HCapital Partners
Also known as HCapital
Independent Lisbon private equity firm (est. 2014) running New Ideas VC funds (energy, mobility, industrial, data; €500K–€3M) and HCapital PE funds for Iberian lower mid-caps (from €3M).
- HEADQUARTERS
- Lisbon, Portugal
- FOUNDED
- 2014
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 14 people
Focus
- STAGES
- SeedSeries ASeries BGrowthBuyout
- ASSET MIX
- Venture capitalPrivate equityDirect investments
- GEOGRAPHY
- PortugalSpain
Investment arms & vehicles
- Venture capital fund (closed October 2017)
- Venture capital fund (closed March 2023)
- Private equity fund (closed July 2015)
- Private equity fund (1st closing June 2021); supported by EU COSME EFG, BPF's Portugal Growth/FFI and EIF's EGF
Overview
HCapital Partners is an independent private equity firm in Lisbon, incorporated in June 2014, that invests through dedicated funds from start-ups (venture capital) to mature businesses (private equity). Its New Ideas VC funds back technology SMEs in energy and sustainability, smart territories and mobility, industrial and enterprise solutions, and data and connectivity, from late seed to Series A and B with €500K–€3M tickets including follow-ons. Its HCapital PE funds take minority or majority stakes from €3M in export-oriented Iberian lower mid-cap companies for buyout, expansion and replacement capital. The firm is a UN PRI signatory.
Investment thesis
VC: high-tech SMEs whose activities enhance the energy transition and innovate business models of large infrastructures (cities, energy and telecom networks, mobility and logistics, industrial operations). PE: Iberian lower mid-caps with solid business models and international exposure, under adequate governance.
PORTFOLIO (12)
- AutomaiseNOTABLEArtificial Intelligence · since 2021
- Eneida.ioNOTABLEClimate & Energy · since 2017
- FrotcomNOTABLEMobility & Logistics · since 2018 · Divested (May 2022)
- Software & SaaS · since 2019
- Software & SaaS · since 2019
- TugbotIndustrial & Manufacturing · since 2021
- RoutalMobility & Logistics · since 2023
- LibattionClimate & Energy · since 2024
- Sunny SundayMobility & Logistics · since 2025
- LivalIndustrial & Manufacturing · since 2023
- NativeConsumer & E-commerce · since 2025
- EnlineClimate & Energy · since 2020 · Divested (December 2023)
People
- João Arantes e OliveiraFounding Partner · source
- Isabel Duarte LimaFounding Partner · source
- Óscar Martínez-CubellsPartner · source
- Rui Dias AlvesPartner · source
- Gonçalo Sousa CoutinhoAssociate Partner · source
- Pedro Castro HenriquesAssociate Partner · source
- Homero CoutinhoBoard Member · source
- Daniela SantosFinancial Diretor · source
- Maria do Carmo d’OreyAssociate · source
- Miguel Matos RosaAssociate · source
- Rui Pedro PiresAssociate · source
- António Maria BualAnalyst · source
- Pedro Duarte MeloAnalyst · source
- Andreia PiresAdministrative Manager · source
Links
Frequently asked questions
HCapital Partners is a private equity fund based in Lisbon, Portugal, founded in 2014.
Yes. HCapital Partners invests its own capital in private companies.
HCapital Partners invests at Seed, Series A, Series B, Growth and Buyout stages in Climate & Energy, Mobility & Logistics, Industrial & Manufacturing and Software & SaaS.
HCapital Partners's stated ticket size is €500K–€3M.
Key people at HCapital Partners include João Arantes e Oliveira (Founding Partner), Isabel Duarte Lima (Founding Partner), Óscar Martínez-Cubells (Partner) and Rui Dias Alves (Partner).
HCapital Partners's investments include Automaise, Eneida.io, Frotcom, Glartek, LOQR, Tugbot, Routal and Libattion, among others.
The most recent publicly reported investment by HCapital Partners is Native (Private equity (HCapital II)), announced in Oct 2025.
HCapital Partners states that it accepts submissions through its official contact page.
Yes. HCapital Partners manages capital from outside investors.