# Top 50 Enterprise Startup Investors in Portugal in October 2023

## Portugal Ventures
- Type: VC Fund
- Location: Porto, Lisboa, Portugal
- Relevant deals: 49
- Stages: Seed, Pre-Seed
- Focus: Software, Health Care, Information Technology

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.

## Caixa Capital
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 29
- Stages: Seed, Series A
- Focus: Software, Information Technology, Health Care

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.

## Shilling
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 24
- Stages: Seed, Pre-Seed, Series A
- Focus: Internet, Information Technology, Software

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.

## Armilar Venture Partners
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 22
- Stages: Series A, Seed
- Focus: Software, Information Technology, Manufacturing

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.

## Faber
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 12
- Stages: Seed, Series A, Pre-Seed
- Focus: Software, Machine Learning, SaaS

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

## LC Ventures
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 11
- Stages: Seed, Pre-Seed, Series D
- Focus: Information Technology, Artificial Intelligence, Internet of Things

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.

## Bright Pixel
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 10
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, SaaS, Information Technology

A prominent European venture capital in Retail Technologies, Digital Infrastructure, Cybersecurity, and Emerging Technologies

## Bynd Venture Capital
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 10
- Stages: Seed, Series A
- Focus: Software, E-Commerce, Health Care

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, ...).

## EDP Ventures
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 9
- Stages: Seed, Series A
- Focus: Software, Information Technology, Energy

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

## REDangels
- Type: VC Fund
- Location: Aveiro, Aveiro, Portugal
- Relevant deals: 9
- Stages: Seed, Pre-Seed, Angel
- Focus: Internet of Things, Mobile, Internet

They believe the unbelievable and trust the untrustable.

## Indico Capital Partners
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 8
- Stages: Seed, Series A, Series C
- Focus: Information Technology, E-Commerce, B2B

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.

## WISENEXT
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 5
- Stages: Seed, Pre-Seed
- Focus: Software, Artificial Intelligence, Internet

WiseNext is a venture and smart capital investment company. We focus on helping young entrepreneurs with innovative ideas that have an impact on our society, providing capital, knowledge and networking.

## Big Start Ventures
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 5
- Stages: Seed, Pre-Seed, Convertible Note
- Focus: FinTech, Financial Services, Information Technology

BiG Start Ventures is an early-stage VC investing globally in B2B Fintech, Insurtech, Regtech and Cybersecurity. Onetier Partners, SCR, S.A.

## HCapital Partners
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 5
- Stages: Seed, Series A
- Focus: Information Technology, Software, SaaS

We are an independent private equity firm, investing in a broad spectrum of companies through dedicated funds.

## Join Capital
- Type: VC Fund
- Location: Berlin, Berlin, Germany
- Relevant deals: 5
- Stages: Seed, Series A
- Focus: Software, Artificial Intelligence, SaaS

JOIN Capital is an early stage VC focused on pre-Series A investments in Industry 4.0 and enterprise tech. Our portfolio companies are front and center at factories, delivering smart machinery and robotics for high-volume manufacturing. They’re behind the scenes with powerful algorithms for managing global production systems. They rethink andrewire essential processes, with the goal of maximizing human capabilities. We invest in technologies related to core business functions: operations, manufacturing, data analytics, supply chain and software development. We seek innovative solutions to real customer problems that have achieved product-market fit. Technologies we invest in include: machine learning, robotics, cloud computing, IoT, smart sensors.

## Demium Capital
- Type: VC Fund
- Location: Valencia, Comunidad Valenciana, Spain
- Relevant deals: 4
- Stages: Pre-Seed, Seed, Series A
- Focus: Software, Health Care, Information Technology

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

## Innovation Nest
- Type: VC Fund
- Location: Kraków, Malopolskie, Poland
- Relevant deals: 4
- Stages: Seed, Series A
- Focus: Software, SaaS, Information Technology

Innovation Nest invest in early stage B2B SaaS startups from Europe and help them grow from local to global using our network of contacts and strong in-house competencies. It strongly believes that the path to growth leads through Silicon Valley and strongly encourage our portfolio startups to set up presence there. The company supports high-techcompanies to grow faster and scale their business globally.

## Olisipo Way
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 4
- Stages: Pre-Seed, Seed, Convertible Note
- Focus: Software, SaaS, Communities

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.

## Pathena
- Type: VC Fund
- Location: Porto, Lisboa, Portugal
- Relevant deals: 3
- Stages: Seed, Series A, Series C
- Focus: B2B, Marketing, Advertising

Pathena is an investment firm engaged on boosting the success of information technology and digital biomedical companies.

## Bright Ventures
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 3
- Stages: Seed, Pre-Seed
- Focus: Software, Advertising, Information Services

We keep a close eye on new businesses that operate on the uncharted waters of emerging technologies. Our mission is to support them with <b>early stage funding</b>.

## Iberis Capital
- Type: VC Fund
- Relevant deals: 3
- Stages: Series A, Seed, Series C
- Focus: Information Technology, Software, B2B

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

## TheVentureCity
- Type: VC Fund
- Location: Miami, Florida, United States
- Relevant deals: 3
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Artificial Intelligence, SaaS

TheVentureCity is a global early stage venture fund, investing in product-centric startups across the US, Europe and Latam. We believe in founders who expect more from their VC. Our data-driven nature allows us to see beyond borders, knowing talent has no zip code. Which is why we have international hubs in Miami, Madrid, San Francisco and SaoPaulo. We create a steady current of resources, offering a combination of bespoke data insights and guidance from experienced operators. With product-led growth at our core.With more than $160M under management, we invest from pre-seed/seed with a ticket size from $100-300k to Series A with $1-4M.

## Novabase Capital
- Type: VC Fund
- Location: Lisboa, Lisboa, Portugal
- Relevant deals: 3
- Stages: Seed
- Focus: Information Technology, Software, Artificial Intelligence

Novabase Capital, Sociedade de Capital de Risco, SA is a venture capital firm owned entirely by Novabase SGPS, SA. Its main purpose is to find and support Portuguese ICT business projects – in early development or expanding – with high potential. Novabase Capital has an unique, specific expertise and a long track record in the development oftechnology-based SMEs throughout Portugal.

## SVG Ventures
- Type: VC Fund
- Location: Los Gatos, California, United States
- Relevant deals: 3
- Stages: Pre-Seed, Seed
- Focus: AgTech, Agriculture, Farming

We work with leading corporations, startups, universities, and growers to solve the biggest challenges facing the agtech and foodtech industries.

## Semapa Next
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 3
- Stages: Series A
- Focus: Information Technology, PaaS, Mobile Apps

Semapa Next is a venture capital firm that invests in teams of exceptional founders from Series A to late-stage funding.

## EQT Ventures
- Type: VC Fund
- Location: Stockholm, Stockholms Lan, Sweden
- Relevant deals: 3
- Stages: Series A, Series B, Seed
- Focus: Software, Information Technology, SaaS

EQT Ventures is a European VC fund with just over €2.3 billion in total capital raised. EQT Ventures I launched in May 2016, with commitments totalling €566 million and a simple mission - to be the kind of VC the team would have liked to have had on their own startup journeys. Recognizing that building and growing a company takes more than justcapital, the EQT Ventures team provides founders with support and advice throughout different stages of growth. EQT Ventures doesn't focus on particular markets or industries, but bold and ambitious founders who have the grit and determination to build global success stories. EQT Ventures II launched in November 2019, with commitments totalling €660 million. EQT Ventures III launched in 2022, with commitments totalling €1.1 billion, making it the biggest European Venture Capital fund committed to early stage tech startups. The EQT Ventures team is based across six offices in London, Stockholm, Berlin, Paris, Amsterdam, Paris and San Francisco, taking a locals with locals approach and supporting founders on the ground. Motherbrain, EQT Ventures' in-house-developed artificial intelligence (AI) platform, ensures the team has data-driven approach and has driven more than $100 million in portfolio company investments.

## COREangels
- Type: VC Fund
- Location: Ílhavo, Aveiro, Portugal
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Angel
- Focus: Software, E-Commerce, Information Technology

Where startups can get much more than money, and Investors can professionally invest as angels.

## Vesalius Biocapital Partners
- Type: VC Fund
- Location: Strassen, Luxembourg, Luxembourg
- Relevant deals: 2
- Stages: Series B, Series A, Series C
- Focus: Biotechnology, Health Care, Medical

Vesalius Biocapital Partners invests in companies active in human health through venture capital funds raised since 2007. They have contributed to developing 20 companies since inception.With more than € 150 million under management in two funds. Vesalius Biocapital Partners plays the role of lead investor in the large majority of its financingrounds.Their companies are based in Europe allowing easy interaction with management.They invest in all stages of development and do not shy away from relatively early-stage projects with a sound proprietary technology and corresponding IP, unique team skills and a clear competitive edge based on solid data.

## Lakestar
- Type: VC Fund
- Location: Zürich, Zurich, Switzerland
- Relevant deals: 2
- Stages: Series A, Seed, Series B
- Focus: Software, FinTech, Information Technology

Lakestar is a venture capital firm investing in technology companies led by exceptional entrepreneurs. Early investments included Skype, Spotify, Facebook, and Airbnb. Since raising the first fund in 2013, Lakestar manages an aggregated volume of over EUR 1bn across three early-stage funds, and more recently a growth fund.
The company has expandedand broadened its portfolio and holds investments in the likes of Opendoor, Oscar, GetYourGuide, Glovo, Sender, Eigen, Five, Revolut, and Hometogo to name a few. Lakestar has a presence in Berlin, Zurich, and London.Lakestar helps companies to identify new markets and expand into them rapidly, with a focus on the US and Europe. The team advises and supports portfolio companies in business development, recruitment, technology, and marketing. The investments range from early-stage companies to those in their growth stage.

## MSM
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Series A
- Focus: Information Technology, Software, B2B

MSM is an early-stage generalist impact fund that invests all across Europe.

## All Iron Ventures
- Type: VC Fund
- Location: Bilbao, Pais Vasco, Spain
- Relevant deals: 2
- Stages: Series A, Seed, Series B
- Focus: Software, E-Commerce, Internet

All Iron Ventures partners up with bold founders promoting innovative startups. We mainly invest in the early stages of European companies that aspire to reshape the future of both consumers and enterprises through technology. We at All Iron Ventures have been and continue to be entrepreneurs. We know what it is to be a founder and empathize withthe challenges our partner founders face. We put our resources and experience creating, scaling and selling companies at their disposal to help them take their projects to the next level. Based in Bilbao, Spain, and with approximately €110Mn under management, All Iron Ventures was promoted by the founders of Ticketbis, a global marketplace sold to eBay in 2016, in what is one of the main success stories in Spain’s startup ecosystem.

## Breega
- Type: VC Fund
- Location: London, England, United Kingdom
- Relevant deals: 2
- Stages: Seed, Series A
- Focus: FinTech, Software, Financial Services

VCs use all sorts of tricks to attract the best companies. We do too. But as founders, we know that the main reason you choose an investor to be a part of your journey is because you like them. You trust them. Their values align with yours.

## Omnes Capital
- Type: VC Fund
- Location: Paris, Ile-de-France, France
- Relevant deals: 2
- Stages: Series A, Series B
- Focus: Software, Biotechnology, Health Care

Omnes, "Powering Entrepreneurs" is a Leading private equity firm dedicated to energy transition and innovation.

## Banco de Investimento Global
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 2
- Stages: Seed
- Focus: Information Technology, Mobile, GovTech

Banco de Investimento Global, SA is a specialized financial institution which is licensed in all business areas open to the banking sector

## Maersk Growth
- Type: VC Fund
- Location: Copenhagen, Hovedstaden, Denmark
- Relevant deals: 2
- Stages: Series A, Seed, Series B
- Focus: Logistics, Supply Chain Management, Software

Integrated logistics company and global leader in container shipping.

## J12
- Type: VC Fund
- Location: Stockholm, Stockholms Lan, Sweden
- Relevant deals: 2
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Machine Learning, Artificial Intelligence

J12 Ventures invests early in innovative companies in the Nordics.

## Beta-i
- Type: VC Fund
- Location: Lisbon, Lisboa, Portugal
- Relevant deals: 2
- Stages: Pre-Seed
- Focus: FinTech, Computer, Software

Beta-i is an organization created to boost entrepreneurship, and its mission is to foster a true innovation culture. We help new and established businesses grow, by offering 360º innovation services with 6 main areas: Acceleration, Events, Consulting, Open Innovation, Education and Investment.Internationally recognized as one of the leadingcompanies in this field, and for running Lisbon Challenge, one of Europe’s most active startup accelerators, since 2010 we have received +5000 applications to our several programs and accelerated over 850 startups, that have raised +65M.

## Paulo Alexandre Lopes
- Type: Angel
- Location: Curitiba, Parana, Brazil
- Relevant deals: 1
- Stages: Pre-Seed
- Focus: SaaS, Boating, Gambling

Paulo Alexandre Lopes is the Managing Director at oddsgate. Paulo Alexandre Lopes attended IPAM.

## Possible Ventures
- Type: VC Fund
- Location: Munich, Bayern, Germany
- Relevant deals: 1
- Stages: Seed, Pre-Seed, Series A
- Focus: Software, Information Technology, Biotechnology

Possible Ventures backs ambitious teams building frontier technology to positively impact society. We invest globally in the early stages, actively supporting founders via our collective of global entrepreneurs.

## FORWARD.one
- Type: VC Fund
- Location: Amstelveen, Noord-Holland, The Netherlands
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Semiconductor, Information Technology, Audio

We are a leading non-profit establishing new relationships between agriculture and nature. Protecting the natural world and treasured wildlife.

## Enjoyventure Management
- Type: VC Fund
- Location: Düsseldorf, Nordrhein-Westfalen, Germany
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Software, Information Technology, E-Commerce

The EnjoyVenture Management is a private equity company that focuses its investments on the seed and early-stage companies.

## Critical Ventures
- Type: VC Fund
- Location: Coimbrã, Leiria, Portugal
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Medical, Computer, Genetics

We invest in game-changing companies with the power to transform the way the world uses technology.

## Spaceship
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed, Series A
- Focus: Credit, Content, Lending

Spaceship is a global group of crypto natives, founders, builders, and investors. We aim to invest in, support, and $FUEL blockchain start-ups, emerging crypto networks, and decentralized communities.

## APEX Capital
- Type: VC Fund
- Location: Changning, Shanghai, China
- Relevant deals: 1
- Stages: Series A
- Focus: PaaS, Soccer, Sports

APEX Capital is an equity investment fund.

## Sérgio Oliveira
- Type: Angel
- Relevant deals: 1
- Stages: Series A
- Focus: PaaS, Soccer, Sports

Sérgio Oliveira

## Critical SGPS
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed
- Focus: Computer, Software, Information Technology

Critical SGPS is a financial services company that serves sectors such as aerospace, energy, education, and health care.

## ADvantage
- Type: VC Fund
- Location: Jerusalem, Yerushalayim, Israel
- Relevant deals: 1
- Stages: Series A, Seed, Series B
- Focus: Sports, PaaS, Mobile Apps

ADvantage Sports Tech Fund invests in early-stage technology companies aimed at shaping the future of sports. ADvantage is backed by leAD Sports, an initiative spearheaded by the grandchildren of Adi Dassler to further sports innovation, and global hybrid venture capital platform, OurCrowd. ADvantage is leveraging a strong global network to sourceleading opportunities in the spaces of fan engagement and experience, connected athletes and communities, and derivative sports (eSports, fantasy, and new sports).

## Waterdrip Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 1
- Stages: Seed, Initial Coin Offering
- Focus: Blockchain, Cryptocurrency, Information Technology

Waterdrip capital invests in blockchain industries.

## Augusta Investments LLC
- Type: VC Fund
- Location: San Francisco, California, United States
- Relevant deals: 1
- Stages: Seed, Series A, Series B
- Focus: Software, Mobile, E-Commerce

Seed/Early Technology Investments

## Clever web
- Type: VC Fund
- Relevant deals: 1
- Stages: Seed
- Focus: Credit, Lending, Online Portals

Cleverweb is a venture capital investment firm.

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