Growth
Top 20 Venture Capital Firms in Portugal for Startups in 2025
Written by
Lineke Kruisinga
Published on
June 18, 2025
Written by
Published on
Looking to raise funding in Portugal? These are the VCs you should know.
Portugal is becoming a serious startup hotspot especially for founders in SaaS, AI, healthtech, fintech, and climate tech. These 20 VC firms are active, founder-focused, and ready to help you grow. Ranked by deal activity, this list highlights the most active investors in Portugal’s startup scene.
Location: Porto & Lisbon
Portugal’s national early-stage investor and the most active VC in the country. With 180+ investments since inception, it backs startups across tech, life sciences, and tourism.
💰 Size: €100K–€1.5M
📍 Stage: Seed to Series A
Location: Lisbon
A hyperactive early-stage fund known for backing ambitious founders at prototype and early revenue stages. Very high deal volume in pre-seed and seed rounds.
💰 Size: €100K–€1M
📍 Stage: Pre-seed to Series A
🌐 Shilling
Location: Lisbon
One of Portugal’s oldest and most prolific funds, with strong activity in deep tech and SaaS. Active from seed through growth, including international syndications.
💰 Size: €500K–€10M+
📍 Stage: Seed to Growth
🌐 Armilar
Location: Lisbon
Known for a high volume of early-stage AI and climate tech deals. Focused on impact-driven tech innovators.
💰 Size: €250K–€2M
📍 Stage: Pre-seed to Seed
🌐 Faber
Location: Lisbon
Active seed investor in Iberian SaaS, consumer tech, and marketplaces. Consistent deal activity in early-stage Portuguese startups.
💰 Size: €100K–€1.5M
📍 Stage: Seed
🌐 Bynd VC
Location: Lisbon
One of Portugal’s most internationally visible funds, with a strong deal flow in SaaS and marketplaces.
💰 Size: €500K–€5M
📍 Stage: Seed to Series A
Location: Lisbon (active across Europe)
Fast-moving, hands-on pre-seed VC backing startups from pitch to launch. Active across Portugal’s SaaS and AI ecosystem.
💰 Size: €100K–€500K
📍 Stage: Pre-seed to Seed
Location: Lisbon
European impact investor with frequent deal activity in fintech, health, and climate.
💰 Size: €100K–€1M
📍 Stage: Pre-seed to Seed
🌐 MSM VC
Location: Lisbon
Runs one of Portugal’s most active pre-seed programs, investing in idea-stage founders several times a year.
💰 Size: €100K+
📍 Stage: Pre-seed
🌐 Antler
Location: Lisbon
Active deep tech investor backing science and engineering-led teams. Consistent early-stage activity.
💰 Size: €100K–€1M
📍 Stage: Pre-seed to Seed
Location: Porto
Steady seed investor with a focus on healthcare and enterprise software.
📍 Stage: Seed to Series A
Location: Lisbon & London
B2B-focused VC investing in infrastructure and automation startups.
💰 Size: €250K–€1M
📍 Stage: Pre-seed to Seed
Location: Madrid & active in Portugal
Regularly invests in Portuguese digital startups as part of its European strategy.
💰 Size: €500K–€5M
📍 Stage: Seed to Series A
Location: Lisbon
Growth-focused investor active in scalable businesses.
📍 Stage: Growth
🌐 Explorer
Location: Lisbon
Impact-oriented fund backing scale-ups in sustainability and tech.
📍 Stage: Seed to Growth
🌐 HCapital
Location: Lisbon
Corporate VC arm investing in cybersecurity, retail tech, and enterprise SaaS.
💰 Size: €1M–€10M
📍 Stage: Growth
Location: Lisbon
Web3-focused seed investor active in blockchain, DeFi, and gaming.
📍 Stage: Seed
Location: Lisbon
A startup hub and accelerator offering access to early capital, mentorship, and investor connections for founders in Lisbon.
📍 Stage: Pre-seed
Location: Lisbon
Focused on helping early-stage startups grow through strategic support, business development, and smart capital.
📍 Stage: Seed
Location: Lisbon
Beta-i is a leading innovation hub that also invests in startups through corporate accelerator partnerships and pilot programs.
📍 Stage: Early
Portugal’s VC scene is more diverse and international than ever before. Whether you’re building an AI platform, launching a climate-focused startup, or scaling your SaaS product, there’s a VC on this list ready to back you. Align your vision with the right partner and take your next step with confidence.
Among them, Pitchdrive stands out as a European VC dedicated to empowering early-stage founders with the capital, guidance, and network needed to scale. From idea to international growth, Pitchdrive helps startups turn ambition into reality. Ready to raise your next round? Apply to Pitchdrive and join Europe’s most driven community of founders.
Read more:
Top 20 Venture Capital Firms in Spain for Startups in 2025
Top 20 Venture Capital Firms in the Netherlands for Startups in 2025
Top 20 Venture Capital Firms in Belgium for Startups in 2025
Top 20 Venture Capital Firms in the UK for Startups in 2025
Top 20 Venture Capital Firms in Germany for Startups in 2025
Top Nordic Venture Capital Firms For Startups (2025)
We're always looking for new partners and investment possibilities:
🌱 Pre-seed and seed stage (ticket size €250k-1M)
🏎 Highly product and scale driven
🇪🇺 European focussed
🕸 Industry agnostic
