11 Lisbon seed investors write €50K-€5M for Portuguese startups in 2026. Faber, Indico Capital, and Bynd close in 6-14 weeks. Lisbon seed deals totalled €480M in 2025.
Lisbon seed investment reached €480M in 2025, up 34% from 2024. Portugal captures 76% of Iberian seed deal flow as the fastest-growing seed market.
Faber and Indico closed €110M in Lisbon seed deals in 2025. Portuguese seed with €10K MRR and Portuguese enterprise client closes Lisbon VC fastest.
Techstars Lisbon and Beta-i back 25+ pre-seed companies per year in Lisbon. Accelerator alumni close Lisbon seed VCs 5 weeks faster than cold outreach.
This guide covers 11 active seed investors in Lisbon writing cheques in 2026.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| Faber | Seed / Series A VC | €500K-€5M | Portuguese seed, B2B SaaS, tech | faber.vc |
| Indico Capital | Seed / Series A VC | €500K-€5M | Lisbon seed, B2B, AI, enterprise | indicocapital.com |
| Bynd Venture Capital | Seed / Series A VC | €500K-€5M | Iberian seed, D2C, B2B, SaaS | bynd.com |
| Shilling VC | Seed VC | €200K-€2M | Lisbon seed, B2C, SaaS, D2C | shilling.vc |
| Portugal Ventures | Public seed VC | €200K-€3M | Portuguese seed, public fund | portugalventures.pt |
| Armilar Venture Partners | Seed / Series A VC | €500K-€5M | Portuguese seed, deep tech | armilar.com |
| Techstars Lisbon | Accelerator / seed | €50K-€500K | Lisbon seed accelerator, all sectors | techstars.com |
| EDP Ventures | Corporate seed VC | €200K-€3M | Portuguese seed, energy, digital | edp.com |
| InovCapital | Public seed VC | €100K-€1M | Portuguese public seed, deep tech | inovcapital.pt |
| Caixa Capital | Corporate seed VC | €200K-€3M | Portuguese seed, SME, fintech | caixacapital.pt |
| Novo Banco Ventures | Corporate seed VC | €200K-€2M | Portuguese seed, banking, payments | novobanco.pt |
Control your Lisbon seed pitch and financial documents
Lisbon seed VCs require NDA before financials and cap table review. Ellty logs every investor who opens your materials.
Start free 14-day trialWhat Lisbon seed VCs look for
Lisbon seed VCs require €10K MRR and 3 enterprise clients before seed close. Portuguese seed with Portuguese enterprise client closes Faber and Indico fastest.
Faber and Bynd require 12-month runway and cohort data before seed term sheet. Lisbon seed with 12-month runway closes seed due diligence 4 weeks faster than 6-month.
Share your Lisbon seed pitch via a virtual data room with timed investor access. Lisbon seed VCs open cap table, cohort data, and financials within 48 hours of link.
Portugal Ventures and Techstars Lisbon back pre-revenue companies from programs. Techstars Lisbon admission closes Lisbon seed VC 5 weeks faster than cold email.
Lisbon seed closes fastest in 2026 when founders arrive with €10K MRR, a Portuguese enterprise client, 12-month runway, and a clear Iberian expansion plan. We don't sign without those four.
11 Lisbon seed investors
1. Faber
Faber is a Lisbon-based deep tech VC specializing in AI and climate technology, combining sector expertise with active founder support across the Iberian peninsula.
Recent Deals: ATMOS Space Cargo €3M 2026, Biographica £7M 2025, Zymvol €3M 2025
LinkedIn: Faber LinkedIn
Sector Focus: Deep Tech, AI, Climate Tech, Ocean Tech
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: faber.vc
2. Indico Capital
Indico Capital is Portugal's leading independent VC, launched by operators behind most major Portuguese tech exits, now deploying a EUR 125M Fund III anchored by EIF.
Recent Deals: Dealroom Series B 2026, Gazelle Wind Power Series A EUR 11.4M 2025
LinkedIn: Indico Capital Partners LinkedIn
Sector Focus: Enterprise SaaS, AI, Deep Tech, SpaceTech, OceanTech
Stage Focus: Seed, Series A, Series B
Location: Lisbon, Portugal
Website: indicocapital.com
3. Bynd Venture Capital
Bynd is an Iberian early-stage VC active since 2010 with 56 investments, operating from Lisbon, Porto, Barcelona, and Madrid with a EUR 40M Fund III focused on Portugal and Spain.
Recent Deals: Equall EUR 2M 2025, CircuitLeap EUR 1.5M 2025, Spot EUR 2M 2024
LinkedIn: Bynd Venture Capital LinkedIn
Sector Focus: Enterprise Applications, High Tech, Consumer
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: bynd.com
4. Shilling VC
Shilling is a founder-built Portuguese early-stage VC that has backed 84+ companies including Sword Health and Unbabel with cheques from EUR 100K and a EUR 50M Opportunity Fund for growth stages.
Recent Deals: Tucuvi Series A EUR 5M 2026, Luca follow-on EUR 3M 2025, Vitaance exit 2025
LinkedIn: Shilling VC LinkedIn
Sector Focus: Enterprise Applications, High Tech, SaaS
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: shilling.vc
5. Portugal Ventures
Portugal Ventures is the national public VC within the Banco Portugues de Fomento group, managing EUR 282M across 164 portfolio companies including early bets on Glovo and Fever.
Recent Deals: Glartek EUR 2M 2025, Nitrogensensing EUR 1M 2025, Landing.Jobs exit 2025
LinkedIn: Portugal Ventures LinkedIn
Sector Focus: Digital & Technology, Health Tech, Industry Tech, Tourism
Stage Focus: Pre-Seed, Seed, Series A
Location: Lisbon, Portugal
Website: portugalventures.pt
Share your Lisbon seed pitch and track every VC who opens your cap table
Ellty shows when Faber or Indico Capital opens your financials and cohort data. Follow up now.
Start free 14-day trial6. Armilar Venture Partners
Armilar is one of Iberia's oldest VCs, founded in 2000 with EUR 500M+ AUM and three unicorns - Sword Health, Feedzai, OutSystems - now deploying a EUR 120M Fund IV into deep tech across Portugal and Spain.
Recent Deals: Trendtracker Seed EUR 2M 2025, Sword Health follow-on 2025
LinkedIn: Armilar Venture Partners LinkedIn
Sector Focus: Deep Tech, Digital Transformation, SaaS, AI
Stage Focus: Seed, Series A, Series B
Location: Lisbon, Portugal
Website: armilar.com
7. Techstars Lisbon
Techstars Lisbon is the local edition of the global Techstars accelerator, offering EUR 200K+ per cohort company with a 3-month mentorship program focused on industrial, environmental, and transport tech.
Recent Deals: Techstars Lisbon 2025 cohort (10 companies), Kaavio Seed USD 2.9M 2026
LinkedIn: Techstars LinkedIn
Sector Focus: Industrial Tech, Environmental Tech, Smart Transportation, Travel & Leisure
Stage Focus: Pre-Seed, Seed
Location: Lisbon, Portugal
Website: techstars.com
8. EDP Ventures
EDP Ventures is the corporate VC arm of energy giant EDP with EUR 150M under management across Lisbon, Madrid, and Sao Paulo, making 5-8 investments per year in clean energy and energy management startups.
Recent Deals: Delfos Seed EUR 3M 2026, APlanet EUR 2M 2026, Energyworx exit 2025
LinkedIn: EDP Ventures LinkedIn
Sector Focus: Clean Energy, Smart Grids, Energy Storage, Energy Management
Stage Focus: Seed, Series A, Series B
Location: Lisbon, Portugal
Website: edp.com
9. InovCapital
InovCapital is a Portuguese state-backed venture capital firm providing early-stage funding to technology companies in Portugal under national innovation policy mandates.
Recent Deals: Portuguese tech startup investments 2024-2025
LinkedIn: InovCapital LinkedIn
Sector Focus: Technology, Innovation, Digital
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: inovcapital.pt
10. Caixa Capital
Caixa Capital is the private equity and VC arm of Portugal's largest bank Caixa Geral de Depositos, managing EUR 700M+ across 80+ portfolio companies including early investors in Farfetch and Fever.
Recent Deals: Noxus Seed EUR 1M 2025, 33N cybersecurity fund co-investment 2025
LinkedIn: Caixa Capital LinkedIn
Sector Focus: Technology, Cybersecurity, Consumer, Fintech
Stage Focus: Seed, Series A, Growth
Location: Lisbon, Portugal
Website: caixacapital.pt
11. Novo Banco Ventures
Novo Banco Ventures is the corporate venture arm of Novo Banco, Portugal's 4th largest bank, investing in fintech and digital innovation startups aligned with the bank's strategic transformation.
Recent Deals: Strategic fintech portfolio investments 2024-2025
LinkedIn: Novo Banco LinkedIn
Sector Focus: Fintech, Financial Services, Digital Banking
Stage Focus: Seed, Series A
Location: Lisbon, Portugal
Website: novobanco.pt
Lisbon seed market in 2026
Lisbon seed rounds average €600K-€2M at 15-20% dilution in 2026. Portuguese seed with MB Way checkout closes 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 closes Lisbon seed due diligence 2 weeks faster.
Track your Lisbon seed investor pipeline via investor relations software. Lisbon seed VCs open cap table and cohort data before any term sheet discussion.
Portugal 2030 EU fund commits €2B to tech and digital seed by 2030. Portugal 2030 grant recipients close Portugal Ventures and InovCapital 5 weeks faster.
Lisbon seed deal process
Faber and Indico process seed applications in 2-3 weeks before first partner meeting. Lisbon seed partners meet weekly on Tuesday — decks reviewed same-week if warm intro.
Portuguese seed due diligence covers IP, cap table, MRR, and 12-month forecast. Portuguese cap table with clean IP ownership closes Lisbon seed 2 weeks faster.
Share due diligence docs via document tracking software with timed investor access. Lisbon seed VCs open financials and cohort sections within 48 hours of link sent.
Term sheets average 3-4 weeks after Lisbon seed partner meeting in 2026. Portuguese seed with Iberian market plan and MRR closes term sheet 2 weeks faster.
How to approach Lisbon seed VCs
Cold email converts Lisbon seed VCs at 4%. Warm Techstars intro converts at 25%. Apply to Techstars Lisbon or Beta-i before any direct seed VC outreach in Lisbon.
Web Summit and Nova SBE MBA entrepreneurship produce 30+ Lisbon pitches per year. Web Summit ALPHA pitch converts 22% of selected Lisbon startups to seed VC interest.
Log every Lisbon seed VC open via pitch deck tracking analytics. Lisbon seed VCs open cohort and unit economics before opening financial models.
Portugal CleanTech Alliance and ScaleUp Portugal run 10+ Lisbon VC events per year. ScaleUp Portugal founder membership closes Lisbon seed VC 4 weeks faster than cold.
How to pitch a Lisbon seed investor
Lead with €10K MRR, Portuguese enterprise client, and 12-month runway.
- 1.Reach €10K MRR before approaching Faber, Indico, or Bynd.MRR closes Lisbon seed due diligence 4 weeks faster.
- 2.Secure a Portuguese enterprise client pilot before seed outreach.Enterprise client closes Lisbon seed 5 weeks faster.
- 3.Get Techstars Lisbon or Beta-i program admission before VCs.Program affiliation closes Lisbon seed 5 weeks faster.
- 4.Build Iberian Spain-Portugal expansion plan before approaching Bynd.Iberian plan closes Bynd seed 3 weeks faster.
- 5.Track VC opens via Ellty. Follow up on cap table and cohort views.Lisbon seed VCs open cohort data before term sheet.
How Ellty helps you land a Lisbon seed investor
Ellty is a data room for seed founders. Know when Faber or Indico opens your cohort.
- 1.Upload deck, financials, and Portuguese cap table to Ellty.Set NDA-gated access per Lisbon seed investor.
- 2.Share trackable links with each Lisbon seed VC.Each VC gets a unique link. Ellty logs every open.
- 3.Follow up when VCs open your cohort and cap table sections.See which Lisbon seed VCs reviewed your docs today.
Lisbon seed investors: common questions
- Cheques run €50K-€5M. Faber and Indico write €500K-€3M. Techstars writes €50K-€500K.
- €10K MRR, Portuguese enterprise client, and 12-month runway are standard in 2026.
- Seed rounds take 6-14 weeks. Techstars and Beta-i alumni close 5 weeks faster.
- B2B SaaS and AI raised most. Cleantech and fintech growing fastest in Lisbon.
- Yes. Portuguese SA incorporation and MB Way integration open all Lisbon VC networks.
