Management Report and Accounts 2025 (Portugal Ventures)

Summary

• Portugal Ventures invested 12.7 million euros in 20 companies in 2025.p.3
• It made 4 new investments totalling 4.1 million euros and 16 follow-on operations totalling 8.6 million euros.p.3
• It completed 10 exits, highlighted by Addvolt at a multiple of 5.5, generating a positive result of 1 million euros.p.3
• Net income was 1,596 thousand euros in 2025, the fifth consecutive year of positive net income.p.3
• Capital returned to participants of the managed funds was 16.2 million euros, while paid-in capital in the funds was 11 million euros.p.3
• The firm received 404 dealflow opportunities during the year.p.3
• As of 31 December 2025 it had 287.8 million euros under management, 231.7 million euros invested and 256 companies supported.p.15

Key insights

1. Investments range between 150 thousand euros and 1.5 million euros depending on sector and stage.p.16
2. Banco Português de Fomento holds 79.94% of the share capital.p.13
3. Banco Comercial Português holds 6.27% and Banco BPI 6.19% of the capital.p.13
4. Total share capital is 40,412,650 euros.p.13
5. Investment activity is structured in four verticals: Digital and Technology, Industry and Technology, Health Technologies and Tourism.p.15
6. Portugal Ventures focuses on mitigating market failures in the Pre-Seed and Seed stages.p.16