Co-investment by Portuguese VCs and business Angels investors

Context

I did some analysis in co-investments in Portugal and I thought the results were quite interesting. So I am sharing below the main takeways.

I believe the analysis can help Entrepreneur understand:

Which investors have good relationships and probably will share notes on your discussions
Which investors you can’t put in the same cap table
Which funds have good links with international investors
…

The below analysis can also be interesting for international funds, to understand which are the go-to funds in Portugal to co-invest.

Portugal Ventures is one of the most active Portuguese investors and also one of the most active co-investing as well. It is very common for Portugal Ventures to bring other investors in the round.
On the private investors’ side, Bright Pixel and Olisipo Way are the funds with the highest number of co-investors.
On the other side, LC Ventures and Best Horizon seem to invest mostly on their own or to invest with Core Angels. The remaining investors have limited co-investments until now.
By design, 200M is a co-investment fund, so it is a natural choice for funds, particularly for later-stage funds. Indico Capital Partners and Armilar Venture Partners are the ones benefiting more from 200M in Portugal in 2020 until now.

During 2020, SemapaNext (mostly due to its co-investment with Techstars), EDP Ventures, and Mustard Seed Maze have been the most active investors co-investing with international investors.
EDP Ventures is the most active investor in startups outside Portugal.
Mustard Seed Maze, Bynd, Semapa Next, EDP Ventures, 200M and Armilar Venture Partners have the highest percentage of co-investment with international investors (>=50%).
Not presented in this table, but 50% of the international rounds raised by Portuguese based startups, don’t have a national investor

Most updated information. For more details check information source here

Co-investment: PT+PT

Co-investment: PT+NON-PT