Angels Way backs ExtraFlow with €50,000, nears end of €1.2M fund
What's the deal? Portuguese community fund Angels Way has made an angel investment of €50,000 (about $56,111) in ExtraFlowDealroom has a profile for this one. Try Dealroom →, one of two startups added to its portfolio in November. The deal, alongside a bet on fellow startup Clara, brings the fund to 18 of its 20 planned investments.
What does ExtraFlow do? Founded by Ricardo Mesquita, the startup targets industry, distributors, and wholesalers. Its technology reads orders across different channels and formats, identifies whether it is handling a quote, order, or purchase, and matches it against each client's catalogue and commercial terms.
The platform integrates with systems such as PHCDealroom has a profile for this one. Try Dealroom →, Sage, Primavera, and SAP, and processes more than 10,000 actions per month. Spain is its next market.
The companion bet: Clara, founded by Rita Cabral and Luís Miguel Sousa, connects to billing software and other company tools to give firms visibility over their cash position. More than €12 million in invoices received by its clients have passed through the platform.
Why these two? "We see ExtraFlow and Clara as two halves of the same cycle, which runs from the customer's request to cash in hand," said Luís Felipe Gutman, partner at Olisipo WayDealroom has a profile for this one. Try Dealroom →, in a statement (translated from Portuguese). "Both have created solutions that free SMEs from the administrative work that holds back growth."
The fund: Angels Way raised €1.2 million from more than 400 small investors for its first fund, which is community-managed and supervised by Portugal's securities regulator, the Comissão do Mercado de Valores Mobiliários. Its goal is to back 20 Portuguese startups, with a maximum of €50,000 each.
Since launching in 2025, its 436 investors have assessed 205 applications and held 295 working sessions. Together, the fund's portfolio companies are now valued at €89.5 million.
Why now? Angels Way frames the pair as tackling a national bottleneck. Portugal has the European Union's highest density of SMEs — 147 companies per 1,000 inhabitants, nearly double the bloc's average of 75 — a fragmentation the European Commission flags as a drag on competitiveness.
The signal: SME-automation is a live theme in Portugal: in November, startup GranterDealroom has a profile for this one. Try Dealroom → raised €1.6 million to automate funding applications for businesses. Angels Way's bets are far smaller and earlier, but they point to steady investor appetite for software that clears practical workflow bottlenecks — from cash visibility to order processing.
Read more: eco.sapo.pt
Image credit: Generated with Gemini
