Lisbon, Portugal · Venture Capital Armilar Venture Partners is a Lisbon-based venture capital firm that spun out from Portugal's Novabase group in 2016, building on a venture investment track record dating back to 2001. The firm invests from seed through growth stage in deep tech, enterprise IT, and healthcare, with a focus on Portuguese and Iberian founders with global ambitions. Armilar manages over EUR 200M and has backed companies including Feedzai (AI fraud detection unicorn), Outsystems, Sword Health, and Codacy. The team provides strategic support in US market entry and international scaling.
Venture Capital Seed to Growth Deep TechEnterprise ITHealthcare
Lisbon, Portugal · Venture Capital Faber is a Lisbon-based venture capital firm founded in 2012, investing in early-stage deep tech and climate technology companies at the intersection of science and technology in Southern Europe. The firm has backed notable startups including Unbabel, SWORD Health, Codacy, and Smartex, typically writing cheques of €100,000 to €2.5 million. Its latest fund, Faber Tech III, has a target size of €60 million and is anchored by the European Investment Fund and the NATO Innovation Fund.
Venture Capital Early-stage TechnologyEarly Stage
Lisbon, Portugal · Venture Capital Indico Capital Partners is Portugal's first and leading independent early-stage venture firm, founded in Lisbon in 2017 by Stephan Morais and Ricardo Torgal (both ex-Caixa Capital) and Cristina Fonseca (co-founder of Talkdesk). Since its first fund close in 2019 it has built a >€244M multi-fund platform spanning six vehicles, including VC Fund I (€54M), an Acceleration Fund, an Opportunity Fund, the €50M Indico Blue ocean-economy fund, VC Fund II, and the newly launched VC Fund III (€125M target with a €30M EIF anchor, 2025).
The firm invests from pre-seed to Series B with €100K–€10M cheques, focused on Portugal, Spain and Italy and the Southern European diaspora, across enterprise SaaS, AI, deep tech, fintech, cybersecurity, spacetech and the blue economy. Backed by the European Investment Fund, Banco Português de Fomento and Draper Esprit (now Molten), Indico bridges Southern Europe's talent to global capital. Its portfolio includes unicorns Anchorage Digital, Sword Health, TIER Mobility and Remote, with exits including Unbabel (TransPerfect, 2025) and Cargofive (cargo.one, 2026).
Venture Capital Enterprise SaaSDeep TechFintechBlue Economy
Lisbon, Portugal · Venture Capital Portugal Ventures is Portugal's principal state-backed early-stage venture firm, established in 2012 through the merger of Inovcapital, AICEP Capital Global Ventures and Turismo Capital. Headquartered in Porto with a Lisbon office, it operates within the Banco Português de Fomento group and manages roughly €288M across 16+ funds. Its mandate is to stimulate Portuguese entrepreneurship with risk capital at pre-seed, seed and Series A, writing tickets of €50K–€1.5M across digital and technology, industry, healthcare and tourism.
Since inception it has deployed over €230M into 256+ companies. Its portfolio has produced unicorns including BitSight (cybersecurity), Fever (live entertainment, exited 2026 at 15x) and Glovo, alongside exits in OutSystems and Farfetch (NYSE IPO, 2018). Other notable holdings include Feedzai, Aptoide, Codacy, JScrambler and Sword Health. New leadership for the 2025–2027 term is led by CEO Marco Neves.
Venture Capital Pre-Seed to Series A Multiple SectorsDeep TechTourism