15 Leading Venture Capital Firms in Lisbon for 2025

Investors Database Lisbon

Lisbon has emerged as one of Europe's most vibrant startup hubs in 2025, transforming from a hidden gem to a recognized innovation center that attracts entrepreneurs from across the globe. The Portuguese capital combines Mediterranean charm with serious business advantages: a lower cost of living than other European capitals, a growing pool of technical talent, and a strategic location that bridges Europe, Africa, and the Americas. This guide highlights 15 influential venture capital firms that are actively shaping Lisbon's entrepreneurial landscape. For founders navigating Portugal's investment ecosystem, understanding these key players—their investment philosophies, sector preferences, and value-add approaches—can be instrumental in securing not just funding, but the right strategic partnerships to scale successfully in this rapidly evolving market.

Comprehensive List of Top Venture Capital Firms in Lisbon

Portugal Ventures: Portugal's leading public VC firm investing in innovative tech, life sciences, and tourism startups.
Indico Capital Partners: Lisbon's premier independent VC focusing on early-stage tech companies with global ambitions.
Faber Ventures: Specialized in backing deep tech startups with a focus on AI, machine learning, and data-driven ventures.
Shilling Capital Partners: Early-stage investor supporting Portuguese entrepreneurs building globally competitive businesses.
Armilar Venture Partners: Experienced VC firm investing in technology companies across various growth stages.
Bynd Venture Capital: Digital-focused investor backing Portuguese startups with international expansion potential.
Semapa Next: Corporate venture arm investing in industrial tech, sustainability, and digital transformation.
Bright Pixel Capital (formerly Sonae IM): Technology investment firm focusing on retail tech, cybersecurity, and digital infrastructure.
LC Ventures: Seed-stage investor supporting innovative startups in the Portuguese ecosystem.
Mustard Seed MAZE: Impact-focused VC investing in companies solving social and environmental challenges.
EDP Ventures: Corporate VC from Portugal's energy leader, investing in cleantech and energy innovation.
Iberis Capital: Growth-stage investor supporting Portuguese SMEs and technology companies.
Caixa Capital: Institutional investor backing innovative startups across multiple sectors and stages.
Pathena: Specialized in B2B software companies with proven business models ready to scale.
REDangels: Angel investor network supporting early-stage Portuguese startups with capital and mentorship.

How to Successfully Secure Funding from Lisbon Venture Capital Firms

Securing investment from Lisbon's venture capital firms is competitive, with typical acceptance rates around 1-3%. The key to success is efficiently determining genuine interest or receiving a clear "no" to maintain momentum in your fundraising journey.

How? Share your pitch deck as a link not as an attachment and gain valuable insights into investor engagement:

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How to Select the Ideal Lisbon VC Partner

When searching for the ideal venture capital partner in Lisbon's growing ecosystem, consider these critical factors:

Portuguese Market Understanding: Prioritize firms with deep knowledge of Portugal's business environment, regulatory landscape, and local market dynamics. Lisbon VCs with this expertise can provide invaluable guidance on navigating the Portuguese ecosystem.
International Network Strength: Evaluate the firm's connections beyond Portugal. The best Lisbon-based VCs maintain strong relationships with investors across Europe, the US, and emerging markets, helping portfolio companies expand internationally.
Sector Expertise: Identify firms specializing in your industry. Lisbon's VC landscape includes specialists in areas like maritime technology, tourism tech, renewable energy, and AI—reflecting Portugal's unique economic strengths.
Stage Alignment: Ensure the firm typically invests at your current development stage. Lisbon's ecosystem features everything from pre-seed specialists to growth-stage investors focused on helping companies scale across Europe.
Cultural Compatibility: Assess whether the firm's working style aligns with Portuguese business culture, which values relationship-building, long-term thinking, and work-life balance alongside business growth.
Language Capabilities: Consider language requirements for effective communication. While English is widely spoken in Lisbon's tech scene, VCs with Portuguese language skills may offer advantages when dealing with local regulations or partnerships.
EU Funding Knowledge: Look for investors experienced with EU grants and incentives. Lisbon-based VCs often help portfolio companies access additional European funding mechanisms that complement private investment.
Track Record in Portugal: Research their performance with other Portuguese startups. Success stories within the local ecosystem indicate valuable market-specific knowledge and connections.
Value-Add Services: Beyond capital, identify what operational support they offer. The best Lisbon VCs provide assistance with talent acquisition, business development, and navigating Portugal's startup visa program.
Commitment to Lisbon: Determine their dedication to the local ecosystem. Firms with a permanent Lisbon presence rather than occasional visits demonstrate stronger commitment to the city's entrepreneurial community.
Decision Timeline: Understand their investment process, as timelines can vary significantly among Portuguese investors, from agile independent VCs to more structured institutional funds.
Strategic approach: Convert your pitch deck into a trackable link when contacting Lisbon investors, analyze engagement metrics, and prioritize follow-ups based on demonstrated interest.

Effective Strategies for Approaching Lisbon's Venture Capital Investors

To effectively engage with Lisbon's venture capital community:

Research the Portuguese ecosystem: Identify Lisbon-based venture firms that align with your sector, stage, and funding requirements. Utilize resources like Portugal Fintech Report, Startup Portugal, and Beta-i's ecosystem mapping.
Understand Lisbon's investment culture: Portuguese investors often value relationship-building before transactions. Allow time for trust development through multiple interactions rather than rushing to pitch immediately.
Leverage local startup hubs: Connect through Lisbon's innovation centers like Beato Creative Hub, Startup Lisboa, or LACS. These spaces regularly host investor events and can facilitate introductions.
Highlight Portugal-specific advantages: Demonstrate how your startup leverages Lisbon's unique benefits—whether it's tech talent, strategic location between Europe and Latin markets, or synergies with Portugal's traditional industries.
Secure warm introductions: Portuguese business culture highly values personal connections. Reach out to accelerator directors, university innovation offices, or portfolio company founders who can make introductions.
Participate in local programs: Join Lisbon-based accelerators like Lisbon Challenge, Bright Pixel Acceleration, or Build Up Labs to gain direct access to investor networks.
Demonstrate traction relevant to Portugal: Prepare metrics showing how your solution addresses specific needs in the Portuguese or broader Southern European market.
Prepare for bilingual communication: While most Lisbon VCs operate in English, having materials available in Portuguese and understanding basic business terminology can create a positive impression.
Attend strategic events: Participate in Web Summit (held annually in Lisbon), Lisbon Investment Summit, and industry-specific gatherings where local investors actively scout opportunities.
Follow up thoughtfully: Lisbon's investment community appreciates persistence balanced with respect for time. Use pitch deck sharing software to track engagement and time follow-ups based on actual interest.
Consider EU funding complementarity: Highlight how venture investment could be leveraged alongside Portugal 2030 programs or other EU innovation funding mechanisms.
Build relationships with corporate ventures: Engage with Portuguese corporate venture arms like EDP Ventures or Semapa Next, which can provide both capital and strategic partnerships.

1. Portugal Ventures

Portugal Ventures stands as the country's leading public venture capital investor, playing a pivotal role in developing Lisbon's startup ecosystem by providing capital and strategic support to innovative Portuguese companies.

Sector: Technology, Life Sciences, Tourism, Ocean Economy
Stage: Seed, Series A
Location: Lisbon, Portugal
Website: https://www.portugalventures.pt/

2. Indico Capital Partners

Indico Capital Partners has established itself as Lisbon's premier independent venture capital firm, focusing on early-stage technology companies with global ambitions while maintaining strong Portuguese roots.

Sector: B2B SaaS, Marketplaces, AI, Fintech
Stage: Pre-Seed, Seed, Series A
Location: Lisbon, Portugal
Website: https://www.indicocapital.com/

3. Faber Ventures

Faber Ventures specializes in backing deep tech startups emerging from Lisbon's growing technical talent pool, with particular emphasis on artificial intelligence, machine learning, and data-driven ventures.

Sector: Deep Tech, AI, Machine Learning, Data Analytics
Stage: Pre-Seed, Seed
Location: Lisbon, Portugal
Website: https://www.faber.vc/

4. Shilling Capital Partners

Shilling Capital Partners focuses on supporting early-stage Portuguese entrepreneurs building globally competitive businesses, helping transform Lisbon into a recognized startup hub on the European stage.

Sector: Technology, Digital Platforms, Consumer Tech
Stage: Pre-Seed, Seed
Location: Lisbon, Portugal
Website: https://shilling.vc/

5. Armilar Venture Partners

Armilar Venture Partners brings decades of experience to Lisbon's venture ecosystem, investing in technology companies across various growth stages with a proven track record of nurturing Portuguese success stories.

Sector: Enterprise Software, Healthcare Tech, Cleantech
Stage: Series A, Series B, Growth
Location: Lisbon, Portugal
Website: https://www.armilar.com/

6. Bynd Venture Capital

Bynd Venture Capital specializes in digital-focused investments, backing Portuguese startups with international expansion potential while leveraging Lisbon's growing reputation as a technology hub.

Sector: Digital Transformation, SaaS, Mobile Applications
Stage: Seed, Series A
Location: Lisbon, Portugal
Website: https://www.bynd.vc/

7. Semapa Next

Semapa Next operates as the corporate venture arm of one of Portugal's largest industrial groups, investing in startups focused on industrial technology, sustainability solutions, and digital transformation.

Sector: Industrial Tech, Sustainability, Digital Transformation
Stage: Seed, Series A
Location: Lisbon, Portugal
Website: https://www.semapanext.com/

8. Bright Pixel Capital (formerly Sonae IM)

Bright Pixel Capital has emerged as a leading technology investment firm in Lisbon, focusing on retail technology, cybersecurity, and digital infrastructure with both local and international portfolio companies.

Sector: Retail Tech, Cybersecurity, Digital Infrastructure
Stage: Series A, Series B
Location: Lisbon, Portugal
Website: https://www.brightpixel.com/

9. LC Ventures

LC Ventures supports seed-stage innovative startups in the Portuguese ecosystem, helping bridge the gap between initial concept and scalable business with hands-on mentorship and capital.

Sector: Technology, Consumer Products, Health
Stage: Pre-Seed, Seed
Location: Lisbon, Portugal
Website: https://www.lcventures.pt/

10. Mustard Seed MAZE

Mustard Seed MAZE stands out in Lisbon's venture landscape for its focus on impact investing, backing companies that address social and environmental challenges while delivering competitive financial returns.

Sector: Impact Tech, Sustainability, Education, Health
Stage: Seed, Series A
Location: Lisbon, Portugal
Website: https://mustardseedmaze.vc/

11. EDP Ventures

EDP Ventures operates as the corporate venture capital arm of Portugal's energy leader, investing in cleantech startups and energy innovation that align with the country's strong commitment to renewable energy.

Sector: Cleantech, Energy Storage, Smart Grids, Renewable Energy
Stage: Seed, Series A
Location: Lisbon, Portugal
Website: https://www.edpventures.com/

12. Iberis Capital

Iberis Capital focuses on growth-stage investments in Portuguese SMEs and technology companies, helping bridge the gap between early-stage funding and larger institutional investment rounds.

Sector: Technology, Healthcare, Industrial Innovation
Stage: Series A, Growth
Location: Lisbon, Portugal
Website: https://www.iberiscapital.com/

13. Caixa Capital

Caixa Capital serves as an institutional investor in Lisbon's venture ecosystem, backing innovative startups across multiple sectors and stages with the support of Portugal's banking infrastructure.

Sector: Technology, Life Sciences, Creative Industries
Stage: Seed, Series A, Growth
Location: Lisbon, Portugal
Website: https://caixacapital.pt/

14. Pathena

Pathena has carved out a specialized niche in Lisbon's venture landscape, focusing on B2B software companies with proven business models that are ready to scale internationally from their Portuguese base.

Sector: B2B Software, Enterprise Solutions, SaaS
Stage: Series A, Growth
Location: Lisbon, Portugal
Website: https://www.pathena.com/

15. REDangels

REDangels operates as an angel investor network supporting early-stage Portuguese startups with not just capital but also mentorship from experienced entrepreneurs who have built successful businesses in Lisbon.

Sector: Technology, Consumer Products, Services
Stage: Pre-Seed, Seed
Location: Lisbon, Portugal
Website: https://www.redangels.pt/

Challenges to Consider When Raising Venture Capital in Lisbon

While Lisbon offers exciting opportunities for startup funding, entrepreneurs should be aware of several distinct challenges when raising venture capital in this evolving ecosystem:

Smaller Fund Sizes: Lisbon-based venture firms typically manage smaller funds compared to other European hubs, which may limit investment sizes and necessitate assembling syndicates for larger rounds.

Emphasis on Capital Efficiency: Portuguese investors often expect startups to demonstrate exceptional capital efficiency and clear paths to profitability earlier than investors in larger ecosystems.

International Validation Requirements: Many Lisbon VCs look for validation from international markets or co-investors before committing, particularly for startups targeting global expansion.

Longer Due Diligence Processes: The investment decision timeline can be more extended in Portugal, with thorough due diligence processes reflecting a more conservative investment approach.

Limited Later-Stage Capital: While seed funding has grown substantially, Lisbon still faces gaps in Series B and beyond, often requiring founders to look beyond Portugal for growth capital.

Regulatory Navigation: Portugal's regulatory environment, while improving, can present complexities that investors expect founders to understand and navigate effectively.

Talent Retention Concerns: Investors may scrutinize plans for attracting and retaining technical talent in Lisbon, given competition from higher-paying markets across Europe.

Balancing Local and Global Focus: Portuguese VCs often expect startups to demonstrate commitment to the local ecosystem while simultaneously pursuing international growth—a delicate balance to maintain.

Language and Cultural Nuances: While English is widely spoken in business settings, understanding Portuguese business culture and communication styles can significantly impact investor relationships.

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Conclusion: Lisbon's Most Active Venture Capital Investors in 2025

Lisbon has successfully transformed itself into one of Europe's most dynamic startup ecosystems, with the 15 venture capital firms profiled here forming the backbone of Portugal's entrepreneurial funding landscape. Collectively managing approximately €1.5 billion in assets dedicated to innovative companies, these investors are instrumental in Lisbon's continued rise as a technology hub.

What distinguishes Lisbon's venture capital community is its unique combination of local market expertise and international outlook. The city's investors leverage Portugal's strategic advantages—competitive operational costs, growing technical talent, and quality of life that attracts international entrepreneurs—while helping portfolio companies expand beyond borders. This dual focus creates a supportive environment for startups that want to maintain Portuguese roots while achieving global impact.

The ecosystem's strength comes from its diversity, with specialized investors covering everything from pre-seed to growth stages across sectors where Portugal demonstrates competitive advantages: oceantech, cleantech, tourism innovation, and increasingly, artificial intelligence and deep tech. The collaborative nature of Lisbon's investment community, where early support from angel networks like REDangels can create pathways to institutional backing from firms like Armilar or Bright Pixel Capital, provides founders with multiple funding options as they scale.

As Lisbon continues solidifying its position as Southern Europe's startup capital, these venture capital firms will play an increasingly vital role in transforming innovative ideas into sustainable businesses that create economic value while addressing meaningful challenges. Their ongoing commitment to supporting diverse founders and companies ensures that Lisbon's entrepreneurial community will continue delivering both commercial success and positive impact in the years ahead.