, primarily in sectors such as health and well-being, education, sustainable production and consumption, climate action, and social integration.

Bewater Funds is a venture capital management company that provides regulated investment vehicles and liquidity options for investors, with a focus on enabling investment in non-listed companies. It operates in Spain and Portugal, supporting startups by connecting them with investors through an online marketplace that offers short- and long-term loan financing to unlisted companies.

Paack is a delivery service platform focused on sustainable e-commerce and retail parcel transportation. It operates an in-house technology platform built by more than 120 engineers to automate, robotise, and optimise its operations, enabling a high first-delivery-attempt rate and lower carbon emissions. The company aims to lead sustainable eCommerce deliveries in Europe and pursues carbon net-zero by 2030 through measuring environmental impact, reducing emissions, partnering with others, and reporting progress. Its platform offers scheduled and temperature-controlled deliveries, real-time tracking, and customer support for online retailers and businesses. Paack currently serves Spain, France, Portugal, and Italy, combining efficiency with environmental responsibility.

Seraphim Capital is a London-based venture capital and growth equity firm focused on the space technology sector. It invests globally across multiple stages, from early pre-seed to growth and pre-IPO, and supports portfolio companies with access to a broad network of corporate partners, government agencies, and industry experts. The firm seeks to back space-enabled businesses, including Earth observation and related applications, leveraging its experienced team and worldwide reach to drive growth, partnerships, and value creation through the full company lifecycle.

Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Dubai, Nairobi and San Francisco. It provides capital, operational experience and strategic support to entrepreneurs from seed through growth, helping them scale through multiple stages. Founded in San Francisco about 40 years ago, Partech currently manages €2.5 billion in assets and backs a portfolio of roughly 220 companies across 40 countries and four continents.

Indaco Venture Partners is an Italian venture capital asset management firm based in Milan. It focuses on growth-stage investments in electronics, robotics, medtech, biotech, digital, and new materials, prioritizing companies with proprietary technologies and competitive advantages. While concentrating on Italian enterprises, it makes investments across Europe, the United States, Canada, and Israel.

GP Bullhound is a London- and globally oriented technology advisory and investment firm founded in 1999. It provides independent strategic and financial advice to technology companies, including mergers and acquisitions, private placements, IPOs, and capital-raising activities. The firm combines technology insight with access to a global network of buyers and capital across Europe, the United States, and Asia, helping entrepreneurs and growth companies navigate complex transactions. In addition to advisory work, GP Bullhound maintains an investment arm that backs technology-focused opportunities across seed to late-stage rounds, with a track record of working with category-leading clients. With offices across Europe, the United States, and Asia, the firm serves sectors including software, fintech, media, and other technology-enabled services, aiming to help teams build scalable, billion-dollar businesses.

Established in 2020, the European Innovation Council supports innovative startups and researchers with promising ideas, focusing on early-stage companies with positive environmental, social, or governance impacts. It co-invests alongside private investors.