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Top 10 Medical VC Funds & Investors in Portugal (May 2026)

The most active venture capital funds investing in Portugal Medical startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Portugal Medical startup companies. Find investors to raise a Pre-Seed, Seed or Series A round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Portugal Ventures
VC Fund
6 Portugal, United States, France Seed, Pre-Seed Software, Health Care, Information Technology $107k–$1.6M
Caixa Capital
VC Fund
3 Portugal, United States, Spain Seed, Series A Software, Information Technology, Health Care $107k–$24M
Armilar Venture Partners
VC Fund
3 Portugal, United States, United Kingdom Series A, Seed Software, Information Technology, Manufacturing $482k–$12M
Critical Ventures
VC Fund
2 Portugal, United States Seed, Series A Medical, Computer, Genetics
Vesalius Biocapital Partners
VC Fund
2 Belgium, Germany, The Netherlands Series B, Series A, Series C Biotechnology, Health Care, Medical $3.8M–$100M
TheVentureCity
VC Fund
2 United States, Spain, Brazil Seed, Pre-Seed, Series A Software, Artificial Intelligence, SaaS $100k–$8M
ChangePartners
VC Fund
1 Portugal Seed Medical, Therapeutics, Biotechnology
Demium Capital
VC Fund
1 Spain, Portugal, Poland Pre-Seed, Seed, Series A Software, Health Care, Information Technology $27k–$1.2M
Boule Diagnostics
VC Fund
1 Portugal Series A Medical, Health Care, Medical Device
High-Tech Grunderfonds
VC Fund
1 Germany, Switzerland, United States Seed, Series A Software, Information Technology, Biotechnology $665k–$16M
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Investor list

Portugal Ventures
VC Fund · Porto, Lisboa, Portugal · 6 investments in Portugal Medical startups, 13 in the past 12 months

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.

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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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Caixa Capital
VC Fund · Lisboa, Lisboa, Portugal · 3 investments in Portugal Medical startups

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.

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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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Armilar Venture Partners
VC Fund · Lisboa, Lisboa, Portugal · 3 investments in Portugal Medical startups

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.

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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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Critical Ventures
VC Fund · Coimbrã, Leiria, Portugal · 2 investments in Portugal Medical startups

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

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Investment focus

  • Industry: Medical, Computer, Genetics
  • Stage:Seed, Series A
  • Geography: Portugal, United States

Investor stats

  • Total investments: 4
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • hOS — hOS is an early-stage AI technology company.
  • CBR Genomics — We are shaping the Future of Personalised Medicine
  • Watchful Software — Watchful Software is focused on providing data-centric information protection that works. With the massive amounts that have been invested in securing the network perimeter, one thing has become painfully clear: today's enterprises must secure the information itself.
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Vesalius Biocapital Partners
VC Fund · Strassen, Luxembourg, Luxembourg · 2 investments in Portugal Medical startups

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.

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Investment focus

  • Industry: Biotechnology, Health Care, Medical
  • Stage:Series B, Series A, Series C
  • Geography: Belgium, Germany, The Netherlands

Investor stats

  • Total investments: 48
  • Round size: Series A $3.8M–$16M; Series B $4.3M–$24M; Series C $11M–$100M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: May invest from a new fund soon — last raise in 2017

Portfolio highlights

  • CatalYm — Catalym develops antibodies against a placental factor which is overexpressed by various tumour types.
  • Scenic Biotech — We are pioneers in the discovery of genetic modifiers to enable the development of transformative therapeutics.
  • Memo Therapeutics — Memo Therapeutics AG (MEMO) is an innovator in the field of antibody discovery and immune repertoire analysis.Its MemoMAB™ platform creates a recombinant in vitro copy of an individual’s B cell / antibody repertoire, which is then banked as a library. The resulting unique, large and relevant antibody libraries represent the individual’simmune repertoire and are expected to contain an unprecedented number of relevant and rare antibodies. This leads to entirely new possibilities in immune repertoire analysis and antibody discovery.MemoMAB™ is deployed in proprietary antibody lead discovery programs and is made available in collaborations.
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TheVentureCity
VC Fund · Miami, Florida, United States · 2 investments in Portugal Medical startups, 6 in the past 12 months

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.

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Investment focus

  • Industry: Software, Artificial Intelligence, SaaS
  • Stage:Seed, Pre-Seed, Series A
  • Geography: United States, Spain, Brazil

Investor stats

  • Total investments: 116
  • Round size: Seed $100k–$3M; Pre-Seed $100k–$750k; Series A $3.8M–$8M
  • Lead/follow: 10% lead, 90% follow

Portfolio highlights

  • Tonder — Tonder is a payments capability with a platform to manage payment provider connections, smart routing, reporting, and more. They manage multiple payment providers and eliminate the associated complications.
  • BrandLovrs — BrandLovrs provides a one-of-a-kind model for gamifying influencer marketing campaigns Brands may use the BrandLovrs platform to collaborate with a large number of producers for scalable and gamified influencer marketing.
  • Legal Karma — We're building a future where you go to your financial provider for your legal needs.
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ChangePartners
VC Fund · Porto, Lisboa, Portugal · 1 investments in Portugal Medical startups

ChangePartners is an independent company dedicated to mid-size transactions in the Iberian market. They develop high value added solutions specific to each particular situation , offering a fair and unbiased opinion. Their independence guarantees no conflicts of interest. Their small size and focus ensures full dedication to each transaction.

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Investment focus

  • Industry: Medical, Therapeutics, Biotechnology
  • Stage:Seed
  • Geography: Portugal

Investor stats

  • Total investments: 1
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Exogenus Therapeutics — Exogenus Therapeutics is engineering cell biology for innovative therapeutic solutions.Exo-T is a biotechnology company dedicated to the pre-clinical and clinical development of innovative cellular-based therapies applied to regenerative medicine, specifically for the skin lesions treatment. The company is presently developing its first product,Exo-Wound, for the treatment of chronic wounds.The project that led to the creation of the company (Nanoinspire) participated in COHiTEC 2014 program and is the result of the research developed in collaboration with Crioestaminal SA, Biocant, and Centre for Neurosciences and Cellular Biology of Coimbra University.
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Demium Capital
VC Fund · Valencia, Comunidad Valenciana, Spain · 1 investments in Portugal Medical startups, 12 in the past 12 months

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

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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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Boule Diagnostics
VC Fund · Spånga, Skane Lan, Sweden · 1 investments in Portugal Medical startups

Boule develops, manufactures, and markets hematology analyzers for both human and veterinary markets. Read more about us here.

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Investment focus

  • Industry: Medical, Health Care, Medical Device
  • Stage:Series A
  • Geography: Portugal

Investor stats

  • Total investments: 1
  • Lead/follow: 100% lead, 0% follow

Portfolio highlights

  • Biosurfit — At biosurfit they are working to shape the future of in-vitro diagnostic testing. They want health providers to have all the necessary information to make the best possible diagnostic and treatment decision when they are with their patients
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High-Tech Grunderfonds
VC Fund · Bonn, Nordrhein-Westfalen, Germany · 1 investments in Portugal Medical startups, 59 in the past 12 months

High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven startups. With EUR 895.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 500 startups since 2005. Driven by their expertise, entrepreneurial spirit, and passion, its teamof experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech startups in a range of sectors, including software, media, internet, hardware, automation, health care, chemistry, and life sciences.To date, external investors have injected over EUR 2 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, FOND OF Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.

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Investment focus

  • Industry: Software, Information Technology, Biotechnology
  • Stage:Seed, Series A
  • Geography: Germany, Switzerland, United States

Investor stats

  • Total investments: 361
  • Round size: Seed $665k–$5.1M; Series A $1.5M–$16M
  • Lead/follow: 31% lead, 69% follow
  • Last fund: Likely still investing — fund raised in 2022

Portfolio highlights

  • sewts — Founded in 2019 and based in Munich, sewts GmbH provides cutting-edge perception software, pushing the boundaries of robotics in processing of easily deformable materials. sewts has developed and demonstrated a unique technology that uses high-precision finite element method (FEM) simulations to efficiently train machine learning algorithms. Theintelligent software solution enables countless applications in industrial automation like the handling of textiles in industrial laundries or the manufacturing of garment. sewts is backed by APEX Ventures, Bayern Kapital, High-Tech Gründerfonds, UnternehmerTUM Initiative for Industrial Innovators and a couple of highly experienced business angels.
  • BeeOLED — BeeOLED’s technology enables OLED displays with significantly improved efficiency, brightness and operational stability at lower overall costs due to a less complex device structure.
  • Yond — Yond is Prepared to scale your business with our Gym Operating System.
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Medical VC funding in Portugal at a glance

Stats across 19 deals from 21 investors.

21
investors
in Portugal Medical startups
19
deals
in Portugal Medical startups
$1.2M
median round
in Portugal Medical startups
43%
lead investors
lead at least one round
47%
Seed
most common funding stage

Access all 21 VC funds in Portugal Medical startups.

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