SShilling
Lisbon-based Shilling is an early-stage venture capital firm. It started in 2011 as a business-angel group and is backed by Draycott SCR. It invests at pre-seed, seed and Series A, typically writing first cheques of €100K–€1M, in technology start-ups working in healthtech, SaaS, e-commerce, marketplaces, cybersecurity, fintech and insurtech, often ones built on AI. It runs the €52M Shilling Founders Fund, which shares profits with its portfolio founders, and the €50M Shilling Opportunity Fund, launched in 2024, which puts up to €5M into Series A and later rounds. Its portfolio includes Sword Health, Coverflex, Casafari, Tucuvi, Smartex and Zharta, and its exits include Unbabel (acquired by TransPerfect) and Rows (acquired by Superhuman).
SectorsHealthtech, SaaS, E-commerce, Marketplaces, Cybersecurity, Fintech, Insurtech, AI
VC MapSeed
Team
Pedro Ramalho Carlos
General Partner
Ricardo Jacinto
Managing Partner
António Casanova
Founder & IC Member
Diogo da Silveira
Founder & IC Member
Hugo Gonçalves Pereira
Founder & IC Member
João Coelho Borges
Founder & IC Member
Juan Alvarez
Founder & IC Member
Pedro Rutkowski
Founder & IC Member
Maria Villas-Boas
Operating Partner
Miguel Santo Amaro
Venture Partner & IC Member
Portfolio companies 12
Open 10 as list → On map →
OOpen Cosmos
entered at Series C, 2026
BBalance
led Seed, 2026
TTucuvi
entered at Series A, 2026
AAlgori
led Seed, 2023
WWorkfully
led Seed, 2025
CCafler
entered at Series A, 2025
C
Cuyna
entered at Seed, 2022
K
Komon
entered at Pre-seed, 2022
C
Circular
entered at Series A, 2022
K
Katoo
entered at Series A (estimated), 2021
Exited or sunsetted (2)
PPiper AI
led Seed (estimated), 2023
VVitaance
entered at Seed (estimated), 2021
Funding rounds 13
Open as list →| Date | Company | Round | Amount | Lead |
|---|---|---|---|---|
| 2026-09-14 | Open Cosmos | Series C | €300M |
Lightrock (estimated lead)
+17 more
|
| 2026-07-03 | Balance | Seed | €3M |
Shilling VC, JME Ventures
+3 more
|
| 2026-01-08 | Tucuvi | Series A | $20M |
Cathay Innovation, Kfund
+3 more
|
| 2025-12-09 | Algori | Series A (estimated) | €3.6M |
Lead not disclosed
+9 more
|
| 2025-09-23 | Workfully | Seed | approximately €4M |
Shilling
+3 more
|
| 2025-02-26 | Cafler | Series A | approximately €10.5M |
Copec Wind Ventures, güil Mobility Ventures
+5 more
|
| 2023-10-25 | Piper AI | Seed (estimated) | €2.5M |
Seaya Ventures, IGNIA Partners, Shilling VC
+5 more
|
| 2023-07-07 | Algori | Seed | €3.3M |
Shilling Capital, Change Ventures
+2 more
|
| 2022-07-21 | Cuyna | Seed | €3M |
Big Sur Ventures
+2 more
|
| 2022-05-30 | Komon | Pre-seed | $2M |
Lead not disclosed
+4 more
|
| 2022-03-07 | Circular | Series A | $7.5M |
Kibo Ventures
+6 more
|
| 2021-10-21 | Vitaance | Seed (estimated) | €3M |
Kindred Ventures
+4 more
|
| 2021-09-30 | Katoo | Series A (estimated) | €6.2M |
K Fund
+6 more
|
Often invests with 27
Open as list →News 7
Open as list →| Published | Article |
|---|---|
| 2026-07-06 |
Balance, la plataforma tecnológica para el tratamiento integral de la obesidad, levanta tres millones y apunta a una Serie A en 2027 ↗
Forbes España
2026-07-06 |
| 2026-05-26 |
How Portugal's tiny market could be its secret for scaling startups ↗
Tech Funding News
2026-05-26 |
| 2026-01-08 |
Clinical voice AI startup Tucuvi raises $20M ↗
Tech.eu
2026-01-08 |
| 2025-12-10 |
Punto Health secures £2 million Seed investment co-led by Shilling VC and Plus Partners ↗
UKTN
2025-12-10 |
| 2024-06-07 |
Shilling Capital, Interview With Managing Partner Ricardo Jacinto ↗
VC Wire
2024-06-07 |
| 2024-05-15 |
Portuguese VC firm Shilling launches €50M opportunity fund to back growth-stage startups ↗
TechCrunch
2024-05-15 |
| 2023-10-25 |
Barcelona-based Piper Raises €3 million in Funding ↗
Startup Rise
2023-10-25 |