16 Best Active Series A Investors in Portugal in 2025

Heartcore

https://heartcore.com

Heartcore is a venture capital fund based in Copenhagen. They invest in startups at stages ranging from pre-seed to series F, with check sizes between $300,000 and $6 million. Heartcore focuses on industries including tech, health, real estate, finance, and entertainment. Their portfolio includes FlexAI, Zefir, Travel Perk, Podimo, and Taster. They aim to support founders in creating impactful consumer-focused brands, helping driven entrepreneurs turn their ideas into successful businesses.

Explorer Investments

https://explorerinvestments.com

Explorer Investments, based in Lisbon, is a venture capital fund specializing in Health Tech companies at the Series A stage. Founded in 2003, it is Portugal's leading private equity firm, managing around €1,400 million in assets. With a team of over 30 professionals from investment banking, consulting, and legal backgrounds, Explorer has established strong relationships with local businesses and financial entities. The fund aims to create value for investors and contribute positively to the community and environment by supporting the growth and sustainability of its portfolio companies, including UpHill.

Indico Blue Fund

https://indicocapital.com

Indico Blue Fund is a venture capital fund based in Lisbon. It invests in early-stage companies from pre-seed to Series C, with check sizes between $100,000 and $10 million. The fund focuses on sectors such as climate tech, ecommerce, sales, manufacturing, hiring, logistics, IoT, insuretech, and service industries. Indico Blue has backed companies like Bizay, Cargofive, FlexSea, Eleos, and Nortech AI. Founded in 2017, the Indico team has a strong track record of supporting global tech success.

Semapa Next

https://semapanext.com

Semapa Next is a company founded in 2017.

Semapa Next

https://semapanext.com/

Semapa Next is a company founded in 2017.

Big Start Ventures

https://bigstart.vc

Big Start Ventures is a venture capital fund based in Lisbon, focusing on startups from seed to series A stages. They invest in finance technology, mobile apps, artificial intelligence, and business software. Notable investments include WealthKernel, Countingup, Fraudio, Elucidate, and LOQR. Big Start Ventures aims to help early-stage companies grow and succeed by providing necessary funding and support.

Bynd Venture Capital

https://bynd.vc

Bynd Venture Capital is a leading venture capital fund in Lisbon that supports early-stage tech companies in Iberia. They focus on seed and pre-seed stages, with investments ranging from €200,000 to €300,000. Key sectors include real estate, e-commerce, fintech, and health tech. Notable investments include UpHill, Ritmo, Frenetic, Ukio, and ZenRows.

Armilar Venture Partners

https://armilar.com

Armilar Venture Partners is a Lisbon-based venture capital company founded in 1999.

Alter Venture Partners

https://altervp.com

Alter Venture Partners is a venture capital fund based in Luxembourg that invests in early-stage companies, particularly in artificial intelligence. Typically writing checks ranging from $250k to $5M, the fund supports AI-driven startups like Everysens, aiming to provide the financial backing needed for growth.

Bright Pixel

https://brpx.com

Bright Pixel, a venture capital fund based in Lisbon, focuses on early and growth-stage tech companies. They invest in cybersecurity, personal finance, artificial intelligence, machine learning, and more. Bright Pixel supports entrepreneurs with financial backing and strategic advice. Their portfolio includes Jentis, Probely, Codacy, MedUx, and Infraspeak. The fund aims to drive the future of work and technology by partnering with innovative thinkers and building impactful companies.

hypra.fund

https://hypra.fund

hypra.fund, based in Lisbon, invests in early-stage startups, particularly in seed and Series A rounds. They focus on the crypto, fintech, and enterprise software sectors, offering check sizes from $0 to $10 million. Notable investments include Utorg and Trinetix, highlighting their commitment to supporting web3 projects.

Portugal Ventures

https://portugalventures.pt

Portugal Ventures is a venture capital fund based in Porto, specializing in early-stage startups. They focus on tech, life sciences, and tourism, particularly in areas such as privacy, security, and health tech. Investment sizes range from €50,000 to €1,500,000. Portugal Ventures has backed companies like Probely and Lovys. Their goal is to help Portuguese startups grow and succeed by providing essential capital and support at crucial early stages.

Faber Ventures

https://faber.vc

Faber Ventures, based in Lisbon, invests in early-stage tech startups from pre-seed to Series B, with check sizes from $100,000 to $1.5 million. Focus areas include biotech, AI, and climate tech. Faber supports entrepreneurs leveraging science and technology for significant impacts. With dedicated funds, expert teams, and advisors, they help founders grow globally. Since 2013, Faber has backed numerous successful firms, promoting digital and climate transformation.