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.

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.

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.

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.

Mustard Seed Maze is an impact investment firm based in Lisbon, Portugal, formed as a joint venture between Mustard Seed and MAZE. It targets European early-stage impact ventures from pre-seed to Series A and acts as a generalist investor, backing entrepreneurs who build sustainable businesses addressing major social and environmental challenges. The firm manages a 45 million euro fund.

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.

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.

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 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.

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.

Alea Capital Partners is a venture capital firm based in Lisbon, Portugal. Founded in 2021, it invests in B2B SaaS, AI/ML, and real estate across Europe.

GoParity is a Lisbon-based crowdfunding platform that enables peer-to-peer lending and investment in sustainable projects. Investors, including citizens and small businesses, fund initiatives across sectors such as sustainable energy, blue economy, smart and sustainable cities, rural development, and social entrepreneurship, with the aim of delivering economic, social, and environmental impact. By facilitating access to capital for sustainable solutions, GoParity seeks to drive a more inclusive transition to a sustainable economy where capital supports measurable positive outcomes.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Calafia is an angel group based in Madrid, Spain, founded in 2023, that mobilizes female tech professionals across banking, consulting, venture capital, operations, and marketing to support and invest in technology ventures, strengthening the Iberian technology market.

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.

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.

SOSV is a global venture capital firm based in Princeton, New Jersey, founded in 1995, that focuses on seed to growth investments in deep technology across health, environmental tech, hardware, robotics, and cross border software, with a particular emphasis on Asia. The company runs accelerator style startup development programs, including HAX and IndieBio, which provide facilities, engineering resources, and lab equipment to help founders accelerate product development, acquire customers, and attract later stage funding. SOSV pursues a limited number of high potential startups, offering extensive hands on support to speed commercialization and scale, and aims to back innovations that improve human and planetary health.

M12 is the corporate venture capital arm of Microsoft, investing in B2B software startups across North America and Israel. It focuses on cloud infrastructure, artificial intelligence, cybersecurity, developer tools, vertical software as a service, and Web3 and gaming, and backs companies from early stages through growth rounds, including Series A to C. The firm supports portfolio companies with access to Microsoft resources and runs an accelerator program to help later-stage startups scale.

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.

Cornerstone Partners is a London-based angel network and venture capital firm that backs diverse founders across the United Kingdom. It targets early-stage technology investments, including pre-seed and seed rounds, and operates a dedicated Diverse Fund that invests in minority and women-owned UK companies, typically investing between 0.25 and 1 million pounds in around 40 portfolio companies.

InvestEco Capital is a Canada-based private equity and venture capital firm founded in 2002 that targets investments in the food and agriculture sector across North America. The firm concentrates on companies that promote health, sustainability, and environmental outcomes, with an emphasis on sustainable food and agriculture. Based in Toronto, it has built significant expertise in this sector and has invested in a range of food and agriculture brands across North America. Its investment approach supports growth in companies developing sustainable farming, processing, distribution, and related technologies, aligning financial returns with environmental and health objectives.

Heartcore Capital is a venture capital firm founded in 2007 in Copenhagen, Denmark, with offices in Copenhagen, Berlin and Paris. The firm manages multiple funds and invests in seed to growth-stage startups across Europe, with occasional investments in the United States. It backs consumer internet brands, software, health and wellness, e-commerce and other technology-enabled sectors, emphasizing support for ambitious founders and personal development alongside business growth. Heartcore has backed more than 70 founding teams across Western Europe and beyond, aiming to partner with entrepreneurs as trusted collaborators rather than traditional financiers.

Crane Venture Partners is a London-based venture capital firm founded in 2015 that backs seed and early-stage European technology companies, with a focus on enterprise software, SaaS, machine learning, data and artificial intelligence, including intelligent enterprise and deep-technology businesses. The firm invests across Europe, including pre-Series A rounds, and supports founders in developing and executing effective go-to-market strategies.

Firestartr is a London-based venture capital firm, founded in 2012, that supports digital startups from seed stage through Series A and beyond. It provides more than capital, drawing on the founders' operating experience with leading technology companies to drive sustainable growth in its portfolio. With a broad network of advisors, Firestartr facilitates strategic introductions at the right time and offers hands-on support to help portfolio companies scale. The firm targets software and digital infrastructure sectors, including SaaS, cloud, digital media, fintech, and e-commerce, and it seeks to back ambitious entrepreneurs to accelerate product development, market entry, and business maturity.

Sport Horizon Holding is a venture capital firm established in 2020 and located in Turin, Italy. The company specializes in investing in technology startups within the sports and entertainment sectors across Europe. By focusing on innovative and emerging businesses, Sport Horizon Holding aims to foster growth and development in these dynamic industries.