Top 5 Construction VC Funds &amp; Investors in Portugal (May 2026)

Armilar Venture Partners is Portugal's leading venture capitalist. An independent VC with a 20-year-old history, a high-performance track record and an international footprint, Armilar is a deep-tech investor in ICT, HealthTech and CleanTech.

Investment focus

Industry: Software, Information Technology, Manufacturing
Stage:Series A, Seed
Geography: Portugal, United States, United Kingdom

Investor stats

Total investments: 82
Round size: Seed $482k–$2.7M; Series A $3.8M–$12M
Lead/follow: 41% lead, 59% follow
Last fund: May invest from a new fund soon — last raise in 2019

Portfolio highlights

Appentra — The first static code analyzer that increases the performance of C/C++ code. Write hardware-friendly code that runs faster on modern hardware.
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!
Miles in the Sky — Embark on a journey with Miles to upgrade your learning experiences. Our unique model provides a better way to increase learner engagement and improve knowledge retention.

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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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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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EDP Ventures is the venture capital arm of EDP. We invest in early-stage startups working in the energy space

Investment focus

Industry: Software, Information Technology, Energy
Stage:Seed, Series A
Geography: Portugal, Brazil, United States

Investor stats

Total investments: 42
Round size: Seed $321k–$2.3M; Series A $1.7M–$14M
Lead/follow: 38% lead, 62% follow
Last fund: May invest from a new fund soon — raised $8M in 2018

Portfolio highlights

77 Sol — 77 Sol is a solar energy technology company. 77 Sol offers technology, equipment, financing, and solar energy professionals. They deliver to our integrators, installers, engineers, and partner resellers a digital distributor in the form of software as a service for photovoltaic equipment.
APLANET — Aplanet provides the most complete software tools for CSR and sustainability professionals to manage their day-to-day. Their mission is to bring social responsibility to the forefront of business objectives by empowering organizations with the tools to manage, measure, and showcase their impact.
Mixergy — The Mixergy Tank - heat what you need, live better, save money, and reduce your impact on the environment. Market leaders in hot water tank innovation and in the decarbonisation of heating hot water in the home.

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