6 Best Active Series B Investors in Lisbon in 2025
In the vibrant investment landscape of Lisbon, certain names stand out, consistently identifying and supporting groundbreaking ventures. As we journey into 2025, we've compiled a list of the top investors in Lisbon, showcasing those who've demonstrated exceptional acumen, vision, and commitment to fostering innovation in the region.
This list is the result of tracking investment activity across +2,500 venture capital investors in Europe, and only includes funds that have invested in at least 5 startups in Lisbonin the past 12 months (not just investors with offices in Lisbon). Whether you're an experienced founder who have raised capital in the past or you're fundraising for the first time, our curated list of the top Lisbon VCs in 2025 will be tremendously helpful in your journey.
Last update to the database: Aug 26, 2025. See changelog.
Investor Rankings are calculated using our Seedtable Score – a 1 to 100 score that uses quantitative and qualitative data points (like the size of their fund or the quality of the companies they invested in) to signal the strength behind an investor. A score closer to 100 indicates an investor is worth watching closely.
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List of 6 top Lisbon VCs
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.
Offices:
Copenhagen (HQ)
Berlin
Paris
Stockholm
Lisbon
Investment Stage:
Pre Seed, Seed, Series A, Series B, Series C, Series D, Series E, Series F, Unknown
Check Size:
$100k - $500M
Industries:
Climate Tech & Green Tech, Health Tech, Edtech
Top investments in Lisbon:
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.
Offices:
Lisbon (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Series B, Series C
Check Size:
$1M - $40M
Industries:
Climate Tech & Green Tech, Foodtech, Gaming
Top investments in Lisbon:
Armilar Venture Partners is a Lisbon-based venture capital company founded in 1999.
Offices:
Lisbon (HQ)
Investment Stage:
Seed, Series A, Series B, Unknown
Check Size:
$100k - $250M
Industries:
Health Tech, Edtech, FinTech
Top investments in Lisbon:
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.
Offices:
Lisbon (HQ)
Investment Stage:
Series A, Series B, Unknown
Check Size:
$100k - $30M
Industries:
FinTech, Gaming, CPG & Consumer Goods
Top investments in Lisbon:
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.
Offices:
Lisbon (HQ)
Investment Stage:
Pre Seed, Seed, Series A, Series B, Unknown
Check Size:
$100k - $20M
Industries:
Climate Tech & Green Tech, Health Tech, Crypto & web3
Top investments in Lisbon:
GED Ventures Portugal is a venture capital fund based in Lisbon, focusing on seed-stage tech companies with transformative potential. They have invested in firms like WEEZIE, Full Venue, and LUGGit in fields such as AI and travel tech. Their mission, encapsulated in #Tech4Purpose, is to support sustainable technologies that create lasting positive impact. Founded in 1996, GED manages over €1000 million and operates across Europe, the US, and LATAM. They adhere to ESG best practices to ensure reliable returns.
Offices:
Lisbon
Investment Stage:
Seed, Series B
Check Size:
$2.5M - $40M
Industries:
Hardware, AI, Travel Tech
Top investments in Lisbon: