80% of Portuguese investors in early stage are optimistic on making investments in 1H, 2026

The vast majority (80%) of domestic early-stage investors say they are optimistic about the investment outlook for the first half of 2026, according to the 4th edition of the “Early Stage Investment Barometer”, conducted by Investors Portugal – the Portuguese Association of Early Stage Investors.

The second half of 2025 proved favorable for raising capital, with 65% of investors expressing ease in this action. Investment activity was significantly higher than that recorded in the first half of 2025, with more than half of respondents revealing that both the investments made and the volume invested increased; however, only 36% report having had good exit opportunities, which continues to compromise capital recycling in the ecosystem.

“Despite the somewhat negative outlook with which 2025 began, it is remarkable how the market has transformed throughout the year for investors. We enter 2026 with an encouraging scenario, observing a mostly positive outlook regarding exit opportunities, as well as an increase in investment targets for the first half of the year,” says Lurdes Gramaxo, president of Investors Portugal.

In fact, 80% of investors show positive expectations both in terms of the amount of investments to be made and the volume to be invested in the first half of the year. In addition, a significant reversal is anticipated regarding exit opportunities, with 56% of investors showing a positive outlook in this regard.

Conversely, the majority of investors (68%) view the evolution of the role of public policy in this sector negatively, a 13% increase compared to the previous semester. Among the measures they suggest to stimulate the sector, they highlight tax benefits and financing, with the resumption of indirect SIFIDE; the simplification and continuity of public policies to support investment; and the promotion of dynamics, regional development and financing that support the ecosystem and co-investment.

The Investors Portugal Early Stage Investment Barometer is an initiative that aims to obtain a panoramic view of the market, on the sentiments and perspectives of early stage investors, with the objective of better understanding the ecosystem and its needs, as well as identifying trends and defining strategies.

Source: Portuguese Association of Early Stage Investors.