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About Us

18 years
Of Experience
Portugal, Europe, US
+€200 million
Currently under management across 5 funds
+40 Investments
To Date
ICT core, HT, CT
10 Exits
Seed, Early Stage

We are Armilar


We are Armilar Venture Partners (formerly known as Espírito Santo Ventures), an independent VC fund manager of more than 200 million euros of assets, represented by worldwide companies with innovative products and services that are improving our world, the way we live, and the way we do business.

We are the same team, with the same commitment, now with the independence needed to build our long-term vision of a value builder for the XXI century.

Learn more about our brand.

Investment Philosophy

We believe in the power of new technologies to change the world. We follow a "deep-tech" investment theme, looking for exciting opportunities that are based in leading-edge technology across a range of sectors. We see many of them, and we're very selective.

First and foremost, we are a strong believer that an outstanding technology is not sufficient to drive a company's success, if it isn't led by the right people. We look for entrepreneurs who are not only very knowledgeable of their business and technology, but who also show the keen intellect and the necessary resilience and honesty to overcome the adversities that their company will surely be facing. By the way, we only invest in minority stakes of equity - it's your company, and we want to keep it that way.

Secondly, we believe that companies that only deliver incremental change cannot create a significant value. We will invest in a company if it is the best in its field, with a unique technology or technology-based business model that is a disruptive improvement or solution to a valuable problem.

We also believe that companies that address a local or a small niche market will remain local or small in their impact. The companies we support have a global mindset and their product has a global addressable market in the billions of euro.

Last but not least, we want to deliver a very strong return to our investors. Therefore, we will only invest in companies which we strongly believe offer an enormous valuation potential in the medium term. 

Investment Areas

Armilar is a deep-tech specialist. With ICT at the core of our investment focus, we invest in technologies that address the key challenges in Globalisation, Demography, and the Environment.
Markets are global. Competition is global. Knowledge is global. Technology enables globalisation, offering transparency and countless opportunities for value creation, with data, digitalisation, connectivity, at their core. It is our core investment strategy.


We invest in technologies that create value in bridging individuals and organizations, across sectors, such as:

  • Enterprise software
  • Internet of Things / Industry 4.0
  • Artificial intelligence / Machine learning
  • Augmented / Virtual reality
  • Computing & Cybersecurity
  • Blockchain

The increase in lifespan and the aging of the population are creating new healthcare needs. Technology advances, increase of an open data culture and higher levels of connectivity define the future of healthcare.

Focusing on HealthTech opportunities where data, digitisation and connectivity play a central role, we invest in technologies that play a role in delivering these new opportunities, such as:


  • Digital Health / Digital Therapeutics
  • AI / medical big data and analytics
  • MedTech - Small devices
  • Genomics / Bioinformatics
  • Wellness and Nutrition

Global warming and economic conditions have raised awareness about the need to preserve and recover air, water and soil quality. Technology can help.


Focusing on CleanTech opportunities where data, digitisation and connectivity play a central role, we invest in technologies that can support a sustainable and environment-friendly development, such as:


  • Smart cities and Mobility
  • Smart / Clean industry
  • Smart / Sustainable agriculture
  • Energy storage and efficiency
  • Water & natural resource efficiency 

Our Funds

AVP V (Technology Transfer Fund) 

We are currently raising a €30 million to €60 million Technology Transfer Fund, to invest in the most promising seed-stage ventures coming out of top European research institutions. This fund, that will have the European Investment Fund as a key partner and anchor investor, is expected to have its first closing with a minimum €30 million committed capital, within the second half of 2018.


Since 2000, Armilar invested in more than 40 seed and early-stage companies, and currently has four investment funds, managed with an hands-on approach:



A €3M seed fund, invested by corporate investment arms and QREN funds, to support Portuguese university spin-offs. The fund has 8 companies in its portfolio, and is now closed for new investments.


AVP IV (Inovação & Internacionalização)

A €10M fund, invested by private investors and COMPETE funds, to support the internationalization of Portuguese SME’s. With 7 companies in its portfolio, the fund is now closed for new investments.



An €89M fund, invested by corporate investment arms, family trusts and private individuals. which had its first closing on April 2009. The fund has 17 global companies in its portfolio, and is closed for new investments.



An €103M fund, invested by corporate investment arms, family trusts and private individuals. which had its first closing on September 2006. The fund, which invested in 19 global companies, is closed for new investments.


Besides these four VC funds, Armilar is also the administrative manager of the investment fund F-HiTEC, a €3.9M investment vehicle that co-invests with other VCs in seed companies coming out from the training program COHiTEC, that is actively managed by COTEC.

We are a member of:

Invest Europe (former European Venture Capital Association) acts as the voice of European private equity.

It represents 700 member firms and 500 affiliate members.

It is the guardian of the industry’s professional standards, demanding accountability, good governance and transparency from its members.
International Venture Club
The International Venture Club is an exclusive, collaborative platform of independent venture capital, corporate, governmental and institutional investors.

The Club was formed in 2011 by 17 active European investors to service the need for better collaboration between all different kinds of investors throughout Europe.
EIT Innoenergy is a EU Knowledge & Innovation Community focused on energy-related technologies, involving a number of European research institutions.

The VC Community is an exclusive group of 9 founding VC investors that will be given privileged access to Ventures incubated by Innoenergy.