# Excalibur Fund Managers

Excalibur Fund Managers is an Asset Manager based in Lisbon, Portugal.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Lisbon, Portugal
- **Region:** Middle East
- **Address:** Lisbon, Portugal
- **Founded:** 2008
- **Assets under management:** $100M - $500M (Altss estimate)
- **Website:** excaliburfm.com

## Regulatory record

- **Reports private funds:** No

## About

Excalibur Fund Managers is a London-based venture capital firm focused on human medicines. They invest in science and entrepreneurship, providing medical and healthcare facilities. Excalibur Fund Managers has made 46 investments, including a Series F investment in TME Pharma on May 19, 2010.

## Sectors

- Cybersecurity
- Enterprise Software
- AI/ML
- Digital Health

## Offices

- Mountain View, CA, United States
- Jerusalem, Israel
- London, United Kingdom
- Tel Aviv, Israel

## People

- Carlos Estefan — Managing Partner
- Gilad Shany — Managing Partner

## Questions

### Does Excalibur invest exclusively in Israeli companies?

No. While the firm's venture thesis is anchored in Israeli dual-use technology talent, Excalibur sources and supports companies across Israel, Portugal, the broader EU, and the United States. Its Portuguese fund domicile specifically enables European startups with defense-aligned IP to access the firm's capital and transatlantic scaling network.

### What is Excalibur's relationship to the Portuguese tech ecosystem?

Excalibur uses Lisbon as its European regulatory and operational headquarters, which doubles as a soft-landing platform for Israeli startups entering the EU market. The firm has publicly framed its Portuguese presence as a gateway for portfolio companies to engage with EU innovation programs and defense funding mechanisms, particularly under Horizon Europe (per CTECH, 2022).

### How does Excalibur source its deal flow?

The firm leverages Managing Partner Gilad Shany's network within Israel's cybersecurity incubators and intelligence-adjacent venture circles, combined with Carlos Estefan's European institutional relationships. This dual channel gives Excalibur access to startups that emerge from government-affiliated technology programs in Israel, alongside deep-tech clusters in Portugal and the broader EU.

### Are Excalibur's portfolio companies primarily defense contractors?

Not solely. While the firm seeks dual-use technologies with defense or critical-infrastructure applications, it explicitly supports the commercial scaling of that IP into enterprise and allied-government markets. The Portuguese office structure is built to help these companies access civilian EU technology programs alongside defense procurement channels.

## Related profiles

- [Meidlinger Partners](https://altss.com/profile/meidlinger-partners)
- [Merrill Pickard Anderson & Eyre](https://altss.com/profile/merrill-pickard-anderson-and-eyre)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/excalibur-fund-managers

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