Armilar Venture Partners

What Armilar Venture Partners does

Armilar Venture Partners is a Lisbon-based early-stage venture capital firm founded in 2000 that invests in technology companies across Portugal, Spain, and broader Europe. The firm operates as an independent fund manager with no parent company, led by Managing Partner Pedro Ribeiro Santos alongside Principal Pedro Castel-Branco and Investment Partner João Dias, supported by a small team of approximately 17 professionals. Armilar invests across seed/pre-seed (€200K-€2M tickets) and Series A/B (€2M-€10M) stages, with stated follow-on capacity for portfolio companies that achieve scale. The firm's investment philosophy is conviction-driven, backing a selective number of digital and deep-tech companies per year in areas including AI, cybersecurity, fintech, and healthtech.

The firm manages approximately €500 million in assets under management across multiple fund vintages, with Fund IV closing at over €120 million in November 2025 anchored by a €30M commitment from the European Investment Fund, alongside institutional LPs Caixa Capital and Sociedad Española para la Transformación Tecnológica. Armilar also manages the NOS 5G Fund on behalf of NOS telecommunications. The firm has backed more than 80 companies since inception, achieving 22 successful exits, 3 IPOs, and 3 unicorn outcomes (OutSystems, Feedzai, Sword Health). Notable portfolio companies include Codacy, Amplemarket, Didimo, Rows, CASAFARI, Coverflex, DOJO AI, Coreflux, TonicApp, Veeton, Trendtracker, and mama health.

Armilar's revenue model is the standard VC fund management structure: management fees on assets under management plus carried interest from successful portfolio exits. Distribution occurs through direct founder outreach, website pitch submissions, and relationships with Portuguese incubators and research institutes (including Instituto Superior Técnico). The firm supplements portfolio support through the Sphaera founder community and operates content marketing channels via its website and Medium publication. Armilar became a UNPRI signatory in November 2024, integrating ESG factors into its investment process.

Name

Armilar Venture Partners

Legal name

Armilar Venture Partners - Sociedade Gestora de Fundos de Capital de Risco, S.A.

Website

https://armilar.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Armilar Venture Partners is a Lisbon-based early-stage venture capital firm founded in 2000 that invests in technology companies across Portugal, Spain, and broader Europe, managing approximately €500M in assets under management across multiple funds including Fund IV (€120M, 2025).

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

Keywords

• Venture capital funding
• Early-stage technology investing
• Seed and series A investments
• Deep tech startups
• Fund management services

Headquarters

HQ city

Lisboa

HQ country

Portugal

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management: Armilar generates returns through management fees on funds under management and carried interest from successful portfolio company exits. They manage approximately €500 million in assets across multiple funds.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Armilar Venture Partners is a Lisbon-based early-stage venture capital firm that invests equity capital in technology-based startups from seed/pre-seed through Series A and B, with follow-on capacity for successful portfolio companies. The firm manages multiple venture capital funds (approximately €500 million in assets under management, including Fund IV at €120 million) and provides strategic board support, operational guidance, and long-term partnership to portfolio founders across Portugal, Spain, and Europe. Investment ticket sizes range from €200K to €10M, targeting digital and deep tech companies in areas such as AI, cybersecurity, fintech, and healthtech.

Product overview

Armilar Venture Partners is a Lisbon-based early-stage venture capital firm that invests in technology companies across Portugal, Spain, and Europe. The firm manages multiple funds (including Fund IV at €120 million) and focuses on digital and deep tech investments in areas such as AI, cybersecurity, fintech, and healthtech. Armilar does not offer products or services in the traditional SaaS/software sense; rather, it provides equity capital, strategic support, and operational expertise to portfolio companies from seed through Series A and beyond. The company's portfolio includes companies such as OutSystems, Feedzai, Codacy, Sword Health, Amplemarket, Didimo, Rows, CASAFARI, Coverflex, DOJO AI, Coreflux, TonicApp, Veeton, Trendtracker, and mama health.

Differentiator

Problem solved

Functional benefit

Brands

• Sphaera: A community of founders that serves as a safe harbor for founders to ask questions, seek support, bounce ideas with fellow founders, or share ideas and resources
• Armilar IV
• NOS 5G Fund

Products and services

• Armilar IV Fund Armilar's fourth venture capital fund with over €120 million at first closing in November 2025, focused on investing in disruptive early-stage technology companies across Portugal, Spain, and Europe. The fund aims to build a portfolio of approximately 20 companies, with investment focus on AI, cybersecurity, fintech, and healthtech. Investment tickets range from €200K to €10M.
• NOS 5G Fund A €10 million fund created by NOS and managed by Armilar Venture Partners to invest in tech startups leveraging 5G technology. The fund provides equity capital to early-stage companies developing 5G-enhanced solutions.
• Sphaera Founder Community A community of founders that serves as a safe harbor for portfolio founders to ask questions, seek support, bounce ideas with fellow founders, and share ideas and resources. Operates as a value-added offering for portfolio companies.

Quantifiable outcome

• 3 unicorns (OutSystems, Feedzai, Sword Health) created
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core and minor.

• DOJO AIcoreOthers · 22 April 2026Intelligent marketing platform built on agentic AI. Led €6M seed round at €30M valuation in April 2026. Company has grown 20% month-on-month serving 100+ brands.
• AirflowsminorOthers · 26 March 2026Deterministic AI platform company enabling enterprises to build AI-powered systems that are auditable and governance-ready. Armilar participated in €2M funding round alongside lead investor Adara Ventures.
• AutomaisecoreOthers · 24 March 2025AI-driven enterprise platform for business process automation. Armilar invested initially in 2017 and continued through €5M Series A in March 2025. Clients include Intelcia, Altice, Sonae MC, Novobanco.
• CintoocoreOthers · 4 November 2024Cloud-based reality data management solutions provider. Armilar has been investor since €5.3M Series A in 2022 and participated in €37M Series B in November 2024 alongside Partech.
• Maven PetcoreOthers · 5 September 2024AI-based pet health monitoring platform. Armilar invested alongside Touro Capital Partners, BlueCrow, Iberis, and Mustard Seed Maze.
• VeetoncoreOthers · 7 June 2024French generative AI platform for fashion industry visual creation. Armilar co-led €2M Pre-Seed round in June 2024 alongside Founders Future.
• Codee (fka Appentra)coreOthers · 19 September 2023Software optimization and parallel computing company. Armilar invested initially in €1.8M round in 2020 and participated in €5M round in September 2023.
• knokcoreOthers · 24 November 2021Fully integrated telemedicine SaaS platform. Armilar participated in €4.4M funding round. Platform serves 2M+ patients on 4 continents with video consultations.
• Tonic AppcoreOthers · 27 August 2019Digital healthcare tool for medical community. Armilar invested €3.5M alongside Vesalius Biocapital, Portugal Ventures, and TheVentureCity. Company reached 30%+ penetration of Portuguese doctors.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Partech: Pan-European VC that led the €37M Series B in Cintoo with Armilar participation. Comparable in European tech investing focus and lead-investor posture.
• Adara Ventures: Spanish VC that led the €2M Airflows round alongside Armilar. Direct Iberian peer focusing on enterprise/B2B software at similar stages.
• Caixa Capital: Portuguese early- and growth-stage venture capital firm and LP in Armilar Fund IV. Most direct comparable as a domestic Iberian VC investing across similar stages and sectors.
• K Fund: Spanish early-stage VC that co-led the €1.8M Appentra (Codee) round with Armilar. Closely comparable in stage focus, ticket size, and Iberian technology focus.
• Swanlaab Venture Factory: Spanish early-stage VC that led the €5M Series A in Codee with Armilar participation. Direct Iberian peer with comparable sector focus and stage.
• Portugal Ventures: Portuguese state-backed VC and direct co-investor with Armilar in Tonic App. Operates the same Iberian early-stage thesis and is the closest geographic/state-aligned peer.
• AMAVI Capital: Real estate and construction technology investor that co-led the €5.3M Series A in Cintoo with Armilar. Iberian peer with overlapping construction-tech exposure.

Broad incumbents

• Atomico: Pan-European VC that increasingly invests in Iberian startups. Larger-scale broad incumbent in the same European early-stage tech category.
• Index Ventures: Pan-European/global VC investing across stages and sectors. Broad incumbent in the same European tech VC category, operating at much larger scale than Armilar.

Emerging players

• Vesalius Biocapital Partners: Luxembourg-based life sciences VC that co-led the €3.5M Tonic App round with Armilar. Comparable in early-stage European focus but specialized in biotech rather than digital tech.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/armilarvp
• LinkedInlinkedin.com/company/armilar

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments104 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Armilar Venture Partners