Investimento em startups
: o caso português

  • Maria Fernanda Tovar Cardoso da Silva (Student)

Student thesis: Master's Thesis


This dissertation aims to identify some of the main legal aspects that should be taken into account by a startup that intends to raise initial investment rounds in Portugal, from the perspective of both entrepreneurs and investors.
The dynamics of these companies and the way these investments occur is different from traditional routes, having as parameter foreign practices that often need adjustments to function properly within the national context. Therefore, it is not enough to know the internal legal framework, although it is not possible to ignore it, in order to optimize the operation and ensure that expectations and demands are aligned.
The thematic outline therefore focuses on a portion of the Risk Capital industry, that is, the initial investment rounds of Venture Capital, which has evolved enormously in the last 10 years. In doing so, the objective is to shed light on the following questions: (i) who realizes them and why, (ii) how the financing is done, (iii) what the possible impacts of the choice of corporate type on the activity and relationship between the parties and (iv) how the legal documents used differ from the classic contractual formats.
Date of Award24 May 2021
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorRui Pinto Duarte (Supervisor) & João Confraria (Co-Supervisor)


  • Startup
  • Venture Capital
  • Shareholder’s agreement
  • Risk capital
  • Letter of intent
  • Financing
  • Investment


  • Mestrado em Direito e Gestão

Cite this