Portugal
Cuatrecasas advised on the launch of a venture capital fund that will invest in critical technologies that strengthen digital security and resilience.
October 27, 2026
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SubscribeCuatrecasas advised 33N Ventures, SCR, S.A. on launching the 33N Cybersecurity, AI and Defense Tech Champions Growth Fund. With a target size of €200 million, the fund will invest in European growth-stage companies specializing in cybersecurity, artificial intelligence, and defense and security technologies.
Cuatrecasas provided comprehensive legal and regulatory advice on structuring the fund as a closed-end venture capital fund under Portuguese law. The firm also assisted with registering the fund with the Portuguese Securities Market Commission (CMVM) as a European venture capital fund (“EuVECA”). The EuVECA designation enables the fund to attract investors across European jurisdictions under a harmonized regulatory framework. Cuatrecasas also drafted and negotiated the fund’s management regulations.
The Cuatrecasas team advising 33N Ventures was led by Paulo Costa Martins, from the Financial Sector and Fund Formation practice areas. The team also included Natacha Branco, from the same practice areas, and Catarina Mira Lança and Pedro Rodrigues da Silva, from Finance.
Paulo Costa Martins commented: “This transaction reflects 33N Ventures’ commitment to consolidating its investment strategy in technologies that are critical to digital security and resilience: cybersecurity, artificial intelligence and defense technology. Structuring the fund as an EuVECA required careful coordination between the European venture capital fund regime and Portuguese law. This approach provided fundraising flexibility while ensuring compliance with the applicable regulatory requirements.”
33N Ventures, SCR, S.A. is a leading venture capital firm in the Portuguese market. Headquartered in Porto, the firm specializes in global investments in cybersecurity, artificial intelligence, defense technology, and dual-use technologies.
October 27, 2026
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