Armilar Venture Partners
ABOUT ARMILAR VENTURE PARTNERS
Armilar Venture Partners is a Lisbon-based venture capital firm founded in 2000, making it one of Portugal's oldest independent VCs. It manages over €600M and writes cheques from €200K to €2M at pre-seed and seed and roughly €2M to €10M at Series A and B, following companies through growth rounds. Armilar backs technology businesses with strong IP across deep tech, healthcare, and climate and sustainability. Across 80+ companies backed it has recorded 22 exits, including three IPOs such as A123 Systems, alongside acquisitions of TxVia and Advanced Cyclone Systems, and counts three unicorns in its track record. Its portfolio includes OutSystems, Feedzai, Sword Health, Amplemarket, Coverflex, Codacy, CASAFARI, and Neuraspace. The firm is led by Managing Partners Joaquim Sérvulo Rodrigues, Pedro Ribeiro Santos, Duarte Mineiro, and Nuno Leite (CFO). Recent activity has been steady: Armilar announced the €120M first close of Fund IV in November 2025 with the aim of doubling the fund by end-2026, saw spreadsheet startup Rows exit to Superhuman in February 2026, and led a $6M seed round in DOJO AI in April 2026.
INVESTMENT THESIS
Backs technology companies with strong IP in healthcare, sustainability, and enterprise software. Can follow on from seed through growth rounds.
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FREQUENTLY ASKED QUESTIONS
What stage does Armilar Venture Partners invest at?
Armilar Venture Partners invests at Pre-Seed, Seed, Series A, Series B, Growth stages.
What is Armilar Venture Partners's typical ticket size?
Armilar Venture Partners typically writes cheques of €200K–€10M.
What sectors does Armilar Venture Partners invest in?
Armilar Venture Partners focuses on Deep Tech, Healthcare, Climate & Sustainability.
Where is Armilar Venture Partners based?
Armilar Venture Partners is a VC based in Lisbon, Portugal, founded in 2000.
Who are the partners at Armilar Venture Partners?
Key people at Armilar Venture Partners include Joaquim Sérvulo Rodrigues (Managing Partner), Pedro Ribeiro Santos (Managing Partner), Duarte Mineiro (Managing Partner), Nuno Leite (Managing Partner - CFO).
What companies has Armilar Venture Partners invested in?
Armilar Venture Partners's portfolio includes OutSystems, Feedzai, Codacy, Sword, Amplemarket, Didimo, Rows, CASAFARI, among others.
How much does Armilar Venture Partners manage?
Armilar Venture Partners manages €600M+ in assets / fund commitments.
Is Armilar Venture Partners actively investing?
Fund IV €120M 1st close Nov 2025, raising.
Can I invest in Armilar Venture Partners's funds as an external investor?
Armilar Venture Partners is currently raising: Fund IV €120M 1st close Nov 2025, raising. Qualified investors can contact the firm about subscribing; minimum tickets and investor-qualification rules (CMVM) apply.
How do I contact or pitch Armilar Venture Partners?
You can reach Armilar Venture Partners via their website (armilar.com). You can also run your startup through Portugal VC's AI matcher to get a ranked shortlist of the investors that fit.