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 247 Angel Investors in Portugal on Angels Partners

Max Rimpel
Investing in Businesses Solutions
 New York, U.S.A. - U.K. - 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,
Investor Picture
Previous Investments
  • Climax Foods: $44017000000 (Later stage VC)
  • Starburst Data: $118000000 (Later stage VC)
  • Fast (Application Software): $102000000 (Later stage VC)
  • Wealthfront: $75000000 (Later stage VC)
  • Duo Security: $70000000 (Later stage VC)
  • Kano Computing: $28000000 (Later stage VC)
  • Figma: $25000000 (Later stage VC)
  • Built Technologies, Inc.: $21000000 (Early stage VC)
  • Behavox: $20000000 (Later stage VC)
  • Less: $19000000 (Early stage VC)
  • Homebell: $11000000 (Later stage VC)
  • Scoop Technologies: $10600000 (Early stage VC)
  • Trouva: $10000000 (Early stage VC)
  • Spendesk: $8000000 (Early stage VC)
  • Gremlin Inc: $7500000 (Early stage VC)
  • Linear: $4200000 (Early stage VC)
  • Supersolid: $4000000 (Early stage VC)
  • Pitch Software:
  • Taxfix: (mid stage)
  • arfa, Inc.: (early stage)
  • Personio: (mid stage)
  • ComplyAdvantage: (mid stage)
  • Typeform.com: (late stage)
  • Chalk: $10000000 (Seed)
  • Bandana: $4000000 (Seed)
  • ChannelEngine: $50000000 (Series B)
  • Enigma: (Seed)
  • cargo.one: $42000000 (Series B)
  • cargo.one: $19000000 (Series A)
  • Layer: $5000000 (Seed)

Max Rimpel

New York, U.S.A. - U.K. - 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,

Investing In

Businesses Solutions

Description

Principal at Index Ventures

Principal at Index Ventures

Jim Davidson
Investing in PropTech • AgroTech • Clea...
 Denver - Colorado, 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
  • Burke Agro de Nicaragua:
  • MCE Social Capital: (late stage)
  • Dev Equity:
  • CauseLabs: (late stage)
  • Impact Hub Boulder: (early stage)
  • MedClimate:
  • PeakChange: (early stage)
  • Laborfair:
  • Liquidity Capital: $1000000 (Seed)

Jim Davidson

Denver - Colorado, 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

PropTech • AgroTech • CleanTech • Impact • Real Estate (& Construction)

Description

President PeakChange

Social Venture Investor, Tech Executive & Leadership Mentor

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).

Jeremy Charoy
Investing in FinTech (& Financials services) &bul...
 London, U.K. - France - Portugal
Investor Picture
Previous Investments
  • Les Miraculeux: $890000 (Angel)
  • Feed.: $540000 (Seed)
  • PlayWorks: $3000000 (Corporate Round)

Jeremy Charoy

London, U.K. - France - Portugal

Investing In

FinTech (& Financials services) • Gaming (& eSports)

Description

Limited Partner at Super Capital VC

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

Mantas Mikuckas
Investing in Hospitality (& Events) • Mobile...
 Lithuania, 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 - U.S.A.
Investor Picture
Previous Investments
  • Qoorio: $2210000 (Seed Round)
  • Walk15: $540000 (Seed)
  • HeavyFinance: $1000000 (Debt Financing)
  • Aerones: $32000000 (Series A)
  • Aerones: $8000000 (Seed)
  • Ovoko: $14000000 (Series A)
  • Ovoko: $5000000 (Seed)
  • Printify: $50000000 (Series A)
  • Inbalance grid: $2000000 (Series A)
  • Inbalance grid: $1000000 (Seed)
  • Billo: $2000000 (Seed)
  • Eneba: $8000000 (Series A)
  • PIXEVIA: $1000000 (Seed)
  • HumansApp: $2000000 (Pre Seed)
  • PlateCulture: $390000 (Seed)
  • Shelfleet: $200000 (Pre Seed)
  • Verb: $2000000 (Seed)
  • Walk15: $500000 (Seed Round)
  • Aerones: $30000000 (Series A)
  • Ovoko: $14000000 (Series A)
  • Aerones: $8300000 (Seed Round)
  • Printify: $50000000 (Series A)
  • Inbalance grid: $1500000 (Series A)
  • Billo: $2000000 (Seed Round)
  • Ovoko: $4300000 (Seed Round)
  • Eneba: $6600000 (Series A)
  • PIXEVIA: $1000000 (Seed Round)

Mantas Mikuckas

Lithuania, 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 - U.S.A.

Investing In

Hospitality (& Events) • Mobile Apps

Description

Co-Founder & COO at Vinted | Angel Investor


Mantas Mikuckas is a Co-Founder and serves as Chief Operating Officer at Vinted. He served as Founding Partner at Practica Capital. He has years of experience in information technology and telecommunications sector in the development of their own business and the realization of the strategic buyer.

Joe Charlesworth
Investing in Blockchain (& Cryptos)
 London, U.S.A. - U.K. - Portugal
Investor Picture

Joe Charlesworth

London, U.S.A. - U.K. - Portugal

Investing In

Blockchain (& Cryptos)

Description

Most Interested In

B2B, Fintech & Social Impact.

Not Interested In

Advertising, marketing & sales products

Humberto Ayres Pereira
Investing in Software (Web Marketplace Saas..) &b...
 , U.S.A. - Portugal
Investor Picture
Previous Investments
  • MyCareforce: $1000000 (Seed)
  • Puter: (Pre Seed)
  • Frond: $3000000 (Seed)
  • Coverflex: $17000000 (Series A)
  • Maven Pet: $2000000 (Pre Seed)
  • Replai: $1000000 (Pre Seed)

Humberto Ayres Pereira

, U.S.A. - Portugal

Investing In

Software (Web Marketplace Saas..) • A.I. (& Big Data) • Mobile Apps

Description

CEO Rows.com

Duarte Mineiro
Investing in BioTech • HealthTech (& Fitness...
 Tel Aviv, Israel - Portugal
Investor Picture
Previous Investments
  • OutSystems: $55000000 (Later stage VC)
  • Appentra: $1960000 (Seed Round)
  • Vawlt Technologies: $670000 (Seed Round)
  • WalliD: $660000 (Seed Round)
  • Acelera Partners: (early stage)
  • HeartGenetics: (early stage)
  • Nutri Ventures Corporation SA: (mid stage)
  • SAKPROJECT: (early stage)
  • WEDUC (Lusoeduc - Informação e Serviços S.A.): (mid stage)
  • Espirito Santo Ventures, SCR, SA:
  • The Boston Consulting Group:
  • Reckon.ai: $2000000 (Seed)
  • StudentFinance: $6000000 (Seed)
  • Tonic App: $4000000 (Seed)
  • LaserLeap Technologies: (Seed)
  • NutriVentures: (Seed)
  • Ynvisible Interactive Inc: (Series A)
  • Heart Genetics: (Seed)
  • Ecofoot: (Seed)
  • SAK Project: (Seed)
  • Equigerminal: (Seed)
  • SuperBAC: (Series A)
  • Anavo Therapeutics: $9000000 (Seed)
  • Anavo Therapeutics: $24000000 (Seed)
  • Precirix: $88000000 (Series B)
  • Cardior Pharmaceuticals: $75000000 (Series B)

Duarte Mineiro

Tel Aviv, Israel - Portugal

Investing In

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

Description

Partner at Armilar Venture Partners

Partner at Armilar Venture Partners

João Monteiro
Investing in Mobility
 London, U.K. - Switzerland - 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, Ice
Investor Picture
Previous Investments
  • VonZu Tech: (Angel Investment)
  • Monese: (Seed)
  • EstateGuru: (Angel)
  • Bondora AS: (Angel Round)
  • Taxly.ch: (Angel)
  • Repositive: (Angel)
  • Hometouch: (Seed)
  • Eisbach Bio: (Seed)
  • TransactionLink: $5000000 (Seed)
  • Una Brands: $30000000 (Series B)
  • FINN: $110000000 (Series B)
  • FINN: $24000000 (Series A)

João Monteiro

London, U.K. - Switzerland - 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, Ice

Investing In

Mobility

Description

Most Interested In

FinTech, FreightTech, Future of Retail and Life Sciences Focused on European teams

Miguel Bagulho
Investing in Software (Web Marketplace Saas..) &b...
 Maia, Portugal, Portugal
Investor Picture
Previous Investments
  • Arctic Wolf: $45000000 (Later stage VC)
  • Deepfence: $9500000 (Early stage VC)
  • CiValue: $6000000 (Early stage VC)
  • Sales Layer: (late stage)
  • ViSenze - AI for Visual Commerce: (late stage)
  • Movvo: (late stage)
  • StyleSage: (mid stage)
  • Sonae E.Ventures:

Miguel Bagulho

Maia, Portugal, Portugal

Investing In

Software (Web Marketplace Saas..) • IT (& TMT) • Retail (& E-Commerce) • Mobile

Description

Head of Retail Tech Investments at Sonae IM

Head of Retail Tech Investments at Sonae IM

Antoine Moreau
Investing in Software (Web Marketplace Saas..) &b...
 Lisbon Portugal , Par..., France
Investor Picture

Antoine Moreau

Lisbon Portugal - Paris France - France, France

Investing In

Software (Web Marketplace Saas..) • Businesses Solutions • FinTech (& Financials services) • Energy • CleanTech • HealthTech (& Fitness) • Healthcare (& Wellness)

Description

Serial entrepreneur. Founded Staredition, Mobidea and Star-advertising

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