Rita Baptista Marques
Chief Executive Officer
Portugal Ventures has been around since 2012. A lot has changed since then, early-stage funding in Portugal has been increasing, together with the early-stage Portuguese investor base that has also been growing.
Portuguese pre-seed or bootstrapped startups are now relying on their local ecosystem, confirming that investing time and efforts in developing their network and nurturing relationships in Portugal may be a good idea.
As the size of the investor base is growing, Portugal is witnessing an increase in the level of investor collaboration that may lead in short time to better conversion rates to Series A and above.
Currently Portuguese founders struggle to obtain Series A in Portugal but companies raising seed from domestic top investors will soon be significantly more likely to raise growth and late growth capital in Portugal (and do so faster) as local investors become more open to international partnerships and ready to grasp the attention of new LPs.
Currently a large portion of dilutive funding comes from the European Funds leading to a capital flood in the called “convergence regions”. New LPs are needed though, including pension funds, insurance companies, endowments, family offices, sovereign wealth funds and fund-of-funds.
The nature of the long-term partnership between investors is fundamental to how the industry operates. Investors in Portugal should bring to the ecosystem fresh and “no strings attached money”, i.e. new LPs. This will allow to create a diversified set of funds with different targets and objectives, covering the different startup capital needs, including Series A and above. May the force be with us