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Government-backed FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 20 SOURCES

Portugal Ventures

Venture capital company of the Banco Português de Fomento group (BPF holds 79.94%) Banco Português de Fomento

Also known as Portugal Ventures SCR, SA, Portugal Capital Ventures

State-backed Portuguese VC (BPF group, 79.94%) investing pre-seed to Series A, up to €6M, in startups headquartered in Portugal; €288M under management, 256 companies since 2012.

HEADQUARTERS
Porto, Portugal
FOUNDED
2012
AUM
€288M (2026)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
7 people

Focus

STAGES
Pre-SeedSeedSeries A
SECTORS
Software & SaaSIndustrial & ManufacturingBiotech & Life SciencesHealthTechConsumer & E-commerce
ASSET MIX
Venture capitalDirect investments
GEOGRAPHY
Portugal

Investment arms & vehicles

  • Fundo de Capital de Risco Atlântico (Atlantic Venture Capital Fund)
    Venture capital fund through which Portugal Ventures invests in startups in the Azores and Madeira, with financial support from BPF's FC&QC and in partnership with Singapore-based August One (profiled separately as august-one); €5.5M in 14 startups announced January 2024, the latest investments found
  • Azores Ventures Fund
    Fund created by Portugal Ventures with the Regional Government of the Azores (co-funder) and the Azores Business Development Society (SDEA) to invest in innovation and entrepreneurship projects in the Azores; latest investments found are Cereal Games and Yara Pets (November 2019), current activity not stated

Overview

Portugal Ventures (Portugal Ventures SCR, SA) is a venture capital company created in June 2012, headquartered in Porto with an office in Lisbon. Its shareholders are Banco Português de Fomento (79.94%), Banco Comercial Português (6.27%), Banco BPI (6.19%), Novo Banco (3.78%), Banco Santander Totta (2.50%), Petrogal (1.25%) and smaller stakes held by Generali Seguros, Parvalorem, Montepio Holding and ABANCA. It invests through the closed venture capital funds it manages, regulated by the CMVM, in pre-seed, seed and Series A rounds of up to €6M in startups with registered offices in Portugal (strategy page: mainland Portugal) across Digital, Industry, Life Sciences and Tourism, with progressive, milestone-based tranches. Its dashboard reports €288M under management, 256 new startups and €231.7M invested since 2012, and 20 reference rounds from Seed to Series D. It also manages the Fundo Região de Leiria Crescimento (constituted April 2024) under BPF's PRR-financed Venture Capital Programme.

Investment thesis

Startups headquartered in Portugal with global competitiveness: differentiated, scalable, IP-protectable projects with market validation (MVP and first customers, except Life Sciences/therapeutics), at pre-seed, seed and Series A; deal flow via thematic Calls, Open Day, partner networks and direct contact.

PORTFOLIO (12)

  • OutSystemsNOTABLE
    Software & SaaS · Exited
  • BitsightNOTABLE
    Software & SaaS
  • FeverNOTABLE
    Consumer & E-commerce · Exited
  • JscramblerNOTABLE
    Software & SaaS
  • Defined.ai
    Artificial Intelligence
  • Barkyn
    Consumer & E-commerce
  • Aptoide
    Software & SaaS
  • Fraudio
    Fintech
  • AnubisNetworks
    Software & SaaS · Exited
  • Indie Campers
    Consumer & E-commerce · Exited
  • Principle Power
    Climate & Energy · Exited
  • Landing.jobs
    Software & SaaS · Exited

People

  • Marco Neves
    Chief Executive Officer; Presidente do Conselho de Administração · source
  • João Paulo Miranda
    Executive Vice-President · source
  • Carla Areias
    Executive Board Member · source
  • Filomena Pastor
    Investment Director · source
  • Miguel Barbosa
    Investment Director · source
  • Miguel Botto
    Investment Director · source
  • Ana Terra
    Funds Manager · source

Links

Frequently asked questions

Portugal Ventures is a government-backed fund based in Porto, Portugal, founded in 2012.

Yes. Portugal Ventures invests its own capital in private companies.

Portugal Ventures invests at Pre-Seed, Seed and Series A stages in Software & SaaS, Industrial & Manufacturing, Biotech & Life Sciences, HealthTech and Consumer & E-commerce.

Portugal Ventures's stated ticket size is Up to €6M.

Key people at Portugal Ventures include Marco Neves (Chief Executive Officer; Presidente do Conselho de Administração), João Paulo Miranda (Executive Vice-President), Carla Areias (Executive Board Member) and Filomena Pastor (Investment Director).

Portugal Ventures's investments include OutSystems, Bitsight, Fever, Jscrambler, Defined.ai, Barkyn, Aptoide and Fraudio, among others.

The most recent publicly reported investment by Portugal Ventures is Call INNOV-ID 5th edition (14 pre-seed companies, €150K each) (Call INNOV-ID (€150K per company)), announced in Jul 2026.

Portugal Ventures states that it accepts submissions through its official contact page.

No. Portugal Ventures invests its own capital and does not raise money from outside investors.