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Top 15 Fitness VC Funds & Investors in Portugal (October 2026)

The most active venture capital funds investing in Portugal Fitness startups. This investor list is updated monthly from the Shizune investor database, ranked by number of investments in Portugal Fitness startup companies. Find investors to raise a Pre-Seed, Seed or Venture - Series Unknown round with Shizune.
Investor Relevant Deals Geography Stage Focus Round Size
Olisipo Way
VC Fund
4 Portugal, Germany, Lithuania Seed, Pre-Seed, Venture - Series Unknown Software, Information Technology, Analytics $118k–$5.3M
Portugal Ventures
VC Fund
3 Portugal, United States, United Kingdom Seed, Venture - Series Unknown, Pre-Seed Software, Information Technology, Health Care $107k–$3.6M
Lince Capital
VC Fund
3 Portugal, United Kingdom, United States Seed, Venture - Series Unknown, Series A Artificial Intelligence, Hospitality, E-Commerce $859k–$16M
M4 Ventures
VC Fund
2 Portugal, United Kingdom, United Arab Emirates Seed, Series A, Venture - Series Unknown SaaS, Beauty, FinTech $2.1M–$5.3M
TrulyMad
VC Fund
2 Portugal Pre-Seed Beauty, Fitness, Wellness $550k–$560k
Boost VC
VC Fund
1 United States, Canada, United Kingdom Seed, Pre-Seed, Venture - Series Unknown Software, Artificial Intelligence, Virtual Reality $100k–$8.9M
Explorer Investments
VC Fund
1 Portugal, Spain, Brazil Private Equity, Seed, Venture - Series Unknown Manufacturing, Information Technology, Retail $1.7M–$21M
Armilar Venture Partners
VC Fund
1 Portugal, United States, United Kingdom Seed, Series A Software, Information Technology, Artificial Intelligence $520k–$17M
Ganexa Capital
VC Fund
1 Portugal, United States, United Kingdom Seed, Pre-Seed, Venture - Series Unknown Fitness, Software, Wellness $532k–$2.9M
StartUp Health
VC Fund
1 United States, Canada, United Kingdom Seed, Venture - Series Unknown, Pre-Seed Health Care, Medical, Wellness $20k–$15M
Demium Capital
VC Fund
1 Spain, Portugal, Poland Pre-Seed, Seed, Series A Software, Information Technology, Artificial Intelligence $110k–$3.1M
Caixa Capital
VC Fund
1 Portugal, United States, Spain Seed, Series A, Pre-Seed Software, Information Technology, Health Care $108k–$12M
GED Ventures Portugal
VC Fund
1 Portugal, France, Germany Seed, Venture - Series Unknown, Pre-Seed Software, Artificial Intelligence, Health Care $1.5M–$38M
COREangels Lisbon
VC Fund
1 Portugal, Finland, United Kingdom Seed, Pre-Seed, Angel Artificial Intelligence, Software, Marketing $83k–$2.7M
Bynd Venture Capital
VC Fund
1 Portugal, Spain, United Kingdom Seed, Pre-Seed, Series A Software, SaaS, Artificial Intelligence $507k–$50M
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Investor list

Olisipo Way
VC Fund · Lisbon, Lisboa, Portugal · 4 investments in Portugal Fitness startups

Olisipo Way is an early-stage venture firm that focuses on IT investments. It invests in technology companies with very diverse and complementary skills. The initial portfolio of Olisipo Way comes from the innovation created within the Olisipo through the continuous stimulation of innovation among employees and the incubation of new businessventures.The firm was founded in 2015 and is headquartered in Lisbon, Lisboa.

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Investment focus

  • Industry: Software, Information Technology, Analytics
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Portugal, Germany, Lithuania

Investor stats

  • Total investments: 44
  • Round size: Seed $250k–$5.3M; Pre-Seed $118k–$1.5M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • DoJob.ai — Hybrid Intelligence Innovation Project
  • OSCAR — OSCAR offers a variety of fixed-price home services, including maintenance, cleaning, laundry, and beauty services, all accessible through a user-friendly app. Customers can easily schedule appointments for these services, with options available for immediate bookings. Additionally, OSCAR provides repair services for household appliances likewashing machines and boilers, ensuring convenience for users. The platform streamlines the process of finding and scheduling necessary home services, catering to the needs of busy individuals and families. Through its comprehensive service offerings, OSCAR simplifies home management for its users.
  • Fluxe Insurance Software — FLUXE develops AI software based to build digital tools for claim automation aligned with the challenges of the insurance industry!
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Portugal Ventures
VC Fund · Porto, Lisboa, Portugal · 3 investments in Portugal Fitness startups

Verticals:Enterprise, SaaS, Security, Networks, AI, VR/AR, Marketplace, Blockchain, Internet of Things, New materials, Electronics, Robotics, Cleantech, Agrotech, Seatech, Therapeutics, Digital Health, Diagnostics, Innovative Accommodation, Tourist Entertainment Companies, Tour Operators, Wine, Nautical and Equestrian Tourism, Theme ParksMobile, Robotics Founded in 2012, Portugal Ventures is a venture capital firm based in Porto, Portugal. The firm is a part of the Banco Português de Fomento group. The firm seeks to invest in pre-seed, seed and series A stages

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Seed, Venture - Series Unknown, Pre-Seed
  • Geography: Portugal, United States, United Kingdom

Investor stats

  • Total investments: 386
  • Round size: Seed $121k–$1.9M; Pre-Seed $107k–$796k; Venture - Series Unknown $121k–$3.6M
  • Lead/follow: 17% lead, 83% follow
  • Last fund: May invest from a new fund soon — last raise in 2021

Portfolio highlights

  • Aptoide — Find, discover and download the best apps and games for Android in the official Aptoide app store
  • Unlockit — Unlockit will offer to public and governmental bodies the guarantee that everything within a real estate transaction is recorded, meaning better industry regulation, more taxes and public fees collected, and less overall fraud and money laundering activities.
  • Outgoing — A ticketing tool that allows organizers to sell tickets directly on WhatsApp and Instagram. Users can purchase tickets through a personalized checkout process entirely within the chat, without registration or redirects. It also offers customer support that answers questions in real time.
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Lince Capital
VC Fund · Lisbon, Lisboa, Portugal · 3 investments in Portugal Fitness startups

Lince Capital is an independent venture capital company. Lince Capital was born from the experience of a family group with over 30 years of experience in managing investment funds in various business areas, including real estate, infrastructure, agriculture, and telecommunications.Lince Capital is distinguished by its personalized and excellentsupport, close and direct relationship with each of its investors and business partners, and the dedication of an experienced and dynamic team.

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Investment focus

  • Industry: Artificial Intelligence, Hospitality, E-Commerce
  • Stage:Seed, Venture - Series Unknown, Series A
  • Geography: Portugal, United Kingdom, United States

Investor stats

  • Total investments: 57
  • Round size: Seed $859k–$6.8M; Series A $2.1M–$16M; Venture - Series Unknown $1.3M–$13M
  • Lead/follow: 44% lead, 56% follow
  • Last fund: Likely still investing — raised $22M in 2024

Portfolio highlights

  • BIZAY — Bizay enables the world’s largest catalogue of customizable products. Its technology platform operates across Europe, South and North America, and digitalizes the booming and huge industry of product customization by empowering brands, people and societies to self-express. It enables local manufacturers, brands, and wholesalers to offercustomization on any product in the world and reduces the cost of production by half through batching and supply-chain optimization technologies. Our platform/technology is aimed at three customer targets:(i) B2B2C provides a platform for businesses to design and sell customized products from Bizay’s existing product catalogue, with the four main customer segments: Resellers, Content Creators (Independent artists, influencers or event or managers that want to sell customized merchandise with their branding, designs or artwork), e-Commerce entrepreneurs (Small entrepreneurs that aim to expand their catalogue and upgrade their business by adding customized products to their online stores), as well as big household brands & enterprises (well-established business in need of a partner that is capable of handling large volume of customized products orders or to expand their existing offer)(ii) B2B, which is focused on SMBs, provides an extensive product catalogue for customized products to be used in several industries (ex: uniforms for restaurants and bags for retail shops) (iii) Customization-as-a-Service (CaaS), where clients (typically major brands) capitalize on Bizay’s technology, expertise, customization options, techniques and offline suppliers to customize their own products
  • Nutrium — Nutrium is the most up-to-date nutrition software for dietitians and nutritionists to manage their nutrition business with nutritional assessment, meal planning and progress tracking.
  • Neuraspace — Focus on fewer alerts with more time to manoeuver, with a scalable AI/ML solution from Neuraspace
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M4 Ventures
VC Fund · Lisboa, Lisboa, Portugal · 2 investments in Portugal Fitness startups

M4 Ventures helps startups to grow and expand globally through experience and hands-on collaboration.

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Investment focus

  • Industry: SaaS, Beauty, FinTech
  • Stage:Seed, Series A, Venture - Series Unknown
  • Geography: Portugal, United Kingdom, United Arab Emirates

Investor stats

  • Total investments: 9
  • Round size: Seed $2.1M–$5.3M
  • Lead/follow: 11% lead, 89% follow

Portfolio highlights

  • Nutrium — Nutrium is the most up-to-date nutrition software for dietitians and nutritionists to manage their nutrition business with nutritional assessment, meal planning and progress tracking.
  • PayNest — PayNest is a payments amalgamator, which was created with the core mission of digitizing cash collection in the Middle East.
  • sheerME — SheerME is Revolutionising the way people find, book, and pay for their Wellness and Beauty services powered by a benefit-based walletOur approach is based on Discovery, Transaction & Reward to create more online visibility, reach, conversion into new business, loyalty, and frequency through our wallet and cashback ecosystem, to all ourpartners in the beauty and wellness sectors.This made us a fresh and different option in this sector where there are mainly SaaS players, and we bring marketplace with no monthly fee, only a commission for business sent through our owned and partner channels.
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TrulyMad
VC Fund · 2 investments in Portugal Fitness startups

TrulyMad Business Accelerator

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Investment focus

  • Industry: Beauty, Fitness, Wellness
  • Stage:Pre-Seed
  • Geography: Portugal

Investor stats

  • Total investments: 2
  • Round size: Pre-Seed $550k–$560k
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • sheerME — SheerME is Revolutionising the way people find, book, and pay for their Wellness and Beauty services powered by a benefit-based walletOur approach is based on Discovery, Transaction & Reward to create more online visibility, reach, conversion into new business, loyalty, and frequency through our wallet and cashback ecosystem, to all ourpartners in the beauty and wellness sectors.This made us a fresh and different option in this sector where there are mainly SaaS players, and we bring marketplace with no monthly fee, only a commission for business sent through our owned and partner channels.
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Boost VC
VC Fund · San Mateo, California, United States · 1 investments in Portugal Fitness startups, 20 in the past 12 months

Boost VC: The Pre-Seed Fund Making Sci-FI a Reality. Investing in crypto, virtual reality, augmented reality, AI, Ocean Tech, Space Tech, human augmentation, exoskeletons and more.

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Investment focus

  • Industry: Software, Artificial Intelligence, Virtual Reality
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: United States, Canada, United Kingdom

Investor stats

  • Total investments: 431
  • Round size: Seed $195k–$6.1M; Pre-Seed $100k–$2.6M; Venture - Series Unknown $620k–$8.9M
  • Lead/follow: 14% lead, 86% follow
  • Last fund: Likely actively investing — fresh fund, raised $88M in 2025

Portfolio highlights

  • SkinBit — SkinBit is a healthtech company that develops AI-powered skin cancer detection, digital mapping, and health monitoring solutions.
  • heXem bio — heXem bio specializes in recording solutions for the early development of humans for longevity.
  • Elita — Store your dog's stem cells with Elita. One-time opportunity to protect their future health and avoid costly surgeries later in life.
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Explorer Investments
VC Fund · Lisboa, Lisboa, Portugal · 1 investments in Portugal Fitness startups

Founded in 2003, Explorer is Portugals leading independent management company of alternative assets, with a reputation for outstanding quality, in-depth experience and an excellent track record.

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Investment focus

  • Industry: Manufacturing, Information Technology, Retail
  • Stage:Private Equity, Seed, Venture - Series Unknown
  • Geography: Portugal, Spain, Brazil

Investor stats

  • Total investments: 90
  • Round size: Seed $1.7M–$11M; Venture - Series Unknown $6.6M–$21M
  • Lead/follow: 60% lead, 40% follow
  • Last fund: May invest from a new fund soon — raised $154M in 2018

Portfolio highlights

  • Luca — Luca's learning platform provides learning programs for primary and secondary school students. The learning platform offers pre-recorded K12 videos, gamified content and AI powered personalized study paths, covering the entire official academic curriculum and national exams prep. Luca is a VC backed startup with HQ in Madrid & MexicoCity
  • Neuraspace — Focus on fewer alerts with more time to manoeuver, with a scalable AI/ML solution from Neuraspace
  • Spotlite — Spotlite combines satellite data with AI to predict infrastructure risks before they become problems.
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Armilar Venture Partners
VC Fund · Lisboa, Lisboa, Portugal · 1 investments in Portugal Fitness startups

Armilar Venture Partners is Portugal's leading venture capitalist. An independent VC with a 20-year-old history, a high-performance track record and an international footprint, Armilar is a deep-tech investor in ICT, HealthTech and CleanTech.

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Seed, Series A
  • Geography: Portugal, United States, United Kingdom

Investor stats

  • Total investments: 118
  • Round size: Seed $520k–$3.9M; Series A $4M–$17M
  • Lead/follow: 36% lead, 64% follow
  • Last fund: Likely actively investing — fresh fund, raised $138M in 2025

Portfolio highlights

  • Neuraspace — Focus on fewer alerts with more time to manoeuver, with a scalable AI/ML solution from Neuraspace
  • Usawa Care — Usawa is a free digital pediatrician clinic in Portugal. Talk to pediatricians via WhatsApp and get guidance for your child's health.
  • DOJO AI — The only tool you need to grow your Brand.
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Ganexa Capital
VC Fund · Lisbon, Lisboa, Portugal · 1 investments in Portugal Fitness startups

Ability to open doors on opportunities (potential clients/strategic partners/suppliers/etc). Add market credibility, something missing in many start-ups.Know-how that can save you time, money and unnecessary stress and worry. Ability to complement the existing management team, filling gapsThey understand the difficulties andhardships of starting and building a business. They are motivated to work with you on the building process, and not just wait for the end result

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Investment focus

  • Industry: Fitness, Software, Wellness
  • Stage:Seed, Pre-Seed, Venture - Series Unknown
  • Geography: Portugal, United States, United Kingdom

Investor stats

  • Total investments: 11
  • Round size: Seed $532k–$2.9M
  • Lead/follow: 18% lead, 82% follow

Portfolio highlights

  • Abtrace — Abtrace is an automated, self-learning care system where we can provide personalised care, delivered at population scale - where predictive, preventative and proactive approaches keep people healthy and out of hospital.
  • sheerME — SheerME is Revolutionising the way people find, book, and pay for their Wellness and Beauty services powered by a benefit-based walletOur approach is based on Discovery, Transaction & Reward to create more online visibility, reach, conversion into new business, loyalty, and frequency through our wallet and cashback ecosystem, to all ourpartners in the beauty and wellness sectors.This made us a fresh and different option in this sector where there are mainly SaaS players, and we bring marketplace with no monthly fee, only a commission for business sent through our owned and partner channels.
  • ChemiTek — Certified & sustainable solutions for industrial maintenance. We have the solutions you need!
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StartUp Health
VC Fund · New York, New York, United States · 1 investments in Portugal Fitness startups

Organizing and investing in a global army of entrepreneurs committed to achieving health moonshots

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Investment focus

  • Industry: Health Care, Medical, Wellness
  • Stage:Seed, Venture - Series Unknown, Pre-Seed
  • Geography: United States, Canada, United Kingdom

Investor stats

  • Total investments: 361
  • Round size: Seed $100k–$4M; Pre-Seed $20k–$854k; Venture - Series Unknown $150k–$15M
  • Lead/follow: 3% lead, 97% follow
  • Last fund: May invest from a new fund soon — raised $31M in 2018

Portfolio highlights

  • AvoMD — AvoMD is reimagining clinical decision support with interactive point-of-care software, available standalone and via EHR integrations, and seamless content building tools.
  • Hidoc Consult — Hidoc Consult: Boost your well-being with free consultations, 24/7 access to quality healthcare, complete privacy, user-friendly, and a trusted network of HCPs
  • NEXT Life Sciences — NEXT Life Sciences is developing the revolutionary Plan A™ procedure to bring the only scientifically proven technology in the category - Vasalgel® - to market.
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822 industries, 177 countries. Updated daily. Emails and phones included.

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Demium Capital
VC Fund · Valencia, Comunidad Valenciana, Spain · 1 investments in Portugal Fitness startups

Demium is a talent investment company founded in Spain in 2013 with the aim of supporting the best professionals and helping them to carry out successful projects, always with an eminently digital and technological component. In November 2020, it's asset management company, Demium Capital, started operating with a first €50M fund to invest inmore than 75 early-stage startups per year (pre-seed/seed), becoming the most active venture capital fund in Spain. Startups such as Hannun, Voicemod, Swipcar, Citibox, Singularu or Landbot, among others have been created in the incubator. The company is present in five countries: Spain, Portugal, Poland, Ukraine and Czech Republic

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Investment focus

  • Industry: Software, Information Technology, Artificial Intelligence
  • Stage:Pre-Seed, Seed, Series A
  • Geography: Spain, Portugal, Poland

Investor stats

  • Total investments: 85
  • Round size: Seed $113k–$3.1M; Pre-Seed $110k–$574k
  • Lead/follow: 61% lead, 39% follow
  • Last fund: May invest from a new fund soon — raised $59M in 2020

Portfolio highlights

  • Rauda AI — Rauda is an artificial intelligence platform specialized in automating customer service with the best customer experience. Take a quantum leap in productivity, reduce costs and improve customer satisfaction with the power of generative artificial intelligence.
  • Aino — Aino is a location intelligence tool that enables businesses to analyze spatial data in just minutes. Aino saves hundreds of hours on data work for real estate, retail, urban planning, and geo-marketing companies.
  • Orbital Paradigm — Orbital Paradigm builds reusable vehicles that carry cargo to space and bring it back. Dedicated missions, any orbit, on your schedule. Based in Madrid.
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Caixa Capital
VC Fund · Lisboa, Lisboa, Portugal · 1 investments in Portugal Fitness startups

Caixa Capital is the Private Equity and Venture Capital arm of banking Group Caixa Geral de Depósitos and has a track record spanning over two decades of activity, since the industry was created in Portugal. It is a leading investor in terms of funds under management, portfolio size and diversity.Caixa Capital´s mission is to invest in fundsand companies, led by highly qualified management teams, with high growth and valuation potential, that enable our funds to achieve an attractive risk adjusted return and for society at large to benefit sustainably from our activity.Currently with more than 700 million Euros under management and a portfolio of over 80 investments, Caixa Capital is a reference in this area with special links to the respective European sector associations.

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Investment focus

  • Industry: Software, Information Technology, Health Care
  • Stage:Seed, Series A, Pre-Seed
  • Geography: Portugal, United States, Spain

Investor stats

  • Total investments: 90
  • Round size: Seed $111k–$3M; Pre-Seed $108k–$1.7M; Series A $3M–$12M
  • Lead/follow: 22% lead, 78% follow

Portfolio highlights

  • Growappy — Growappy is an EdTech that offers an all-in-one platform for early education that is leading a vision to unlock personalized education since nursery with the power of AI, while providing a revolutionary communication experience between schools and families and drastically simplifying bureaucracy for teachers and school owners.
  • Noxus — At Spot, we're crafting the operating system for tomorrow's workforce, harnessing AI to streamline influencer marketing. Our platform empowers agencies, businesses, and content creators to collaborate effectively and reach audiences with ease.
  • Infraspeak — Infraspeak is an Intelligent CMMS Software that brings outstanding flexibility, connectivity and intelligence to your operations.
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GED Ventures Portugal
VC Fund · Lisboa, Lisboa, Portugal · 1 investments in Portugal Fitness startups

GED Ventures Portugal is an Investment firm.

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Investment focus

  • Industry: Software, Artificial Intelligence, Health Care
  • Stage:Seed, Venture - Series Unknown, Pre-Seed
  • Geography: Portugal, France, Germany

Investor stats

  • Total investments: 17
  • Round size: Seed $1.5M–$3.3M; Venture - Series Unknown $12M–$38M
  • Lead/follow: 65% lead, 35% follow

Portfolio highlights

  • Rofim — Rofim provides a multidisciplinary platform that combines practitioners' knowledge, technology for analyses, and medical imaging to provide a diagnosis. In order to share knowledge and provide the most accurate and timely diagnosis possible, Rofim concentrates on all the functionalities created for fluid medical use. The company is dedicatedto making the daily lives of physicians, patients, and medical institutions easier, more moral, and more seamless.
  • Hoopers — Global basketball community platform connecting players, fans and enthusiasts through products, contents, experiences and NFTs.
  • Hope Care Health — Hope Care is a digital health company that combines services, products, and cutting-edge technology platforms to enable the delivery of Social and Health Care without barriers.
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COREangels Lisbon
VC Fund · 1 investments in Portugal Fitness startups

COREangels Boston is a group of operators and entrepreneurs investing at the angel stage in startups which have low capital costs and are either special situations or unicorns-in-waiting.

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Investment focus

  • Industry: Artificial Intelligence, Software, Marketing
  • Stage:Seed, Pre-Seed, Angel
  • Geography: Portugal, Finland, United Kingdom

Investor stats

  • Total investments: 14
  • Round size: Seed $1.2M–$2.7M; Pre-Seed $83k–$1.2M
  • Lead/follow: 0% lead, 100% follow

Portfolio highlights

  • Tilect — The AI pricing platform that joins forecasting, pricing & promotion optimization, and competitive intelligence in one decision layer. 94.6% forecast accuracy, 10K+ competitor signals daily, productive in week one.
  • Weiver — Weiver helps businesses professionally manage, improve, and analyze reviews with a centralized AI platform.
  • GOVA — GOVA is a food-biotech startup that uses creativity and delicious flavor to create the healthiest sugar on the planet.
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Bynd Venture Capital
VC Fund · Lisbon, Lisboa, Portugal · 1 investments in Portugal Fitness startups, 7 in the past 12 months

Bynd is a leading Iberian Venture Capital firm

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Investment focus

  • Industry: Software, SaaS, Artificial Intelligence
  • Stage:Seed, Pre-Seed, Series A
  • Geography: Portugal, Spain, United Kingdom

Investor stats

  • Total investments: 77
  • Round size: Seed $507k–$5.1M; Pre-Seed $552k–$2.1M; Series A $2.3M–$50M
  • Lead/follow: 17% lead, 83% follow
  • Last fund: Likely actively investing — fresh fund, raised $43M in 2024

Portfolio highlights

  • Tenoro — Tenoro is an AI-powered company that provides supply chain, warehouse, and automation services.
  • Trebellar — Trebellar provides advanced data analytics for building occupancy, energy efficiency, and climate optimization. Maximize your workplace productivity with our intelligent building solutions.
  • Wio Capital — Wio Capital is a wealthtech company that builds an AI-powered wealth management platform for financial advisors, offices, and bankers.
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Fitness VC funding in Portugal at a glance

Stats across 27 deals from 31 investors.

31
investors
in Portugal Fitness startups
27
deals
in Portugal Fitness startups
$584k
median round
in Portugal Fitness startups
26%
lead investors
lead at least one round
37%
Seed
most common funding stage

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What is Shizune?

Shizune is a 48,091 investor database updated daily.

With Shizune you can:

  • browse the database
  • use smart matching
  • enrich with emails
  • download

All you need to find investors for your startup.

Who is Shizune for?

Shizune is built for startup founders by startup founders.

If you are looking for funding for your startup, try the Shizune database — we have investors for every stage, industry, and country.

Is Shizune free?

Shizune is free forever. You can search and browse investors for free.

Email search and export are paid features.

For full info, visit our pricing.

Who built Shizune?

Shizune is built by founders with the goal of helping all founders raise funding no matter where they are.

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