Portugal Startup Ecosystem

Overview

Portugal's startup ecosystem is rapidly growing, with Lisbon and Porto being key hubs for innovation. As of 2023, Portugal is home to around 2,000 startups. The Portuguese government supports entrepreneurship through initiatives like Startup Portugal and the National Network of Incubators, which provide funding, resources, and mentorship for startups. In 2022, Portuguese startups raised approximately €1 billion in venture capital.

Size of the market

The Portuguese startup ecosystem has seen significant growth, with around 2,000 startups operating as of 2023. In 2022, these startups attracted approximately €1 billion in venture capital, highlighting the increasing investor interest. The market continues to expand, driven by both local and international investments, positioning Portugal as an emerging player in the European startup scene.

Key Strengths

Portugal boasts several strengths that make it an attractive startup hub. These include a highly educated workforce, a favorable climate for business, and a high quality of life. Lisbon excels in fintech, healthtech, and travel tech, producing notable startups like Farfetch and Unbabel. Porto, on the other hand, has a growing tech scene with strengths in software development and e-commerce.

Major Hubs

Lisbon and Porto are the primary hubs of innovation in Portugal. Lisbon is renowned for its strengths in fintech, healthtech, and travel tech. It attracts significant investments and hosts startups like Farfetch and Unbabel. Porto complements this with a robust tech scene focused on software development and e-commerce, fostering a dynamic entrepreneurial environment.

Emerging Hubs

While Lisbon and Porto lead the way, other regions in Portugal are also emerging as notable startup hubs. Cities like Braga and Coimbra are gaining attention due to their strong academic institutions and increasing investment in technology and innovation. These emerging hubs contribute to the diversification and growth of Portugal's startup ecosystem.

Support Systems

Portugal's startup ecosystem benefits from a robust network of incubators, accelerators, and co-working spaces. Initiatives like Web Summit and Startup Lisboa provide valuable mentorship, resources, and international exposure. The government’s active support through programs like Startup Portugal and the National Network of Incubators further strengthens the support system for entrepreneurs.

Challenges

Despite its strengths, Portugal’s startup ecosystem faces challenges, including a relatively small domestic market and regulatory complexities. Navigating these regulatory landscapes can be difficult for new startups. Additionally, the limited local market size often necessitates early international expansion, which can be resource-intensive and complex.

Opportunities and Future Outlook

Portugal presents numerous opportunities for startups, particularly in fintech, e-commerce, healthtech, and renewable energy. The strategic location in Europe and access to the Portuguese-speaking world provide ample international expansion prospects. Continuous investment and technological advancements are expected to drive substantial growth, positioning Portugal as a key player in the global startup landscape.

Resilience and Adaptability

Portugal's startup ecosystem has shown remarkable resilience and adaptability, particularly in the face of global challenges. The strong emphasis on innovation, coupled with government support and a collaborative environment, ensures that Portugal remains competitive. This adaptability positions Portugal for sustained growth and significant contributions to the European and global markets.

How to connect with Angel Investors in Portugal?

Overview

Portugal's investment landscape has evolved significantly, with a growing number of top angel investors and leading venture capital firms driving the startup ecosystem. These investors provide essential funding, mentorship, and support to burgeoning startups, helping to cultivate innovation and entrepreneurship across the country. The investment environment in Portugal is dynamic and increasingly attractive to both local and international investors.

Top Angel Investors

Portugal boasts several prominent angel investors who play a crucial role in the early-stage funding ecosystem. Notable angel investors include Tim Vieira, Paulo Andrez, and Armilar Venture Partners. These investors typically focus on technology-driven startups and provide not just capital but also invaluable mentorship and industry connections, helping startups to navigate the initial phases of their growth journey.

Leading Venture Capital Firms

Leading venture capital firms in Portugal include Indico Capital Partners, Portugal Ventures, and Faber Ventures. Indico Capital Partners focuses on seed to series A investments in technology companies. Portugal Ventures, a government-backed firm, invests in early-stage startups across various sectors, while Faber Ventures emphasizes tech-driven innovation. These firms are pivotal in scaling startups and driving sector-specific growth.

Investment Size and Scope

Investment sizes in Portugal's venture capital landscape vary widely, from seed investments of a few hundred thousand euros to multimillion-euro series A and B rounds. Indico Capital Partners, for instance, typically invests between €100,000 and €5 million. Portugal Ventures invests up to €1 million per project, focusing on tech, tourism, and life sciences, reflecting the diverse investment scope across sectors.

Number of Investments

The number of investments in the Portuguese startup ecosystem has been steadily increasing. In 2022 alone, Portugal Ventures made over 30 investments, while Indico Capital Partners invested in around 15 startups. This growing number of investments signifies a thriving and robust startup ecosystem, supported by an active investment community committed to nurturing innovation.

Future Outlook of the Investment Market

The future outlook for Portugal's investment market is highly positive. Continued government support, an influx of international investors, and a thriving entrepreneurial culture suggest sustained growth. The emphasis on technology, green energy, and digital transformation aligns with global trends, positioning Portugal as an attractive destination for venture capital and angel investment.

Support and Mentorship

Support and mentorship are integral to the success of startups in Portugal. Investors like Paulo Andrez and Tim Vieira are known for their hands-on approach, providing strategic guidance and leveraging their networks to support startup growth. Additionally, venture capital firms often offer structured mentorship programs, fostering a collaborative environment that enhances startup resilience and adaptability.

Government and Institutional Support

The Portuguese government plays a significant role in supporting the startup ecosystem. Initiatives like Startup Portugal and incentives for angel investors create a conducive environment for innovation. Institutions such as the National Network of Incubators and various accelerators provide essential resources, helping startups to overcome initial challenges and scale effectively.

Challenges in the Investment Ecosystem

Despite the positive trends, challenges remain in Portugal’s investment ecosystem. Regulatory complexities and a relatively small domestic market can hinder startup growth. Additionally, the need for increased international visibility and the attraction of more global investors are critical for scaling the ecosystem to compete on a global stage.

Opportunities and Growth Areas

Opportunities in Portugal's startup ecosystem are abundant, particularly in fintech, healthtech, and green technologies. The growing focus on sustainability and digital transformation presents significant potential for innovative startups. The strategic location within Europe and the Portuguese-speaking world also provides unique expansion opportunities, making Portugal a promising hub for future investments.

Angel Investment trends in Portugal

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We found 242 Angel Investors in Portugal on Angels Partners

Marek Olszewski
Investing in Software (Web Marketplace Saas..) &b...
 San Francisco Bay Area, Germany - U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icela
Investor Picture
Previous Investments
  • CodeFights: $2500000 (Seed Round)
  • Capsule Wallets: (Seed)
  • Remox: (Pre Seed)
  • Numoen: $1000000 (Seed)
  • CyberBox: $150000 (Seed)
  • impactMarket: $2000000 (Seed)
  • Paychant: $400000 (Pre Seed)
  • Ari Swap: $700000 (Pre Seed)
  • Payourse: $600000 (Pre Seed)
  • Coinprofile: $600000 (Pre Seed)
  • Netra: $500000 (Convertible Note)
  • CodeSignal: $3000000 (Seed)
  • Accion Systems: $2000000 (Seed)

Marek Olszewski

San Francisco Bay Area, Germany - U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icela

Investing In

Software (Web Marketplace Saas..) • FinTech (& Financials services) • A.I. (& Big Data) • Blockchain (& Cryptos)

Description

Dr. Marek Olszewski is a Co-Founder of Celo. He is a Co-Founder and served as the Chief Technology Officer at Locu. Prior to Locu, Marek was a senior PhD candidate at MIT CSAIL. He is a Facebook Fellow and the recipient of the J. Edgar McAllister Fellowship. He has prior work experience at a number of technology companies including Google, Microsoft (Research) and Sun (Labs). He is also an angel investor.

Alberto Cresto
Investing in Hardware (& Manufacturing) • Io...
 : Germany France Ital..., U.S.A.
Investor Picture
Previous Investments
  • Teta: (Pre Seed)
  • Cubbit: $8100000 (Series A)
  • equal1: (Series Unknown)
  • LiveEO: $6000000 (Series A)
  • Heliatek: $18000000 (Series D)
  • Heliatek: $47000000 (Series D)
  • Heliatek: $23000000 (Series C)
  • Heliatek: $27000000 (Series B)
  • EyeEm: $18000000 (Series B)
  • EyeEm: $6000000 (Series A)
  • EyeEm: (Seed)
  • Micropsi Industries: $300000 (Angel)
  • AZZURRO Semiconductors: $19000000 (Series Unknown)
  • Nanosolar: $75000000 (Series C)

Alberto Cresto

: Germany France Italy Spain Poland Romania Netherlands Belgium Czech Republic Greece Portugal Sweden Hungary Austria Switzerland Denmark Finland Slovakia Norway Ireland Luxembourg Malta Iceland Monaco, U.S.A.

Investing In

Hardware (& Manufacturing) • IoT (& Wearables) • A.I. (& Big Data) • Blockchain (& Cryptos) • Cloud Services (& Infrastructure) • Developer tools • Material Science • DeepTech

Description

Principal at Lunar Ventures - DeepTech VC Investor

José Guerreiro de Sousa
Investing in Software (Web Marketplace Saas..) &b...
 Lisbon, U.S.A. - Portugal
Investor Picture
Previous Investments
  • Ecofoot:
  • OutSystems: (late stage)
  • Armilar Venture Partners SCR: (mid stage)
  • brighter AI: (Series A)
  • Codavel: $1000000 (Seed)
  • Feedzai: $18000000 (Series B)
  • Feedzai: $3000000 (Seed)
  • Muzzley: $520000 (Seed)
  • Spectrum Bridge: $9000000 (Series B)
  • Spectrum Bridge: $8000000 (Series B)
  • Multiwave Photonics: $8000000 (Series B)
  • SousaCamp: (Series A)
  • Coreworks: (Series A)

José Guerreiro de Sousa

Lisbon, U.S.A. - Portugal

Investing In

Software (Web Marketplace Saas..) • Web Security (& Privacy) • Cloud Services (& Infrastructure) • Food & Beverage • DeepTech

Description

Partner at Armilar Venture Partners

Partner at Armilar Venture Partners

Rodrigo Sepulveda
Investing in Advertising • Productivity
 San Francisco Bay Area, U.S.A. - France - Luxembourg - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg,
Investor Picture
Previous Investments
  • Culture Secrets: (Seed Round)
  • Demenager Facile: (Seed Round)
  • Holberton School: $2000000 (Seed Round)
  • RecargaPay: (Convertible Note)
  • Dott: $100000000 (Series B)
  • Dott: $34000000 (Series A)
  • Wizata: $3000000 (Series A)
  • Wizata: $2000000 (Seed)
  • Nannybag: $2000000 (Seed)
  • Nannybag: (Convertible Note)
  • Wefarm: $13000000 (Series A)
  • Smartrenting: (Series A)
  • Spire Global: $40000000 (Series D)
  • Spire Global: $70000000 (Series C)
  • Service: (Convertible Note)
  • Verse: $5000000 (Series Unknown)
  • OpenExo: (Convertible Note)
  • Pliops: $30000000 (Series B)
  • Salonkee: $1000000 (Seed)
  • Passbolt: $530000 (Seed)
  • Glose: $3000000 (Series Unknown)
  • Catalyte: $27000000 (Series A)
  • Tribe: $3000000 (Seed)
  • Tribe: $3000000 (Seed)
  • Tribe: $500000 (Seed)
  • Nektria: $2000000 (Series A)
  • itravel: $2000000 (Series A)
  • Attach: (Seed)
  • Boostable: (Seed)
  • Allmyapps: (Series A)
  • Manifest: (Seed)
  • Getaround: $3000000 (Seed)
  • amiando: (Seed)
  • Wavestorm: (Seed)

Rodrigo Sepulveda

San Francisco Bay Area, U.S.A. - France - Luxembourg - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg,

Investing In

Advertising • Productivity

Description

Most Interested In

Blockchain, Cybersecurity, Infrastructure, SpaceTech, DeepTech, AI, ML

Not Interested In

FinTech, AdTech, Ecommerce, CleanTech, BioTech



CEO at @sepulveda-capital. Managing Parter Expon Capital. Serial entrepreneur (5 founded, 3 sold). Invested in North America (CA, NY, FL), Europe (FR, DE, CH).

James Conigliaro
Investing in Software (Web Marketplace Saas..) &b...
 Greater New York Area..., U.S.A. - Portugal
Investor Picture
Previous Investments
  • OneSignal: $7000000 (Series A)
  • Grabango: $4000000 (Seed Round)
  • Gemini Sports Analytics: $3000000 (Seed)
  • Vali Cyber: $15000000 (Seed)
  • TempMee Hygienist: $4000000 (Seed)
  • HealthSnap: $5000000 (Series Unknown)
  • Clientbook: $5000000 (Series A)
  • Array: (Seed Round)
  • Turing.com: $14000000 (Seed Round)
  • FarmWise: $14500000 (Series A)
  • Siren Care: $6500000 (Series A)
  • Revvo: (Seed Round)
  • Density: $12000000 (Series B)
  • Reverie Labs: (Seed Round)
  • Layer 6 AI: (Seed Round)
  • mParticle: $35000000 (Series C)
  • OneSignal: $7000000 (Series A)

James Conigliaro

Greater New York Area North, U.S.A. - Portugal

Investing In

Software (Web Marketplace Saas..) • Businesses Solutions • FinTech (& Financials services) • Retail (& E-Commerce) • HealthTech (& Fitness) • LegalTech

Description

Investor at Array Ventures

Michael Klein
Investing in HealthTech (& Fitness) • Medica...
 San Francisco Bay Are..., U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco
Investor Picture

Michael Klein

San Francisco Bay Area - California, U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco

Investing In

HealthTech (& Fitness) • Medical Devices (& Hospital Services) • Healthcare (& Wellness)

Description

Entrepreneur, operator and investor


Sales & Marketing @onefinestay, formerly VC @canaan-partners, Angel & Advisor @new-york-ny-1

Jeremy Charoy
Investing in Software (Web Marketplace Saas..) &b...
 Paris - Lisbon, U.S.A.
Investor Picture
Previous Investments
  • Les Miraculeux: $890000 (Angel)
  • Feed.: $540000 (Seed)
  • PlayWorks: $3000000 (Corporate Round)

Jeremy Charoy

Paris - Lisbon, U.S.A.

Investing In

Software (Web Marketplace Saas..) • Media • FinTech (& Financials services) • Retail (& E-Commerce) • Web Security (& Privacy) • Analytics • Impact • Online Social

Description

Limited Partner at Super Capital VC

Rui Rodrigues
Investing in Software (Web Marketplace Saas..) &b...
 Lisbon, U.S.A. - Australia - Portugal
Investor Picture
Previous Investments
  • Flare (Payroll Technology): $15400000
  • Spring.me: $2000000

Rui Rodrigues

Lisbon, U.S.A. - Australia - Portugal

Investing In

Software (Web Marketplace Saas..) • FinTech (& Financials services) • IoT (& Wearables) • A.I. (& Big Data) • Blockchain (& Cryptos) • Web Security (& Privacy)

Description

Rui Rodrigues serves as Managing Partner at Tank Stream Ventures. Rui worked for a London-based Venture Capital fund where he started investing in Technology, continuing after that as an Angel Investor and venture consultant in Europe and Australia. Rui has occupied a Director position with a Technology R&D centre and was until recently mentoring startups at a Sydney based business accelerator. He has worked for 7 years in Formula One as a Team Manager and won two Formula 1 World Championships with his team. He brings F1's strategy, processes and attention to detail to the management of Tank Stream Ventures.

Ricardo Carvalho
Investing in Blockchain (& Cryptos)
 Florida, U.S.A. - Brazil - Portugal
Investor Picture
Previous Investments
  • Digibee: $5000000 (Early stage VC)

Ricardo Carvalho

Florida, U.S.A. - Brazil - Portugal

Investing In

Blockchain (& Cryptos)

Description

CVC & M&A Associate at CSN Inova Ventures

Michiel van Deursen
Investing in Cosmetics (& Fashion) • CleanTe...
 , U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco
Investor Picture
Previous Investments
  • Vevolution: $330000 (Seed)
  • Evo Foods: $950000 (Pre Seed)
  • Evo Foods: $850000 (Seed)
  • Veggie Victory: $100000 (Pre Seed)
  • MeliBio: $330000 (Pre Seed)
  • The Vegetarian Butcher: (Angel)

Michiel van Deursen

, U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco

Investing In

Cosmetics (& Fashion) • CleanTech • HealthTech (& Fitness) • Food & Beverage • Impact • Healthcare (& Wellness) • Consumer • Woman Focused

Description

Most Interested In

Vegan Biobased Materials Plant based Cell based Fermentation FoodTech

Celso Martinho
Investing in IT (& TMT) • Media • Web S...
 Porto, Portugal
Investor Picture
Previous Investments
  • IriusRisk by Continuum Security: (mid stage)
  • Bright Pixel: (early stage)
  • Probely: (early stage)
  • Artica CC: (mid stage)
  • PTPay / Meo Wallet:
  • PT Inovação:
  • mail.pt:
  • SAPO: (early stage)
  • BitSight: (late stage)
  • Privitar: (late stage)
  • BriteCore:
  • CrowdStrike: (late stage)

Celso Martinho

Porto, Portugal

Investing In

IT (& TMT) • Media • Web Security (& Privacy) • Logistics (& Distribution)

Description

CEO and Founder at Bright Pixel

CEO and Founder at Bright Pixel

Patrícia Silva
Investing in CleanTech
 Lisbon, U.S.A. - Portugal
Investor Picture

Patrícia Silva

Lisbon, U.S.A. - Portugal

Investing In

CleanTech

Description

Venture Partner at Satgana

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