Investor

Armilar Venture Partners

armilar.com ↗ ·Lisbon ·Early stage ·Actively investing

Armilar Venture Partners is a Lisbon-based early-stage venture capital firm founded in 2000 that backs deep-tech and B2B technology founders, investing from seed through Series A across SaaS, fintech, healthtech, climate/energy and space. Over 25 years it has invested in roughly 80 companies, including three unicorns (OutSystems, Feedzai, Sword Health) and one IPO, and recently closed a new ~€120M Fund IV to deepen its presence across Portugal and Spain.

Portfolio
5
Team
20
AUM
~€450M
Rounds
6
Cheque
€0.1–5M
SectorsDeep Tech, B2B SaaS, FinTech, HealthTech, Climate/Energy Tech, Space Tech, AgTech VC MapSeries A

Profile updated 18 Jul 2026

Team

Partners 6 Investment Team 5 Others 9
Duarte Mineiro
Managing Partner
Joaquim Sérvulo Rodrigues
Managing Partner
João Dias
Investment Partner
Nuno Leite
Managing Partner - CFO
Pedro Ribeiro Santos
Managing Partner
Rodolfo Condessa
Investment Partner
Darío Villena
Principal
Inês de Macedo Santos
Principal
Pedro Almeida
Principal
Pedro Castel-Branco
Principal
Vitor Martins
Senior Associate
Camille Venot
Head of Communications
Carmo Sousa Coutinho
Compliance Officer
Francisco Costa Macedo
Talent Manager
Helder Antunes
Senior Advisor
José Guerreiro de Sousa
Senior Advisor
Juan González
Senior Advisor
—
Margarida Trindade
Executive Assistant
Nuno Sebastião
Senior Advisor
Paulo Rosado
Senior Advisor

Portfolio companies 5

Airflows
airflows.com
Company Seed Madrid
Appentra
www.appentra.com
Company Series A A Coruña
Bdeo
bdeo.io
Company Series B Madrid
Codee
codee.com
Company Series A A Coruña
StudentFinance
www.studentfinance.com
Company Series A Madrid

Funding rounds 6

Airflows · Seed · €2M
Madrid's Airflows, founded in 2024 by veterans of AlienVault, Constella Intelligence, Stratio and Paradigma Digital, raised €2 million led b…
2026-03-25
Codee · Series A · €5M
Galician startup Codee raised €5M led by Spanish-Israeli fund Swanlaab to commercialise its automated code-inspection platform for software …
2023-09-19
Bdeo · Series B · €7.5M
Madrid-based insurtech Bdeo, whose AI-powered visual intelligence assesses motor and home insurance damage remotely, raised an additional €7…
2023-06-29
StudentFinance · Series A · €39M
Madrid-based StudentFinance, which funds upskilling and reskilling through income-share-style agreements, raised €39 million combining equit…
2023-03-01
StudentFinance · Seed · €4.5M
StudentFinance builds the technology and data infrastructure that lets education providers offer Income Share Agreements. It raised a €4.5M …
2021-05-18
Appentra · Seed · €1.8M
Appentra is a spin-off of the University of A Coruña and makes Parallelware Analyzer, a static code analysis tool that helps developers writ…
2020-04-30

News & media 5

PublishedArticle
2025-12-22 Coreflux secures €1.2M to scale enterprise IoT data connectivity ↗
Portugal Startup News
2025-11-05 Armilar's new €120 million fund targets DeepTech and digital transformation ventures in Spain and Portugal ↗
EU-Startups
2025-07-15 El Gobierno impulsa la inversión en tecnologías disruptivas a través del fondo Armilar con una aportación de 20 millones de euros ↗
España Digital (Spanish Government)
2025-06-17 Sword Health nabs $40M at $4B valuation, pushes IPO plans to at least 2028 ↗
TechCrunch
2024-09-26 Una historia de dragones y unicornios: el éxito de Armilar ↗
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