Portugal Ventures — Equity

Portugal Ventures — Equity

Provides minority-equity investment calls for Portuguese startups across digital, manufacturing, health, and tourism sectors.

Portugal Ventures is the state-backed venture capital arm of Banco Português de Fomento (BPF), operating as Portugal Ventures SCR, SA. It invests equity in Portuguese startups across four sectors — Digital & Technology (38 portfolio companies), Manufacturing & Technology (52 companies), Therapeutics & Health Tech (25 companies), and Tourism (33 companies). The firm does not award grants; all funding is structured as minority equity stakes with board representation and milestone-based tranche release.

Ticket sizes range from €50,000 for pre-seed regional and tourism calls to €1,500,000 for growth-stage regional calls such as Leiria Crescimento. Eligible applicants must be startups with registered offices in Portugal. Portugal Ventures favours co-investment alongside Portuguese and international partners, and operates across Pre-Seed, Seed, and Series A stages. Named Calls include Leiria Recuperar, Leiria Crescimento, Turismo +Crescimento, Call INNOV-ID (sustainability), Call WIT (Web3 Innovation in Tourism), Call FIT (Fostering Innovation in Tourism), Call for Deep Tech, Call Expand, Call Açores, and Call Madeira.

The investment process runs approximately 90 days from online application to term sheet: founders submit online, receive pre-screening feedback within 15 working days, pitch a national/international Panel of Experts, then undergo an investment team review and board pitch before receiving a term sheet. As of May 2026, all listed Calls show submissions closed; new Calls are issued periodically by sector or region, so applicants should monitor the open-calls page at portugalventures.pt for upcoming windows.