VC FundPuts its own capital into companiesInactiveLAST VERIFIED Oct 2026 · 19 SOURCES

Pathena

Also known as Pathena Fund

Braga VC (IT, digital health; €70M AUM reported). Inactive: Pathena Fund states it has no intention to make new investments until the fund's liquidation.

HEADQUARTERS: Braga, Portugal
FOUNDED: —
AUM: €70M (2026)
OUTSIDE CAPITAL: —
TEAM LISTED: 7 people

Focus

STAGES: —
SECTORS: Software & SaaS HealthTech
ASSET MIX: Venture capitalDirect investments
GEOGRAPHY: —

Overview

Pathena is a venture capital firm based at Forum Braga whose team has a track record in information technology and digital health companies; it reports €70M of assets under management. Its fund, Pathena Fund, describes itself as a self-managed AIF registered as a sub-threshold manager and states there is no intention to acquire new investments until the fund's liquidation. Its portfolio page lists fund and private holdings including ebankIT, Klinik, AI4MED and 360imprimir (Bizay), and exits such as Vortal (DOCU Nordic), MobiComp (Microsoft), Neadvance (Atlas Copco) and HUUB (Maersk).

Investment thesis

Hands-on investor in information technology and digital health companies, with access to Iberian and Brazilian markets and syndication with other European investment funds.

PORTFOLIO (12)

VortalNOTABLE
Software & SaaS · Acquired (DOCU Nordic)
MobiCompNOTABLE
Software & SaaS · Acquired (Microsoft)
NeadvanceNOTABLE
Software & SaaS · Acquired (Atlas Copco, 2025)
HUUBNOTABLE
Software & SaaS · Acquired (Maersk, 2021)
A-to-Be
Mobility & Logistics · Acquired (Brisa)
TNI medical
HealthTech · Acquired (Massimo)
Exago
Software & SaaS · Exited (trade sale)
360imprimir (Bizay)
Consumer & E-commerce
ebankIT
Fintech
Klinik Healthcare Solutions
HealthTech
AI4MED
HealthTech
Stemmatters
Biotech & Life Sciences

People

António Murta
Managing Partner and CEO · source
Vitor Dinis
Managing Partner & CFO · source
Jorge Brás
Partner · source
Nuno Sousa
Chief Medical Officer · source
Jeff Seabloom
Advisor · source
Ana Bianchi Aguiar
Analyst · source
Joana Prieto
Office Manager · source

Frequently asked questions

Pathena is a VC fund based in Braga, Portugal.

Yes. Pathena invests its own capital in private companies.

Pathena invests in Software & SaaS and HealthTech.

Key people at Pathena include António Murta (Managing Partner and CEO), Vitor Dinis (Managing Partner & CFO), Jorge Brás (Partner) and Nuno Sousa (Chief Medical Officer).

Pathena's investments include Vortal, MobiComp, Neadvance, HUUB, A-to-Be, TNI medical, Exago and 360imprimir (Bizay), among others.

The most recent publicly reported investment by Pathena is Klinik Healthcare Solutions (Series A (€2.25M, led by Pathena Fund)), announced in May 2018.