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 deal in the last 12 months vs 2 prior). Average disclosed round size is $29.8M (across 13 rounds with reported amounts).
Portfolio
17
Fund Size
—
Top Stage
Seed
Last 12 Mo
1
Team
Elizabeth Rothfield
Founding Partner, CEO
Alexandre Holtreman
Operating Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
21 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Feedzai | Series C | $75M | Oct 2025 |
 Litehaus | Pre-Seed | — | Jan 2025 |
| EEthiack | Seed | — | Dec 2024 |
| EeSelf | Seed | $4.5M | Dec 2024 |
 Uphill | Series A | — | Mar 2024 |
 SmartSchool | Pre-Seed | $1.5M | Mar 2024 |
 Trueclaim | Pre-Seed | $2.1M | Jan 2024 |
| SmartSchool | Pre-Seed | $1.5M | Jan 2024 |
 Neuraspace | Series A | — | Mar 2022 |
| Feedzai | Series D | $200M | Mar 2021 |
 GridRaster | Seed | $2.5M | Oct 2019 |
 philter | Seed | $1M | Jan 2018 |
 Sensei | Series A | — | — |
 BHOUT | Seed | $10M | — |
 UpHill Health | Series A | — | — |
 Jove | Seed | — | — |
 FastInov | Series A | — | — |
| Feedzai | Series E | $75M | — |
 ForActive | Seed | $3.6M | — |
| SmartSchool | Seed | $3M | — |
 Luca | Series A | $8M | — |
Top Co-Investors
Lince Capital6 shared
Oxy Capital3 shared
Y Combinator3 shared
private angel investors3 shared
Redstone2 shared
Brighteye Ventures2 shared
Sapphire Ventures2 shared
SBXi2 shared
Start Ventures2 shared
Armilar Venture Partners2 shared
Citi Ventures2 shared
Caixa Capital Risc1 shared
Index Ventures1 shared
Iris Capital1 shared
Vista Equity Partners1 shared
Startup Wise Guys1 shared
Cameron Ventures1 shared
Techstars1 shared
Bright Pixel Capital1 shared
Seaya1 shared
Last updated: 20 October 2026