Top 20 Community Startup Investors in Portugal (October 2023)

Indico Capital Partners is the leading independent Venture Capital firm in Portugal investing in global technology companies. Indico focuses on software as a service, artificial intelligence, internet of things, fintech, cybersecurity and digital companies, targeting investments at Seed to Series A level. Founded in 2017, the team at Indico werepreviously behind the majority of the Portuguese global tech success stories, as investors and entrepreneurs.Headed by the two most senior former Caixa Capital VC Team members, supported by a successful and experienced entrepreneur and a strong group of advisors, top entrepreneurs, they raised our first fund (authorized by the Portuguese Securities Market Commission - CMVM) from a cornerstone institutional investor (EIF) and international family/multi-family offices from Europe, US, and Australia. In addition to Silicon Valley, London, and Berlin, cities like Lisbon have emerging startup ecosystems. Portugal went through a difficult macro environment years ago which led to a growth in the entrepreneurship culture and investment. We have excellent tech graduates and a global mindset.Highly innovative companies like luxury eCommerce platform Farfetch, YC graduate machine learning translation platform Unbabel or the leading student accommodation marketplace Uniplaces have a strong Portuguese DNA and went to raise international rounds in the UK and the US - we want to back the next success stories of the ecosystem.

Investment focus

Industry: Information Technology, E-Commerce, B2B
Stage:Seed, Series A, Series C
Geography: Portugal, United States, Italy

Investor stats

Total investments: 31
Round size: Seed $536k–$3M; Series A $5.4M–$36M; Series C $39M–$39M
Lead/follow: 69% lead, 31% follow
Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

Membrion — Remove Problematic Ions to Expand Capacity, Ensure Compliance, and Eliminate Costs with Electro-Ceramic Desalination
Ittinsect - Feed for the Ocean — Zero ocean impact aquafeed. Ittinsect aims to reduce overfishing in the oceans thanks to insect based aquaculture feeds.
Spotlite — Spotlite - Satellite-based innovative infrastructure monitoring solutions.

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Miguel is a tech entrepreneur (Coverflex, StudentFinance, and Uniplaces) and an early-stage tech investor via Shilling (new early-stage €30M Shilling Founders Fund).Miguel is the co-founder & CEO of Coverflex.com. The way we work is changing, but compensation — salary, bonus, equity, and benefits — has not evolved for decades. The currentrigid, one-size-fits-all approach is outdated and fails to satisfy the needs of the modern workforce. Coverflex is changing that. This all-in-one tech-enabled platform enables all companies — regardless of their size — to design, consolidate and personalise their compensation offers beyond salary. Companies can supercharge their employee benefits while saving both time and money. Coverflex calls this “Compensation as a Service”. Miguel is also the founder of Studentfinance.com (edtech startup promoting Income-Share -Agreements (“ISA”) to help increase educational opportunity and empower people to access high-impact careers) & Uniplaces.com (consumer marketplace to mid-to-long term rentals).Miguel is also a Partner, since 2017, in the most active pre-seed and seed VC in Portugal - Shilling.vc - as well as a lead mentor role in Techstars. Since then, Miguel led angel investments in more than 30 early-stage companies in Europe.Miguel is passionate about startups and entrepreneurship and serves as an advisor to a number of early-stage companies around Europe. Since 2017 he is an EO Portugal Founding Member, a peer-to-peer organisation that supports high-impact entrepreneurs across the world. He is married to Flávia and together they have baby Camila.

Investment focus

Industry: Communities, Food Delivery, Food and Beverage
Stage:Pre-Seed, Seed, Angel
Geography: Spain, Portugal

Investor stats

Total investments: 4
Lead/follow: 25% lead, 75% follow

Portfolio highlights

EatTasty — EatTasty | So simple and so good.
Luca — Luca's learning platform provides learning programs for primary and secondary school students. The learning platform offers pre-recorded K12 videos, gamified content and AI powered personalized study paths, covering the entire official academic curriculum and national exams prep. Luca is a VC backed startup with HQ in Madrid & MexicoCity

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Caixa Capital is the Private Equity and Venture Capital arm of banking Group Caixa Geral de Depósitos and has a track record spanning over two decades of activity, since the industry was created in Portugal. It is a leading investor in terms of funds under management, portfolio size and diversity.Caixa Capital´s mission is to invest in fundsand companies, led by highly qualified management teams, with high growth and valuation potential, that enable our funds to achieve an attractive risk adjusted return and for society at large to benefit sustainably from our activity.Currently with more than 700 million Euros under management and a portfolio of over 80 investments, Caixa Capital is a reference in this area with special links to the respective European sector associations.

Investment focus

Industry: Software, Information Technology, Health Care
Stage:Seed, Series A
Geography: Portugal, United States, Spain

Investor stats

Total investments: 64
Round size: Seed $107k–$2.5M; Series A $696k–$24M
Lead/follow: 17% lead, 83% follow

Portfolio highlights

HiJiffy — Increase direct bookings and upselling with HiJiffy's AI-powered communication solutions for hospitality.
Probely — Probely is a web application and API vulnerability scanner for agile teams. Automate Security Testing by adding Probely into your SDLC and CI/CD pipelines.
Infraspeak — Infraspeak is an Intelligent CMMS Software that brings outstanding flexibility, connectivity and intelligence to your operations.

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Olisipo Way is an early-stage venture firm that focuses on IT investments. It invests in technology companies with very diverse and complementary skills. The initial portfolio of Olisipo Way comes from the innovation created within the Olisipo through the continuous stimulation of innovation among employees and the incubation of new businessventures.The firm was founded in 2015 and is headquartered in Lisbon, Lisboa.

Investment focus

Industry: Software, SaaS, Communities
Stage:Pre-Seed, Seed, Convertible Note
Geography: Portugal

Investor stats

Total investments: 9
Round size: Pre-Seed $161k–$725k
Lead/follow: 33% lead, 67% follow

Portfolio highlights

Zharta — Zharta is a peer to pool protocol that enables its users to apply for real-time loans by using NFTs as collateral.
sheerME — SheerME is Revolutionising the way people find, book, and pay for their Wellness and Beauty services powered by a benefit-based walletOur approach is based on Discovery, Transaction & Reward to create more online visibility, reach, conversion into new business, loyalty, and frequency through our wallet and cashback ecosystem, to all ourpartners in the beauty and wellness sectors.This made us a fresh and different option in this sector where there are mainly SaaS players, and we bring marketplace with no monthly fee, only a commission for business sent through our owned and partner channels.
advertio — The customer acquisition platform that empowers your business to grow risk-free, where you only pay per results, not promises.

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They believe the unbelievable and trust the untrustable.

Investment focus

Industry: Internet of Things, Mobile, Internet
Stage:Seed, Pre-Seed, Angel
Geography: Portugal, Poland, Germany

Investor stats

Total investments: 23
Round size: Seed $107k–$1.4M; Angel $54k–$177k; Pre-Seed $11k–$54k
Lead/follow: 17% lead, 83% follow

Portfolio highlights

HypeLabs — HypeLabs is the company that created the Hype SDK, an interoperable mesh networking software that improves connectivity on all kinds of devices, from mobile to desktop to IoT, allowing them to connect even when there is no internet. The software works by intelligently connecting devices in local mesh networks using existing connectivitytechnologies, such as Bluetooth, WiFi, LoRa and others. This network enables content to securely hop between devices, until it reaches a destination or an Internet exit point, improving range and deliverability.Founded in 2016, the company is located in San Francisco (USA), Porto (Portugal), London (UK) and Krakow (Poland). AngelPad #10 (Spring '16) alumni & Deutsche Telekom WARP alumni.
Musiversal — Record your music in real time with world-class session musicians, vocalists, producers and audio engineers
Sensefinity — Sensefinity The Blockchain IoT Transformation Company Building the Internet of Cargo Where Assets autonomously connect to processes

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We’re an early stage European venture capital firm partnering with globally minded founders.We’re supportive, founder focused, and aim to work together with you as a close and collaborative team of independent thinkers. Along with the support of our entire network, each member of our team brings their own personal experience to the table. Thefirst ticket is up to 200K€ and the total investment in a given startup can be up to 1M€.We decide investments quickly, allowing the founders to get back focusing on growing the business. Our team and network of international mentors help young startups to scale quickly and to prepare for the next rounds.Our partners have been investing in tech-based startups since 2000 and have a portfolio of more than 100 companies in the USA, Brazil, The Netherlands, Spain and Portugal.

Investment focus

Industry: Information Technology, Artificial Intelligence, Internet of Things
Stage:Seed, Pre-Seed, Series D
Geography: Portugal, China, Poland

Investor stats

Total investments: 26
Round size: Seed $265k–$4.9M; Pre-Seed $11k–$321k
Lead/follow: 50% lead, 50% follow
Last fund: May invest from a new fund soon — raised $16M in 2018

Portfolio highlights

360hyper — The groceries marketplace where you can find everthing you need. Buy online groceries as fast as in 4 hours with personalized picking.
Musiversal — Record your music in real time with world-class session musicians, vocalists, producers and audio engineers
Brands&Ninjas — SaaS to control the performance of physical marketing campaigns on retail.

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Portugal Ventures is a venture capital firm that is part of the Banco Português de Fomento group, currently manages 170 million euros and has more than 130 portfolio companies. It invests in startups in the pre-seed, seed and series A stages that offer innovative solutions for the international market in the digital, engineering&industry, lifesciences, and tourism sectors. Since 2012, Portugal ventures has invested 164 million euros in 147 new businesses.

Investment focus

Industry: Software, Health Care, Information Technology
Stage:Seed, Pre-Seed
Geography: Portugal, United States, France

Investor stats

Total investments: 159
Round size: Seed $107k–$1.6M; Pre-Seed $107k–$643k
Lead/follow: 6% lead, 94% follow
Last fund: May invest from a new fund soon — last raise in 2018

Portfolio highlights

HiJiffy — Increase direct bookings and upselling with HiJiffy's AI-powered communication solutions for hospitality.
MyCareforce — The platform that connects nurses to available shifts.
Floating Particle — Floating Particle is a technology and innovation company that drives an innovative solution for waste management and clean energy. Floating Particle specializes in IoT, Big Data and Machine Learning to provide cutting-edge technology to the customers.

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Online investing opportunities in the best new startup businesses, and raise seed and angel investment, with top European equity crowdfunding site Seedrs.

Investment focus

Industry: Software, E-Commerce, FinTech
Stage:Seed, Equity Crowdfunding, Pre-Seed
Geography: United Kingdom, United States, Portugal

Investor stats

Total investments: 162
Round size: Seed $37k–$1.7M; Pre-Seed $37k–$465k; Equity Crowdfunding $145k–$3.4M
Lead/follow: 59% lead, 41% follow

Portfolio highlights

Shoorah — Shoorah is a fresh and comprehensive wellbeing app that helps you support your mental health and nourish your wellbeing.
Taylor & Hart — Taylor & Hart's mission is to create and deliver engagement rings that allow people to truly express themselves in a way that captures the emotions they feel for each other.- Offering over 100,000 ethically sourced GIA graded diamonds to choose from.- Winner of "Best New Jeweler 2014" and nominated for numerous otherawards.- Crowd-fundeded through Seedrs twice raising over $500,000- Notable mentions in the Telegraph, Guardian, Elle, Glamour, Forbes, FT- Customer rating of over 9.6/10 from over 120 reviews.- Team members based in London, UK and Sofia, Bulgaria- Transacted over $2m over the last 12 months.- Set a pink diamond on the inside of every ring as a trademark
Splint Invest — Splint Invest is a B2B2C platform, where customers can buy tokens of alternative investments. Combining smart contracts, DLT and AI, we tokenize real-world assets effortless and fully automated.

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More than a seed-stage fund and a portfolio of startups: Our community of founders taps into the power of financial innovation to collaborate around global problems and unlock prosperity for all.

Investment focus

Industry: Blockchain, FinTech, Cryptocurrency
Stage:Pre-Seed, Seed, Series A
Geography: United States, Germany, Colombia

Investor stats

Total investments: 35
Round size: Seed $100k–$11M; Pre-Seed $50k–$3.5M
Lead/follow: 19% lead, 81% follow

Portfolio highlights

Thallo — Thallo is a Carbon Credit Marketplace that is run on the blockchain. We offer businesses and individuals a place to purchase carbon credits.
ValuesCo — Socialstack is a community of creative leaders, creators, & developers co-creating community-driven economies that run on carbon negative blockchain infrastructure.
Xternity Games — Boost engagement and empower communities on web3

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Faber is a Lisbon-based venture capital firm investing in outstanding entrepreneurs who innovate at the intersection of science and technology to drive digital transformation and climate action. The firm combines a specialist focus on deep tech early-stage startups with dedicated funds, investment teams and expert advisors to actively help foundersbuild global companies powered by AI/data or climate/ocean technologies. Faber’s unique approach in Southern Europe is led by an entrepreneurial management partnership and backed by notable thesis-driven institutions and private investors. Investing since 2013, the firm has been an early investor in hard tech companies such as Unbabel, SWORD Health, Codacy, iLoF or YData

Investment focus

Industry: Software, Machine Learning, SaaS
Stage:Seed, Series A, Pre-Seed
Geography: Portugal, United Kingdom, United States

Investor stats

Total investments: 45
Round size: Seed $433k–$3.2M; Pre-Seed $536k–$1.5M; Series A $5M–$9M
Lead/follow: 22% lead, 78% follow
Last fund: May invest from a new fund soon — raised $22M in 2020

Portfolio highlights

Kern AI — Kern AI offers services in the field of natural language processing that enable a range of interaction modes between humans and machines. They manage natural language products, ETL pipelines, and workflows. The company's contact modes are mail and physical address.
subdron — subdron focuses on data processing in underwater inspections and autonomous underwater navigation.
1s1 Energy — 1s1 Energy is developing material technology for PEM water electrolysis systems for green hydrogen production. The company's mission is to develop viable and scalable solutions to reduce carbon emissions within the decade. 1s1 Energy Inc. was founded in 2019 by Daniel Sobek, Sukanta Bhattacharyya, and T. Don Tilley.

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We invest in founders who are driven to push the limits of what is possible

Investment focus

Industry: Software, Information Technology, Machine Learning
Stage:Seed, Pre-Seed
Geography: Canada, United States, Portugal

Investor stats

Total investments: 52
Round size: Seed $250k–$3.5M; Pre-Seed $145k–$2.7M
Lead/follow: 10% lead, 90% follow
Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

Quandri — Quandri is a digital worker for insurance brokers & agencies.
Voltpost — The lamppost electric vehicle charger.
Spellbook — Rally is the perfect software for lawyers who want to automate legal documents, offer legal subscription services, streamline client intake, and offer a client portal. Law firms choose Rally as an end-to-end workflow for a better client experience.

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First Ukrainian high-technology venture capital firm established by IT experts for IT geeks, investing in early-stage tech companies

Investment focus

Industry: Software, Artificial Intelligence, Blockchain
Stage:Pre-Seed, Seed, Series A
Geography: Ukraine, United States, Bahamas

Investor stats

Total investments: 16
Round size: Pre-Seed $100k–$350k; Series A $12M–$20M
Lead/follow: 19% lead, 81% follow

Portfolio highlights

Haiqu — Clumsy Hardware needs Careful Software
Zibra AI — Zibra Liquids is a real-time and cross-platform physically correct fluid simulation plugin for game developers
datuum — The Data Management platform that can scale your data operations. datuum.ai streamlines any part of your complex data project.

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As both the domestic and international markets continue to evolve and mature, Casa Verde maintains a view that cannabis will be among the most compelling investment themes of our generation.

Investment focus

Industry: Cannabis, Health Care, Information Technology
Stage:Seed, Series A, Series B
Geography: United States, Germany, Canada

Investor stats

Total investments: 39
Round size: Seed $2.5M–$15M; Series A $3.5M–$15M; Series B $15M–$19M
Lead/follow: 59% lead, 41% follow
Last fund: May invest from a new fund soon — raised $100M in 2020

Portfolio highlights

Frontier Risk — Frontier Risk is the first tech-enabled insurance brokerage for the cannabis sector, led by former executives from leading cannabis companies.
Frontier Risk — Frontier Risk is the first tech-enabled insurance brokerage for the cannabis sector, led by former executives from leading cannabis companies.
Sanity Group — Sanity Group is a holistic European Cannabis company focusing on health, wellbeing, and scientific research. To utilize the full potential of its health benefits, Sanity Group is investing in fundamental research of the cannabis plant and its active ingredients as well as in specific areas of application.It was founded in 2018 and headquarteredin Berlin, Germany.

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Iberis is an investment manager that operates a value-oriented investment management.

Investment focus

Industry: Information Technology, Software, B2B
Stage:Series A, Seed, Series C
Geography: Portugal, Spain, United Kingdom

Investor stats

Total investments: 8
Round size: Series C $39M–$39M
Lead/follow: 33% lead, 67% follow

Portfolio highlights

Probely — Probely is a web application and API vulnerability scanner for agile teams. Automate Security Testing by adding Probely into your SDLC and CI/CD pipelines.
KIT-AR — Reduce time and costs spent fixing errors on your manufacturing shopfloor with quality assurance and augmented reality- Click in to find how!
StudentFinance — Catapult your career with leading re-skilling and up-skilling bootcamps. Study now and pay us back once you land a job & start earning!

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Protocol Labs is building the next generation of the internet.

Investment focus

Industry: Blockchain, Software, Cryptocurrency
Stage:Seed, Series A, Pre-Seed
Geography: United States, United Kingdom, Germany

Investor stats

Total investments: 89
Round size: Seed $1.2M–$10M; Pre-Seed $54k–$2M; Series A $1.7M–$43M
Lead/follow: 13% lead, 87% follow

Portfolio highlights

Gensyn — The Gensyn protocol provides hyperscale, cost efficient, compute capacity for all deep learning workloads.
Anytype — for those who celebrate trust & autonomy.
Bluesky — See what's next.

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Bynd Venture Capital, former Busy Angels, is a Portuguese venture capital investor with more than 30 active investments in the portfolio in different funds. At Bynd Venture Capital we invest in companies: - At the seed / early stage - In IT/Digital and Sustainability (including Lifesciences, Clean Tech, among others) sectors - FromPortugal, Spain and any startup that has a direct connection with these markets (founders, tech team, investors, ...).

Investment focus

Industry: Software, E-Commerce, Health Care
Stage:Seed, Series A
Geography: Portugal, Spain, United States

Investor stats

Total investments: 44
Round size: Seed $465k–$3.5M
Lead/follow: 16% lead, 84% follow
Last fund: May invest from a new fund soon — raised $11M in 2019

Portfolio highlights

Ukio — Artfully designed fully furnished apartments available for extended stays
Trebellar — Trebellar provides advanced data analytics for building occupancy, energy efficiency, and climate optimization. Maximize your workplace productivity with our intelligent building solutions.
Guud Woman — Verbeter je cyclus met Guud Woman. Onze supplementen ondersteunen je hormonen en vruchtbaarheid, bevorderen een gezonde huid en meer.

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Lince Capital is an independent venture capital company. Lince Capital was born from the experience of a family group with over 30 years of experience in managing investment funds in various business areas, including real estate, infrastructure, agriculture, and telecommunications.Lince Capital is distinguished by its personalized and excellentsupport, close and direct relationship with each of its investors and business partners, and the dedication of an experienced and dynamic team.

Investment focus

Industry: Grocery, Cannabis, Coworking
Stage:Seed
Geography: Portugal

Investor stats

Total investments: 5
Round size: Seed $804k–$15M
Lead/follow: 60% lead, 40% follow

Portfolio highlights

HiJiffy — Increase direct bookings and upselling with HiJiffy's AI-powered communication solutions for hospitality.
360hyper — The groceries marketplace where you can find everthing you need. Buy online groceries as fast as in 4 hours with personalized picking.
Cargofive — Cargofive is the digital solution that will allow your freight forwarder to access to maritime rates from different providers in one place.

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Shilling is an early-stage venture capital firm backing exceptional founders from the start.Shilling invests in a wide range of verticals and seeks out the biggest opportunities across all B2B and consumer categories. Leveraging the concept of Founder LPs, Shilling brings much more than capital and offers through its Shilling Platform, directaccess to successful founders and executives of leading companies. This platform supports entrepreneurs in validating and developing their ventures, which then accelerate their growth into global markets.

Investment focus

Industry: Internet, Information Technology, Software
Stage:Seed, Pre-Seed, Series A
Geography: Portugal, Spain, United States

Investor stats

Total investments: 56
Round size: Seed $214k–$5M; Pre-Seed $200k–$3.2M; Series A $2.4M–$24M
Lead/follow: 25% lead, 75% follow
Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

Algori — Improving FMCG growth with the fastest and most granular insights from 45,000 shoppers in Spain
Cargofive — Cargofive is the digital solution that will allow your freight forwarder to access to maritime rates from different providers in one place.
MyCareforce — The platform that connects nurses to available shifts.

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Demium is a talent investment company founded in Spain in 2013 with the aim of supporting the best professionals and helping them to carry out successful projects, always with an eminently digital and technological component. In November 2020, it's asset management company, Demium Capital, started operating with a first €50M fund to invest inmore than 75 early-stage startups per year (pre-seed/seed), becoming the most active venture capital fund in Spain. Startups such as Hannun, Voicemod, Swipcar, Citibox, Singularu or Landbot, among others have been created in the incubator. The company is present in five countries: Spain, Portugal, Poland, Ukraine and Czech Republic

Investment focus

Industry: Software, Health Care, Information Technology
Stage:Pre-Seed, Seed, Series A
Geography: Spain, Portugal, Poland

Investor stats

Total investments: 58
Round size: Seed $27k–$1.2M; Pre-Seed $107k–$193k
Lead/follow: 66% lead, 34% follow
Last fund: May invest from a new fund soon — raised $54M in 2020

Portfolio highlights

Coolx — Coolx has a mission to bring technology to the service of forests. Through satellite technology and AI we help environmental consultancies, engineers and forestry managers to optimize the analysis, management and forest conservation.
Tribboo — Project management platform for construction SMEs
Nuwe — Nuwe is a startup disrupting how tech professionals get hired and improve their skills, while at the same time it changes the way companies do people management and recruitment. To achieve that,we have developed a gamified platform which allows users to take challenges, participate in projects and contribute to Nuwe’s community sharing knowledgeand helping other users out. All of this contributes to their path to getting a job and their professional self-development.Companies can ask for personalized challenges, getting access to a database of validated users. For companies, wanting to participate in Nuwe’s selection processes not only get a database of validated users, but they generate a huge impact within tech communities which helps them gain a better reputation and have access to more qualified talent in the future. Moreover, companies can also ask for internal employee analytics which will help them optimize their overall performance.

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