Skip to content
VC FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 18 SOURCES

Armilar Venture Partners

Also known as Armilar

Lisbon early-stage VC founded in 2000 managing over €600M. Writes €200K–€10M cheques from pre-seed to Series B in tech companies across Iberia and Europe; 80+ companies backed, 22 exits.

HEADQUARTERS
Lisbon, Portugal
FOUNDED
2000
AUM
€600M (2025)
OUTSIDE CAPITAL
Yes
TEAM LISTED
10 people

FOCUS

STAGES
Pre-SeedSeedSeries ASeries B
SECTORS
Software & SaaSArtificial IntelligenceFintechHealthTechDeep TechSpace
ASSET MIX
Venture capital
GEOGRAPHY
PortugalSpainEurope

WHAT IT IS

VC Fund. A fund manager investing capital raised from limited partners into startups.

ABOUT

Armilar Venture Partners is an independent early-stage venture capital fund manager based in Lisbon, founded in 2000 and managing over €600 million. It invests €200K–€2M at pre-seed and seed and roughly €2M–€10M at Series A and B, reserving flagship-fund capacity for follow-on rounds, in digital companies with a strong technology differentiation; seed deals are concentrated in Iberia while Series A+ rounds are sourced across Europe and, in specific cases, the US. Its website reports 80+ companies backed since 2000, 22 exits including 3 IPOs, and 3 unicorns; portfolio companies include OutSystems, Feedzai, Sword Health, Codacy, Amplemarket and Coverflex, and Rows was acquired by Superhuman. In November 2025 it announced a €120M first close of Armilar IV, backed by the European Investment Fund and Spain's SETT, with the aim of doubling the fund by end-2026. Founders can submit a pitch deck through the form on its website.

INVESTMENT THESIS

"Tech at the core": early-stage digital startups with a robust technological competitive advantage, global addressable markets and founders able to build category-defining businesses; mostly industry-agnostic, with Fund IV centred on the overlap of digital technologies and hard science in B2B.

PORTFOLIO (12)

TEAM

  • Joaquim Sérvulo Rodrigues
    Managing Partner · source
  • Pedro Ribeiro Santos
    Managing Partner · source
  • Duarte Mineiro
    Managing Partner · source
  • Nuno Leite
    Managing Partner - CFO · source
  • João Dias
    Investment Partner · source
  • Rodolfo Condessa
    Investment Partner · source
  • Pedro Castel-Branco
    Principal · source
  • Inês de Macedo Santos
    Principal · source
  • Pedro Almeida
    Principal · source
  • Darío Villena
    Principal · source

LINKS

FAQ

Armilar Venture Partners is a VC fund based in Lisbon, Portugal, founded in 2000.

Yes. Armilar Venture Partners invests directly in private companies.

Armilar Venture Partners invests at Pre-Seed, Seed, Series A and Series B stages in Software & SaaS, Artificial Intelligence, Fintech, HealthTech, Deep Tech and Space.

Armilar Venture Partners's stated ticket size is €200K–€10M.

Key people at Armilar Venture Partners include Joaquim Sérvulo Rodrigues (Managing Partner), Pedro Ribeiro Santos (Managing Partner), Duarte Mineiro (Managing Partner) and Nuno Leite (Managing Partner - CFO).

Armilar Venture Partners's investments include OutSystems, Feedzai, Sword Health, Amplemarket, Codacy, Coverflex, Rows and Neuraspace, among others.

The most recent publicly reported investment by Armilar Venture Partners is Neuraspace, announced in Aug 2026.

Armilar Venture Partners states that it accepts submissions through its official contact page.

Yes. Armilar Venture Partners manages capital from outside investors.