The Data Speaks: Why Portugal Needs More Venture Capital

Written By Andre de Almeida Santos

Venture Capital and Private Equity are frequently criticized and vilified in Portugal. Yet the data tells a dramatically different story.

According to a comprehensive study conducted by ISCTE and presented at the APCRI conference, companies backed by VC and PE investment significantly outperform the Portuguese average across every key metric:

  • They create many more jobs

  • They offer better salaries

  • They achieve higher growth rates

  • They are more profitable

Despite representing just 0.06% of Portugal's GDP – a mere 36% of the EU average, and nowhere near US levels – our industry generates a disproportionately positive impact on the economy. The numbers don't lie.

Beyond these economic metrics, there's another critical factor: entrepreneurship has become Portugal's primary social elevator. This is a topic that deserves deeper exploration, which I'll return to in a future post.

Are there valid criticisms? Of course. Is there room for improvement? Always.

But the conclusion is undeniable: Portugal needs more Venture Capital and Private Equity, not less.

Study: https://www.apcri.pt/wp-content/uploads/Impacto-do-Capital-de-Risco-em-Portugal-2025.pdf

Andre de Almeida Santos