Southern European venture capital firm Armilar has announced the first close of its fourth flagship fund, Armilar IV, securing over €120 million to invest in high-tech startups across Portugal, Spain, and the wider European market.
The round drew strong backing from institutional investors, including the European Investment Fund (EIF), Spain’s SETT, and NextTech, the pan-European innovation vehicle supporting deep-tech ventures.
Expanding its Series A platform across Iberia
The launch of Armilar IV marks a new milestone for one of Southern Europe’s longest-standing venture capital firms. The fund will target Series A investments in B2B technology companies operating at the intersection of digital innovation and hard science — including AI, cybersecurity, infrastructure, automation, fintech, healthtech, spacetech, and dual-use technologies.
“Armilar IV represents the natural evolution of our investment strategy,” said Pedro Ribeiro Santos, Managing Partner at Armilar. “We’re extending our Series A platform to continue backing exceptional founders as they move from validation to global scale. Iberia is producing world-class innovation, and we want to help these companies lead internationally.”
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Backing deep-tech founders with global potential
The VC firm has built a two-decade track record of identifying early-stage technologies with global growth potential. Previous funds have supported several European success stories across enterprise software, digital infrastructure, and applied science.
The strong performance of earlier flagship funds — coupled with VC’s reputation for hands-on founder support — helped the firm raise Armilar IV in a challenging fundraising environment.
The firm is already in active discussions with several founding teams and has begun building its 2025 investment pipeline. The company plans to double the size of the fund by the end of 2026 as it continues to attract new LPs.
Strengthening Europe’s high-tech ecosystem
The fund’s launch comes amid growing momentum in Europe’s innovation landscape, particularly in Spain and Portugal, where startup formation, research commercialization, and deep-tech investment have accelerated sharply.
“We’re seeing a new wave of founders building from Iberia with truly global ambitions,” said Ribeiro Santos. “With Armilar IV, we’re scaling our support for these entrepreneurs — giving them the capital, expertise, and network they need to grow across Europe and beyond.”
About the firm
Founded over 25 years ago, Armilar Venture Partners is Portugal’s leading independent venture capital firm and one of the most experienced VCs in Southern Europe. The firm focuses on early-stage, technology-driven startups across Europe, combining deep local knowledge with an international outlook to help founders scale globally. Armilar currently manages several funds backed by institutional and private investors.
