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Institutional LPInvests through funds, not into companiesLAST VERIFIED Oct 2026 · 9 SOURCES

Grupo Ageas Portugal

Portuguese insurance group of (via Ageas Insurance International and Ageas Portugal Holdings) Ageas SA/NV

Also known as Ageas Portugal, Ageas Portugal Holdings, SGPS, S.A.

Portuguese insurance group of Belgium's Ageas (Ageas Seguros, Médis, Ocidental, Ageas Pensões). Its Ageas INvest I venture fund, managed by Armilar, had been capitalised with over €10M by May 2025.

HEADQUARTERS
Lisbon, Portugal
FOUNDED
2005
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
3 people

Focus

STAGES
SeedSeries A
SECTORS
Fintech
ASSET MIX
Venture capital
GEOGRAPHY
—

Overview

Grupo Ageas Portugal has operated in Portugal since 2005, when Ageas entered through Médis and Ocidental in partnership with Millennium bcp, and grew with the 2016 acquisition of AXA Portugal; its brands include Ageas Seguros, Ageas Pensões, Médis, Ocidental and Seguro Directo. Its venture capital vehicle, Fundo Ageas INvest I, is managed by Armilar Venture Partners; by May 2025 it had been capitalised with more than €10M and had invested €6M in eight insurance and “beyond insurance” startups, with a focus on Seed and Series A. Ageas Pensões, the group's pension fund manager, is also named among the investors in Biovance Capital's first fund.

PORTFOLIO (2)

  • Fundo Ageas INvest I (managed by Armilar Venture Partners)NOTABLE
    Fintech
  • Biovance Capital first fund (via Ageas Pensões)
    Biotech & Life Sciences

People

  • Ben Coumans
    Chairman of the Board of Directors, Ageas Portugal Holdings · source
  • Luís Menezes
    Chairman of the Executive Committee, Ageas Portugal Holdings · source
  • Nuno Horta
    Innovation Lead · source

Links

Frequently asked questions

Grupo Ageas Portugal is a institutional investor based in Lisbon, Portugal, founded in 2005.

Grupo Ageas Portugal does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.

Grupo Ageas Portugal invests at Seed and Series A stages in Fintech.

Key people at Grupo Ageas Portugal include Ben Coumans (Chairman of the Board of Directors, Ageas Portugal Holdings), Luís Menezes (Chairman of the Executive Committee, Ageas Portugal Holdings) and Nuno Horta (Innovation Lead).

Grupo Ageas Portugal's investments include Fundo Ageas INvest I (managed by Armilar Venture Partners) and Biovance Capital first fund (via Ageas Pensões).

No. Grupo Ageas Portugal invests its own capital and does not raise money from outside investors.