Shilling Capital Partners

Shilling leans on a partnership bench composed almost entirely of former founders and exited operators. The firm argues this operator network creates early visibility into pre-institutional rounds across Lisbon, Porto, and Braga. Portfolio founders also feed referrals through an active community that the firm cultivates directly.

The firm markets a single €52M early-stage fund. Public materials reference 35-plus portfolio companies, implying deployment from that pooled vehicle. Shilling has not disclosed parallel funds, side vehicles, or separate growth-stage pools.

The primary sweet spot is Seed and pre-Seed. Shilling retains capacity for follow-on rounds into Series A and growth-stage, though the firm has not published a reserve ratio or maximum check size. Most known positions were taken at formation or shortly after product launch.

Shilling operates as a pooled venture capital fund manager, not a single-family office. The firm has not disclosed any anchor family or individual wealth source, and its public materials treat limited partners as a diverse institutional and private investor base.

Shilling has not published a realized return multiple, DPI, or cumulative distributions. Its website highlights portfolio names that achieved later institutional rounds — including Unbabel, Rows, and Uniplaces — but does not claim specific exit events or IRR figures.

The firm has not publicly disclosed a board-seat policy. Its emphasis on founder proximity and operational support suggests active post-investment engagement, but formal governance roles have not been detailed.

Shilling states it allocates a portion of its own fund profits to the founders it backs, but has not published the formula, percentage, or legal mechanism. The arrangement appears to be a contractual profit share at the GP level rather than a separate co-investment vehicle.