# Incubators and accelerators based in Portugal (2026 list) > 10 incubators and accelerators based in Portugal, 10% active in the last 12 months. Led by Indico Capital Partners, SOUL FI, ASA Accelerator. Source: https://millionrounds.com/lists/incubators-accelerators-based-in-portugal (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Incubators and accelerators based in Portugal Updated 7 November 2026 Incubators and accelerators headquartered in Portugal. [See all 10 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fincubators-accelerators-based-in-portugal)The top 10 **10** investors on the list No change this week **9** cheques in 12 months Too few cheques to tell **$2.6M** median round they joined *-68%* against the market median **10%** wrote a cheque in 12 months **10%** have led a round ## The Top 10 Ordered by cheques observed, never by anything anyone paid for Deploying now (1) - 1 [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) *Deploying now* Accelerator · Portugal **51** **$5.1M** median round **Nov 2026** last seen - 2 [SOUL FI](https://millionrounds.com/fund/soul-fi) quiet Accelerator · Portugal **1** **$83K** median round **Jul 2015** last seen - 3 [ASA Accelerator](https://millionrounds.com/fund/asa-accelerator) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 4 [Build Up Labs](https://millionrounds.com/fund/build-up-labs-venture-studio-and-startup-incubator) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 5 [Building Global Innovators](https://millionrounds.com/fund/building-global-innovators) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 6 [Hypernova](https://millionrounds.com/fund/hypernova) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 7 [Startup Braga](https://millionrounds.com/fund/startup-braga) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 8 [Venture Planet - Creating Companies](https://millionrounds.com/fund/venture-planet-creating-companies) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 9 [Zero Gravity](https://millionrounds.com/fund/zero-gravity) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen - 10 [Startup Lisboa](https://millionrounds.com/fund/startup-lisboa) unknown Accelerator · Portugal **none observed** **-** median round **-** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Bizay](https://millionrounds.com/company/bizay)** Series D+ *Led by* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) - **23** Oct **[Beyond Vision](https://millionrounds.com/company/beyond-vision)** Series A · $31M *Led by* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) - **22** Jul **[Cascade](https://millionrounds.com/company/cascade)** Seed · $3.5M *With* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) - **1** Jul **[BIZAY](https://millionrounds.com/company/bizay)** Series D+ · $56M *With* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) - **1** Jun **[FOSSA Systems](https://millionrounds.com/company/fossa-systems)** Venture *With* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) - **21** Jan **[Preply](https://millionrounds.com/company/preply)** Series D+ · $150M *With* [Indico Capital Partners](https://millionrounds.com/fund/indico-capital-partners) ## Stages This Year 9 rounds - Series D+ **33%** - Seed **22%** - Venture **22%** - Other **11%** - Series A **11%** ## What They Backed Sectors, last 12 months - AI **3** - Construction **2** - B2B **1** - Defence Tech **1** - Drones **1** - Aerospace & Space **1** ## Cheques by Quarter Led Joined 2 Q1 25 3 Q2 25 4 Q3 25 4 Q4 25 2 Q1 26 1 Q2 26 2 Q3 26 2 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states) - [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states) - [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom) - [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china) - [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india) - [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada) - [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany) - [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom) - [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about incubators and accelerators based in Portugal ### Who are the most active incubators and accelerators based in Portugal? By cheques observed, the most active are Indico Capital Partners, SOUL FI, ASA Accelerator, Build Up Labs and Building Global Innovators. ### How many incubators and accelerators based in Portugal are there? 10 are on record. 10% made an investment in the last 12 months and 10% have led a round. ### Which stages do incubators and accelerators based in Portugal back? Of the rounds with a named stage in the last 12 months, mostly Series D+ (50%) and Seed (33%). ### Which sectors do incubators and accelerators based in Portugal back most? In the last 12 months, mostly AI, Construction and B2B. ### What have incubators and accelerators based in Portugal invested in recently? Recent rounds include Bizay (Series D+, Nov 2026, with Indico Capital Partners), Beyond Vision (Series A, Oct 2026, with Indico Capital Partners) and Cascade (Seed, Jul 2026, with Indico Capital Partners). ### How is this list of incubators and accelerators based in Portugal ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)