Armilar Venture Partners
ABOUT ARMILAR VENTURE PARTNERS
Armilar Venture Partners is a Lisbon-based venture capital firm founded in 1999, making it one of Portugal's oldest independent VCs. It manages €260–300M and writes cheques from €500K to €10M+, following companies from seed through Series A, Series B, and growth rounds. Armilar backs technology businesses with strong IP across deep tech, healthcare, and climate and sustainability. Across roughly 100 investments it has recorded 12 exits, including two IPOs such as A123 Systems, alongside acquisitions of TxVia and Advanced Cyclone Systems. 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 launched Fund IV in November 2025 at a €120M first close, 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.
INVESTMENT DETAILS
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FREQUENTLY ASKED QUESTIONS
What stage does Armilar Venture Partners invest at?
Armilar Venture Partners invests at Seed, Series A, Series B, Growth stages.
What is Armilar Venture Partners's typical ticket size?
Armilar Venture Partners typically writes cheques of €500K–€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 1999.
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 €260–300M in assets / fund commitments.
How do I contact or pitch Armilar Venture Partners?
You can reach Armilar Venture Partners via their website (armilar.com). You can also submit your startup through Portugal VC's pitch tool to be forwarded to matching investors.