Portugal’s startup and investment scene has been rapidly developing over the past seven years, with an explosion of new companies and investors. One of the venture firms contributing to the growth of Portugal’s tech ecosystem is Shilling, the VC arm of Draycott SCR. Known for its early-stage investments in startups like Talka, Unbabel, Bizay, Uniplaces, and Best Tables, Shilling has recently launched a €50 million fund called the “Opportunity Fund.”
The Opportunity Fund aims to support growth-stage startups in Shilling’s portfolio and outside of it. This fund will provide extra firepower for Shilling to support early-stage startups for longer periods, offering investments of up to €5 million for Series A and beyond. At the first close, over 90% of the fund’s target was raised, and it has already invested in Coverflex, a company in Shilling’s portfolio.
Despite Portugal’s vibrant startup ecosystem, the country has one of the lowest VC investment-to-GDP ratios in Europe, being five times lower than the European average. This has resulted in a funding gap for growth-stage startups. Shilling’s Opportunity Fund aims to bridge this gap by investing in these startups and supporting them throughout their journey, not just limited to portfolio companies.
Hugo Gonçalves Pereira, a founding partner at Shilling, stated that the new fund will support growth-stage companies as they scale in the post-pandemic recovery period. Talka’s co-founder and CEO, Norberto Guimarães, praised Shilling for their quick support and integration into the Portuguese early-stage startup scene.
Shilling’s success as a firm has been attributed to its early backing of tech founders. In 2021, Shilling launched the Shilling Founders Fund, a €30 million early-stage fund backed by successful tech founders and European VC Atomico. The team behind Shilling includes founders and entrepreneurs such as Miguel Santo Amaro, Ricardo Jacinto, Pedro Ramalho Carlos, and Maria Villas-Boas.
Shilling is not the only venture firm in Portugal that has scaled up in recent years. Indico Capital Partners, based in Lisbon, launched the Indico Blue Fund, a €50 million climate tech fund. Other leading VC firms in Portugal include Faber, Armilar Venture Partners, Tocha, and Portugal Ventures.
The growth of venture firms like Shilling and Indico Capital Partners highlights the increasing momentum of Portugal’s tech ecosystem. These funds provide much-needed support and investment for startups at different stages of growth, addressing the funding gap that exists in the country. With the continued support from venture firms and investors, Portugal’s startup scene is poised to thrive and make its mark on the European tech landscape.
