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Top 15 Medical Startup Investors in Portugal in September 2025

Last updated: Sep 2025 A list of 15 angel investors and VC (Venture Capital) funds that invest in Medical startups based in Portugal. We rank investors based on the number of investments they made in Medical companies from Portugal. We update this investor list every month.

Top 15 Medical Startup Investors in Portugal in September 2025

Investor	Medical Portugal investments
Portugal Ventures	8
Armilar Venture Partners	5
Vesalius Biocapital Partners	4
TheVentureCity	3
Caixa Capital	3
Critical Ventures	2
SOSV	2
Green Innovations	1
Shilling	1
TheVentureCity	1
HTGF (High-Tech Gruenderfonds)	1
Demium Capital	1
Boule Diagnostics	1
ChangePartners	1
Social Impact Fund	1

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Investor list

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

Investment focus

Software, Information Technology, Health Care
Seed, Funding Round, Pre-Seed
Portugal, United States, France

Portfolio highlights

Glartek — Glartek's Augmented and Connected Worker solution enables increasing efficiency, safety, and excellence in all industrial operations.
Winalist — Discover and book curated wine tours, tastings, and exclusive wine and spirits experiences across Europe and the US. Explore top vineyards and enjoy personalized recommendations with Winalist.
Mantis-AI — Mantis.AI is an entertainment tech company that takes raw videos and noisy data and shapes them into a masterpiece of organized video clips, enriched data and content insights.

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.

Investment focus

Software, Information Technology, Manufacturing
Series A, Seed, Funding Round
Portugal, United States, United Kingdom

Portfolio highlights

Cintoo — Cintoo is essential for BIM to bridge the gap between your physical and virtual worlds.
Automaise — Radically improve your customer care operations by focusing where the volume is and helping your agents do a better job.
Sword Health — SWORD Health is a digital musculoskeletal (MSK) therapy provider. The company pairs licensed physical therapists with innovative technology to help people overcome their chronic and post-surgical pain faster and more cost-effectively. We’re on a mission to free two billion people from pain by making it simple for people to recover at home, withoutresorting to imaging, surgeries, or opioids. Since launching in 2015, SWORD Health has worked with insurers, health systems, and employers in Europe, Australia, and the U.S. to give thousands of people access to preventative, chronic, and post-surgical MSK care that gets results. SWORD Health has offices in New York City, Chicago, Salt Lake City, Sydney, and Porto.

Vesalius Biocapital Partners invests in companies active in human health through venture capital funds raised since 2007. They have contributed to developing 20 companies since inception.With more than € 150 million under management in two funds. Vesalius Biocapital Partners plays the role of lead investor in the large majority of its financingrounds.Their companies are based in Europe allowing easy interaction with management.They invest in all stages of development and do not shy away from relatively early-stage projects with a sound proprietary technology and corresponding IP, unique team skills and a clear competitive edge based on solid data.

Investment focus

Biotechnology, Health Care, Medical
Series A, Series B, Series C
Belgium, Germany, France

Portfolio highlights

Caresyntax — Caresyntax is the only enterprise-scale surgical data solution you need to make surgery smarter, safer, and more profitable.
ENYO Pharma — ENYO Pharma is a biopharmaceutical company incorporated in Jan, 2014, by four scientists of the Infectiology Research Center in Lyon, France, and three seeding partners (2 privates and 1 public).The company is based in the Infectiology Center of Lyonbiopôle in Lyon, France and maintains tight collaborations with the seminal Inserm team and theBSL4 laboratory Inserm-Jean Mérieux.ENYO Pharma has licensed several Inserm patents issued from the discoveries of the founding scientists and developed a unique platform for the identification of intracellular therapeutic targets and molecules.The company is developing treatments against the most important viruses and is thriving to become a global leader in anti-virals. Research and Development is currently focused on human infecting viruses, with the first two programs being dedicated to the treatment of severe and seasonal flu and chronic hepatitis B. The company plans to conduct its molecules to Phase II clinical trials.
Inflammatix — Inflammatix develops rapid point of care diagnostic tests by reading the immune system, and resolves major clinical health challenges.

TheVentureCity is a global early-stage venture fund, investing in product-centric startups across the US, Europe, and Latam. With more than $150M under management, the firm invests from pre-seed and seed with a ticket size from $100-500k to Series A with $1-4M.

Investment focus

Software, SaaS, Artificial Intelligence
Seed, Pre-Seed, Series A
United States, Spain, Brazil

Portfolio highlights

Count — Explore, refactor, and share your data at warp speed.
Tansley — Tansley is a group of companies (Guaw, Milbby, Brand Story, Bookish) focused on fostering consumer ecosystems around hobbies and passions.
Passport — Passport is the modern shipping carrier for international ecommerce that helps direct-to-consumer brands ship their products internationally.

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.

Investment focus

Software, Information Technology, SaaS
Seed, Series A, Funding Round
Portugal, United States, Spain

Portfolio highlights

HiJiffy — Increase direct bookings and upselling with HiJiffy's AI-powered communication solutions for hospitality.
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.

We invest in game-changing companies with the power to transform the way the world uses technology.

Investment focus

Medical, Computer, Genetics
Seed, Series A
Portugal, United States

Portfolio highlights

hOS — hOS is an early-stage AI technology company.
CBR Genomics — We apply our end-to-end solutions to hand genetic reports at the clinical desk. We make Genomics accessible!
RunSafe Security — Secure embedded systems with RunSafe Security's runtime cybersecurity protection, integrating build-time defenses without affecting performance.

SOSV is a global, deep tech venture capital firm that operates the HAX and IndieBio startup development programs focused on human and planetary health. SOSV invests $500,000 in startups at their inception as they onboard either HAX or IndieBio for a 4-6 month period designed to accelerate the raise of their next institutional round. SOSV joins thelater rounds of HAX and IndieBio graduates. HAX, based in a 35,000 sq ft facility in Newark, NJ, is equipped with machine tools, 3D printers, chemical, electrical and mechanical engineering labs, as well as on-staff engineering and design experts. SOSV's IndieBio has locations in NYC and San Francisco, both of which offer extensive services and facilities to founders including on-site BSL-2 labs, well equipped lab benches and hoods, and advanced lab equipment, such as chromatography equipment.

Investment focus

Biotechnology, Health Care, Software
Seed, Convertible Note, Pre-Seed
United States, India, United Kingdom

Portfolio highlights

MixRift — MIXRIFT - game developers specialized in Mixed Reality
unspun — From 3D scan to perfect fitting custom jeans. unspun makes each pair of jeans unique to your actual body and design. On a mission to reduce global carbon emissions by 1%. As seen in Fast Company's World Changing Ideas, Time's Best Inventions, and PopSci's Best of What's New. Welcome to the future of apparel.
Mesa Quantum — Unlock the potential of chip-scale quantum sensing for enhanced Position, Navigation, And Timing capabilities. Explore Mesa Quantum's practical solutions.

International, Life Sciences, Biotechnology

Investment focus

Medical, Genetics, Health Care
Series A
Portugal

Portfolio highlights

CBR Genomics — We apply our end-to-end solutions to hand genetic reports at the clinical desk. We make Genomics accessible!

Shilling is an early-stage venture capital firm backing exceptional founders from the start.Shilling invests in a wide range of verticals and seeks out the biggest opportunities across all B2B and consumer categories. Leveraging the concept of Founder LPs, Shilling brings much more than capital and offers through its Shilling Platform, directaccess to successful founders and executives of leading companies. This platform supports entrepreneurs in validating and developing their ventures, which then accelerate their growth into global markets.

Investment focus

Information Technology, Software, Internet
Seed, Pre-Seed, Series A
Portugal, Spain, United States

Portfolio highlights

Cooby — Supercharge your WhatsApp and integrate it with your CRM to reduce administrative work and lost customer data.
Bounce — Short term (hourly & daily) storage all around urban areas, hosted by local businesses.
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

Our ticket size ranges from $100-500k for Pre-seed/Seed and $1-4M for Series A companies. We're in search of promising-founders with product-driven mindsets who have a passion for building. Those who've fallen in love with data. For we believe in fit---both product and with the team here. Got a great idea? Come to TheVentureCity and give it the expertise to help it grow.

Investment focus

Software, SaaS, Information Technology
Seed, Pre-Seed, Series A
United States, Spain, Brazil

Portfolio highlights

Count — Explore, refactor, and share your data at warp speed.
Tansley — Tansley is a group of companies (Guaw, Milbby, Brand Story, Bookish) focused on fostering consumer ecosystems around hobbies and passions.
Passport — Passport is the modern shipping carrier for international ecommerce that helps direct-to-consumer brands ship their products internationally.

High-Tech Grunderfonds finances startups with growth potential. Its team of investment managers supports young companies with expertise, entrepreneurial spirit, and passion. The company focuses in the fields of digital tech, industrial tech, life sciences, chemistry, and related business areas. It also focuses on financial services in varioussectors.

Investment focus

Software, Biotechnology, Information Technology
Seed, Series A, Funding Round
Germany, Switzerland, United States

Portfolio highlights

Mevaldi — Mevaldi is a biotechnology company. They investigate, select, and bring to market new technologies in the field of bio-based chemicals. They provide a revolutionary approach that integrates the large-scale biological conversion of sugars to low-cost mevalonolactone with a further cascade of thermo-catalytic conversions to various bio-monomers.
TrustNXT — TrustNXT is the trust authority for digital media, providing innovative software solutions to safeguard digital photos and videos from manipulation. Our technology verifies the origin, content, and metadata of digital media, while advanced forensic tools empower users to assess the trustworthiness of visual content. With a mission to protectauthenticity and foster safer digital environments, TrustNXT is committed to combating fraud and ensuring the integrity of digital media in today's digital world.
Pactos — Pactos streamlines and digitizes processes to enable large and medium-sized businesses to effectively and centrally procure and manage their contingent labor.

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

Investment focus

Software, Information Technology, Artificial Intelligence
Pre-Seed, Seed, Series A
Spain, Portugal, Poland

Portfolio highlights

Dealcar — DEALCAR is a company that digitalizes the used car market through a SaaS platform, enabling fully digital transactions. This platform creates a network effect benefiting dealers, partners, and customers. • Dealers: Increase revenue by selling extra products and boost sales by reducing turnover time. • Partners: Distribute products at the pointof sale without marketing expenses, lowering operational costs. • Consumers: Purchase a used car easily in just three steps, enjoying a smooth, trusted process similar to renting but with the benefits of owning a car.
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 — Get site analysis in minutes instead of weeks by just asking questions to AI. No coding or GIS skils needed.

Boule develops, manufactures, and markets hematology analyzers for both human and veterinary markets. Read more about us here.

Investment focus

Medical, Health Care, Medical Device
Series A
Portugal

Portfolio highlights

Biosurfit — At biosurfit they are working to shape the future of in-vitro diagnostic testing. They want health providers to have all the necessary information to make the best possible diagnostic and treatment decision when they are with their patients

ChangePartners is an independent company dedicated to mid-size transactions in the Iberian market. They develop high value added solutions specific to each particular situation , offering a fair and unbiased opinion. Their independence guarantees no conflicts of interest. Their small size and focus ensures full dedication to each transaction.

Investment focus

Medical, Therapeutics, Biotechnology
Seed
Portugal

Portfolio highlights

Exogenus Therapeutics — Exogenus Therapeutics is engineering cell biology for innovative therapeutic solutions.Exo-T is a biotechnology company dedicated to the pre-clinical and clinical development of innovative cellular-based therapies applied to regenerative medicine, specifically for the skin lesions treatment. The company is presently developing its first product,Exo-Wound, for the treatment of chronic wounds.The project that led to the creation of the company (Nanoinspire) participated in COHiTEC 2014 program and is the result of the research developed in collaboration with Crioestaminal SA, Biocant, and Centre for Neurosciences and Cellular Biology of Coimbra University.