State-backed VC founded 2012, funding early-stage Portuguese startups across multiple industries.
Lisbon, Portugal
Incubator
Pre-Seed to Series A
/portugal/incubator/portugal-ventures
Azafaros is a clinical-stage biotech company developing oral therapies for rare genetic metabolic disorders, including lysosomal diseases. Its lead development strategy focuses on compounds designed to cross the blood-brain barrier and address severe neurological progression in underserved pediatric conditions.
Bandora is an AI-powered virtual facility manager that integrates with existing building management systems to optimize energy efficiency, reduce costs, and maintain comfort in commercial buildings. The startup has reported about USD 1M-1.5M in pre-seed/seed backing and won the CTA CEO Summit startup pitch in Lisbon, earning a complimentary exhibit space at CES 2026 in Las Vegas.
Bloop is a social shopping network launched in Portugal in 2025 that combines social sharing and e-commerce while rewarding users with platform credit for product reviews. The company has reported EUR 2M in total investment and built its marketplace stack with Marketplacer plus Checkstep moderation tooling for EU DSA-aligned compliance workflows.
Class of Wonders is an impact-focused edtech startup building gamified classroom tools and inclusive learning experiences, including language-learning adaptations for migrant children. Through Lisboa Innovation for All, the team presented MAGOS for All, and it has also participated in ecosystem initiatives such as Techstars Startup Weekend in Viseu.
Comudel develops a business operating system that automates workflows, legal contract handling, and AI-assisted financial operations for companies. Founded in 2022, it is associated with Unicorn Factory Lisboa and Instituto Pedro Nunes, operates from The Fintech House in Lisbon, and participated in the SPRINT accelerator focused on compliance and enterprise operations.
DOJO AI is an AI marketing operating system for challenger brands, unifying strategy, content, SEO, and paid media workflows through agent-based automation. The company announced a USD 1M pre-seed round led by HEARTFELT with participation from COREangels and Axel Springer Porsche, and reports more than 20 clients across the US and UK including PensionBee, Unbabel, and Amplemarket.
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