Explorer Investments is Portugal's leading independent alternatives fund manager, founded in 2003 and based in Lisbon. The firm manages over €1.8B in assets across three core strategies: Buyouts (control investments in mid-sized businesses), Growth (minority investments in fast-growing companies), and Hospitality (hotels, resorts, and tourism real estate).
Deal activity decreased year-over-year (1 deals in the last 12 months vs 2 prior). Average disclosed round size is $18.6M (across 5 rounds with reported amounts).
Portfolio
12
Fund Size
—
Top Stage
Seed
Last 12 Mo
2
Team
Elizabeth Rothfield
Founding Partner, CEO
Alexandre Holtreman
Operating Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
12 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Neuraspace | Series B | — | Jan 2026 |
 Feedzai | Unknown | $75M | Oct 2025 |
 Litehaus | Pre-Seed | — | Jan 2025 |
| EEthiack | Seed | — | Dec 2024 |
| EeSelf | Seed | $4.5M | Dec 2024 |
 Uphill | Series A | — | Mar 2024 |
 TrueClaim | Pre-Seed | $2.1M | Jan 2024 |
 SmartSchool | Pre-Seed | $1.5M | Jan 2024 |
 Sensei | Series A | — | — |
 BHOUT | Seed | $10M | — |
 UpHill Health | Series A | — | — |
 Jove | Seed | — | — |
Top Co-Investors
Lince Capital4 shared
Redstone2 shared
Brighteye Ventures2 shared
Y Combinator2 shared
Caixa Capital Risc1 shared
Index Ventures1 shared
Iris Capital1 shared
Vista Equity Partners1 shared
Oxy Capital1 shared
Startup Wise Guys1 shared
Cameron Ventures1 shared
Techstars1 shared
Bright Pixel Capital1 shared
Seaya1 shared
Portugal Ventures1 shared
Kaya VC1 shared
Liquidity Capital1 shared
Rebel Fund1 shared
Orange Collective1 shared
Portfolio Ventures1 shared
Last updated: 8 September 2026