Multi-stage VC, Lisbon
Armilar Venture Partners
Venture capital firm · Lisbon · Founded 2006
Quick read
Armilar Venture Partners is Portugal's largest independent VC, founded in 2006 and headquartered in Lisbon. The firm manages ~€300M in AUM across four funds, backing seed-to-early-stage tech companies across Iberia and Europe. Its Fund IV closed at €120M in 2024, one of the largest venture funds in Portuguese history, with notable portfolio exits including OutSystems, Feedzai, and Sword Health.
Key facts
- Founded
- 2006
- Employees
- 11
- Sectors
- enterprise, ai, saas, generalist
- Website
- www.armilar.com
Investment thesis
Armilar leads seed and early-stage investments in technology-driven companies, prioritising Iberia for seed deals and expanding across Europe and selectively the US for Series A and beyond, with a focus on deep tech and software businesses targeting global markets.
Recent activity
- 2024fundraiseArmilar announced the first closing of Fund IV at €120M, focused on technology-driven companies across Iberia and Europe. Pedro Ribeiro Santos discussed the milestone with Jornal de Negócios and the EUVC Podcast. pt.linkedin.com
- 2024pressTech.eu featured Armilar following the Fund IV first close announcement, highlighting its commitment to supporting founders across the Iberian tech scene. pt.linkedin.com
- 2024pressPedro Ribeiro Santos joined the EUVC Podcast to discuss Armilar's evolution from a bank spinout to a pan-European VC franchise. linkedin.com
- 2024leadershipArmilar promoted four team members in a single day, reflecting growth in the firm's investment team. linkedin.com
- 2024pressArmilar attended the Hello Tomorrow DeepTech summit, engaging with founders working on deep technology challenges across AI and life sciences. pt.linkedin.com
Notable investments
- OutSystemsEarly Stageeuroquity.com
- FeedzaiEarly Stageeuroquity.com
- Sword HealthEarly Stagetracxn.com
- CodacyEarly Stageeuroquity.com
- TrendtrackerSeries Atracxn.com
- Bdeopt.linkedin.com
Key people
Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.
- Pedro Ribeiro Santos · Managing Partner
- Duarte Mineiro · Partner
- Carmo Sousa Coutinho · Chief Compliance Officer
- Joaquim Servulo Rodrigues · Partner
- Joaquim Sérvulo Rodrigues · Founder & Managing Partner
Sources
Other VCs in Portugal
- Indico Capital Partners · Multi-stage VC, Lisbon·
- Faber Ventures · Multi-stage VC, Lisbon·
- Iberis Capital · Growth equity, Lisbon
Explore VCs by sector
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Frequently asked
What is Armilar Venture Partners?+
Armilar Venture Partners is Portugal's largest independent VC, founded in 2006 and headquartered in Lisbon. The firm manages ~€300M in AUM across four funds, backing seed-to-early-stage tech companies across Iberia and Europe.
Where is Armilar Venture Partners headquartered?+
Armilar Venture Partners is headquartered in Lisbon, Portugal.
When was Armilar Venture Partners founded?+
Armilar Venture Partners was founded in 2006.
What sectors does Armilar Venture Partners invest in?+
Armilar Venture Partners focuses on enterprise, ai, saas, generalist. They primarily invest in these sectors.
How do I prepare for a meeting with Armilar Venture Partners?+
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