AArmilar Venture Partners
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.
SectorsDeep Tech, B2B SaaS, FinTech, HealthTech, Climate/Energy Tech, Space Tech, AgTech
VC MapSeries A
Team
Joaquim Sérvulo Rodrigues
Managing Partner
Pedro Ribeiro Santos
Managing Partner
Duarte Mineiro
Managing Partner
Nuno Leite
Managing Partner - CFO
João Dias
Investment Partner
Rodolfo Condessa
Investment Partner
Portfolio companies 4
Open 4 as list → On map →
Funding rounds 6
Open as list →| Date | Company | Round | Amount | Lead |
|---|---|---|---|---|
| 2026-03-25 | Airflows | Seed | €2M |
Adara Ventures
+1 more
|
| 2023-09-19 | Codee | Series A (estimated) | €5M |
Swanlaab Venture Factory
+5 more
|
| 2023-06-29 | Bdeo | Series B (estimated) | €7.5M |
Lead not disclosed
+6 more
|
| 2023-03-01 | StudentFinance | Series A | €39M incl. debt: equity and debt, the split was not disclosed |
Iberis Capital
+8 more
|
| 2021-05-18 | StudentFinance | Seed | €4.5M |
Giant Ventures, Armilar Venture Partners
+4 more
|
| 2020-04-30 | Codee | Seed (estimated) | €1.8M |
Armilar Venture Partners, K Fund
+3 more
|
Often invests with 10
Open as list →News 7
Open as list →| Published | Article |
|---|---|
| 2026-10-23 |
Nanogrow gana el VDS 2026 con sus medicamentos basados en nanoanticuerpos ↗
Emprendedores
2026-10-23 |
| 2026-09-25 |
'AVE startup: los que van a invertir te saludan' ↗
El Español (Invertia)
2026-09-25 |
| 2025-12-22 |
Coreflux secures €1.2M to scale enterprise IoT data connectivity ↗
Portugal Startup News
2025-12-22 |
| 2025-11-05 |
Armilar's new €120 million fund targets DeepTech and digital transformation ventures in Spain and Portugal ↗
EU-Startups
2025-11-05 |
| 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)
2025-07-15 |
| 2025-06-17 |
Sword Health nabs $40M at $4B valuation, pushes IPO plans to at least 2028 ↗
TechCrunch
2025-06-17 |
| 2024-09-26 |
Una historia de dragones y unicornios: el éxito de Armilar ↗
El Referente
2024-09-26 |