By Fernando Ferreira
I started investing in tech in Portugal in 2005.
One of the first investments was OutSystems, today a Unicorn.
Back then, the ecosystem was very different.
There were almost no early-stage investors in Portugal. If you invested in a startup, you were often the only institutional investor around the table.
And while that might sound powerful, it wasn’t always ideal.
Being the sole investor creates friction:
• Reserved matters become heavier discussions
• Bridge rounds become delicate negotiations
• Governance can feel unbalanced
• The pressure on one investor to “add value” becomes unrealistic
Founders need sparring partners. Investors need perspective. Companies need networks.
The emergence of Portuguese VCs like ES Ventures (now Armilar), Faber, Shilling, EDP Ventures, and Novabase Capital changed the dynamic entirely.
Boards became stronger.
Discussions became richer.
Competition improved deal quality.
Follow-on funding became more structured.
For the first time, startups could raise the next round locally without immediately depending on international capital.
US and European VCs were watching, but often considered Portugal “too early”.
Then things shifted.
In 2013, Sapphire invested in Feedzai.
Octopus backed Uniplaces.
Storm followed with Talkdesk.
Momentum builds ecosystems.
In 2015, Headline invested in Aptoide’s Series A alongside Gobi Partners and Golden Gate Ventures. Sitting on that board with Paulo Trezentos, Álvaro Pinto, Jonathan Becker, Kay-Mok Ku and Nuno Gonçalves Pedro was a masterclass in global syndication.
Different continents.
Different experiences.
One aligned ambition.
A year later, DefinedCrowd’s seed round brought together Sony, Amazon and Swan. It was one of the fastest growing companies I’ve ever invested in. The addition of Dennis Smith at Series A was transformational. The right co-investor at the right time can change a company’s trajectory.
That’s the power of syndicates.
Of course, co-investing is not always smooth.
When growth slows, boards can split.
Some investors lose focus.
In extreme cases, they become part of the problem.
But when investors align… truly align… extraordinary things happen.
Working alongside people like Jon Soberg, Daniel Nascimento, Alexandre Teixeira dos Santos, Francisco Ferreira Pinto, Alexandre Barbosa, Alexandre Joulié and Dennis Smith to pull companies out of near-death situations creates something unique.
Shared adversity builds trust.
Trust builds better decisions.
Better decisions build enduring companies.
