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The following article has been written in the scope of the research process for our exclusive EU venture capital fund list. You might also like the list of the 300 largest European single family offices investing in venture capital, provided by our partner portal familyofficehub.io.
In this article we present the five largest and most active VCs in Portugal. All investors are part of our list of the largest venture capital funds in Europe. Portugal’s venture capital (VC) ecosystem has seen significant growth over the past decade, driven by a combination of government incentives, private investment, and a thriving startup scene. The country has emerged as a key player in the European startup landscape, attracting both local and international VC investors. The Portuguese government has actively supported startups through initiatives such as Startup Portugal and funding programs from Portugal Ventures (a state-backed VC firm).
List of the 5 largest VC funds in Portugal
| VC Firm | Focus Area | Portfolio Companies | Founding Year |
|---|---|---|---|
| Armilar Venture Partners | Digital companies with a focus on AI and data | outsystems, Codacy, amplemarket, Didimo, Rows, Casafari, coverflex, knok | 2000 |
| Portugal Ventures | Startups from Portugal, Digital & Technology, Industry, Health, Tourism | Hoopers, PluggableAI, Tonic App, LUGGit, Unlockit, Corium Biotech | 2012 |
| Indico Capital Partners | Tech (Software as a Service (SaaS), marketplaces, Artificial Intelligence (AI), Internet of Things (IoT), fintech, cybersecurity, digital companies and Web3) and sustainability | Relive, Spotlite, Barkyn, FlexSea, kencko, bizay, Ocean Twist | 2017 |
| Faber | Pre-seed and seed investments in Southern Europe, selectively investing in Europe | PhotonIP, B’ZEOS, Opnova, Resoniks | 2012 |
| Bynd Venture Capital | Seed and early stage startups in IT/Digital and Sustainability (Lifesciences, Clean Tech) | Casafari, dealcar, Mogu, Noxus, Equall, Didimo, tandem, Defined.AI | 2010 |
Leading venture capital investor from Portugal: Armilar Venture Partners
Armilar Venture Partners is one of the leading independent venture capital firms in Portugal, focusing on early to growth-stage investments in technology-driven companies. Established over two decades ago, Armilar has built a strong reputation for backing high-potential startups across digital technology, healthtech, and cleantech sectors. With €260 million in assets under management, Armilar has invested in more than 75 companies globally. Some of its most notable investments include Feedzai (AI-driven fraud prevention), OutSystems (low-code software development), and Codacy (automated code review). The firm is headquartered in Lisbon, Portugal, but its investment reach extends beyond national borders, with a particular focus on European and North American markets.
Picture source: gemmafjam, Unsplash (20.02.2025)
