33N Ventures Fund I | 2026 VC Fund

33N Ventures

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Status

ACTIVE

Global HQ

Porto, Portugal

Countries of investment

Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Italy
Latvia
Lithuania
Luxembourg
Malta
Netherlands
Norway
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Israel
United States

Investment stages

Series A
Series B
Series C
Series D
Growth

Industries

Cybersecurity
AI
Defense Tech
Security
Enterprise Software
B2B Software
Software
Data Science
IoT
Fintech

About
33N Ventures is a Portuguese venture capital firm founded in 2022 with Alantra by Managing Partners Carlos Alberto Silva and Carlos Moreira da Silva, with offices in Porto, Lisbon, London, Luxembourg, Silicon Valley, Tel Aviv and Dubai. Its first vehicle, the 33N Cybersecurity and Infrastructure Software Fund, targeted $168M and backs Series A and B companies such as Exein, Panorays, StrikeReady and Osavul. In October 2026 it launched the 33N Cybersecurity, AI and Defense Tech Champions Growth Fund, a closed-ended EuVECA fund under Portuguese law with a target of $224M to invest in European growth-stage companies in cybersecurity, AI and defence and security technology. The amount raised for the new fund has not been disclosed.

Min check size: $4.5M
Max check size: $22.4M
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Investment Thesis

33N Ventures invests in cybersecurity, AI, infrastructure software and dual-use defence technology companies, backing category leaders from Series A and B through later growth rounds. It targets companies with roughly $1.1M to $11.2M in ARR at entry, usually leads or pre-empts rounds and seeks board seats. Its differentiation is a specialist team with a long cybersecurity track record and a network of more than 50 CISOs, AI and data leaders organised in its CISO Circle and AI & Data Circle.

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Manager's Experience

Carlos Alberto Silva and Carlos Moreira da Silva worked together at Sonae IM before co-founding 33N, and the team reports more than 20 cybersecurity and infrastructure software investments over the past decade, including Feedzai, OutSystems and Arctic Wolf, with three unicorns and exits to Thales and Qualcomm. Carlos Alberto Silva led the S21sec and Excellium cybersecurity services group from 2014 through to its sale to Thales. Carlos Moreira da Silva has been a category-focused cybersecurity, AI and infrastructure software investor since 2013.