Armilar, a venture capital firm based in Southern Europe, closed the fourth generation of its flagship funds, raising over €120 million to invest across Portugal, Spain, and the rest of Europe. Armilar IV has attracted a diversified base of institutional investors, including the European Investment Fund (EIF) and the Sociedad Española para la Transformación Tecnológica (SETT) and Spain’s NextTech vehicle for deep-tech innovation.
The fund represents an important milestone for Armilar and builds on the firm’s track record across previous funds, reflecting the continued focus on generating strong returns through early-stage technology investments.
Armilar IV has a strong Iberian allocation and focuses on Series A rounds. Its investment thesis targets the intersection of digital technologies and hard science, backing B2B startups with significant technological depth that address large-scale problems across areas such as artificial intelligence, cybersecurity, software development, infrastructure and computing, digitalisation and automation, fintech, healthtech, spacetech, and dual-use technologies.
The launch aligns with increased activity in Europe’s high-technology ecosystem, with Spain and Portugal showing strong momentum in venture investment and innovation.
Armilar IV marks a natural next step for our firm, the opportunity to extend our Series A investment platform and continue backing exceptional founders as they take their technologies from validation to scale. We see outstanding innovation emerging from Iberia and across Europe, and we want to help these companies grow globally,
said Pedro Ribeiro Santos, Managing Partner at Armilar.
With more than 20 years of investing, Armilar has supported early-stage companies as they expand globally. The firm’s history of founder support and performance across earlier flagship funds contributed to the successful raise of Armilar IV despite challenging market conditions.
Armilar has already met with many founding teams and is assessing several startups for its 2025 pipeline. Fundraising for Armilar IV will continue, with a goal of doubling the fund’s size by the end of 2026.
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