9 Lisbon AI investors write €50K-€5M for Portuguese AI startups in 2026. Faber, Indico Capital, and Armilar close in 6-14 weeks. Portugal's AI market raised €240M in 2025.
Portugal's AI market raised €240M in 2025, up 42% from 2024. Lisbon captures 82% of Portuguese AI VC as Iberia's fastest-growing AI startup hub.
Faber and Indico Capital closed €80M in Lisbon AI seed deals in 2025. Portuguese AI with EU AI Act compliance and enterprise pilot closes Lisbon VC fastest.
Web Summit and Nova SBE AI program produce 30+ Lisbon AI startups per year. Web Summit pitch alumni close Faber and Indico seed 5 weeks faster than cold outreach.
This guide covers 9 active AI investors in Lisbon writing cheques in 2026.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Faber | Seed / Series A VC | €500K-€5M | Lisbon AI, B2B SaaS, deep tech seed | faber.vc |
| Indico Capital | Seed / Series A VC | €500K-€5M | Lisbon AI, B2B, tech seed | indicocapital.com |
| Armilar Venture Partners | Seed / Series A VC | €500K-€5M | Portuguese AI, deep tech, B2B | armilar.com |
| Portugal Ventures AI | Public seed VC | €200K-€3M | Portuguese AI seed, public fund | portugalventures.pt |
| Bynd Venture Capital | Seed / Series A VC | €500K-€5M | Iberian AI, B2B SaaS seed | bynd.com |
| EDP Ventures | Corporate VC | €200K-€3M | Portuguese AI, energy tech seed | edp.com |
| Shilling VC | Seed VC | €200K-€2M | Lisbon AI, B2B SaaS, seed | shilling.vc |
| Techstars Lisbon | Accelerator / seed | €50K-€500K | Lisbon AI seed, accelerator | techstars.com |
| Novo Banco AI Fund | Corporate VC | €200K-€2M | Portuguese AI, banking tech seed | novobanco.pt |
Control your Lisbon AI pitch and compliance documentation
Lisbon AI VCs require NDA before model and IP review. Ellty logs every investor who opens your materials.
Start free 14-day trialWhat Lisbon AI investors look for
Lisbon AI VCs require EU AI Act compliance and enterprise pilot before seed close. Portuguese AI with EU AI Act compliance closes Lisbon VC 5 weeks faster than non-compliant.
Faber and Indico require €10K MRR and 3 enterprise clients before seed close. Portuguese AI with €10K MRR and Portuguese enterprise client closes Lisbon seed fastest.
Share your Lisbon AI pitch via a virtual data room with timed investor access. Lisbon AI VCs open model demo and enterprise pilot sections within 48 hours.
Portugal Ventures and Techstars Lisbon back pre-revenue AI from their programs. Techstars Lisbon cohort admission closes Lisbon AI seed VC 5 weeks faster than cold.
Lisbon AI rounds close in 2026 when founders bring EU AI Act compliance documentation, a working model demo with 3 enterprise clients, and €10K MRR. We verify compliance before reviewing the deck.
9 Lisbon AI investors
1. Faber
Faber is Lisbon's deep tech seed specialist, backing science-driven AI and climate-tech founders with its €60M Faber Tech III fund launched in late 2024.
Recent Deals: Zymvol €3M 2025, Biographica £7M 2025, ISPTech €5.5M 2024
LinkedIn: Faber LinkedIn
Sector Focus: Deep tech AI, Climate tech, B2B SaaS
Stage Focus: Seed, Pre-seed
Location: Lisbon, Portugal
Website: faber.vc
2. Indico Capital
Indico Capital Partners is Portugal's leading independent VC, deploying its €125M Fund III into Seed and Series A tech companies across Southern Europe.
Recent Deals: Dealroom $7M Series B 2026, Preply $150M Series D 2026 (follow-on)
LinkedIn: Indico Capital Partners LinkedIn
Sector Focus: AI, SaaS, Fintech, Cybersecurity
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: indicocapital.com
3. Armilar Venture Partners
Armilar Venture Partners is one of Portugal's oldest VCs with over €600M AUM, now deploying its €120M Fund IV into deep tech across Iberia and Europe.
Recent Deals: Trendtracker $7M Series A 2025, Coreflux €1.2M 2025, Automaise €5M 2024
LinkedIn: Armilar Venture Partners LinkedIn
Sector Focus: Deep tech, AI, Fintech, Enterprise software
Stage Focus: Seed, Series A, Series B
Location: Lisbon, Portugal
Website: armilar.com
4. Portugal Ventures AI
Portugal Ventures is the state-backed VC managed by Banco Português de Fomento, deploying €282M across 271 portfolio companies in Portuguese AI and tech.
Recent Deals: Nitrogensensing 2025, GLARTEK 2024 (amounts undisclosed)
LinkedIn: Portugal Ventures LinkedIn
Sector Focus: AI, Deep tech, Healthtech, Tourism tech
Stage Focus: Pre-seed, Seed, Series A
Location: Lisbon and Porto, Portugal
Website: portugalventures.pt
5. Bynd Venture Capital
Bynd is an Iberian seed-stage VC that launched its €40M Fund III in late 2024 to back pre-seed and seed AI and tech startups across Portugal and Spain.
Recent Deals: Fraudio 2025, Relive 2025, Dealcar Seed 2025 (amounts undisclosed)
LinkedIn: Bynd Venture Capital LinkedIn
Sector Focus: AI, SaaS, Fintech, Sustainability tech
Stage Focus: Pre-seed, Seed
Location: Lisbon, Portugal
Website: bynd.com
6. EDP Ventures
EDP Ventures is the corporate VC arm of European energy giant EDP, investing globally in energy-adjacent AI startups and setting a €70M deployment record.
Recent Deals: APlanet 2026, Delfos 2026, Energyworx (exited via Gridspertise 2025)
LinkedIn: EDP Ventures LinkedIn
Sector Focus: Energy tech AI, Sustainability, Enterprise software
Stage Focus: Series A, Seed
Location: Lisbon, Portugal
Website: edp.com
7. Shilling VC
Shilling VC is Portugal's most active early-stage VC by deal count, backing 15 companies in 2025 alone from its €50M Opportunity Fund.
Recent Deals: Tucuvi $20M Series A 2026, Luca $8M Series A 2025
LinkedIn: Shilling VC LinkedIn
Sector Focus: AI, B2B SaaS, Healthtech, Edtech
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: shilling.vc
8. Techstars Lisbon
Techstars Lisbon runs a mentorship-driven 3-month accelerator in partnership with Semapa Next, offering pre-seed capital and access to the global Techstars network.
Recent Deals: Cohort investments 2024-2025 via Semapa Next partnership (€50K–€500K per company)
LinkedIn: Techstars LinkedIn
Sector Focus: AI, Deep tech, Sustainability, B2B
Stage Focus: Pre-seed, Seed
Location: Lisbon, Portugal
Website: techstars.com
9. Novo Banco AI Fund
Novo Banco is Portugal's fourth-largest bank backing AI and banking-tech startups through corporate venture initiatives alongside EIF and government co-investors.
Recent Deals: Banking tech portfolio investments 2024-2025 via BPF co-investment (amounts undisclosed)
LinkedIn: Novo Banco LinkedIn
Sector Focus: Banking AI, Fintech, Compliance tech
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: novobanco.pt
Portuguese AI research advantage
Nova SBE and IST Lisbon produce 50+ AI researchers and spin-offs per year. Lisbon AI with IST or Nova SBE faculty affiliation closes Armilar and Indico fastest.
Web Summit in Lisbon brings 70,000 attendees including 5,000+ AI investors annually. Web Summit pitch slot converts 25% of presenting AI startups to Lisbon investor interest.
Track your Lisbon AI pitch and EU AI Act docs via investor relations software. Lisbon AI VCs require EU AI Act compliance docs before any term sheet discussion.
Portugal AI national strategy commits €500M to AI research and startups by 2030. Portugal AI national strategy grant recipients close Portugal Ventures 5 weeks faster.
Lisbon AI deal terms
Lisbon AI seed rounds average €800K-€2M with 15-20% dilution in 2026. Portuguese AI with EU AI Act compliance closes seed at 20% lower dilution.
Faber and Indico require ESOP pool of 10-15% at seed close in Lisbon. Pre-built Portuguese ESOP pool closes Lisbon AI due diligence 2 weeks faster.
Review Lisbon AI term sheet via due diligence process guide before signing. Portuguese AI term sheets include EU AI Act IP and data rights clauses.
Bynd growth rounds average €3M-€8M with 20-25% dilution in Lisbon in 2026. Portuguese AI with €500K ARR and Iberian market plan closes at 25% lower dilution.
EU AI Act opportunity in Lisbon
EU AI Act went into full effect in Portugal in February 2026. Lisbon AI with EU AI Act compliance certificate closes all Lisbon VCs 5 weeks faster.
CNPD Portuguese data authority runs 3-week AI compliance review for startups. CNPD-reviewed Lisbon AI closes Faber and Armilar due diligence 3 weeks faster.
Track your Lisbon AI investor pipeline via pitch deck tracking software. Lisbon AI VCs open EU AI Act and model demo sections within 48 hours of data room.
Portugal 2030 EU fund commits €1.2B to AI and digital transformation by 2030. Portugal 2030 AI grant recipients close Portugal Ventures and Caixa 5 weeks faster.
Web Summit Lisbon 2025 - Best Bits
How to pitch a Lisbon AI investor
Lead with EU AI Act compliance, enterprise pilot, and €10K MRR.
- 1.Get EU AI Act compliance documentation before Lisbon VC outreach.EU AI Act compliance closes Lisbon AI seed 5 weeks faster.
- 2.Secure Portuguese enterprise client pilot before approaching Faber or Indico.Enterprise pilot converts Lisbon AI VCs in 10 weeks.
- 3.Get Techstars Lisbon or Portugal Ventures program affiliation first.Program affiliation closes Lisbon AI seed 4 weeks faster.
- 4.Reach €10K MRR before approaching Armilar or Bynd.MRR closes Lisbon AI seed due diligence 3 weeks faster.
- 5.Track investor opens via Ellty. Follow up on model demo section views.Lisbon AI VCs open demo and compliance before term sheet.
How Ellty helps you land a Lisbon AI investor
Ellty is a data room for AI founders. Know when Faber or Indico opens your model demo.
- 1.Upload deck, model demo, and EU AI Act docs to Ellty.Set NDA-gated access per Lisbon AI investor.
- 2.Share trackable links with each Lisbon AI investor.Each VC gets a unique link. Ellty logs every open.
- 3.Follow up when VCs open your model demo and compliance sections.See which Lisbon AI VCs reviewed your docs today.
Lisbon AI investors: common questions
- Cheques run €50K-€5M. Seed VCs write €500K-€3M. Bynd writes €500K-€5M for AI seed.
- EU AI Act compliance, enterprise pilot, and €10K MRR are standard in Lisbon 2026.
- Seed takes 6-14 weeks. EU AI Act compliance adds 4-6 weeks before VC outreach.
- B2B enterprise AI raised most. Banking AI and energy AI growing fastest in Lisbon.
- Yes. Portuguese LDA and EU AI Act compliance open all Lisbon AI VC networks.
