Co-investment by Portuguese VCs and Business Angels investors

Post updated at https://www.pedroalmeidavc.com

Context

I did some analysis in co-investments in Portugal and I thought the results were quite interesting. So I am sharing below the main takeways.

I believe the analysis can help Entrepreneur understand:

• Which investors have good relationships and probably will share notes on your discussions
• Which investors you can’t put in the same cap table
• Which funds have good links with international investors
• …

The below analysis can also be interesting for international funds, to understand which are the go-to funds in Portugal to co-invest.

Co-investment: PT + PT

Co-investment between Portuguese investors between 2020 JAN — 2020 OCT, for investors with more than 3 investments in 2020. More updated information on the excel below

• Portugal Ventures is one of the most active Portuguese investors and also one of the most active co-investing as well. It is very common for Portugal Ventures to bring other investors in the round.
• On the private investors’ side, Bright Pixel and Olisipo Way are the funds with the highest number of co-investors.
• On the other side, LC Ventures and Best Horizon seem to invest mostly on their own or to invest with Core Angels. The remaining investors have limited co-investments until now.
• By design, 200M is a co-investment fund, so it is a natural choice for funds, particularly for later-stage funds. Indico Capital Partners and Armilar Venture Partners are the ones benefiting more from 200M in Portugal in 2020 until now.

Co-investment between Portuguese investors and International investors between 2020 JAN — 2020 OCT, for investors with more than 3 investments in 2020. More updated information on the excel below

• During 2020, SemapaNext (mostly due to its co-investment with Techstars), EDP Ventures, and Mustard Seed Maze have been the most active investors co-investing with international investors.
• EDP Ventures is the most active investor in startups outside Portugal.
• Mustard Seed Maze, Bynd, Semapa Next, EDP Ventures, 200M and Armilar Venture Partners have the highest percentage of co-investment with international investors (>=50%).
• Not presented in this table, but 50% of the international rounds raised by Portuguese based startups, don’t have a national investor

Originally published at https://www.pedroalmeidavc.com on November 9, 2020.