A new business angel fund, Angels Way, is making waves in Portugal’s early-stage startup ecosystem, addressing the growing gap in pre-seed investment. The fund, backed by over 400 small investors, aims to inject €1 million into 20 startups over the next decade.
A Community-Driven Investment Model
Managed by Olisipo Way, Angels Way introduces a community-driven investment model, where all participating angels actively engage in identifying, evaluating, and supporting promising startups. The fund recently closed its first investment, backing Granter AI, a startup leveraging artificial intelligence to streamline the complex and costly process of applying for European funding.
According to José Serra, Managing Partner at Olisipo Way, the fund’s inaugural investment validates the power of technology-driven community investing:
“With the right technology and structured processes, 436 investors were able to analyze 38 pre-selected startups in detail and democratically decide where to invest. This marks a major shift in traditional early-stage funding models.”
Granter AI: Cutting Bureaucracy in European Fund Applications
Granter AI, the first recipient of Angels Way funding, secured a €50,000 investment to advance its mission of making European funding more accessible for SMEs and startups. The startup’s AI-driven platform significantly reduces the bureaucracy and costs associated with traditional consultancy services for funding applications. In some cases, Granter AI claims its solution is up to 50% cheaper, and for specific grants, costs can be slashed to just one-third of the usual market price.
Already, over 2,000 companies are leveraging Granter AI’s technology to identify and apply for relevant funding opportunities. The platform simplifies the process by enabling businesses to create an account, answer key questions about their company, and receive AI-powered recommendations on the most suitable funding programs, such as:
- Portugal 2030
- Recovery and Resilience Plan (PRR)
- Horizon Europe
- European Innovation Council (EIC)
According to Tocha, Executive Partner at Olisipo Way, the synergy between Angels Way and Granter AI goes beyond investment returns:
“It’s fascinating that, out of so many startups evaluated, the Angels Way community chose to back Granter AI. Both projects share a core mission: democratizing access—Angels Way does it for startup investment, while Granter AI does it for business funding. This alignment reflects a broader movement towards community-driven, impact-oriented innovation.”
A New Era for Early-Stage Investment in Portugal
Angels Way was launched last year with a low entry threshold, allowing investors to join with just €1,200, fostering a diverse and engaged investment community. Given its unique governance model, where angels actively participate in startup selection and support, Olisipo Way had to develop a new venture to support this initiative: OW Ventures, a joint venture between Olisipo Way and M4 Ventures.
“Angels Way was so innovative that, when we conceived it, we couldn’t find the right partners to implement it,” said Luís Gutman, Managing Partner at OW Ventures. “So, we built OW Ventures, which has now become a platform for launching additional funds.”
OW Ventures is already planning new investment vehicles, including the Terralis Fund, which targets €20 million in investments over the next eight years, partially backed by golden visa investors.
With community-led venture capital gaining traction, Angels Way is poised to become a blueprint for decentralized startup investing, enabling a broader pool of investors to participate in Portugal’s startup ecosystem.
