Portugal’s deep tech scene is heating up as Armilar Venture Partners, one of the country’s most established VC firms and an early backer of unicorns like Feedzai and OutSystems, announces the first close of its new fund, Armilar IV, at more than €120 million.
The fund, backed by the European Investment Fund (EIF) and Spain’s SETT through the NextTech initiative, aims to power the next generation of startups that merge hard science with advanced digital technology. Armilar’s new capital injection is set to boost innovation across AI, cybersecurity, fintech, healthtech, and spacetech, areas that are rapidly emerging from Iberia’s growing tech ecosystem.
Founded in 2000 by Joaquim Sérvulo Rodrigues, Armilar Venture Partners has long been a driving force behind Portugal’s venture capital landscape.
Its managing partners, Pedro Ribeiro Santos and Duarte Mineiro, bring extensive experience in helping early-stage companies turn pioneering research into global success stories. With this new fund, they’re doubling down on startups that combine scientific breakthroughs with real-world business applications.
The firm plans to continue raising capital throughout 2026, targeting a total of around €240 million for Fund IV.
Armilar’s investment philosophy remains deliberately focused. Rather than spreading its bets thin, it targets a small number of high-conviction, B2B-oriented startups with strong technical moats and global market potential. Its track record speaks for itself, companies nurtured under Armilar’s wing, such as OutSystems and Feedzai, have evolved into major international players.
The firm’s approach combines rigorous technical due diligence with hands-on support, board involvement, and access to follow-on funding. This close partnership model enables Armilar to guide founders through the toughest phases of scaling, ensuring that innovation translates into lasting impact.
The new fund also represents a vote of confidence in the Iberian Peninsula’s transformation into a deep tech hub. The region has seen an influx of talent, increased R&D spending, and robust government support through initiatives like NextTech. Managing partner Pedro Ribeiro Santos emphasized that Iberia is now producing founders who are blending science and technology to solve major global challenges.
He noted that Armilar IV’s mission is to take these startups from the labs and universities of Portugal and Spain to international markets where their impact can multiply.
By the end of 2025, Armilar plans to complete its first three investments, marking the beginning of what it envisions as a 20-company portfolio. Partner Duarte Mineiro highlighted that despite tighter funding conditions across Europe, Iberia’s long-term fundamentals remain strong, making this the right time to double down.
For Armilar, the current funding drought is not a deterrent but an opportunity to identify and back exceptional founders building technologies with staying power.
With Armilar IV, the firm is reaffirming its commitment to nurturing the next generation of deep tech leaders from Southern Europe. As the fund scales toward its target size, it is poised to play a crucial role in turning Iberia’s scientific ingenuity into globally competitive innovation.
