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About Us

19 years
Of Experience
Portugal, Europe, US
+€250 million
Currently under management across 5 funds
+40 Investments
To Date
1 unicorn
3 dragons
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

We manage more than €250M, spread across 5 venture funds, representing our experience as a global VC player



AVP V is our Technology Transfer Fund, to invest in European companies that aim to commercialise research output, often stemming from top science and engineering institutions. It can invest very early in the companies’ life, while reserving significant capital to support them through their growth path.

With the EIF as anchor investor, AVP V is also invested by notorious international  investors, including corporations and funds-of-funds, as well as charismatic entrepreneurs and several entities from the academic ecosystem.

The Fund was oversubscribed in its first closing, and is targeting €60M in its final closing. It starts investing in early 2019.

If you have a company exploring a new-born technology, with the capability to disrupt large global markets, talk to us !


Invested by:

The Fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe, and co-financed by Fundo de Capital e Quase Capital (FC&QC), managed by IFD - Instituição Financeira de Desenvolvimento, S.A. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.



AVP IV is a €10M, 2011 vintage venture fund, aimed at supporting the internationalization of Portuguese SMEs exploring innovative technologies to disrupt global industries.

The fund is invested by national and international investors, corporations and funds-of-funds, and is supported by COMPETE.

With 7 companies in its portfolio, among others, AVP IV is the major European investor in Feedzai, the AI company with the leading solution to fight financial fraud. AVP IV is now closed for new investments.



AVP III is a €90M, 2009 vintage venture fund, to invest in early-stage innovative companies, with no geographic restriction. 

The fund is invested by national and international corporate investment arms, pension funds, funds-of-funds, family trusts and private individuals.

AVP III invested in 17 global companies, including names such as Feedzai (the AI company with the leading solution to fight financial fraud) or SafetyPay (the leading provider of a real-time global payment solution available through more than 100 authorized banks worldwide). The fund is now closed for new investments.



AVP II is a €103M, 2006 vintage venture fund, to invest in early-stage innovative companies, with no geographic restriction.

The fund is invested by national and international corporate investment arms, funds-of-funds, pension funds, family trusts and private individuals.

AVP II invested in 19 global companies, including names such as Chipidea, the leading analog semiconductor IP design center acquired by MIPS Technologies, TxVia, the payment cards technology company acquired by Google, or OutSystems, the leading low-code application development platform that became the first homegrown Portuguese unicorn, with this fund as the only early-stage and only European investor.



ISTART I is a €3M, 2011 vintage venture fund, to invest in Portuguese university spin-offs.

The fund is invested by corporate investment arms, and is supported by QREN Funds.

ISTART I invested in 8 Portuguese companies  and is now closed for new investments.



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.