33N Ventures Research
Investment Thesis
33N Ventures is a specialist European venture capital firm investing globally in Cybersecurity, AI, and Defense. The firm's thesis centers on securing and powering the AI era: as digital infrastructure becomes more critical and AI systems proliferate, the market for products that secure, govern, and defend that infrastructure grows in lockstep. 33N describes its mission as backing "category-leading companies securing and powering the AI era," with a specific focus on companies operating at the intersection of cybersecurity, applied AI, and (increasingly) dual-use defense technology. The firm has been investing in this thesis for over a decade (since 2014), across every phase of what it calls "the modern cyber cycle," and has backed multiple unicorns at their earliest rounds.
A distinguishing element of the firm's model is its network-driven sourcing and value-add: 33N is backed by a network of 50+ CISOs, AI and data leaders, and operators who have built category-defining companies. This network is organized into two active forums — a CISO Circle and an AI & Data Circle — which the firm uses to connect portfolio companies with customers, channel partners, and technical talent.
Stage Focus
33N operates two funds spanning early to growth stage:
- Fund I ("Where it begins"): Series A and B, focused on Cybersecurity & AI. The firm leads and co-leads rounds and builds alongside founders at early stages.
- Growth Fund ("Scaling the winners"): Series B+, C, and D, focused on Cybersecurity, AI, and Dual-Use Defense, investing in the highest-quality champions as they scale toward global leadership.
Check Size
No specific check-size range is published on the firm's website. Given the fund structure (dedicated early-stage and growth-stage vehicles), checks likely range from single-digit millions at Series A/B to larger growth checks at Series C/D, but this could not be confirmed from public sources.
Lead Tendency
33N explicitly states it leads and co-leads rounds at the Fund I (Series A/B) stage. Lead tendency is best characterized as "both" — the firm leads early-stage rounds and continues to participate (leading or following) through later growth rounds via its Growth Fund.
Recent Activity
33N has been highly active through 2026: it announced the appointment of Ollie Bone as Principal (based in London) in September 2026, celebrated portfolio company Exein's $270M raise at a $1.7B valuation (making Exein the most valuable cybersecurity startup in Europe) in September 2026, and celebrated the acquisition of portfolio company Apono by 1Password in June 2026. The firm also runs an active content and events program — its TechWinds Substack newsletter publishes thesis essays on cybersecurity/AI trends roughly monthly, and the firm hosts and participates in industry events (33N Connect Day, Cyber & AI Porto Summit, London Tech Week panels). Fund status: actively deploying.
Portfolio Highlights
25+ investments with 4 unicorns and over €200M deployed since 2014. Active portfolio companies span fraud/security-analytics platforms (Acoru, Feedzai, StrikeReady, Panorays), infrastructure/DevSecOps (DataGalaxy, Deepfence, Portainer, Codacy, Probely, Hackuity, Jscrambler, IriusRisk), IoT/embedded security (Exein, now a unicorn), API security (Equixly), managed detection and response (Arctic Wolf), low-code enterprise platforms (OutSystems), and cloud access security (Apono). Notable exits include Apono (acquired by 1Password, 2026), Excellium Services (acquired by Thales, 2022), Cybersixgill (acquired by Bitsight, 2024), Cellwize (acquired by Qualcomm, 2022, now the Qualcomm Edgewise Suite), Fyde (acquired by Barracuda Networks, 2020), Secucloud (acquired by Aryaka, 2021), Medux (acquired by BTS, 2021), and Reblaze (now part of Link11).
Team
- Carlos Alberto Silva — Managing Partner
- Carlos Moreira da Silva — Managing Partner
- Christophe Bianco — Venture Partner
- Guy Horowitz — Venture Partner
- Margarida Correia — Principal & Head of VC Operations
- Ollie Bone — Principal (London, appointed September 2026)
- Pedro Carreira — Principal
- Gonçalo Borges — Principal
- Gonçalo Sarmento — Senior Associate
- Artur Monteiro — Technologist In Residence
- Alina Medentsy — VC Operations Analyst
- Lourenço Teodoro — Analyst
The firm also maintains a Strategic Committee of well-known founders and operators (including Brian Nesmith of Arctic Wolf, Paulo Marques of Feedzai, and Eyal Hayardeny of Reblaze) and a large Expert Advisory Board of CISOs, AI leaders, and technical operators who support diligence and portfolio value-add.
Decision Process
Not explicitly disclosed. Given the firm's structure — two Managing Partners plus a bench of Principals and Venture Partners across regions — decisions most likely run through a partnership model rather than a single solo GP.
Founder Preferences
33N looks for founders building category-leading companies in cybersecurity, AI, and defense with global (not just European) ambition — the firm's own framing, "Backed from Europe. Built for the world," suggests a preference for European-rooted teams targeting international, especially US, markets.
Geographic Focus
33N invests globally with a special focus on Europe, North America, and the Middle East. The firm's name "33N" refers to the geographical connection between these regions. The team operates from offices in Silicon Valley, Lisbon, Porto, London, Luxembourg, Tel Aviv, and Dubai. The firm has received backing from the LFF 2 initiative (a partnership between Luxembourg's SNCI and the European Investment Fund), indicating a Luxembourg fund domicile alongside its Lisbon/Porto operational base.