Brouky Score · 2026

Top VC Firms in Portugal

The 23 highest-scoring venture funds headquartered in Portugal, ranked from 23 eligible firms on a 110-point composite of portfolio outcomes, deal volume, risk adjustment and cheque-size fit.

62
Median score / 110
across eligible firms
23
Eligible firms
5+ tracked investments
836
Tracked investments
in this market
23
Firms ranked
highest scoring
Sort by
1

Semapa Next

Corporate VCSeries C+Portugal
Software & Developer ToolsEnergy, Environment & MobilityCommerce & MarketingFinance & BlockchainIndustry & Hardwareother
aianalyticscloudcloud-infrastructuredatadata-management

Semapa Next invests in innovative and high-growth potential companies, particularly in areas aligned with Semapa's broader industrial interests. They focus on supporting the development and scaling of these businesses, especially in the AI and data sector.

92/ 110Grade A-

Investments

21

Exit Rate

0%

Alive

15

Portfolio Outcomes

15 Alive4 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
13 / 25
Deal Volume
30 / 30
Portfolio Outcomes
34 / 40
92 pts · Grade A-
2

Indico

Series C+Portugal
76/ 110Grade B-

Investments

25

Exit Rate

—

Alive

—

Portfolio Outcomes

Not enough tracked outcomes yet

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
30 / 30
Portfolio Outcomes
17 / 40
76 pts · Grade B-
3

Sonae IM

Series C+Portugal
Software & Developer ToolsCommerce & MarketingArtificial Intelligence & DataFinance & BlockchainHealthcare & Life SciencesConsumer, Lifestyle & Services
cybersecurityanalyticsthreat-detectioncloudaienterprise

Sonae IM, now operating as Bright Pixel Capital, is the corporate venture capital arm of the Portuguese multinational Sonae. It invests globally in technology companies, with a strong focus on cybersecurity, retail technology, and telecommunications infrastructure, typically from early to growth stages.

75/ 110Grade B-

Investments

72

Exit Rate

6%

Alive

63

Portfolio Outcomes

63 Alive5 Acquired14 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
12 / 25
Deal Volume
30 / 30
Portfolio Outcomes
18 / 40
75 pts · Grade B-
4

Bynd

Series C+Portugal
Software & Developer ToolsCommerce & MarketingEnergy, Environment & MobilityConsumer, Lifestyle & Services
retailconsumer-techclean-energyclimate-techenergy-efficiencyheat-pump
75/ 110Grade B-

Investments

8

Exit Rate

13%

Alive

7

Portfolio Outcomes

7 Alive1 Acquired

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
14 / 30
Portfolio Outcomes
32 / 40
75 pts · Grade B-
5

Iberis Capital

Series C+Portugal
Software & Developer ToolsHealthcare & Life SciencesFinance & BlockchainCommerce & MarketingConsumer, Lifestyle & ServicesEnergy, Environment & Mobility
cybersecurityaiapplication-securitythreat-detectiondeveloper-toolsfintech
74/ 110Grade C+

Investments

53

Exit Rate

2%

Alive

39

Portfolio Outcomes

39 Alive1 Acquired12 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
13 / 25
Deal Volume
30 / 30
Portfolio Outcomes
16 / 40
74 pts · Grade C+
6

Novabase Capital

Series CPortugal
74/ 110Grade C+

Investments

5

Exit Rate

0%

Alive

4

Portfolio Outcomes

4 Alive1 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
11 / 25
Deal Volume
8 / 30
Portfolio Outcomes
40 / 40
74 pts · Grade C+
7

Alea Capital Partners

Series APortugal
Software & Developer ToolsConsumer, Lifestyle & ServicesFinance & BlockchainIndustry & Hardware
aicybersecuritycloud-securitythreat-detectiondata-managementdata-privacy
73/ 110Grade C+

Investments

11

Exit Rate

0%

Alive

8

Portfolio Outcomes

8 Alive3 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
4 / 25
Deal Volume
30 / 30
Portfolio Outcomes
24 / 40
73 pts · Grade C+
8

Lince Capital

Series C+Portugal
Software & Developer ToolsotherHealthcare & Life SciencesCommerce & MarketingFinance & BlockchainIndustry & Hardware
cybersecuritythreat-detectiondigital-healthlince-capitaltechnologyapplication-security
72/ 110Grade C+

Investments

47

Exit Rate

4%

Alive

26

Portfolio Outcomes

26 Alive2 Acquired20 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
12 / 25
Deal Volume
30 / 30
Portfolio Outcomes
15 / 40
72 pts · Grade C+
9

EDP Ventures

Corporate VCSeries APortugal
Energy, Environment & MobilityHealthcare & Life SciencesotherArtificial Intelligence & DataCommerce & Marketing
energysustainabilityrenewable-energyenergy-managementsmart-gridanalytics

EDP Ventures is the venture capital arm of EDP, investing in early-stage tech startups in the energy sector worldwide, typically from seed to Series B. It focuses on innovations impacting energy transition, including renewables, grid, green hydrogen, storage, mobility, and AI & digital solutions. Investment tickets range from €1M to €10M, usually taking minority positions.

72/ 110Grade C+

Investments

17

Exit Rate

2%

Alive

47

Portfolio Outcomes

47 Alive1 Acquired13 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
13 / 30
Portfolio Outcomes
30 / 40
72 pts · Grade C+
10

3 Comma Capital

Series EPortugal
71/ 110Grade C

Investments

16

Exit Rate

—

Alive

—

Portfolio Outcomes

Not enough tracked outcomes yet

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
2 / 30
Portfolio Outcomes
40 / 40
71 pts · Grade C
11

Bright Pixel Capital

Series BPortugal
Software & Developer ToolsCommerce & MarketingotherFinance & BlockchainArtificial Intelligence & DataIndustry & Hardware
cybersecurityanalyticsenterprisedatathreat-detectionautomation

Bright Pixel Capital invests in early-stage software companies with global reach. They focus on seed and Series A rounds, particularly in software and developer tools.

68/ 110Grade C-

Investments

61

Exit Rate

6%

Alive

62

Portfolio Outcomes

62 Alive5 Acquired13 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
30 / 30
Portfolio Outcomes
9 / 40
68 pts · Grade C-
12

Armilar Venture Partners

Series C+Portugal
Software & Developer ToolsFinance & BlockchainIndustry & HardwareConsumer, Lifestyle & ServicesHealthcare & Life SciencesCommerce & Marketing
aiautomationcomputer-visiontravelfinancial-servicesenterprise
62/ 110Grade D+

Investments

66

Exit Rate

4%

Alive

54

Portfolio Outcomes

54 Alive3 Acquired21 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
11 / 25
Deal Volume
30 / 30
Portfolio Outcomes
6 / 40
62 pts · Grade D+
13

YX Capital

Series EPortugal
62/ 110Grade D+

Investments

14

Exit Rate

7%

Alive

7

Portfolio Outcomes

7 Alive1 Acquired7 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
15 / 25
Deal Volume
5 / 30
Portfolio Outcomes
27 / 40
62 pts · Grade D+
14

Cedrus Capital

Series C+Portugal
61/ 110Grade D+

Investments

12

Exit Rate

6%

Alive

12

Portfolio Outcomes

12 Alive1 Acquired3 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
16 / 25
Deal Volume
30 / 30
Portfolio Outcomes
0 / 40
61 pts · Grade D+
15

GED Ventures

Series C+Portugal
Software & Developer ToolsHealthcare & Life SciencesCommerce & MarketingFinance & BlockchainConsumer, Lifestyle & ServicesEnergy, Environment & Mobility
cybersecuritydigital-healthaimobile-appapplication-securitythreat-detection
60/ 110Grade D+

Investments

154

Exit Rate

0%

Alive

106

Portfolio Outcomes

106 Alive3 Dead67 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
12 / 25
Deal Volume
26 / 30
Portfolio Outcomes
7 / 40
60 pts · Grade D+
16
52/ 110Grade D-

Investments

34

Exit Rate

8%

Alive

29

Portfolio Outcomes

29 Alive3 Acquired6 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
18 / 30
Portfolio Outcomes
5 / 40
52 pts · Grade D-
17

Beta Capital

Series C+Portugal
Healthcare & Life SciencesSoftware & Developer ToolsotherFinance & Blockchain
propulsive wattspower paddlessmart swim trainerhome fitness hardwarebiomechanics analyticsapi
52/ 110Grade D-

Investments

30

Exit Rate

3%

Alive

31

Portfolio Outcomes

31 Alive1 Acquired1 Dead7 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
14 / 25
Deal Volume
14 / 30
Portfolio Outcomes
9 / 40
52 pts · Grade D-
18

BlueCrow Capital

SeedPortugal
50/ 110Grade D-

Investments

31

Exit Rate

0%

Alive

24

Portfolio Outcomes

24 Alive15 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
15 / 25
Deal Volume
4 / 30
Portfolio Outcomes
16 / 40
50 pts · Grade D-
19

CORE Angels Lisbon

SeedPortugal
Software & Developer ToolsFinance & BlockchainHealthcare & Life SciencesotherConsumer, Lifestyle & ServicesIndustry & Hardware
hospitalityschedulingconsumer-techhealth-datamobile-appnutrition
43/ 110Grade E

Investments

69

Exit Rate

1%

Alive

55

Portfolio Outcomes

55 Alive1 Acquired1 Dead33 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
15 / 25
Deal Volume
13 / 30
Portfolio Outcomes
0 / 40
43 pts · Grade E
20

Parceiro Ventures

Series BPortugal
Software & Developer ToolsEnergy, Environment & MobilityHealthcare & Life Sciences
cybersecurityenterprise-softwarehorizontal softwareSan Franciscoapplication-securitycloud-security

Parceiro Ventures invests in early-stage B2B tech and tech-enabled businesses. They focus on partnering with companies to build long-term strategic and financial objectives.

41/ 110Grade E

Investments

13

Exit Rate

0%

Alive

6

Portfolio Outcomes

6 Alive9 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
15 / 25
Deal Volume
11 / 30
Portfolio Outcomes
0 / 40
41 pts · Grade E
21

Mustard Seed Maze

Series APortugal
40/ 110Grade E

Investments

41

Exit Rate

—

Alive

—

Portfolio Outcomes

Not enough tracked outcomes yet

Score Breakdown

Size Fit
15 / 15
Venture Signals
2 / 25
Deal Volume
21 / 30
Portfolio Outcomes
2 / 40
40 pts · Grade E
22

HCapital Partners

SeedPortugal
35/ 110Grade F+

Investments

31

Exit Rate

10%

Alive

20

Portfolio Outcomes

20 Alive3 Acquired1 Dead7 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
15 / 25
Deal Volume
5 / 30
Portfolio Outcomes
0 / 40
35 pts · Grade F+
23

grt sht ventures

Series BPortugal
33/ 110Grade F

Investments

5

Exit Rate

0%

Alive

10

Portfolio Outcomes

10 Alive1 Unknown

Score Breakdown

Size Fit
15 / 15
Venture Signals
12 / 25
Deal Volume
6 / 30
Portfolio Outcomes
0 / 40
33 pts · Grade F

Methodology

What the score measures, who is eligible, and what it deliberately excludes.

How is the Brouky score for Portugal calculated?
Each firm is scored out of 110 points across four measured components: portfolio outcomes (40), deal volume (30), risk adjustment (25) and cheque-size fit (15). The score is computed from tracked investments and portfolio company status. It is not editorial and firms cannot influence it.
Which firms are eligible for the Portugal ranking?
Venture and corporate venture funds headquartered in Portugal with at least 5 tracked investments. 23 firms qualify; the top 23 are listed. Angel investors, family offices, banks, accelerators and government vehicles are excluded because they are scored on a different basis and are not comparable.
How often is the ranking updated?
Scores are recomputed as new investments and portfolio outcomes are recorded, and this page refreshes daily.
My fund's data looks wrong. Can it be corrected?
Yes. Claim the fund's profile on Brouky to review the underlying investments and portfolio records, and the score updates from the corrected data.

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