Investments in early stage startups in Portugal increased by 37% in 2025
Startup Investment News Europe - Investments in seed capital and early stage funding for startups in Portugal increased by around 37% in 2025 to reach 2,849 million euros. The total value of acquisitions of shareholdings in Portugal also increased to reach 71% of the total value of transactions, being accompanied by an increase in the number of acquisitions, according to a report by Portugal´s Securities and Exchange Commission (CMVM) dated October 29th, 2026. Here is Portugal´s "Report on Venture Capital Activity 2025" published by CMVM:
Here is Portugal´s "Report on Venture Capital Activity 2025" published by CMVM:
The Portuguese Securities and Exchange Commission (CMVM) published the "Report on Venture Capital Activity 2025", which presents the main highlights of venture capital activity in Portugal and the respective supervisory activity by the CMVM.
At the end of 2025, 86 management entities managed venture capital Alternative Investment Institutions (OIAs), representing an increase of 8% (+ 6 entities) compared to the end of 2024.
There was a 20% growth in the number of OIA of active venture capital (to 417), 24% of the amount under management (to 12.7 billion euros) and 20% of the number of participants (to 20,496). At the end of 2025, 84% of participants were non-professional investors.
Assets under management remained relatively concentrated in the larger IAOs. Venture capital institutions with assets equal to or greater than EUR 100 million accounted for 7% of the total venture capital in operation, holding about 38% of the assets under management. By contrast, OIA of risk capital with less than €2 million accounted for approximately 15% of the total and held less than 1% of the assets under management.
The investment policies and strategies of OIAs for venture capital remained focused on private equity and venture capital typologies. In 2025 there were 236 OIAs classified as private equity and 168 as venture capital. In terms of assets under management, these categories accounted for about 69% and 27%, respectively, of the total.
Investments in seed capital & early-stage funding for startups in Portugal increased by 37% in 2025:
Investment in seed capital, start-up and early stage increased by around 768 million euros (+37% compared to 2024), reaching 2,849 million euros at the end of 2025. The amount invested to support the expansion of companies followed the same trend, increasing to 3,988 million euros (+37% compared to 2024). Investment in companies that want to reorient their strategy (turnaround) also recorded, unlike the previous year, an increase (of 14%), reaching 771 million euros.
The total value of acquisitions of shareholdings increased, corresponding to 71% of the total value of transactions, being accompanied by an increase in the number of acquisitions. In the same period, there were 1,073 divestment transactions (26% of the total number of transactions). In 31% of the divestment transactions, there were gains against the acquisition value and 35% against the value recorded in the portfolio.
In the context of supervision, a thematic action focused on risk capital IAOs is being carried out in 2025, with a special focus on compliance with applicable eligibility requirements and marketing practices. Following this action, on October 21, 2026, the CMVM Circular 007/2026 was published, concerning obligations regarding prudential requirements and marketing practices for venture capital institutions.
The CMVM has maintained a focus on the robustness of the governance and internal control systems of management entities, notably through (i) supervision on the prevention of conflicts of interest, (ii) participation in the joint supervisory action coordinated by ESMA on compliance and internal audit functions, (iii) analysis of self-assessment reports of governance and internal control systems and (iv) supervision of the availability and remuneration of members of the administrative and supervisory bodies and those responsible for control functions. In the context of preventing money laundering and terrorist financing, CMVM carried out supervisory actions on the complementary procedures adopted to obtain information on the origin of funds moved within the framework of business relationships and transactions carried out, and on the adoption of enhanced identification and due diligence measures with a view to risk mitigation.
The venture capital business remains one of the priority areas of CMVM in overseeing asset management. In a year when it is expected that the transposition of Directives (EU) 2024/927 and 2024/2994, with the consequent amendment of the Asset Management Regime and the revision of CMVM Regulation No. 7/2023, will be necessary for managing bodies to assess the need to adapt their processes and procedures.
CMVM remains focused on the supervision of venture capital activity, monitoring risks and promoting market integrity and investor protection. The report aims to strengthen the transparency of the CMVM and encourage supervised entities to adopt practices that contribute to the sustainable development of the Portuguese capital market and to the growth of the national economy.
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