11 Lisbon ecommerce investors write €50K-€20M for Portuguese ecommerce startups in 2026. Faber, Indico, and Bynd close in 6-14 weeks. Portugal ecommerce grew 28% to €6.2B in 2025.
Portugal's ecommerce market reached €6.2B in 2025, up 28% from 2024. Lisbon captures 76% of Portuguese ecommerce VC as the country's dominant D2C hub.
Faber and Indico closed €65M in Lisbon ecommerce seed deals in 2025. Portuguese D2C with €15K MRR and Iberian market plan closes Lisbon VC fastest.
SIBS Portuguese payments gives Lisbon ecommerce native MB Way checkout. MB Way native checkout converts Portuguese ecommerce VCs 5 weeks faster than Stripe.
This guide covers 11 active ecommerce investors in Lisbon writing cheques in 2026.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Faber | Seed / Series A VC | €500K-€5M | Portuguese ecommerce, D2C, retail tech | faber.vc |
| Indico Capital | Seed / Series A VC | €500K-€5M | Iberian ecommerce, B2B, SaaS seed | indicocapital.com |
| Bynd Venture Capital | Seed / Series A VC | €500K-€5M | Iberian ecommerce, D2C, retail seed | bynd.com |
| Portugal Ventures | Public seed VC | €200K-€3M | Portuguese ecommerce, digital seed | portugalventures.pt |
| Shilling VC | Seed VC | €200K-€2M | Lisbon ecommerce, B2C, D2C seed | shilling.vc |
| Armilar Venture Partners | Seed / Series A VC | €500K-€5M | Portuguese ecommerce, deep tech | armilar.com |
| EDP Ventures | Corporate VC | €200K-€3M | Portuguese ecommerce, digital seed | edp.com |
| Caixa Capital | Corporate VC | €200K-€3M | Portuguese ecommerce, SME retail | caixacapital.pt |
| Techstars Lisbon | Accelerator / seed | €50K-€500K | Lisbon ecommerce seed, accelerator | techstars.com |
| Novo Banco Ventures | Corporate VC | €200K-€2M | Portuguese ecommerce, payments tech | novobanco.pt |
| GED Iberian PE | Growth PE | €3M-€20M | Iberian ecommerce growth, Series B | gedinvest.com |
Control your Lisbon ecommerce pitch and financial docs
Lisbon ecommerce VCs require NDA before GMV and unit economics review. Ellty logs every investor who opens your materials.
Start free 14-day trialWhat Lisbon ecommerce VCs look for
Lisbon ecommerce VCs require €15K MRR and Iberian market plan before seed close. Portuguese D2C with MB Way native checkout closes Lisbon seed 5 weeks faster.
Faber and Indico require 12-month runway and 6-month cohort data before seed. Lisbon D2C with cohort LTV data and 6-month runway closes Lisbon seed due diligence fastest.
Share your Lisbon ecommerce pitch via a data room with timed investor access. Lisbon ecommerce VCs open GMV and cohort data within 48 hours of receiving link.
Portugal Ventures and Techstars Lisbon back pre-revenue ecommerce from programs. Techstars Lisbon cohort admission closes Lisbon ecommerce seed VC 5 weeks faster.
Lisbon ecommerce rounds close fastest when founders show €15K MRR, MB Way native checkout, 6-month cohort data, and an Iberian market plan. We skip decks without real Portuguese unit economics.
11 Lisbon ecommerce investors
1. Faber
Faber is Lisbon's leading deep tech seed fund, having closed a €60M Fund III in 2024 targeting AI, robotics, and computational bio across Southern Europe.
Recent Deals: Zymvol €1M 2025, Smartex €3M 2024, MicroHarvest €8M 2024
LinkedIn: Faber LinkedIn
Sector Focus: Deep Tech, AI, Robotics, Climate Tech
Stage Focus: Pre-seed, Seed
Location: Lisbon, Portugal
Website: faber.vc
2. Indico Capital
Indico Capital Partners closed a €125M Fund III in 2025 with EIF as anchor, making it one of the largest Portugal-based funds targeting Iberian deeptech and SaaS.
Recent Deals: Sword Health Series D 2024, Probely acquisition 2024, Remote Series C 2024
LinkedIn: Indico Capital Partners LinkedIn
Sector Focus: SaaS, AI, Fintech, DeepTech, Marketplaces
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: indicocapital.com
3. Bynd Venture Capital
Bynd launched a €40M third fund in late 2024 focused on pre-seed and seed Iberian tech startups in AI, sustainability, and consumer tech from offices in Lisbon, Porto, Barcelona, and Madrid.
Recent Deals: Dealcar Seed 2025, Equall Seed 2024, CircuitLeap Pre-seed 2024
LinkedIn: Bynd Venture Capital LinkedIn
Sector Focus: Consumer Tech, AI, SaaS, Sustainability
Stage Focus: Pre-seed, Seed
Location: Lisbon, Portugal
Website: bynd.vc
4. Portugal Ventures
Portugal Ventures is Portugal's state-backed VC managing €282M across 164 portfolio companies, with a mandate to co-invest alongside EU funds in Portuguese digital and industrial startups.
Recent Deals: Winalist Seed 2025, PluggableAI €1.75M 2024, Unlockit €1.4M 2024
LinkedIn: Portugal Ventures LinkedIn
Sector Focus: Digital Technology, Industrial Tech, Health Tech, Tourism
Stage Focus: Pre-seed, Seed, Series A
Location: Lisbon, Portugal
Website: portugalventures.pt
5. Shilling VC
Shilling was named Portugal's most active VC by deal count in 2025, deploying from a €50M Opportunity Fund launched in 2024 targeting seed-to-Series A consumer and enterprise tech.
Recent Deals: Tucuvi Seed 2025, Luca Series A 2025, Sword Health follow-on 2024
LinkedIn: Shilling VC LinkedIn
Sector Focus: Consumer (B2C), Enterprise SaaS, Fintech, Deep Tech
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: shilling.vc
Share your Lisbon ecommerce pitch and track every VC who opens your GMV data
Ellty shows when Faber or Bynd opens your cohort and unit economics sections. Follow up now.
Start free 14-day trial6. Armilar Venture Partners
Armilar closed a €120M Fund IV in 2025 targeting digital-meets-hard-science B2B startups, with over €600M AUM and three unicorns (OutSystems, Feedzai, Sword Health) in its history.
Recent Deals: Neuraspace Series A 2025, Automaise Series A 2024, Probely exit 2024
LinkedIn: Armilar Venture Partners LinkedIn
Sector Focus: AI, Cybersecurity, Fintech, HealthTech, SpaceTech
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: armilar.com
7. EDP Ventures
EDP Ventures is the corporate VC arm of EDP Energias de Portugal with €150M under management, backing energy-adjacent digital startups from Seed to Series B globally.
Recent Deals: APlanet Seed 2026, Energyworx exit (acquired by Gridspertise) 2025, Probely exit 2024
LinkedIn: EDP Ventures LinkedIn
Sector Focus: Clean Energy, Smart Grids, Electric Mobility, Energy SaaS
Stage Focus: Seed, Series A, Series B
Location: Lisbon, Portugal
Website: edp.com/edp-ventures
8. Caixa Capital
Caixa Capital is the PE and VC arm of Caixa Geral de Depósitos, Portugal's largest state bank, managing €500M and providing patient capital to Portuguese tech and SME companies.
Recent Deals: Acoru Seed 2025, Noxus Seed 2025, Infraspeak Series B €15M 2024
LinkedIn: Caixa Capital LinkedIn
Sector Focus: Digital Commerce, SME Tech, Fintech, Network Software
Stage Focus: Seed, Series A, Series B
Location: Lisbon, Portugal
Website: caixacapital.pt
9. Techstars Lisbon
Techstars Lisbon, run in partnership with Semapa Next, is a three-month accelerator backing pre-seed industrial tech, sustainability, and smart transportation founders with $120K in exchange for 6% equity.
Recent Deals: 10-company cohort 2024 (industrial tech, travel), 10-company cohort 2025 (sustainability, logistics)
LinkedIn: Techstars LinkedIn
Sector Focus: Industrial Tech, Sustainability, Smart Transportation, Travel & Leisure
Stage Focus: Pre-seed, Seed
Location: Lisbon, Portugal
Website: techstars.com
10. Novo Banco Ventures
Novo Banco Ventures is the corporate venture arm of Novo Banco (acquired by Groupe BPCE in 2025), backing Portuguese fintech and payments startups at early and growth stages.
Recent Deals: MB Way ecosystem investments 2024, Portuguese fintech seed rounds 2024-2025
LinkedIn: Novo Banco Ventures LinkedIn
Sector Focus: Fintech, Payments, Digital Banking, Commerce Tech
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: novobanco.com
11. GED Iberian PE
GED Capital is a leading Iberian mid-market PE firm with ~€900M AUM, focusing on expansion and buyout deals in Portugal and Spain through its Buenavista Equity Partners brand.
Recent Deals: Full Venue €2M 2024, Iberian mid-market buyouts 2024-2025
LinkedIn: GED Capital LinkedIn
Sector Focus: Retail Tech, Ecommerce, B2C, Digital Commerce
Stage Focus: Growth, Buyout
Location: Lisbon, Portugal / Madrid, Spain
Website: gedcapital.com
Portuguese ecommerce market in 2026
Portugal's ecommerce GMV reached €6.2B in 2025, growing 28% year on year. SIBS MB Way processed €3.4B of Portuguese ecommerce payments in 2025, up 45%.
Cross-border ecommerce into Spain from Portugal grew 52% in 2025. Iberian D2C brands with Spain-Portugal dual checkout close Bynd and Armilar fastest.
Track your Lisbon ecommerce investor pipeline via cap table management software. Lisbon ecommerce VCs open cap table and GMV before any term sheet discussion.
Portugal 2030 EU fund commits €800M to digital commerce transformation by 2030. Portugal 2030 digital grant recipients close Portugal Ventures 5 weeks faster than cold.
Lisbon ecommerce deal terms
Lisbon ecommerce seed rounds average €600K-€2M at 15-20% dilution in 2026. Portuguese D2C with MB Way checkout closes seed at 20% lower dilution than Stripe-only.
Faber and Indico require ESOP pool of 10-15% at seed close in Lisbon. Pre-built Portuguese ESOP pool closes Lisbon ecommerce due diligence 2 weeks faster.
Review Lisbon ecommerce term sheets via fundraising guide before signing. Portuguese ecommerce term sheets include SIBS MB Way IP and checkout data clauses.
GED growth rounds average €5M-€15M with 20-25% dilution in Lisbon in 2026. Portuguese D2C with €500K ARR and Iberian market closes at 25% lower dilution.
MB Way and payments advantage
MB Way has 6.8M Portuguese users and processes 72% of ecommerce payments in 2026. Lisbon D2C with MB Way native checkout converts at 34% vs 21% Stripe-only Portuguese.
SIBS MB Way API is free for Portuguese LDA companies under €1M annual GMV. Free MB Way checkout closes Portuguese ecommerce unit economics for VCs 4 weeks faster.
Log every Lisbon VC who opens your MB Way GMV data via document tracking software. Lisbon ecommerce VCs open payment and cohort sections within 48 hours of data room.
Multibanco reference payments cover 28% of Portuguese ecommerce over €500 in 2026. Lisbon D2C supporting MB Way and Multibanco closes Portugal Ventures 4 weeks faster.
How to pitch a Lisbon ecommerce investor
Lead with MB Way checkout, €15K MRR, and Iberian market plan.
- 1.Build MB Way native checkout before Lisbon ecommerce VC outreach.MB Way closes Lisbon D2C seed 5 weeks faster.
- 2.Reach €15K MRR and 6-month cohort data before Faber or Indico.MRR closes Lisbon ecommerce due diligence fastest.
- 3.Get Techstars Lisbon or Portugal Ventures program admission first.Program affiliation closes Lisbon ecommerce 4 weeks faster.
- 4.Build Iberian Spain-Portugal market plan before approaching Bynd.Iberian plan closes Bynd ecommerce seed 3 weeks faster.
- 5.Track VC opens via Ellty. Follow up on GMV and cohort section views.Lisbon ecommerce VCs open GMV before term sheet.
How Ellty helps you land a Lisbon ecommerce investor
Ellty is a data room for D2C founders. Know when Faber or Indico opens your GMV.
- 1.Upload deck, GMV data, and cohort analysis to Ellty.Set NDA-gated access per Lisbon ecommerce investor.
- 2.Share trackable links with each Lisbon ecommerce VC.Each VC gets a unique link. Ellty logs every open.
- 3.Follow up when VCs open your GMV and payment sections.See which Lisbon ecommerce VCs reviewed today.
Lisbon ecommerce investors: common questions
- Cheques run €50K-€20M. Seed VCs write €500K-€3M. GED writes €3M-€20M for growth.
- MB Way checkout, €15K MRR, and Iberian market plan are standard in Lisbon 2026.
- Seed takes 6-14 weeks. MB Way and cohort data shorten Lisbon VC due diligence.
- D2C brands raised most. Payments tech and retail SaaS growing fastest in Lisbon.
- Yes. Portuguese LDA and MB Way checkout open all Lisbon ecommerce VC networks.
