Lisbon-based Armilar Venture Partners, one of Southern Europe’s leading independent venture capital firms, has secured more than €120 million to invest in disruptive technologies across Europe, with a strong focus on Portugal and Spain.
The funding marks the first closing of the fourth generation of its flagship funds, Armilar IV, which aims to expand the firm’s Series A investment platform and support about 20 technology-driven companies over its lifespan.
It will focus on startups operating at the intersection of digital technologies and hard science – including artificial intelligence, cybersecurity, healthtech, fintech, automation, spacetech, and dual-use technologies.
Institutional backing and Iberian focus
The fund has attracted a solid base of institutional investors such as the European Investment Fund (EIF) and Spain’s Sociedad Española para la Transformación Tecnológica (SETT), supported by the country’s NextTech vehicle for deep-tech innovation.
“Armilar IV marks a natural next step for our firm, the opportunity to extend our Series A investment platform and continue backing exceptional founders as they take their technologies from validation to scale,” Pedro Ribeiro Santos, managing partner at Armilar, said in a statement.
Partner Duarte Mineiro added that Iberia represents a growing opportunity, combining world-class talent, growing R&D intensity, and increasing institutional support.
Active dealflow
Armilar reports a strong dealflow across Southern Europe, reflecting what it describes as the growing maturity of founders and research-driven startups in the region. The firm is currently evaluating several companies as part of its 2025 investment pipeline.
Founding Managing Partner Joaquim Sérvulo Rodrigues noted that closing a new fund in the current environment – marked by limited liquidity, few IPOs, and reduced M&A activity – is particularly meaningful.
“VC fundraising in 2025 could be the lowest we’ve seen for well over five years, particularly in Europe,” he said. “We feel truly privileged to have closed a new fund at this moment, at a time where the abundance of new and exciting opportunities coincides with a reduction in new investment capacity.”
Founded in 2000, Armilar manages more than €600 million in assets. The firm is known for early investments in global technology leaders such as OutSystems and Feedzai. Armilar plans to continue raising for Fund IV, with a goal of doubling its size by the end of 2026.
Featured image: Photo courtesy of Armilar
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