Iberis Capital Research
Investment Thesis
Iberis Capital is a Portuguese private equity and venture capital manager founded in 2017 by four partners — Luís Quaresma, Diogo Chalbert, João Henriques, and David Pinheiro — who share a long working history together and a vision for the opportunities available in the Portuguese economy. The firm's stated mission is to partner with great founders who are solving big problems through technology, backing them with capital, strategic and operational support, and access to a network of investors, founders, executives, and industry experts. Iberis operates across four core strategies: Growth and Buyout, Venture Capital, Yielding Investments, and Sustainable Investments, with the innovation and growth bucket (early-stage plus established companies) concentrating most of its assets under management.
Stage Focus
Iberis Capital's Venture Capital arm invests across the full startup lifecycle, from Pre-Seed through Series E and beyond, with the heaviest concentration of activity at Seed and Series A. The firm explicitly positions itself as able to support portfolio companies "through all steps of the journey," and its portfolio includes dozens of Seed and Series A investments alongside a smaller number of later-stage follow-ons (Series B through E) in its most successful companies.
Check Size
Exact check sizes are not disclosed publicly. Given a portfolio of 50+ venture investments spanning Pre-Seed to Series E, and total firm AUM of over €600M across all strategies (VC, growth/buyout, yielding, and sustainable investments), individual VC check sizes likely range from the low hundreds of thousands at Pre-Seed to several million euros for Series A/B follow-ons.
Lead Tendency
Iberis frequently leads or co-leads rounds. Public examples include leading Hope Care's €6M Series A (September 2026) and taking a majority/controlling stake in Dourogás GNV's clean-fuel buyout (July 2025). The firm's INFOS investment was described by Iberis' own partner as a growth-phase partnership investment representing "the firm's fifth investment" at the time.
Recent Activity
Iberis has remained active through 2025 and 2026: a majority-stake acquisition of Dourogás GNV (natural gas/biomethane mobility) for over €30M in July 2025; a Seed investment in Antoniq Robotics (AI-powered agricultural robotics) around May/June 2026; and a €6M Series A lead in Hope Care, a certified remote patient monitoring platform, announced September 8, 2026 alongside VDM Capital and existing investor Buenavista Equity Partners. The firm's Greytech III and Greentech II funds are listed as currently open for subscription, indicating active fundraising and continued deployment.
Portfolio Highlights
Iberis Capital's venture portfolio spans more than 50 companies. Notable names include Feedzai (AI-powered fraud prevention for banks), Unbabel (AI translation), D-Orbit (space logistics), TEKEVER (maritime surveillance drones), Codacy (automated code review), Jscrambler (client-side web security), Bolttech (embedded insurance distribution API), Defined.ai (AI training data marketplace), CorPower Ocean (wave energy), Student Finance (career-mobility financing), Sword Health (virtual physical therapy, a Portuguese unicorn), and Inductiva (computer simulation platform). The firm lists Probely (web application security scanner) and Inflammatix (acute infection diagnostics) as divested/exited positions.
Team
Iberis Capital is run by four partners with backgrounds spanning Oxy Capital, Bain & Company, BCG, and Vodafone Group:
- Luís Quaresma, Partner — Founding Partner at Oxy Capital; Manager, Bain & Co European Private Equity Group; Project Leader, BCG; Harvard Business School AMP
- Diogo Chalbert, Partner — Invited Professor of Private Equity at Nova SBE; Industrial Ops at ECS Capital; Principal at BCG; MIT Sloan MBA
- João Henriques, Partner — CFO Group Commercial & Enterprise and Procurement at Vodafone Group, Chairman of VF Ventures; CFO Vodafone Portugal; Principal at BCG; INSEAD MBA
- David Pinheiro, Partner — Associate at Oxy Capital; Teaching Assistant at Nova SBE; MSc Finance, Nova SBE
- Filipa Choon, CFO — Auditor at KPMG; MSc Finance, Nova SBE
Below the partner level, the team includes a broad bench of Associates, Analysts, and dedicated Compliance, Risk, Investor Relations, and Communications functions, reflecting a full-service institutional PE/VC shop rather than a lean solo-GP fund.
Decision Process
Iberis operates on a strict one-partner-one-vote governance model: investment and management decisions are made collectively by the four partners, no partner holds special or unmovable decision rights, and the partners collectively own 100% of the management company. This is explicitly marketed as a differentiator versus competitors with concentrated decision authority.
Founder Preferences
The firm favors technical and domain-expert founders building technology-driven solutions to substantial problems, with a strong home bias toward Portuguese-founded or Portuguese-headquartered companies, though several portfolio companies (e.g., Avextra in Germany) show willingness to back non-Portuguese teams with Portuguese ties or co-investors.
Geographic Focus
Iberis Capital is headquartered in Lisbon with a second office in Porto, and its venture portfolio is overwhelmingly composed of Portuguese-founded startups, making it one of the most active domestic VC/PE investors in the Portuguese market. Select portfolio companies have expanded internationally (US, Germany, broader Europe) post-investment.
Fund Status
As of research date, Iberis lists Greytech III and Greentech II funds open for subscription, and the firm has grown AUM from €40M (2018) to over €600M (2023–2026), with headcount growing from 14 (2020) to over 30 team members today — evidence of a firm in continued active-deployment mode rather than winding down.