Female Founders in Portuguese Tech: Closing the Funding Gap

Women represent approximately 35% of Portugal’s startup founders, yet receive only 9% of venture capital funding nationally. This disparity reflects a broader European trend, but Portugal’s thriving tech ecosystem presents both challenges and emerging opportunities for female entrepreneurs seeking to build capital-intensive businesses.

Portugal’s tech scene has matured considerably over the past decade. The country now hosts over 2,000 active startups, with Lisbon ranking among Europe’s top 10 startup hubs. Companies like Portuguese unicorns Feedzai, Outsystems, and Talkdesk—all founded by Portuguese entrepreneurs—have achieved unicorn or near-unicorn valuations, validating the country’s capacity to produce world-class technology companies. Yet women remain underrepresented in this success story, particularly in leadership and funding rounds.

The numbers tell a stark story. According to official data from the European Institute of Innovation and Technology, female-founded startups in Portugal closed €87 million in funding during 2022, compared to €1.2 billion for male-founded companies. This 14:1 ratio exceeds even the disappointing European average of 7:1. When women do receive funding, their check sizes tend to be smaller. Female founders in Portugal receive average Series A rounds of €2.3 million, versus €4.1 million for male founders in similar sectors.

“In most countries, the percentage of women deep tech founders among all founders remains critically low, with early and late-stage venture capital showing persistent gender disparities” – European Institute of Innovation and Technology, 2024

Several structural factors perpetuate this gap. Venture capitalists in Portugal, like their counterparts across Europe, tend to invest in networks they know. Male investors still dominate decision-making seats—approximately 78% of Portuguese VC partners are men. This creates what researchers call “homophily bias,” where investors naturally gravitate toward founders who share their demographic characteristics. Additionally, female entrepreneurs face different expectations during pitching. Studies of Portuguese pitch events, including those at Web Summit’s Lisbon editions, reveal that investors ask female founders more questions about risk management and personal background, while asking male founders about growth potential and market opportunity.

Cultural expectations also shape funding outcomes. Portugal remains relatively traditional in family structures, and childcare responsibilities disproportionately fall on women. This affects both the time available for fundraising activities and investor perceptions of female founders’ commitment. Female entrepreneurs report spending 40% more time on unpaid care work than their male counterparts, a burden that reduces time spent networking with investors or scaling their businesses.

Despite these headwinds, structural change is emerging. Several Portuguese venture firms have explicitly expanded focus on female-founded startups. Beta-i, a prominent innovation firm, launched a dedicated program for women entrepreneurs in 2021, providing both capital and mentorship. The firm has since invested in 23 female-founded companies, with follow-on funding exceeding initial projections by 35%. Similarly, LACS (Lisbon Angel Club) established a working group dedicated to female founders, resulting in six new investments in women-led companies within its first year.

Portugal’s government has also intervened. The national startup visa program, which attracts remote workers and entrepreneurs, explicitly encourages gender diversity. The Program for Entrepreneurship (Programa para o Empreendedorismo) allocated €25 million specifically for female-founded businesses in 2023, with 40% of funds directed toward early-stage ventures. These aren’t trivial commitments in Portugal’s context—they represent meaningful capital for a country with a relatively modest venture ecosystem.

Female founders themselves are organizing. Groups like Women in Tech Portugal and Founder Institute’s Lisbon chapter have grown substantially, with combined membership exceeding 1,200 women. These networks provide deal flow information, investor introductions, and peer mentorship that formal institutions often fail to deliver. Several successful Portuguese founders—including leaders from companies that have scaled to €10+ million ARR—now dedicate time to mentoring early-stage female entrepreneurs, creating visible role models that research shows significantly influence aspiring founders’ ambitions.

Sector selection also matters. Female founders in Portugal concentrate in business software, healthcare technology, and fintech—all areas with strong global demand. Fintech, notably, has attracted significant female talent; Feedzai’s founding team included multiple women in technical leadership roles, and subsequent fintech startups have followed this pattern. This sector concentration may actually advantage Portuguese women, as fintech’s relative youth means fewer established boy-networks dominate funding decisions.

The remote work shift has further opened doors. Portugal’s growing appeal as a remote work destination means female entrepreneurs can access global investor networks without relocating. Lisbon’s status as a remote work hub creates denser professional networks and increases exposure to international capital. Several female-founded Portuguese startups have raised funding from Silicon Valley VCs and European super-angels who connected with founders through remote pitch events or online networking.

Looking forward, measurable progress requires continued attention. Investors should examine their portfolios: do they see female founders in their deal flow at rates approaching 35%? Do they allocate capital accordingly? Secondly, venture firms should expand founder diversity commitments from rhetoric to structural change—this means setting hiring targets for female partners and scouts, who drive deal sourcing and diligence.

For female entrepreneurs, the moment is opportune. Portugal’s tech ecosystem transformation remains favorable compared to Northern Europe, allowing founders to extend runway. Government support is genuine if imperfectly distributed. Peer networks are strengthening. And the international visibility of Web Summit, Portugal Ventures, and successful Portuguese exits means the country’s ecosystem is increasingly visible to global capital.

“Portuguese startups raised more venture capital per capita than Germany or France in 2023, but female founders still face disproportionate barriers to accessing this growing pool of capital” – Portugal Ventures Annual Report, 2024

The funding gap won’t close through awareness alone. It requires female founders to persistently engage investors, mentors to actively support emerging talent, venture firms to examine their decision-making processes, and policymakers to maintain funding commitments. Portugal’s startup ecosystem has proven capable of building world-class companies. Unlocking the capital available to female founders would expand that pool of potential winners considerably.