Shilling is Portugal's leading early-stage venture capital firm, founded in 2011 and based in Lisbon. It invests €100K–€1M in technology-driven startups across sectors like fintech, digital health, mobility, and blockchain, with a founder-centric model where portfolio founders share in the fund's returns.
Average disclosed round size is $14.6M (across 19 rounds with reported amounts).
Portfolio
25
Fund Size
$59M
Top Stage
Seed
Last 12 Mo
2
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
31 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Tucuvi | Series A | $20M | Jan 2026 |
 Algori | Growth | — | Dec 2025 |
 Sword | Series B | $40M | Jun 2025 |
 Sword | Series D | $40M | Jan 2025 |
| Sword | Series E | $40M | Jan 2025 |
 Bounce | Series B | $19M | Nov 2024 |
| Sword | Growth | $30M | Jun 2024 |
 Relive | Series A | $5.5M | Jan 2024 |
 Workfully | Seed | — | Oct 2023 |
 Cargofive | Seed | — | Jun 2023 |
 Coverflex | Series A | — | Jan 2023 |
 Zharta | Seed | $4M | Jul 2022 |
 tl;dv | Seed | — | Jun 2022 |
 Musiversal | Seed | — | Apr 2022 |
 kencko | Series A | $10M | Jan 2022 |
 Rely.io | Seed | $2M | Jan 2022 |
 RealFevr | Unknown | — | Jan 2022 |
| Zharta | Seed | $4.3M | Jan 2022 |
 NILO | Seed | — | May 2021 |
 Barkyn | Series A | $9.6M | Apr 2021 |
 Unbabel | Seed | $400K | Jan 2019 |
 Uniplaces | Series A | $24M | Nov 2015 |
| Uniplaces | Series A | $3.5M | Oct 2014 |
 Vawlt | Unknown | — | — |
 Komon | Pre-Seed | $2M | — |
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Top Co-Investors
Indico Capital Partners8 shared
Lince Capital7 shared
Armilar Venture Partners6 shared
General Catalyst5 shared
Oxy Capital4 shared
Khosla Ventures4 shared
Comcast Corporation4 shared
Kfund3 shared
Portugal Ventures2 shared
Octopus Ventures2 shared
Techstars2 shared
Possible Ventures2 shared
Seedcamp1 shared
another.vc1 shared
Mustard Seed Maze1 shared
Five Seasons Ventures1 shared
Acurio Ventures1 shared
359 Capital1 shared
India Quotient1 shared
Thayer Ventures1 shared
Last updated: 7 October 2026