Venture Capital Firms in Lisbon

Armilar Venture Partners is a prominent European venture capital firm focused on early-stage investments in technology-driven companies. With a history of successful investments spanning over two decades, the firm partners with visionary entrepreneurs to bring innovative ideas to market and help scale disruptive businesses with global potential.The firm invests across multiple sectors including enterprise software, digital health, cleantech, and deep tech, placing strong emphasis on companies with proprietary technology and a scalable business model. Armilar provides not just capital, but also strategic guidance, operational expertise, and an extensive network to support growth.Headquartered in Lisbon, Portugal, Armilar maintains a European investment focus but targets startups with ambitions for international expansion. Its team is composed of experienced professionals with backgrounds in tech, finance, and entrepreneurship, making Armilar a valuable partner for founders building tomorrow’s technology leaders.

BlueCrow Capital is a Lisbon-headquartered venture capital and asset management firm founded in 2016. With approximately €610 million in assets under management, BlueCrow has established itself as one of the fastest-growing investment platforms in Portugal and Southern Europe. Its portfolio is highly diversified, with strong positions in robotics, medical technology, biotechnology, sustainable food systems, industrial innovation, and agriculture. The firm is known for embedding ESG principles deeply in its investment process, seeking to deliver both strong financial returns and measurable societal impact.BlueCrow partners closely with founders and management teams, providing not only growth capital but also operational guidance, strategic advice, and international network connections. Its team of around 15 professionals brings together expertise in finance, engineering, and entrepreneurship, giving the firm a multidisciplinary approach to value creation. The firm has successfully launched 16 investment vehicles, backing more than 25 companies and facilitating several profitable exits, which has bolstered its reputation among institutional and private investors alike.Headquartered at Avenida Duque de Ávila in Lisbon, BlueCrow also maintains partnerships across European innovation hubs, enabling cross-border investment strategies. Its long-term vision is to help create a sustainable and technology-driven economy in Portugal while integrating into the global venture capital ecosystem. With its combination of local expertise and international outlook, BlueCrow continues to attract significant capital inflows, reinforcing Lisbon’s emergence as a competitive European venture capital hub.

Buenavista Equity Partners, formerly known as GED Capital, is an independent Spanish private equity firm established in 1996. With over 28 years of experience, the firm has pioneered private equity investments in Spain, focusing on the lower mid-market segment. It operates as a multi-asset manager, overseeing approximately 1 billion euros across various investment vehicles, including Private Equity, Real Assets/Infrastructure, and Venture Capital. The firm's rebranding to Buenavista Equity Partners in 2023 reflects its evolution and commitment to a dynamic, global presence while maintaining its legacy in the Iberian market.The firm's investment strategy is diversified across three main verticals. In Private Equity, Buenavista Equity Partners specializes in majority or significant minority investments in small and medium-sized enterprises (SMEs) across the Iberian Peninsula and Southeast Europe, often employing buy-and-build strategies for organic growth and acquisitions. Its Real Assets/Infrastructure arm focuses on smaller greenfield and brownfield infrastructure projects, including urban development and energy efficiency initiatives. Through Buenavista Ventures, the firm invests in early-stage technology startups and innovative companies in Spain and Portugal, with a particular interest in proprietary technologies and digital advancements.Buenavista Equity Partners boasts a robust track record, having completed numerous investments and successful exits. Recent activities include the launch of the B/Buyout III fund with a target size of €250 million, aimed at acquiring majority stakes in high-growth Spanish companies, and the establishment of the BV Healthcare Growth Innvierte I fund, a €100 million healthcare-focused initiative in partnership with Columbus Venture Partners. The firm also recently exited its investment in Aviaction, which was acquired by Artá Capital. Buenavista Equity Partners emphasizes a strong industrial component in its investment approach, leveraging its team's extensive experience to drive value creation and sector-specific growth.Headquartered in Madrid, Spain, with an additional office in Lisbon, Portugal, Buenavista Equity Partners operates across Europe. The firm is committed to responsible investment, applying Environmental, Social, and Governance (ESG) criteria in its management model and being a signatory of the United Nations Principles for Responsible Investment (PRI). Its stable and cohesive team of professionals, totaling 54 members, brings a collective experience of over 300 years across various economic cycles, ensuring deep market knowledge and a proprietary deal flow that accounts for more than two-thirds of its total transactions.

Bynd Venture Capital is a prominent Iberian Venture Capital firm established in 2010, with its roots tracing back to a group of Business Angels. The firm officially founded its Venture Capital entity in 2015 and rebranded to Bynd Venture Capital in 2019. It specializes in early-stage investments, focusing on pre-seed and seed rounds for technology startups with a strong Iberian presence. Bynd Venture Capital actively seeks out companies with bold ambitions across diverse sectors, including artificial intelligence and software, consumer goods, and sustainability technology. The firm manages five investment vehicles and has made over 70 investments in Iberian startups, achieving more than 10 exits to date.The firm's investment thesis centers on providing initial professional capital, with first tickets ranging from €250,000 to €600,000 and total investments potentially reaching €1.2 million. Bynd Venture Capital prides itself on a fast and founder-centric investment process, typically completing due diligence within 2-4 weeks. They offer extensive support to their portfolio companies, leveraging a network of over 400 connections and a community of more than 60 active founders, alongside regular in-person events to foster growth and success.Bynd Venture Capital has built a diverse portfolio of innovative companies. Notable investments include a leading clear aligner orthodontics treatment provider in Europe, a pioneering real estate database, and a predictive maintenance platform that was successfully sold to Dynamox. More recently, through its third fund, the firm has invested in startups such as Equall, which operates in the Legal Tech sector utilizing AI, CircuitLeap, focused on integrated circuit design, and Spot, which employs AI for process automation in large organizations. Other past portfolio companies include Defined.ai, Impress, FASTinov, Xhockware, and DefinedCrowd.The team at Bynd Venture Capital comprises experienced professionals dedicated to supporting entrepreneurs. Key members include Santiago Salazar (Chairman & Partner), Lurdes Gramaxo (Partner), Francisco Ferreira Pinto (Partner), and Tomás Penaguião (Partner), alongside associates and a finance manager. Their collective expertise and deep understanding of the Iberian market position Bynd as a crucial gateway for startups aiming for regional success and global expansion. The firm maintains local offices in four main Iberian tech hubs: Lisbon, Porto, Barcelona, and Madrid.

Faber VC is a Lisbon-based venture capital firm that specializes in seeding the future by investing in early-stage teams leveraging frontier technology. The firm focuses on deep tech startups, particularly those at the intersection of applied science, digital transformation, and climate & ocean technology. They provide initial tickets up to €2.5 million, supporting companies from pre-seed to Series A, and aim to help founders scale globally.Founded in 2012, Faber VC combines entrepreneurial DNA, scientific expertise, and investment success to support its portfolio companies. The firm is backed by significant institutional investors, including the European Investment Fund (EIF), the NATO Innovation Fund, and Portugal's Caixa Capital, alongside various family offices. Faber VC manages several funds, including Faber Blue Pioneers I, Faber Tech II, and the recently launched Faber Tech Fund III, which had a first close of €31 million (approximately $33.9 million) and aims for €60 million (about $64.2 million).Faber VC's portfolio showcases a diverse range of deep tech innovations. Notable investments include ATMOS Space Cargo, which is scaling development of its PHOENIX return vehicle; ISPTech, focused on propulsion infrastructure for in-orbit missions; Biographica, an AI platform for crop traits; Ponda Bio, developing plant-based insulation; YPlasma, advancing compact cooling technology for electronics; and Zymvol, enhancing computational enzyme technology. The firm actively supports its founders with a resident core team and an expert advisory network, offering guidance on company setup, legal and finance, hiring, business development, and product strategy.The team at Faber VC comprises individuals with full-cycle entrepreneurial and operating experience, supported by a specialized board-level and expert advisory network. This network includes technical, scientific, and industry experts from Europe and the US, who provide on-demand problem-solving, coaching, and continuous support to portfolio founders. The firm's partners are specialized across its focus areas, such as Applied Science & Digital Transformation and Climate & Ocean Tech, ensuring deep domain expertise for their investments.

Fosun International is a prominent Chinese multinational conglomerate holding company that operates as a global innovation-driven consumer group. The firm is dedicated to creating customer-to-maker (C2M) ecosystems across four primary business segments: Health, Happiness, Wealth, and Intelligent Manufacturing. Through these segments, Fosun aims to provide high-quality products and services to families worldwide, leveraging technology and innovation to meet diverse consumer needs.Founded in 1992 by Guo Guangchang and four other partners, Fosun International has grown significantly from its origins in Shanghai. The company was incorporated in Hong Kong in 2004 and subsequently listed on the main board of the Hong Kong Stock Exchange in 2007. Fosun's strategic vision is rooted in China while actively pursuing global development, establishing a presence in over 35 countries and regions worldwide.Fosun International's diverse portfolio includes notable investments in various industries. In the health sector, key holdings include Fosun Pharma, Gland Pharma, and Luz Saúde, with a focus on pharmaceuticals, medical devices, diagnostics, and healthcare services. Within the happiness segment, the firm has invested in tourism and leisure brands such as Club Med and Atlantis Sanya, as well as fashion and consumer goods. The wealth segment encompasses insurance and asset management, with significant stakes in companies like Fidelidade, Hauck & Aufhäuser, and Peak Reinsurance. Additionally, Fosun engages in intelligent manufacturing, natural resources, and real estate, with investments in companies like Hainan Mining and various property developments.The leadership team at Fosun International includes Executive Director and Chairman Guo Guangchang, Executive Director and Co-Chairman Wang Qunbin, and Co-CEOs Chen Qiyu and Xu Xiaoliang. The firm emphasizes a global organization with local operations, fostering endogenous development within its ecosystem enterprises both domestically and internationally. Fosun is recognized for its robust global operation and investment capabilities, coupled with a strong commitment to technological innovation.

Indico Capital Partners is a venture capital firm based in Lisbon, Portugal, dedicated to supporting tech and sustainable companies with a strong focus on those originating from Portugal, Spain, and Italy, aiming for global expansion. The firm strategically invests across a diverse range of technology sectors, including Software as a Service (SaaS), Artificial Intelligence (AI), Deeptech, Spacetech, Healthtech, Oceantech, Fintech, and Consumer. Additionally, Indico Capital Partners places significant emphasis on sustainability, particularly through its investments in ocean-related startups and Small and Medium-sized Enterprises (SMEs) that demonstrate the potential for positive impact on marine ecosystems and substantial global growth.Founded in 2017, Indico Capital Partners quickly established itself as the first sizable independent VC firm in Portugal in 2018. The firm was co-founded by Stephan de Moraes, Ricardo Marques, and Cristina Fonseca. Its core mission is to empower exceptional Southern European talent by providing not only capital but also crucial knowledge and networks to facilitate their global expansion. This mission is driven by the understanding that entrepreneurs in Southern Europe often develop an international mindset from inception due to the limitations of their local markets.Since 2019, Indico Capital Partners has made over 50 investments, with its portfolio companies collectively raising more than €2 billion in follow-on funding. Notable companies within their portfolio include Superhuman, Preply, Anchorage Digital, Remote, Sword Health, WSense, Lyzer, Ínclita Seaweed Solutions, Infraspeak, Conexa, Arborea, and Dealroom.co. The firm has also played a pivotal role in the growth of several leading technology businesses in Southern Europe, including four companies that have achieved unicorn status through its previous funds.The firm's dedicated team, comprising 14 professionals, brings a rich blend of investment and entrepreneurial experience to the table. Key partners such as Stephan de Moraes (Managing General Partner), Ricardo Torgal (General Partner and CFO), and Cristina Fonseca (General Partner and co-founder of Talkdesk) have been instrumental in many of Portugal's successful tech ventures. Their collective expertise spans venture capital, mergers and acquisitions, legal affairs, and economics, enabling Indico Capital Partners to offer comprehensive, hands-on support in areas like talent acquisition, product roadmap development, sales and marketing strategies, M&A projects, and strategic financing.

Lince Capital is a Portuguese investment firm established in 2016, specializing in the constitution and management of venture capital and specialized investment funds. The firm is regulated by the Portuguese Securities Market Commission (CMVM) and is known for its personalized support and close relationships with investors and business partners. Lince Capital focuses on financing and supporting business opportunities with high growth potential across various sectors, aiming to create long-term value through professional and innovative asset management.The firm was founded in 2016 and has steadily grown its team, emphasizing professionalism and a dynamic approach to investment. Lince Capital operates as part of a family group with over four decades of investment experience in Portugal, spanning real estate, infrastructure, agriculture, and telecommunications. This extensive background underpins the firm's philosophy of strong governance and responsible capital allocation. Vasco Pereira Coutinho serves as the CEO, leading an experienced team dedicated to identifying and nurturing promising ventures.Lince Capital's investment portfolio is diversified across sectors such as real estate, healthcare, technology, retail, industrial, and agri-food. Notable investments include companies like Feedzai, a provider of an AI-native platform for fraud prevention, and Sword Health, which offers AI-powered digital physical therapy solutions, both of which have achieved unicorn status. The firm also invests in companies like Nutrium (cloud-based practice management for nutritionists) and FRVR (online gaming platform). Lince Capital actively supports its portfolio companies through various stages, from seed to growth, and has launched funds like the Lince Innovation Fund III and Lince Growth Fund I, targeting innovative Portuguese startups and established SMEs.The team at Lince Capital comprises dedicated professionals with extensive experience in investment fund management. Key team members include Vasco Pereira Coutinho (CEO), Afonso Próspero (Head of Legal), Raquel Costa (Head of Finance), Rodrigo Duarte (Head of Private Equity), Tomás Lavin Peixe (Head of Venture Capital), Lourenço Mayer (Head of Growth Funds), and Francisco Sottomayor (Head of Investor Relations). The firm's expertise spans commercial and residential real estate, tourism, urban planning, digital health, enterprise software, and early-stage incubation, enabling them to provide strategic support and leverage regional networks for portfolio companies to scale beyond Portugal.

Meraki Impact is an investment firm dedicated to catalyzing the regeneration of the planet and its people through a focused approach on the food system. The firm employs catalytic capital to drive transformative changes, primarily by shifting conventional agricultural practices towards regenerative agriculture. Their investment thesis centers on proving the profitability and scalability of regenerative agriculture, making direct investments at the farm level and supporting early-stage companies and innovative fund managers aligned with their impact-oriented mission. The firm also invests in related areas such as biotechnology, clean energy, circular economy, sustainable production, agri-tech, food-tech, biodiversity, and soil health.The firm embarked on its impact investing journey in 2017, founded by Fernando Russo and Anaisa Seneda. Fernando Russo serves as the General Manager and brings over two decades of business experience, including nine years managing his own company. His commitment to impact investing since 2016 stems from his strong belief in a sustainable food system as a crucial pathway to restoring natural ecosystems.Meraki Impact's investment portfolio includes companies like reNature, an organization focused on regenerative agroforestry, and Natural Tableware, operating within the wood containers and packaging industries. The firm's strategy involves both direct investments in regenerative farms and allocations to impact funds, aiming to foster innovation and demonstrate the viability of regenerative practices across the food value chain.Meraki Impact boasts a diverse and experienced team. Fernando Russo leads as Founder and General Manager, while Vinícius Contieri, based in Amsterdam, heads investments with a background in Chemical Engineering and a CFA Charterholder. Raquel Rodrigues manages operations and community, leveraging over 20 years in business development and a Master's in Ecological Design Thinking. The investment committee includes seasoned professionals like Alberto Sansiviero Junior, with extensive financial markets experience, and Antonio Azevedo, CEO of Luxor Group, alongside Chairman Dr. Ewaldo Russo, a physician-executive with a Post-Doctorate from Harvard University.

Seedstars International Ventures is a venture capital firm dedicated to backing B2B founders who are building transformative companies at the pre-seed and seed stages across emerging markets. The firm focuses on B2B tech solutions that drive digitalization within three key themes: Financial Services, Market Enablement, and Productivity. This includes areas such as payments, credit, banking, insurance, marketplaces, e-commerce enablers, supply chain, vertical SaaS, workflow automation, data & analytics, and AI tools. They aim to capture the significant investment opportunities in these high-growth economies, which, despite housing a large portion of the global population and GDP, attract a small percentage of global venture capital.The firm was born in Switzerland and has been actively building its presence as a VC firm since 2012, as part of the larger Seedstars Group. Their ambition is to catalyze a generation of B2B startups that collectively generate $100 billion in annual gross profit, particularly across core markets like Brazil, Mexico, Nigeria, Egypt, India, and Indonesia. Seedstars International Ventures emphasizes a collaborative capital approach, seeking 3-5% ownership and working alongside other funds, while providing meaningful value-add through their network of executive advisors and practical growth support.Seedstars International Ventures has invested in over 100 companies across 40 countries. A notable investment includes OmniRetail, a Nigerian company launched in 2019 to transform how retailers and distributors access essential goods. Seedstars International Ventures backed OmniRetail at its inception, and the company subsequently raised $20M in Series A funding in 2025 to expand its impact across Africa. The firm's portfolio also includes investments in various sectors across Latin America, Africa, MENA, Central and Eastern Europe, and Asia.The firm is led by an experienced global team with a deep understanding of emerging markets. Key team members include General Partner Charlie Graham-Brown, along with Principals specializing in MENA + India, Africa, LATAM, and Asia. The team also benefits from a network of Investment Advisors and Executive Advisors who provide expertise in areas such as GTM strategies, B2B sales, growth marketing, and enterprise sales, ensuring comprehensive support for their portfolio companies.

Tapestry VC is a venture capital firm dedicated to partnering with Repeat Founders on their next entrepreneurial journey, focusing on ideating and building the next generation of breakthrough companies. The firm emphasizes supporting technical and experienced entrepreneurs who aim to disrupt established industries. They invest across various verticals and geographies, with a particular interest in software-driven startups.Tapestry VC was founded in 2018 by Patrick Murphy, who serves as Co-Founder and Managing Partner, alongside co-founder David Kelly. The firm was previously known as Semble but rebranded to Tapestry VC after disassociating from Web Summit. They have rapidly grown their portfolio, making numerous investments in early-stage companies across the US and Europe.The firm boasts a notable portfolio of companies, including Nothing (consumer electronics), Ladder (digital fitness & wellness), Manna Air (consumer drone delivery infrastructure), Sunrise Robotics (AI robotics solutions), Maze (AI vulnerability detection & analysis), Fin AI (fully agentic AI customer communications), Hopin (platform for virtual gatherings & events), and Relay (neobank for North American SMEs). In August 2022, Tapestry VC raised over $50 million across two funds: a second fund for early-stage investments and an Opportunity Fund for follow-on investments in existing portfolio companies.The Tapestry VC team brings diverse expertise to their investments. Patrick Murphy, with a background in web development, mechanical engineering, and investment banking at Goldman Sachs, has spent over a decade as a Seed stage investor. Audrey Miller, a Managing Partner, joined in 2020 with experience as a startup operator and advising late-stage companies, having previously worked at Goldman Sachs. David Kelly, a Partner and co-founder, has a decade of experience in the European and international technology scene, building a vast network of influential tech founders. Robert Dobie, VP of Finance & Operations, is an experienced finance professional who previously managed investor reporting and fund finance at Seedcamp.

Tioga Capital is a European venture capital firm dedicated to supporting exceptional founders who are advancing individual sovereignty through novel financial and cryptographic primitives. The firm focuses its investments on early-stage companies, specifically at the seed to Series A stages, with individual investments typically ranging up to $5 million. Their investment strategy is built around three core themes: Open Finance, which involves internet-native financial systems that democratize access to financial products without reliance on intermediaries; Freedom Technologies, aimed at commercializing cryptography and bringing cypherpunk ideals to a broader audience; and Coordination Networks, which empower users to own, operate, and contribute to shared digital and physical infrastructure through aligned incentives.Established in Luxembourg in December 2020, Tioga Capital was founded by experienced professionals who identified significant opportunities within the burgeoning digital assets and blockchain space. The firm recognized a critical need for specialized investment in this sector, driven by the conviction that Web3 technologies would fundamentally reshape financial systems and enhance individual control over data. Tioga Capital aims to be a committed and patient partner to ambitious founders, providing both capital and strategic guidance to accelerate technologies that contribute to a more sovereign and decentralized digital world.Tioga Capital has built a notable portfolio of companies that align with its investment thesis. Key investments include Nym, a privacy infrastructure provider, and Gem.xyz, an NFT marketplace aggregator that was subsequently acquired by OpenSea. Other portfolio companies mentioned in their investment activities include Dropee and Architect. The firm actively seeks out startups that contribute to blockchain infrastructure, open finance, DeFi infrastructure, NFT infrastructure, and compliance verticals, demonstrating a clear focus on the foundational elements of the Web3 ecosystem.The firm's team includes General Partners Nicolas and Michiel, along with Principals Raphael and Lakshman, and CFO Laura. The team also benefits from a roster of advisors including Bart, Jurgen, Alex, and Atul. Tioga Capital's team members are based across key European cities, including London, Luxembourg, Lisbon, and Brussels, reflecting its strong European focus and deep connections within the Web3 and broader Fintech ecosystems. Their collective expertise and strategic partnerships, including with leading cryptographic research centers, enable them to identify and nurture promising blockchain protocols and entrepreneurs.