Portugal has reported growth in its venture capital investment fund market.
Pedro Barata, Head of Portuguese office at Immigrant Invest, analysed the data.
Official statistics
Investments by venture capital funds in Portuguese startups and early-stage companies grew by 37% in 2025, reaching €3 billion. Over the year, the figure increased by approximately €769 million.
The number of active venture capital funds increased by 20%, reaching 417. At the same time, the number of participants also increased by 20%, reaching 20,496 individuals and organisations. Of these, 84% were classified as non-professional investors.
The results were published by the Portuguese Securities Market Commission, CMVM, on October 29th, 2026, in the report Relatório sobre a Atividade de Capital de Risco 2025[1]Source: CMVM report on venture capital fund activity in Portugal for 2025.
The regulator analysed the activities of alternative investment organisations operating in venture capital. The total value of assets under management by these funds reached €12.7 billion. This is 24% more than a year earlier.
Which companies Portuguese funds invest in
The largest growth was recorded in financing young companies. According to the report, investments increased in three areas.
Startups and early-stage companies — €3 billion. Investment volume increased by 37%. This includes launching businesses and supporting companies at an early stage.
Expansion of existing companies — €4 billion. This figure also increased by 37%. The money is directed towards business development and scaling up operations.
Business restructuring — €771 million. Investments increased by 14%. Such investments help companies change their strategies and restore financial stability.
In terms of investment strategies, two types of funds dominate in Portugal. Private equity comprises 236 funds that invest in existing companies and manage around 69% of the market’s total assets.
Venture capital comprises 168 funds focused on young companies with growth potential. They account for around 27% of investment fund assets.
How to obtain a Portugal residence permit through an investment fund
Foreigners can obtain a Portugal residence permit by investing at least €500,000 in funds. An investment fund pools capital into commercial property, Portuguese companies, industrial sites, or European stocks.
Following legislative changes in October 2023, purchasing real estate ceased to be an option for new residence by investment applications.
The investor must meet the following requirements:
- Choose a fund with an operating period of at least 5 years.
- Purchase fund units worth at least €500,000.
- Invest in the Portuguese economy.
Holders of Portugal residence permits can live and work in the country and travel visa-free across the Schengen Area. Moving to the country is not mandatory, but the minimum stay requirement of 7 days a year must be met.
Immigrant Invest lawyers help assess whether funds meet the residence by investment program requirements, compare investment strategies, and prepare documents.
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