Telhaverde backs seed-stage founders rebuilding the marketing stack — content generation, personalization engines, creative intelligence, and attribution infrastructure — for European and global markets.
The marketing stack is undergoing its deepest restructuring since programmatic advertising broke open media buying in the early 2010s. Generative AI isn't a feature layer added on top — it invalidates the assumptions the entire stack was built on.
Content generation at machine scale
AI-native audience personalization
Generative creative and attribution intelligence
Portfolio Companies
The Partners
Tiago Ferreira
Managing Partner
Built a programmatic advertising platform from zero to €8M ARR before founding Telhaverde in 2020. Writes about AI infrastructure for marketing.
Inês Carvalho
General Partner
VP Marketing at a Lisbon SaaS unicorn through IPO, then CMO at a Barcelona analytics company. Leads GTM advisory for portfolio companies in European enterprise.
Rui Mendes
Principal
PhD in computational linguistics from Universidade de Lisboa, then founding engineer at a content intelligence startup. Leads technical diligence at Telhaverde.
Latest Thinking
Image Editing AI Reaches Commercial-Grade Quality for Commerce
How AI image editing crossed the quality threshold that makes it viable for product photography at commerce scale — and what that means for creative production costs.
28 Apr 2026Recruiting Technical Founders in the Generative AI Era
What NLP researchers and ML engineers look for when choosing between an operator-led investor and a generalist fund — and how that dynamic has shifted as the AI talent market tightened.
31 Mar 2026Fund II Thesis Update: What Changed Between 2021 and 2024
Three years on from Fund I's close: the bets on content generation infrastructure that paid off, the assumptions about attribution modeling that didn't hold, and how Fund II adjusted its focus accordingly.