The Leaders League Thought Leaders Roundtable, hosted by Perez Llorca, brought together top VC lawyers Luis Roquette (Perez Llorca), Paulo Bandiera (SRS Legal), Vasco Bivar de Azevedo (Cuatrecasas), Alexander Ehlert (PLMJ), Mafalda Almeida (CCSL) and André Júdice (Gama Gloria) to share their perspectives on the country’s investment landscape, the evolving needs of founders and the role legal advisors can play in supporting the next phase of growth.
Portugal is attracting international investment, developing its entrepreneurial base and positioning itself for opportunities in emerging sectors. But sustaining that momentum will require closer collaboration across the venture capital ecosystem.
International capital, local ambition
Portugal continues to attract international investors, particularly from the United States, the United Kingdom and Israel. At the same time, Portuguese entrepreneurs are building businesses with increasingly international ambitions, expanding into markets across Europe.
Within this landscape, Iberia offers a compelling proposition for investors. Competitive operating costs, access to highly skilled talent, a strong digital infrastructure and a time zone aligned with London make the region an attractive base for international business. Portugal’s proximity to the United States adds to its appeal.
The broader European context is also changing. Greater integration and a renewed focus on strategic industries are creating opportunities that would have been difficult to envisage just a few years ago.
The evolving role of venture capital lawyers
As transactions become more specialized and companies pursue opportunities across borders, legal expertise alone is no longer enough.
Venture capital lawyers need to understand the industries in which their clients operate, combining legal knowledge with sector-specific insight. This is particularly important in areas such as intellectual property, patent protection and IP strategy, where early decisions can have a lasting impact on a company’s value.
Their role also extends beyond the transaction itself. Founders often need guidance throughout the fundraising process and as they navigate the practical challenges of managing and growing a business.
Lawyers can help founders understand the company lifecycle, anticipate future financing needs and prepare for key milestones. Experienced entrepreneurs and former founders can complement this support by sharing practical knowledge and mentoring businesses through different stages of development.
Creating standards to accelerate investment
One of the challenges identified during the discussion was the need for greater consistency in market practices.
Developing standards accepted by the market could make transactions more efficient, improve predictability and create greater value for investors and companies alike. Portuguese law firms have an opportunity to work together to establish common reference points that support the development of the local venture capital market.
This collaboration could help reduce friction in transactions and strengthen investor confidence, supporting the flow of capital into Portuguese businesses.
Education is another important part of the equation. As Portuguese companies seek investment, investors need a clear understanding of the opportunities, capabilities and potential of the local market. Building that understanding is a shared responsibility across the ecosystem.
Emerging sectors offer new opportunities
The roundtable highlighted several sectors attracting investment and presenting opportunities for Portugal, including artificial intelligence, health tech, defense, food tech and robotics.
Food tech is an emerging area of interest, supported by Portugal’s scientific capabilities and research facilities. Robotics also presents significant potential, given the country’s engineering talent and digital infrastructure.
Physical AI — the application of artificial intelligence in physical systems, including robotics — could offer another avenue for growth.
As AI lowers barriers to launching and operating businesses, the number of founders building companies with smaller teams may also increase. These entrepreneurs will still need access to expertise, capital, mentorship and professional networks to scale their businesses.
Building value across the ecosystem
The discussion reinforced a central point: Portugal’s venture capital opportunity depends not only on the availability of capital, but also on the strength of the ecosystem surrounding it.
Closer collaboration between law firms, investors, founders and experienced entrepreneurs can help establish market standards, improve access to knowledge and support companies as they grow beyond national borders.
With a strong talent base, an increasingly international entrepreneurial community and opportunities across emerging technologies, Portugal has important assets to build on. Turning that potential into sustained investment will depend on how effectively the ecosystem works together.
