# VC firms based in Portugal (2026 list)

> 131 VC firms based in Portugal, 11% active in the last 12 months. Led by Venture Catalysts, Portugal Ventures, Faber. Ranked by what they funded.

Source: https://millionrounds.com/lists/vc-firms-based-in-portugal (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# VC firms based in Portugal

Updated 7 November 2026

VC firms headquartered in Portugal.

[See all 131 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-portugal)The top 25

**131** investors on the list No change this week

**69** cheques in 12 months *-33%* against the market

**$4.5M** median round they joined *-43%* against the market median

**11%** wrote a cheque in 12 months

**5%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (14)

- 1 [Venture Catalysts](https://millionrounds.com/fund/venture-catalysts-2) *Deploying now* VC firm · Portugal **210** **$1.4M** median round **Jun 2026** last seen
- 2 [Portugal Ventures](https://millionrounds.com/fund/portugal-ventures) *Deploying now* VC firm · Portugal **137** **$1.4M** median round **Apr 2026** last seen
- 3 [Faber](https://millionrounds.com/fund/faber) *Deploying now* VC firm · Portugal **59** **$3.7M** median round **Nov 2026** last seen
- 4 [Shilling VC](https://millionrounds.com/fund/shilling) *Deploying now* VC firm · Portugal **56** **$4.4M** median round **Sept 2026** last seen
- 5 [Bynd Venture Capital](https://millionrounds.com/fund/bynd-venture-capital) *Deploying now* VC firm · Portugal **44** **$3.5M** median round **Oct 2026** last seen
- 6 [LINCE CAPITAL](https://millionrounds.com/fund/lince-capital) *Deploying now* VC firm · Portugal **34** **$4.7M** median round **Oct 2026** last seen
- 7 [Armilar Venture Partners](https://millionrounds.com/fund/armilar) *Deploying now* VC firm · Portugal **31** **$3.9M** median round **Sept 2026** last seen
- 8 [ChangePartners](https://millionrounds.com/fund/changepartners) quiet VC firm · Portugal **6** **$1.6M** median round **Mar 2015** last seen
- 9 [Iberis Capital](https://millionrounds.com/fund/iberis-capital) *Deploying now* VC firm · Portugal **6** **$43M** median round **Oct 2026** last seen
- 10 [Shapers](https://millionrounds.com/fund/shapers) *Deploying now* VC firm · Portugal **5** **$17M** median round **Oct 2026** last seen
- 11 [Busy Angels](https://millionrounds.com/fund/busy-angels) quiet VC firm · Portugal **5** **$6.5M** median round **Jul 2019** last seen
- 12 [Biovance Capital](https://millionrounds.com/fund/biovance-capital) *Deploying now* VC firm · Portugal **3** **$9.6M** median round **Sept 2026** last seen
- 13 [Novabase Capital](https://millionrounds.com/fund/novabase-capital) quiet VC firm · Portugal **3** **$3M** median round **Dec 2019** last seen
- 14 [33N Ventures](https://millionrounds.com/fund/33n-ventures) *Deploying now* VC firm · Portugal **2** **$140M** median round **Oct 2026** last seen
- 15 [Pathena](https://millionrounds.com/fund/pathena) *Deploying now* VC firm · Portugal **2** **$2.7M** median round **Nov 2025** last seen
- 16 [Semapa Next](https://millionrounds.com/fund/semapa-next) *Deploying now* VC firm · Portugal **2** **$35M** median round **Jun 2026** last seen
- 17 [Valutia](https://millionrounds.com/fund/valutia) quiet VC firm · Portugal **2** **$23M** median round **Feb 2025** last seen
- 18 [APEX Capital](https://millionrounds.com/fund/apex-2) quiet VC firm · Portugal **1** **$15M** median round **May 2018** last seen
- 19 [Best Horizon](https://millionrounds.com/fund/best-horizon) quiet VC firm · Portugal **1** **$2.1M** median round **Jun 2022** last seen
- 20 [BlueCrow Capital](https://millionrounds.com/fund/bluecrow-capital) quiet VC firm · Portugal **1** **$3M** median round **Nov 2019** last seen
- 21 [COREangels Atlantic](https://millionrounds.com/fund/coreangels) quiet VC firm · Portugal **1** **$5.4M** median round **-** last seen
- 22 [COREangels Porto](https://millionrounds.com/fund/coreangels-porto) *Deploying now* VC firm · Portugal **1** **-** median round **Oct 2026** last seen
- 23 [Critical Ventures](https://millionrounds.com/fund/critical-ventures) quiet VC firm · Portugal **1** **-** median round **Nov 2012** last seen
- 24 [Cross Atlantic Ventures](https://millionrounds.com/fund/cross-atlantic-ventures) quiet VC firm · Portugal **1** **$4.3M** median round **Jul 2005** last seen
- 25 [Fjord Capital](https://millionrounds.com/fund/fjord-capital) quiet VC firm · Portugal **1** **$50M** median round **Sept 2017** last seen

**106 more on this list**

All 131 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-portugal)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Quint Computing](https://millionrounds.com/company/quint-computing)** Series A · $10M *With* [Faber](https://millionrounds.com/fund/faber)
- **3** Nov **[Quint](https://millionrounds.com/company/quint)** Seed · $10M *With* [Faber](https://millionrounds.com/fund/faber)
- **29** Oct **[Ravical](https://millionrounds.com/company/ravical)** Seed · $17M *With* [Shapers](https://millionrounds.com/fund/shapers)
- **28** Oct **[Artiso](https://millionrounds.com/company/artiso)** Pre-seed · $3.4M *With* [Bynd Venture Capital](https://millionrounds.com/fund/bynd-venture-capital)
- **23** Oct **[Beyond Vision](https://millionrounds.com/company/beyond-vision)** Series A · $31M *Led by* [LINCE CAPITAL](https://millionrounds.com/fund/lince-capital)
- **23** Oct **[Intuitivo](https://millionrounds.com/company/intuitivo)** Seed *With* [COREangels Porto](https://millionrounds.com/fund/coreangels-porto)

## Stages This Year

67 rounds

- Seed **34%**
- Series A **18%**
- Venture **12%**
- Pre-seed **10%**
- Series B **7%**
- Other **18%**

## What They Backed

Sectors, last 12 months

- AI **22**
- Healthcare **6**
- Biotech **6**
- Financial Services **5**
- Hardware & Electronics **4**
- Manufacturing **4**

## Cheques by Quarter

Led Joined

33 Q1 25

26 Q2 25

34 Q3 25

23 Q4 25

21 Q1 26

14 Q2 26

10 Q3 26

9 Q4 26

The last bar is the quarter still running.

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[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about VC firms based in Portugal

### Who are the most active VC firms based in Portugal?

By cheques observed, the most active are Venture Catalysts, Portugal Ventures, Faber, Shilling VC and Bynd Venture Capital.

### How many VC firms based in Portugal are there?

131 are on record. 11% made an investment in the last 12 months and 5% have led a round.

### Which stages do VC firms based in Portugal back?

Of the rounds with a named stage in the last 12 months, mostly Seed (40%) and Series A (21%).

### How big are the rounds VC firms based in Portugal join?

The typical (median) round among the leading investors here is $4.4M.

### Which sectors do VC firms based in Portugal back most?

In the last 12 months, mostly AI, Healthcare and Biotech.

### Which VC firms based in Portugal lead the most rounds?

Biovance Capital (3 led), Armilar Venture Partners (2 led) and Iberis Capital (2 led).

### What have VC firms based in Portugal invested in recently?

Recent rounds include Quint Computing (Series A, Nov 2026, with Faber), Quint (Seed, Nov 2026, with Faber) and Ravical (Seed, Oct 2026, with Shapers).

### How is this list of VC firms 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)