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

  • Nov 2025fundraise
    Armilar announced the first closing of Armilar IV, its fourth-generation flagship fund, securing over €120 million. Anchor investors include the European Investment Fund (EIF) and Spain's Sociedad Española para la Transformación Tecnológica (SETT) via the NextTech deep-tech vehicle. The fund targets early-stage companies across Portugal, Spain, and Europe, with a focus on Series A. armilar.com
  • Dec 2025investment
    Armilar participated in a Series A round for Trendtracker, one of two new investments the firm made in the 12 months to December 2025, bringing its total portfolio to 78 companies. tracxn.com
  • Jun 2025investment
    Armilar co-led the $8.2M Series B round of Bdeo alongside Wayra, with BlackFin and other investors also participating. tracxn.com
  • Sep 2021investment
    Armilar co-led a €1.5M seed round in Porto-based retail tech startup Reckon, investing through its NOS 5G Fund alongside Portugal Ventures, Bright Pixel, Wisenext, and angel investor Dominique Locher. armilar.com
  • Feb 2019fundraise
    Armilar announced the first closing of its fifth fund — the FCR Armilar Venture Partners TechTransfer Fund — raising over €45M toward a €60M target. The EIF anchored the round, joined by Semapa, KPN, Instituto Superior Técnico, family offices, and Armilar team members. armilar.com
  • May 2026press
    Armilar published a piece explaining its investment thesis behind DOJO AI, arguing that general-purpose AI alone can't fix marketing and that vertical, agentic approaches are needed. armilar.com
  • Apr 2026investment
    DOJO AI, an Armilar portfolio company, raised $6M to build an agentic marketing platform that turns data into business outcomes. armilar.com
  • Apr 2026leadership
    Armilar promoted four team members, announcing the news publicly as part of a broader team update. armilar.com
  • Nov 2025fundraise
    Armilar closed the first tranche of Armilar IV above €120M. Anchor LPs include the European Investment Fund and Spain's SETT via its NextTech deep-tech vehicle. The fund targets Series A deals across Portugal, Spain, and broader Europe. armilar.com
  • Nov 2024investment
    Waveup data records Armilar's most recent investment date as November 2024, consistent with active deployment ahead of the Armilar IV close. hub.waveup.com
  • undatedinvestment
    Armilar co-led a €2M pre-seed round in Veeton alongside Founders Future, Kima Ventures, and ZeBox Ventures. Veeton builds generative AI tools for the fashion industry, automating virtual try-on and product imagery. armilar.com
  • undatedinvestment
    Armilar invested €2.5M in Neuraspace via its TechTransfer Fund. Neuraspace runs an AI platform for space debris tracking and satellite collision avoidance, incubated at Instituto Pedro Nunes and ESA-BIC. armilar.com

Notable investments

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
    LinkedIn
  • Duarte Mineiro · Partner
    LinkedIn
  • Carmo Sousa Coutinho · Chief Compliance Officer
    LinkedIn
  • Joaquim Servulo Rodrigues · Partner
    LinkedIn
  • Joaquim Sérvulo Rodrigues · Founder & Managing Partner

Sources

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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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Generated by briefthecall.com from public web sources. Last updated August 11, 2026. Each claim is linked to its source above.

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