How many investments has HCapital Partners made?

HCapital Partners has 33 tracked investments.

What stage does HCapital Partners invest at?

HCapital Partners invests at the Seed, Series A, Growth, Late Stage stages.

Where is HCapital Partners located?

HCapital Partners is headquartered in Lisbon, PT.

Who does HCapital Partners co-invest with?

HCapital Partners most often shares deals with Armilar Venture Partners, August One, Bright Pixel Capital, among 3 tracked co-investors.

HCapital Partners

Private equity

Lisbon · Seed–Late Stage · 15 people tracked

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Investment thesis

HCapital operates dedicated funds covering the full business lifecycle, from venture capital for startups to private equity for mature companies. Its venture activity, run through the New Ideas specialist funds, backs Portuguese and international early-stage innovators in energy, smart territories and mobility, industrial processes, and data and connectivity. On the private equity side, it focuses on export-oriented Iberian mid-sized companies with growth and value-creation potential under sound governance. The firm emphasizes value creation via solid growth strategies, robust capital structures, and adequate governance, working alongside portfolio executive teams to support international expansion. It integrates ESG factors as a UNPRI signatory throughout its investment and monitoring processes.

Invests inAdvanced Manufacturing Data & Infrastructure Energy Impact & Social Good Mobility & TransportationSector AgnosticEurope Lisbon Portugal Spain

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Late Stage

Lisbon, PT

Instruments

Equity

Tracked investments

Team · 15 people

from the firm's website & curated

Isabel Duarte Lima· Founding Partner· Lisboa, Lisbon, Portugalin

João Arantes e Oliveira· Founding Partner· Lisboa, Lisbon, Portugalin

Gonçalo Sousa Coutinho· Associate Partner· Lisboa, Lisbon, Portugalin

Óscar Martínez-Cubells· Partner· Greater Madrid Metropolitan Areain

Pedro Castro Henriques· Associate Partner· Washington, District of Columbia, United Statesin

Rui Dias Alves· Partner· Lisboa, Lisbon, Portugalin

Rui Dias Alves holds degrees in Industrial Engineering & Management from Instituto Superior Técnico and Finance from Universidade Católica Portuguesa. He founded Innovagency in 2001, a consulting and digital development firm through which he established several technology companies, and later founded Return on Ideas as its CEO, which partnered with IPSOS-APEME and Augusto Mateus & Associados to create C - Consumer Intelligence Lab. Currently, he serves as Managing Partner at HCapital – SCR, a Portuguese private equity fund where he leads the venture capital division focused on energy, mobility, and industrial transformation, and in 2024 launched Sensing The World, a learning platform developed with WIN WORLD; he also serves as a board member and guest lecturer on consumer behavior at Católica Lisbon and ISCTE Business School.

Andreia Pires· Administrative Manager· Lisboa, Lisbon, Portugalin

António Maria Bual· Analyst· Moscow, Moscow City, Russiain

Daniela Santos· Financial Director· Lisboa, Lisbon, Portugalin

Homero Coutinho· Board Member· Portugalin

Maria do Carmo d’Orey· Associate· Lisboa, Lisbon, Portugalin

Maria do Carmo d'Orey is an Investment Associate on the private equity team at HCapital Partners. Previously, she served as Finance VP at Start Campus, where she was a founding member responsible for shareholder and debtholder relations and supporting financial analysis. Prior to that role, she worked as a Senior Consultant in Deloitte's Corporate Finance division, focusing on M&A and valuation projects across the Energy, Infrastructure, Industrial Products, and Telecom sectors.

Miguel Matos Rosa· Associate· Lisboa, Lisbon, Portugalin

Pedro Duarte Melo· Analyst· Lisbon Metropolitan Areain

Rui Pedro Pires· Associate· Lisbon, Lisbon, Portugalin

Diogo da Silveira· Consulting Board member· Lisbon, Lisbon, Portugalin

Diogo da Silveira is an operator-turned-investor with 19 years as CEO and deep turnaround experience, transforming Portugal's second-largest exporter into a household brand and holding gas and lithium executive roles.

t•••@shilling.vcreveal

What they invest in

from 6 of 33 portfolio companies

AI & Machine Learning ×3Cleantech ×3SaaS ×3Energy ×2IoT ×2Logistics & Supply Chain ×2Advanced Manufacturing ×1Consumer ×1

HQs:United Kingdom×1Portugal×1

Investments · 33 tracked

founders shown can be your intro path

Automaiseautomaise.com in

Automaise offers an ecosystem of AI agents that automate and assist customer service operations across channels including voice, chat, email, WhatsApp, and social media.

AI & Machine LearningEnterprise SoftwareSaaS

Co-investorsArmilar Venture Partners Bright Pixel Capital

Avk

Dingoodingoo.pt in

Dingoo provides last-mile urban delivery using proprietary algorithms that generate synchronized van and electric-bike routes with mobile restocking points to cut costs, speed up deliveries, and reduce CO2 emissions.

AI & Machine LearningCleantechLogistics & Supply Chain

Ecozoleti

Eneidaeneida.io in

Eneida provides an operational analytics platform, DeepGrid, that gives Distribution System Operators real-time visibility and control over low voltage electricity networks.

CleantechEnergyIoT

Enline

Evio

Frotcomfrotcom.com in 𝕏

Frotcom provides a vehicle fleet management solution used by companies across various industries to track and manage their fleets, from small operators to large enterprises.

IoTLogistics & Supply ChainSaaS

Glartekglartek.com in

Glartek offers a mobile-first, no-code Environment, Health, Safety, and Quality (EHSQ) Connected Worker platform that supports frontline industrial workers with guided workflows, real-time collaboration, and AI features such as risk assessment, inspections, and root cause analysis.

Advanced ManufacturingAI & Machine LearningSaaS

Co-investorsAugust One Portugal Ventures

Gt Renewables

Hccm

Hoooked

Icebel

Italbox

Libattion

Lival

Loqr

Millasur

Native

New Spring Services

New Terracotta Ideias Detalhes

Omniflow

Progrow

Puntes

Quantal

Reefilla

Routal

Solzaimasolzaima.co.uk

Solzaima offers biomass heating solutions for home heating, providing guidance on choosing and buying equipment along with technical assistance, maintenance, warranty support, and spare parts.

CleantechConsumerEnergy

Sunny Sunday

Teiga Tmi

Tugbot

Vidrexport

Vipremi

Portfolio news

latest coverage across their companies

Glartek Launches the First Free-of-charge Enterprise-grade AR Remote Assistance Solution | PR Newswire | wfmz.com

Glartek · wfmz.com · Aug 18, 2026

AI tech startup Automaise raises €5 million Series A investment

Automaise · portugalbusinessesnews.com · Mar 25, 2025

Frequently asked questions

How many investments has HCapital Partners made?: HCapital Partners has 33 tracked investments.
What stage does HCapital Partners invest at?: HCapital Partners invests at the Seed, Series A, Growth, Late Stage stages.
What sectors does HCapital Partners focus on?: HCapital Partners focuses on Advanced Manufacturing, Data & Infrastructure, Energy, Impact & Social Good, Mobility & Transportation, Sector Agnostic.
Where is HCapital Partners located?: HCapital Partners is headquartered in Lisbon, PT.
Who does HCapital Partners co-invest with?: HCapital Partners most often shares deals with Armilar Venture Partners, August One, Bright Pixel Capital, among 3 tracked co-investors.

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