Portugal Ventures

Invests in Portugal through state-owned venture financing for digital, industrial, and high-growth technology companies.

Portugal Ventures is Portugal's wholly state-owned venture capital company, operating under the BPF group. It was formed from the merger of InovCapital, AICEP Capital Global, and Turismo Capital, and it carries more than a decade of institutional venture capital history with a portfolio of 100+ companies.

It invests equity tickets from €50k to €1.5M in Portuguese startups at Pre-Seed, Seed, and Series A, across Digital & Technology, Manufacturing & Technology, Therapeutics & Health Tech, and Tourism. Deal flow comes through periodic open calls, including thematic and regional rounds such as Leiria, Açores, Madeira, Deep Tech, INNOV-ID, FIT, and WIT.

The firm usually takes a minority position, often with a board seat, and structures capital in tranches tied to milestones. Founders are screened online, heard by expert panels, and can reach a term sheet in about 90 days, so the strongest applications pair a Portuguese operating base with clear market ambition and a credible execution plan.