Participated · Series B · Oct 2022

Aptoide is a Lisbon-based provider of an alternative Android app store led by CEO Paulo Trezentos. Its social Android app store offers recommendations and lets users create and share personal app stores, and it provides customizable app store solutions for developers, OEMs, telcos and integrators. The App Store is available for mobile, TV and VR devices and is accessible in over 40 languages. Aptoide operates GamesHub—a game app store developed with Digital Turbine—and Catappult, an alternative mobile gaming distribution and monetization platform that connects developers to more than 20 alternative app stores and reports hundreds of millions of users. The company aims to expand GamesHub's presence in the US, targeting availability on 80–100 million devices by the end of 2023 and leveraging carrier partnerships including AT&T, Verizon, USCellular, Tracfone, Cricket and BLU US. The €8.5M investment from Digital Turbine will fund development and promotion of GamesHub and Catappult and enable Aptoide to repurchase stock from current shareholders. Aptoide is an independent Android app store that provides an alternative way to discover apps and games with no geo-restrictions. The platform hosts more than one million apps, reports over 250 million users and 10 billion downloads. Aptoide serves end users and also enables OEMs and telecoms to operate their own app stores via API or co-brand solutions. Its Catappult technology streamlines creation of app versions compatible with Aptoide and more than 20 partner app stores to support scalable distribution. The company emphasizes security, citing one of the best malware detection systems in the market. In October 2022 Aptoide closed a $12M Series B led by Digital Turbine, which will work with Aptoide to build new distribution products for operators, OEMs and app developers. Aptoide operates a community-driven Android app store with social discovery, tailored recommendations and the ability for users to create and share personal app stores. The platform hosts about 1 million apps and has driven over 4 billion downloads across roughly 200 million users. In 2017 the company launched AppCoins, a digital currency intended for peer payments and in-app purchases and to reward users for engaging with advertising. Aptoide says the token aims to create a decentralized alternative to the existing app-economy model, offering direct money transfers and a reduced 15% margin for developers. The company was founded in 2011 and is headquartered in Lisbon, with additional offices in Shenzhen and Singapore. Management has stated a goal of growing to a 5% market share by delivering better service and value for app developers. Aptoide operates a third‑party Android app store (and an Android TV store) targeting users in emerging markets. Founded in Portugal in 2011 and headquartered in Lisbon, it also has offices in Singapore and Shenzhen to focus on Southeast Asia and handset partnerships. The platform hosts roughly 500,000 apps and recently launched a 'lite' version for users with unreliable connections and low‑storage devices. Aptoide reported 100 million people downloaded at least one app from its store in 2015, with active users downloading six to eight apps per month; the company says it has grown 100% year‑on‑year for the past three years and 200% in Southeast Asia last year. It monetizes via an SDK that enables in‑app purchases but relies primarily on advertising. The company plans to use new funding to expand in Southeast Asia and Latin America, grow its userbase and app count, and land more strategic partners; it already has agreements with about 60 carriers and OEMs, including Nokia and Jolla.

Participated · Seed · Apr 2021

Sensei builds contactless, autonomous store systems that use computer vision, AI-powered sensors, and real-time algorithms to automatically update customers' carts and present ready-to-pay item lists while protecting identity and privacy. The platform gives retailers real-time visibility into operations, reduces checkout costs, and helps prevent stock-outs. The company says it nearly doubled its number of stores over the past year and now operates with clients in Portugal, Spain, France, Italy, and Brazil. Sensei aims to reach 1,000 fully autonomous points of sale by 2026 and plans expansion into central and northern Europe. Financially, Sensei recently raised a €15 million Series A and previously closed a $6.5 million (€5.4 million) Seed in 2021. Sensei develops a proprietary platform that combines cameras, sensors and AI to enable checkout-free grab-and-go stores and forecourt formats. The platform allows retailers to automate existing and new stores, manage inventory in real time, and access insights into store usage. The startup plans to scale its R&D and launch new stores following the funding. Sensei positions itself against competitors such as Trigo and in a market where Amazon is selling cashierless store technology to other retailers. The company was founded by Vasco Portugal (CEO, ex-MIT), Joana Rafael (COO), Nuno Moutinho (CTO) and Paulo Carreira (CSO). It is based in Lisbon. Sensei, founded last year in Portugal, develops AI-powered algorithms for cameras that gather and analyse data on people and product performance in physical stores. The company says the data is anonymous and GDPR-compliant. Its product aims to help brick-and-mortar retailers close the data and insights gap with e-commerce by providing analytics on what drives shopping and product performance. Sensei's stated mission is to digitize physical stores and create smart stores that intuitively understand the needs of customers and employees to deliver more convenient, personalized shopping experiences. The startup participated in Metro and Techstars' retail accelerator last year. It has positioned its analytics as tools for retailers to implement changes that grow in-store sales.

Participated · Seed · Apr 2021

Coverflex offers a platform that aggregates multiple benefits providers to let employers design bespoke compensation packages — including health insurance, meal allowances, fringe benefits and discounts. The product aims to reduce employer costs through tax-efficient benefits while boosting employee value and financial literacy around compensation. Coverflex reports 3,600 clients and 70,000 active users who use the platform more than eight times per month on average. The company lists customers such as Santander, Natixis, OysterHR, Bolt, Emma, Revolut and Smartex. It plans to target Italy aggressively as a key European growth market. Coverflex recently completed a €15M Series A to support its expansion and product development. Coverflex is a Portugal-based HRtech founded in 2019 that provides a customisable "Compensation as a service" platform allowing employers to manage health insurance, meal allowances, fringe benefits, discount programmes and company-defined budgets. The service includes a VISA card and an app for employees to access those benefits and budgets. Coverflex positions its product as both a cost-saving administrative tool and a recruitment differentiator aimed at modernising rigid, one-size-fits-all compensation packages. Even at pre-seed stage the company has attracted notable clients including PwC, Bolt, Emma - The Sleep Company, Landing.Jobs, Startup Lisboa, Rows, Paul Stricker, Velocidi, Dott and Unbabel. The company raised €5 million in a pre-seed round led by Breega with participation from the 200M Fund and Portuguese angel investors. Coverflex says it will use the funding to support international rollout and recruitment efforts.

Participated · Series A · Aug 2020

PICadvanced develops optoelectronic transceivers for telecom applications, focused on the NG-PON2 next-generation passive optical network standard. The company's products aim to increase capacity and service flexibility needed for 5G and converged residential and business services. Founded in 2014 and based in Ílhavo, Portugal, PICa targets lower broadband access costs and improved performance for end users by enabling more bandwidth per fiber. The company recently raised €4 million in a Series A led by Verizon Ventures with support from the 200M Co-investment Fund managed by PME Investimentos to advance product development and deployment. Verizon began testing NG-PON2 in 2018, and the partnership is positioned to help deliver business services and wireless backhaul alongside residential traffic on the same fiber. Market forecasts in the article project NG-PON2 to exceed $2 billion in 2024 (up from about $250 million in 2019), highlighting demand for PICa's solutions.

Participated · Series A · Jun 2020

Barkyn offers a subscription service that pairs personalized fresh-meat dog food with a dedicated remote online veterinarian. The company has developed a trademarked supplement, the “Barkyn Complex,” and provides pet insurance for customers in Portugal. Launched in 2017, Barkyn currently serves customers in Portugal, Spain and Italy and positions itself as a 360° pet-wellness brand for Southern Europe. It emphasizes personalization of food to match each dog’s nutritional needs and promotes telemedicine as part of a holistic pet-care experience. Barkyn reported strong growth in 2020, saying it experienced 40% growth each quarter across Southern Europe. The startup intends to scale the model while deepening the close relationship with customers through technology and expanded services. Barkyn operates a monthly subscription box for dogs that can be personalised to a pet’s diet and provides round-the-clock online access to veterinary care. The company sells a portfolio of more than 30 products, including food formulas, snacks and supplements. Barkyn has served about 40,000 homes across Portugal, Spain and Italy and says its subscription business has tripled year‑on‑year. Founded in 2017 by André Jordão and Ricardo Macedo, the startup has raised over €7.8 million to date, including a seed round last year. The latest funding will be used to accelerate the transition into Barkyn’s own branded product range, expand that range, and further saturate its current markets. Barkyn is a Porto-based subscription service that delivers monthly packs containing food, snacks and optionally toys, and provides remote veterinarian support. The company operates in Spain, Portugal and Italy and reports shipping more than 40 tons of pet food every month. Leadership includes former managers from Rocket Internet, Farfetch, and Prozis. Barkyn raised €1.7 million in seed funding to support growth. The company plans to use the funding to expand into additional European markets. Customers receive recurring monthly shipments combined with access to remote vet services as part of the subscription offering.