List of international Venture Capital Funds interested in Portuguese based startups

Updated version at https://www.pedroalmeidavc.com

International Venture Capital funds represent a relevant source for Portuguese startups. In 2020, >40% of the rounds had the participation of an international investor. Those rounds represented 80% of the amount invested, as international investors are particularly relevant financing sources for post-seed investment. But even in seed and pre-seed rounds, international investors account for over 30% of the rounds.

In total, there are >20 International Venture capital funds that have already investing in Portugal and more than 40 that are actively looking for Portugal.

Though I only have started collecting data for 2020, I have noticed a growing interest from international Venture Capital funds in Portugal over the last years — due to the recent success of Farfetch, Talkdesk, Outsystems, Feedzai, DefinedCrowd, among others.

Also, I have noticed that Spanish funds are increasingly deploying resources to find opportunities in Portugal — e.g., Samaipata dedicated a post explaining why they are interested in Portugal, Kibo announced that was opening an office in Lisbon, etc.

Due to my Business Angel activities and to support my portfolio companies, I interact frequently with several international venture capital funds that are interested in opportunities in Portugal.

Aiming to help all Portuguese startups in their fundraising process, I have put together a list of the Venture Capital funds interested in the region.

As the best way for entrepreneurs to connect with these funds is through the founders of the investors’ portfolio companies, I have highlighted previous investments in Portuguese companies.

I considered interesting funds that are dedicating time or money in recent years. It is a qualitative assessment, as there is limited information available, so it is pruned to error. If there is any information that is incorrect or any fund is missing you can leave a note in the comments section or interact with me via LinkedIn

Pre-seed/Accelerators

Techstars | https://www.techstars.com/

Seedcamp | https://seedcamp.com/

500startups | https://500.co/

YCombinator | https://www.ycombinator.com/

  • Offices: SF/USA
  • Prior investments in PT: 3 | Unbabel (https://unbabel.com/), Orankl (https://www.orankl.com/), Esla Speak (https://elsaspeak.com/)
  • Thesis: Agnostic
  • Tickets: 125k$

Seed to Series A venture capital firms (300k€-5M€)

Join Capital | https://www.join.capital/

All Iron Ventures | http://www.alliron.vc/

Kibo Ventures | http://kiboventures.com/

Vesalius Biocapital Partners | https://www.vesaliusbiocapital.com/

Cherry | http://www.cherry.vc/

  • Offices: Berlin/Germany
  • Prior investments in PT: 1 | Dashdash (https://dashdash.com/)
  • Thesis: Agnostic but strong experience with marketplaces
  • Tickets: 1M€-5M€
  • Person looking to Portugal: Marguerite de Tavernost

Firstminute Capital | https://www.firstminute.capital/

Frontline | https://www.frontline.vc/

  • Offices: London, UK
  • Prior investments in PT: 1 | James (https://james.finance/)
  • Thesis: B2B, SaaS, bringing Europe and US
  • Tickets: 500k€-3m€
  • Person looking to Portugal: Carolina Kung

LocalGlobe | https://localglobe.vc/

Mangrove | https://www.mangrove.vc

Octopus Ventures | https://octopusventures.com/

  • Offices: London/UK, New York/USA
  • Prior investments in PT: 1 | Uniplaces (https://www.uniplaces.com/)
  • Thesis: health, money and deep tech
  • Tickets: 1M€-10M€
  • Person looking to Portugal: Rebecca Hunt

Speedinvest | https://speedinvest.com/

  • Offices: London/UK, Vienna/Austria, Munchen/Germany, Berlin/Germany, SF/USA
  • Prior investments in PT: 1 | Secret City Trails (https://www.secretcitytrails.com/)
  • Thesis: Agnostic
  • Tickets: 500k-3M€
  • Person looking to Portugal: Markus Lang

Adara | https://www.adaravp.com/

  • Offices: Madrid/Spain, Luxembourg and SF/USA
  • Prior investments in PT: 0
  • Thesis: Deep tech, Europe
  • Tickets: 500k€ — 3M€
  • Person looking to Portugal: Ross Strachan

Angular Ventures | https://www.angularventures.com/

  • Offices: London/UK
  • Prior investments in PT: 0
  • Thesis: Seed, Deeptech, Enterprise
  • Tickets: 200k$-1M$
  • Person looking to Portugal: Gil Dibner

Basinghall Partners | https://www.basinghallpartners.com/

  • Offices: London/UK, Lisbon/Portugal, Munich/Germany, and Luxembourg
  • Prior investments in PT: 0
  • Fund: B2B
  • Tickets: 250k-1M€
  • Person looking to Portugal: Ilya Velder

BlueYard | https://blueyard.com/

  • Offices: Berlin/Germany
  • Prior investments in PT: 0
  • Fund: Deeptech, Blockchain
  • Tickets: 1–5M€
  • Person looking to Portugal: Juan Pinilla

Caixa Capital Risc | https://www.caixacapitalrisc.es/

  • Offices: Madrid/Spain
  • Prior investments in PT: 0
  • Thesis: SaaS, B2B, Health, Life Sciences
  • Tickets: 500k€-5M€
  • Person looking to Portugal: Roma Jelinskaite

KFund | https://kfund.co/

  • Offices: Madrid, Spain
  • Prior investments in PT: 0
  • Thesis: Digital companies
  • Tickets: 300k€-2M€
  • Person looking to Portugal: Pablo Ventura

Hoxton Ventures | http://www.hoxtonventures.com/

  • Offices: London/UK
  • Prior investments in PT: 0
  • Thesis: Agnostic
  • Tickets: 500k$-5M$
  • Person looking to Portugal: Hussein Kanji

Nauta Capital | https://nautacapital.com/

  • Offices: Barcelona/Spain, London/UK, Munchen/Germany
  • Prior investments in PT: 0
  • Thesis: B2B, capital-efficient
  • Tickets: 1–5M€
  • Person looking to Portugal: Borja Lajas

Point 9 | http://www.pointninecap.com/

  • Offices: Berlin/Germany
  • Prior investments in PT: 0
  • Thesis: SaaS, Marketplace
  • Tickets: 1–5M€
  • Person looking to Portugal: Ricardo Sequerra

Partech | https://partechpartners.com/

  • Offices: Paris/France
  • Prior investments in PT: 0
  • Fund: Agnostic
  • Tickets: €200K to €50M
  • Person looking to Portugal: Boris Golden

Profounders | https://www.profounderscapital.com/

  • Offices: London/UK
  • Prior investments in PT: 0
  • Fund: Agnostic
  • Tickets: €1–3M
  • Person looking to Portugal: Sean Seton-Rogers

Project-a | https://www.project-a.com/

  • Offices: Berlin/Germany
  • Prior investments in PT: 0
  • Fund: Agnostic
  • Tickets: €1–7M
  • Person looking to Portugal: Nina Jetter

Samaipata | https://samaipata.vc/

Series A and beyond venture capital firms (>3M€)

e.ventures | https://www.eventures.vc/

Index Ventures | http://indexventures.com/

Lakestar | https://www.lakestar.com/

Accel | https://www.accel.com/

Atomico | https://www.atomico.com/

Balderton | https://www.balderton.com/

Notion Capital | https://notion.vc/

USV | https://www.usv.com/

White Star Capital | http://whitestarvc.com/

  • Offices: London/UK, Paris/France, Montreal/Canada, New York/USA
  • Prior investments in PT: 1 | Hole19 (https://www.hole19golf.com/)
  • Thesis: B2C and B2B Marketplaces, e-commerce, SaaS
  • Tickets: 5M€-
  • Person looking to Portugal: Nicholas Stock

IdInvest | https://www.idinvest.com/en

  • Offices: Paris/France (HQ) and other 9 locations
  • Prior investments in PT: 0
  • Fund: Agnostic
  • Tickets: 5M€-
  • Person looking to Portugal: Nicolas Debock

Seaya | https://seayaventures.com/

  • Offices: Madrid/Spain, São Paulo/Brazil, Mexico DC/Mexico
  • Prior investments in PT: 0
  • Fund: B2C
  • Tickets: 3M€-
  • Person looking to Portugal: Aristotelis Xenofontos

Originally published at https://www.pedroalmeidabusinessangel.com on June 15, 2020.

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Pedro Almeida

Investor and advisor in early stage tech startups based Portugal and with Global ambition. Know more at www.pedroalmeidabusinessangel.com