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§ Venture Capital · Portugal
Venture capital firm investing in early-stage digital and deep tech startups, focused on Europe and North America.
Armilar Venture Partners is an early-stage venture capital firm based in Lisbon, Portugal, that invests in deep tech, B2B enterprise software, and digital startups. The firm provides capital and strategic support to European technology companies from the pre-seed to Series A stages, generating returns through management fees and carried interest. Across its multiple active funds, the organization manages nearly €500 million in assets under management and has backed more than 80 companies, resulting in 22 exits and three initial public offerings. Its investment portfolio features prominent technology unicorns such as OutSystems, Feedzai, and Sword Health, alongside recent seed investments in startups like Veeton and Neuraspace. Originally operating as Espírito Santo Ventures before its rebranding, the firm was founded in 2000 by a team including Duarte Mineiro, Pedro Ribeiro Santos, Joaquim Sérgio Goreti, and João Dias.
Key people at Armilar Venture Partners.
Armilar Venture Partners is Portugal’s leading independent venture capital firm with over 25 years of experience and approximately €300 million in assets under management. The firm specializes in early-stage deep-tech investments, focusing on transitioning advanced technologies from research labs into scalable businesses across Europe. Armilar targets sectors such as robotics, AI, SaaS, clean technology, healthtech, fintech, spacetech, and cybersecurity, primarily investing in seed and Series A rounds. It plays a pivotal role in the Portuguese and broader European startup ecosystem by being the largest and most experienced early-stage investor in Portugal, supporting founders with capital and expertise to scale globally[1][2][3].
Founded around 2000 (initially known as Espírito Santo Ventures), Armilar Venture Partners has evolved into a prominent VC firm with a senior team boasting over 60 years of cumulative venture capital experience. The firm’s name and identity are inspired by the armillary sphere, a historic Portuguese symbol of navigation and discovery, reflecting its mission to guide innovative technologies toward global impact. Over time, Armilar has expanded its focus from local Portuguese startups to a broader European footprint, maintaining a strong commitment to Portugal’s thriving entrepreneurial ecosystem while increasingly investing across Iberia and Europe[1][2][6][7].
Armilar rides the wave of Europe’s growing emphasis on deep technology and innovation-driven startups, particularly in the Iberian Peninsula where venture investment and tech ecosystems are gaining momentum. The firm’s timing is critical as Europe seeks to strengthen its technological sovereignty and compete globally in AI, digital infrastructure, and sustainability technologies. By focusing on B2B startups with significant technological depth, Armilar helps address large-scale challenges in digitalization, automation, health, and fintech, thus influencing the broader European innovation ecosystem and contributing to the continent’s economic transformation[3].
Armilar Venture Partners is poised to continue expanding its influence with its recently closed Fund IV (€120 million first close), aiming to double its size by 2026. The firm will likely deepen its focus on Series A investments across Iberia and Europe, supporting startups transitioning from validation to scale. Future trends shaping Armilar’s journey include increased demand for AI, cybersecurity, healthtech, and sustainability solutions, alongside growing institutional support for European deep-tech ventures. Armilar’s sustained commitment to Portugal and Europe positions it as a key enabler of the next generation of technology leaders, reinforcing its role as a cornerstone of the regional startup ecosystem[3].
Key people at Armilar Venture Partners.
Armilar Venture Partners has more than 26 tracked investments across 21 companies. The latest tracked deal is $40.0M Other Equity in Sword Health in June 2025.