Discover if this is a suitable investor for your startup. If they are we'll make a warm introduction for free. Otherwise, we'll connect you with matching investors.
Armilar Venture Partners is an early-stage venture capital firm founded in 1999/2000 and based in Lisbon, Portugal. The firm has established itself as a significant player in the Iberian venture capital landscape, focusing on technology-driven startups that leverage digital transformation to address substantial societal challenges. Over its 25+ years of operation, Armilar has built a reputation for supporting innovative companies across various sectors.
Currently, Armilar manages over €600 million in assets across multiple funds, with its latest fund, Armilar Venture Partners IV, targeting a size of approximately €240 million by the end of 2026. The firm primarily invests in Seed and Series A & B stages, aiming to support around 20 companies per fund. Armilar's notable milestones include successful exits such as OutSystems and TxVia, showcasing its ability to identify and nurture high-potential startups.
Armilar operates from its headquarters in Lisbon and has a strong focus on the European market, particularly in Iberia. The firm’s limited partner base includes a mix of institutional investors and family offices, contributing to its financial strength and investment capacity.
Armilar Venture Partners primarily invests in early-stage companies, focusing on Seed and Series A & B stages. The firm is industry-agnostic but emphasizes opportunities where data, digitization, and connectivity are central. It seeks companies with strong technological differentiation and a global mindset, aiming for high scalability and significant valuation potential. The sectors of interest include AI, healthcare, fintech, cybersecurity, digital health, commerce, biotech, and frontier technologies.
Armilar's investment strategy is designed to identify startups that leverage technology to create impactful solutions. The firm prioritizes companies that demonstrate a clear path to scalability and have the potential to address significant societal challenges. This approach aligns with Armilar's core thesis of backing technology-differentiated companies that can drive meaningful change in their respective industries.
Armilar's portfolio includes a diverse range of innovative companies across various sectors. Notable portfolio companies include:
Armilar's portfolio reflects its commitment to supporting technology-driven startups that are positioned for growth and impact.
Joaquim Sérvulo Rodrigues - Managing Partner. Joaquim has extensive experience in venture capital and has led numerous successful investments in technology startups.
Pedro Ribeiro Santos - Managing Partner. Pedro specializes in identifying high-potential startups and has a strong background in technology and finance.
Duarte Mineiro - Managing Partner. Duarte brings expertise in scaling technology-driven businesses and has a proven track record in the venture capital space.
Nuno Leite - Managing Partner, CFO. Nuno oversees financial operations and has significant experience in managing venture capital funds.
João Dias - Partner. João focuses on sourcing and evaluating new investment opportunities across various sectors.
José Guerreiro de Sousa - Senior Advisor. José provides strategic insights and guidance to portfolio companies based on his extensive industry experience.
Juan González - Senior Advisor. Juan offers expertise in technology and market trends, helping startups navigate their growth challenges.
Francisco Costa Macedo - Talent Manager. Francisco supports portfolio companies in talent acquisition and team building.
Rodolfo Condessa - Principal. Rodolfo is involved in deal sourcing and portfolio management, focusing on technology startups.
Carmo Sousa Coutinho - Compliance Officer. Carmo ensures that the firm adheres to regulatory requirements and best practices.
Vitor Martins - Senior Associate. Vitor assists in evaluating investment opportunities and supporting portfolio companies.
Pedro Castel-Branco - Senior Associate. Pedro focuses on market research and analysis to identify emerging trends.
Pedro Almeida - Senior Associate. Pedro is involved in deal execution and portfolio management.
Inês de Macedo Santos - Senior Associate. Inês supports the investment team with due diligence and market assessments.
Camille Venot - Communications Manager. Camille manages communications and public relations for the firm.
Darío Villena - Principal. Darío focuses on sourcing new investment opportunities and supporting portfolio growth.
Margarida Trindade - Executive Assistant. Margarida provides administrative support to the team.
To pitch to Armilar, founders should use the contact form available on their website at armilar.com. It is essential to include a comprehensive pitch deck that outlines the business model, market opportunity, and team qualifications. Armilar prefers pitches that clearly demonstrate the startup's technological differentiation and scalability potential.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory.
In November 2025, Armilar announced the first close of its latest fund, Armilar Venture Partners IV, with €120 million raised. This fund targets a total size of approximately €240 million by the end of 2026, focusing on deep tech and digital transformation in Iberia and Europe.
Armilar continues to be recognized as one of the top venture capital firms in Portugal, consistently ranking in the top 5. The firm has successfully backed notable companies such as OutSystems and TxVia, showcasing its ability to identify and support high-potential startups.
What are Armilar's investment criteria?
Armilar focuses on early-stage companies in Seed and Series A & B stages, emphasizing technology-driven startups that leverage data, digitization, and connectivity. The firm seeks companies with strong technological differentiation and a global mindset.
How can I apply or pitch to Armilar?
Founders can pitch to Armilar through their website at armilar.com. It is recommended to include a clear business model, market opportunity, and team background in the pitch deck.
What makes Armilar different from other venture capital firms?
Armilar has over 25 years of experience in the Iberian venture capital ecosystem, focusing on technology-differentiated companies that address significant societal challenges. The firm provides strategic guidance and access to a broad network of industry contacts.
What is Armilar's geographic scope?
Armilar primarily invests in Europe, with a focus on Iberia (Portugal and Spain) for Seed stage investments and the best companies across Europe and selectively the US for Series A and beyond.
What is the typical fund size and check size for investments?
Armilar's current fund, Armilar Venture Partners IV, targets a size of approximately €240 million. Check sizes typically vary based on the stage and specific needs of the startup, but they focus on early-stage investments.
What kind of post-investment involvement does Armilar have?
Armilar provides significant value-add to its portfolio companies through strategic guidance, operational support, and access to a broad network of industry contacts. The firm actively engages with its portfolio to help navigate challenges and achieve growth objectives.
All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.