Capital raising services in Portugal
Portugal's venture market has grown from a standing start a decade ago to a genuinely international ecosystem, with Lisbon-headquartered companies routinely raising mid- to late-stage rounds from the top European and US growth funds.
Farfetch's NYSE listing, Talkdesk's unicorn round and Feedzai's Series D established the benchmark, with OutSystems, Sword Health and Remote.com demonstrating that Portuguese companies can build category-leading positions across multiple verticals.
Our mandate in Portugal is helping mid- to late-stage companies raise growth capital on great terms - we bring an extensive VC investor network, run thorough preparation, build the pitch deck and financial model, and manage the full end-to-end process so founders can stay focused on the business.
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VC rounds raised in the last 12 months in Portugal
$13M
Median VC valuation (across all stages) in Portugal
-
Median VC revenue multiple (across all stages) in Portugal
$75M
Largest VC round raised in Portugal in the last 12 months
Raising venture capital in Portugal
Portugal's VC market has grown materially in the last decade, helped by Web Summit, the Startup Law and Portugal Ventures co-investment. Lisbon is the centre, with growing activity in Porto, Braga and the broader tech corridor.
Portuguese VC industry conventions
Portuguese venture rounds typically use documentation aligned with APCRI (Portuguese Private Equity and Venture Capital Association) practice. Series A and later rounds converge on Iberian and European venture norms; pre-seed and seed often use simpler templates.
Convertible loans and SAFEs
Convertible loan notes (suprimento convertível) are the standard pre-priced instrument in Portugal. SAFEs are used occasionally where the lead is US-based but less universal than in the US. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Portuguese SA and LDA structures require shareholder resolutions plus commercial registry filings for share issues.
Portugal Ventures co-investment
Portugal Ventures co-invests at seed and Series A alongside private VCs. Its preference structures, information rights and reporting requirements are well-defined and routinely accommodated in round documents.
Foreign investment review
Portugal has limited general FDI screening but specific approvals apply in defence, telecoms and certain critical infrastructure. The Portuguese government has been considering broader screening - worth checking specifically for deals involving non-EU acquirers in scoped sectors.
Closing mechanics
Capital increases and share transfers in Portuguese SAs and LDAs require commercial registry filings (Conservatória do Registo Comercial). Closings are typically same-day signing and funding with documents executed via DocuSign, followed by post-closing registry filings.
Largest private tech companies in Portugal
Feedzai valued at $2.0B is the largest still privately-owned company in Portugal.
See all large tech companies in Portugal| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Feedzai | | Feedzai is a Coimbra-headquartered AI platform combating fraud across banking, payments, and e-commerce. It deploys risk scoring for transactions, AML screening, identity verification, and scam detection using behavioral biometrics and generative AI like ScamAlert. Clients include Santander, Citi, and Visa, with operations in US, UK, and APAC for real-time prevention. | Oct-25 | $75M Series E | $2.0B | |
TEKEVER | | TEKEVER is a Lisbon-headquartered unmanned aerial systems manufacturer providing surveillance-as-a-service for maritime and border security. Its product lines feature AR3 for long-endurance VTOL missions, AR4 for tactical ISR, and AR5 with maritime radar payloads for BVLOS operations. Deployed by NATO members and African navies, TEKEVER delivers real-time intelligence via satellite links. | May-25 | $538M | $1.3B |
Startups who recently raised money in Portugal
Largest VC round raised recently in Portugal was a $25M Series B of Uptiq in February 2026.
See all VC rounds in Portugal| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Uptiq | | Uptiq is a collaboration platform for startup accelerators and cohorts. It tracks metrics, objectives, and progress with dashboards for mentors and managers. Features include automated reporting and real-time insights integrated with Google Workspace. Tel Aviv-based and founded in 2023, Uptiq streamlines programs for Y Combinator-style operations worldwide. | 645 VenturesBroadridge+8 | $25M | - | Series B | |
Apr-26 | DOJO AI | | DOJO AI is a San Francisco-based marketing operating system for challenger brands. The platform integrates real-time market intelligence via graph engine, marketing-specific language models, and AI agents for research, strategy, content creation, and campaign execution. It unifies workflows to replace multiple tools and agencies. | Armilar Venture PartnersHeartfelt Capital | $6.0M | $30M | Seed | |
Mar-26 | Sybilion | | Sybilion is an AI-powered platform delivering decision support for supply chain management, marketing, and planning. | EWORSemapa Next+2 | $4.2M | - | Seed | |
Dec-25 | Spotlite | | Spotlite is a Coimbra, Portugal-based provider of remote sensing monitoring systems for infrastructure. The company deploys IoT sensors and AI analytics for structural health assessments on bridges, buildings, and pipelines. Services prevent risks through real-time data on vibrations, cracks, and corrosion, serving civil engineering projects across Europe. | EDP VenturesExplorer Investments+1 | $4.1M | - | Seed | |
May-26 | Pollen | | Pollen develops a battery-swapping network for mopeds and motorcycles. Riders exchange depleted batteries for charged ones at stations to cut downtime. The system promotes electric mobility in cities with scalable infrastructure. | 4P CapitalBastien Cransac+7 | $3.8M | - | Seed | |
May-26 | Ekiden | | Ekiden is a decentralized exchange incorporating a virtual AMM, perpetual futures, and a central limit order book. Traders access on-chain execution with high speed, ample liquidity, low fees, and protection against MEV. | Polygon VenturesUnicorn Factory Ventures | $2.0M | $20M | Seed | |
Mar-26 | CiaoDott | | CiaoDott is an AI-powered voice assistant that handles patient calls, schedules appointments, and responds to common questions. | Alpha VentureClub degli Investitori+3 | $1.8M | - | Pre-seed | |
Apr-26 | Eight | | Eight is a video-first dating app featuring 30-second user intros reviewed for authenticity and daily browsing windows. Matches enter 8-minute live video calls to prioritize face-to-face exchanges over swiping and texting. The format aims for quicker, genuine interactions. | - | $300K | - | Seed | |
Mar-26 | Deadpoint | | Deadpoint is an operating system that unifies strategy research, risk management, and execution for hedge funds. | - | - | - | Pre-seed | |
Mar-26 | mara | | mara is an AI-powered LegalTech and HealthTech company based in Lisbon, Portugal. Organizations use its marketplace to connect with psychologists, run automated psychosocial risk assessments, and track workplace safety compliance via dashboards. Founded in 2025, mara addresses occupational health needs for SMEs and enterprises in Portugal and Europe. | - | - | $5.3M | Pre-seed | |
Feb-26 | Prendi | | Prendi is a language learning platform using AI tools and unique methodology for professionals and students. | LvlUp Ventures | - | - | Pre-seed | |
Nov-25 | ROOTKey | | ROOTKey is a Lisbon-based cybersecurity firm using blockchain to certify data integrity and enable recovery post-cyberattack across regulated industries. | - | - | - | Seed |
Top VCs and strategic investors in Portugal
Lince Capital, Iberis Capital, Indico Capital Partners and Explorer Investments funded the most startups in Portugal in the last 12 months.
See all VCs in Portugal| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Portugal Ventures | | Portugal Ventures is a Porto-based venture capital firm investing in Portuguese startups across enterprise SaaS, AI, cleantech, agrotech, and digital health. Founded in 2012 as part of Banco Português de Fomento, the fund targets pre-seed, seed, and Series A stages in blockchain, robotics, therapeutics, and tourism tech. It supports innovative companies in nautical tourism, wine production, and theme parks with capital and operational expertise. Portugal Ventures has backed over 100 founders building scalable businesses for European markets. | GlartekADECI GroupHoopers+2 | 23 | Seed | |
Lince Capital | | Lince Capital is a Mexico City-based venture capital firm investing in early-stage tech startups across Latin America. Drawing from 30 years of family office experience in real estate and telecom, it funds fintech, agritech, and infrastructure plays. Lince provides hands-on support through direct investor relationships. | FeedzaiNutriumMusiversal+2 | 18 | Seed | |
Iberis Capital | | Iberis Capital is a Lisbon-headquartered venture capital manager overseeing €600 million across funds targeting Portuguese technology startups. It backs series A and B rounds in sectors like fintech, healthtech, and climate tech, with investments in companies such as Sword Health and Feedzai. The firm operates from Portugal and Spain, supporting portfolio growth into EU and US markets. | FeedzaiMusiversalReckon.ai+2 | 16 | Series A | |
Indico Capital Partners | | Indico Capital Partners is a Lisbon-headquartered venture capital firm investing seed to Series A rounds in Portuguese and European tech startups across SaaS, AI, IoT, fintech, and cybersecurity. Founded in 2017 with authorization from CMVM, the fund closed its debut vehicle backed by EIF and family offices, backing successes like Farfetch and Unbabel. Indico's team draws from Caixa Capital experience, maintaining offices in Lisbon and Porto. | SpotliteNutriumPrimetag+2 | 11 | Seed | |
Explorer Investments | | Explorer Investments is a Luxembourg-headquartered alternative asset manager overseeing $1.5 billion in real estate and private equity funds across Europe. The firm targets opportunistic investments in commercial properties and distressed assets, with holdings in office buildings in Paris and logistics centers in Berlin. It has completed 25 transactions since 2008, delivering average returns above 15 percent. Explorer Investments serves institutional clients like pension funds. | SpotliteFeedzaiNextBitt+2 | 10 | Seed | |
Startup Braga | | Startup Braga is a Braga-based accelerator and ecosystem builder in Portugal’s third-largest city. The organization supports over 200 startups annually through programs like Startup Braga Disrupt, offering mentorship, co-working spaces, and access to University of Minho researchers. Home to the International Iberian Nanotechnology Laboratory, Braga hosts events drawing participants from Lisbon and Porto. Startup Braga facilitates corporate partnerships with firms like Bosch and Vodafone, channeling €10 million in investments since 2015. Its portfolio includes scaleups in healthtech, cleantech, and AI, with alumni achieving exits and Series A rounds in European markets. | MusiversalHoopersPluggableAI+2 | 7 | Seed | |
Shilling VC | | Shilling VC is a Berlin-based early-stage venture capital firm investing in B2B and consumer technology startups across Europe and the United States. Through its Founder LP network, it connects portfolio companies to executives from companies like N26 and HelloFresh, providing mentorship and market access. The firm has backed over 50 startups since 2020, focusing on fintech, SaaS, and climate tech. | MusiversalTonic AppVawlt+2 | 6 | Seed | |
LC Ventures | | - | MusiversalPrimetagLyzer | 3 | Series A | |
Heartfelt Capital | | Heartfelt Capital invests in early-stage startups from its base in Berlin, Germany. The venture firm targets consumer tech, sustainability, and healthtech companies across Europe. Portfolio includes direct-to-consumer brands and climate solutions with seed and pre-seed rounds. Heartfelt Capital co-hosts demo days with local accelerators and maintains a network of angel investors since opening in 2020. | DOJO AIManaMindCato AI+1 | 2 | Pre-seed | |
C2 Capital Partners | | C2 Capital Partners is a Lisbon-headquartered financial consulting firm specializing in venture capital funding, equity placements, corporate financing, and management advisory for startups and mid-sized enterprises. Founded in 2012, the firm has facilitated over €150 million in investments across Portugal and Europe, partnering with accelerators like Startup Lisboa. Its services extend to due diligence, pitch deck preparation, and exit strategies, supporting sectors such as technology, biotech, and renewable energy. | BRAINRLyzerEat Just | 2 | Seed |
What if not VC? Non-equity funding in Portugal
Portugal's non-dilutive funding stack is materially better than its size suggests - SIFIDE II R&D credits, BPF financing, Portugal Ventures co-investment and EU funding access provide multiple paths for Portuguese startups to extend runway without dilution.
SIFIDE II R&D tax credit
Refunds 32.5% of qualifying R&D expenditure (plus 50% premium on increases). One of the most generous R&D credit regimes in Europe - often the single largest source of non-dilutive cash for early-stage Portuguese tech companies.
Banco Português de Fomento
Banco Português de Fomento provides equity, loans and guarantees for innovative SMEs. The main public-sector capital provider for Portuguese startups outside dedicated VC vehicles.
Portugal Ventures equity
Portugal Ventures provides direct equity at seed and Series A across tech, life sciences and tourism. Often the institutional anchor in Portuguese rounds, with typical tickets €300k-1.5M.
Startup Portugal programmes
Startup Portugal coordinates the Startup Visa, Startup Voucher and Tech Visa programmes - non-equity support including grants, fast-track visas and accelerator partnerships.
EU funding access
Portuguese companies have full access to Horizon Europe programmes - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies. Portuguese R&D funding from PT2030 also stackable.
Crowdfunding
Several Portuguese equity crowdfunding platforms operate alongside Iberian-wide platforms (Crowdcube, Capital Cell). Used for raises typically €100k-1M, often layered on top of a lead investor.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Portugal and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Portugal.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
Got questions?
Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Portugal
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Portugal
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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Schedule a call to get a health check on your business and see how we could help.
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