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Top Venture Capital Firms in Lisbon

Your guide to Lisbon's venture capital ecosystem — researched and ranked by AUM and portfolio size, live from the FIKR database.

Top venture capital firms in Lisbon

Lisbon has emerged as one of Europe's most dynamic venture capital hubs, attracting both international funds and homegrown investment firms. With Portugal's growing startup ecosystem and favourable business environment, the city offers real opportunities for founders seeking funding.

This guide ranks the venture capital firms currently active in Lisbon by assets under management and portfolio size. Every entry is live data from the FIKR platform — updated as funds raise, invest, and grow.

The ranking

15
VCs listed
$888.0M
Total AUM
408
Portfolio companies
15
Verified
1

Explorer Investments

Verified

Portugal's leading Private Equity firm with focus on mid-market investments and growth capital.

$200.0M AUM40 companiesLisbonVisit website ↗
2

Indico Capital Partners

Verified

Leading independent Venture Capital firm based in Lisbon, focusing on software as a service, artificial intelligence, blockchain, IoT, fintech, cybersecurity and digital companies.

$102.0M AUM25 companiesLisbonVisit website ↗
3

Caixa Capital

Verified

Investment firm that invests across all sectors with a focus on information technology and innovation-driven companies.

$100.0M AUM30 companiesLisbonVisit website ↗
4

LC Ventures

Verified

Early-stage investor focused on B2B tech startups with €90M under management and 50+ portfolio companies. One of Portugal's most active VC firms.

$90.0M AUM50 companiesLisbonVisit website ↗
5

Bionova Capital

Verified

Healthcare-focused venture capital firm investing in early-stage life science companies across Europe. Previously known as Hovione Capital, founded by shareholders of Hovione pharmaceutical company.

$60.0M AUM7 companiesLisbonVisit website ↗
6

Semapa Next

Verified

Corporate venture capital arm of Semapa Group. Invests in European companies from Series A to late-stage funding with focus on exceptional founders.

$50.0M AUM38 companiesLisbonVisit website ↗
7

Armilar Venture Partners

Verified

Independent venture capital organization investing in technology-based companies and innovative business models with focus on deep tech, SaaS, and semiconductors.

$50.0M AUM25 companiesLisbonVisit website ↗
8

Ventures.EU

Verified

European venture capital firm empowering startups that create innovative solutions driving positive change. 60% Portugal / 40% Europe focus with Seed & Series A concentration.

$40.0M AUM25 companiesLisbonVisit website ↗
9

Mustard Seed MAZE

Verified

First social impact investing fund in Portugal. Joint venture between Mustard Seed and MAZE (Calouste Gulbenkian Foundation). Invests in social enterprises using technology for social/environmental challenges.

$40.0M AUM21 companiesLisbonVisit website ↗
10

Faber

Verified

Investment firm that invests in teams transforming the world with technology, focusing on AI, climate, and data infrastructure.

$30.0M AUM15 companiesLisbonVisit website ↗
11

3 Comma Capital

Verified

Regulated alternative asset manager and VC firm. Focus on technological convergence including blockchain, Web3 infrastructure, and AI. Portugal's innovative investment management company.

$30.0M AUM15 companiesLisbonVisit website ↗
12

Lightshift Capital

Verified

Early-stage blockchain and web3 focused venture capital fund. Invests in digital assets and takes hands-on approach to blockchain infrastructure.

$26.0M AUM15 companiesLisbonVisit website ↗
13

Olisipo Way

Verified

Early-stage venture firm investing in Information Technology projects. Community of 40+ companies focused on helping startups grow with hands-on operational support.

$25.0M AUM57 companiesLisbonVisit website ↗
14

Shilling

Verified

Early-stage VC seeking opportunities across B2B and consumer categories with focus on SaaS, marketplaces, and AI.

$25.0M AUM20 companiesLisbonVisit website ↗
15

Bynd Venture Capital

Verified

Seed and early-stage technology startup investor focusing on SaaS, consumer tech, and marketplaces.

$20.0M AUM25 companiesLisbonVisit website ↗
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Luis Goncalves

// Founder & CEO at FIKR Space

Three-time founder. Built and exited Evolution4All before this. Now building FIKR Space — the operating infrastructure underneath every innovation ecosystem (startups, accelerators, governments, investors). Lisbon-based, works global.