Angels Way, a pre-seed investment fund launched by the early-stage venture capital firm Olisipo Way, is redefining the Portuguese startup landscape by combining community-driven capital, innovative technology, and a strong educational component.

Backed by 436 Portuguese investors, Angels Way has committed €1 million to support twenty startups in their earliest stages when ideas are still concepts and risk is at its peak. The initiative is not just about writing checks; it is about teaching a new generation of investors and building an engaged, firsthand community that actively participates in every stage of the investment process.

At its core, Angels Way operates like a decentralized autonomous organization (DAO). There is no centralized management decision-making shared by all participants, who vote on which startups receive funding. Each investor can join with a minimum ticket of €1,200, gaining voting rights in proportion to their contribution. The cap of ten tickets per investor ensures that no single voice dominates, preserving the collaborative nature of the fund.

This structure is powered by blockchain technology, which ensures all operations and decisions are transparent, traceable, and governed by predefined rules. Administrative overhead is minimized, and participation is maximized as a model that is turning the traditionally opaque world of venture capital into something accessible, democratic, and educational.

More than just a fund, Angels Way functions as an “investment school.” Participants learn by analyzing deals, understanding market trends, and supporting portfolio companies through firsthand involvement. The experience, often described as a practical MBA in venture capital, offers not only potential financial returns but also personal and professional growth.

What makes this model particularly relevant in Portugal is its impact on talent retention. Rather than seeing bright minds leave the country for better-funded innovation hubs, Angels Way empowers local talent to access early-stage capital and build scalable ventures from within. The fund has already invested in startups like Granter AI, which streamline access to European funds for SMEs, and Medgical and Dojo IA, both focused on leveraging artificial intelligence to simplify healthcare and marketing processes, respectively.

The process for startups to join the fund is equally unique. Founders must first win the support of an existing investor referred to as an "Angel Father," who sponsors the project and presents it to the community. This approach not only creates a built-in support network but also ensures that ideas are rigorously vetted and passionately championed before they reach the broader investor group.

Angels Way also serves as a critical response to the decline in pre-seed investment seen in Portugal since 2022. With public entities and international accelerators reducing activity in this stage, the initiative fills a vital gap. In 2024, the ecosystem showed signs of recovery, with increased local investor engagement and a notable rebound in deal volume and capital raised trends that Angels Way is actively reinforcing.

By fostering grassroots participation in venture capital, Angels Way is building a new kind of investor one that is collaborative, informed, and committed to the long-term health of the innovative ecosystem. It is a model that could inspire similar initiatives globally, especially in regions where traditional VC infrastructure is limited.

More importantly, it proves that with the right structure and mission, investment can become more than financial it can be educational, empowering, and transformative. Portugal, with its talent, quality of life, and growing tech scene, is the perfect place to lead this new era of creative, inclusive investing.

Author

Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Paulo Lopes