About Us

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

We are Armilar


We are Armilar Venture Partners, former Espírito Santo Ventures, managers of more than 200 million euros of assets under management, 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

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 business model or technology 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 of at least USD $ 1 billion.

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

Our funds invest in solutions to address the global challenges of the XXIst century: Environment, Demography and Global development.
Technologies to facilitate the communication and optimize the business relations and processes will play an important role in global development. We invest in technologies and processes that can create significant value in bridging individuals and organizations.
These include:
  • Enterprise software
  • Consumer internet
  • SaaS and B2B internet
  • New payment technologies
  • Internet-of-Things
  • Communication technologies
  • Blockchain applications
  • Augmented reality / Virtual reality
  • Machine learning / Artificial Inteligence
  • Semiconductors and HW devices

 The increase in lifespan and the aging of the population are creating new healthcare needs. We invest in technologies to solve these challenges with the ultimate goal to improve the levels of well-being and quality of life.

  • Life Sciences, including MedTech, BioTech and Digital Health, focused on treatment and prevention technologies that offer actionable solutions

  • Well-Being: Nutrition (new technologies in Healthy Foods), Lifestyle (Weight Loss and Prevention) and Fitness (Sport technologies)

Global warming is raising awareness about the need to preserve and recover air, water and soil quality. We invest in technologies that can support a sustainable and environment-friendly development, such as:
  • New / renewable energy sources
  • New efficient and non polluting industrial / agricultural processes
  • Energy efficiency
  • Desalination and water efficiency
  • Natural resource efficiency

Our Funds

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 2016. Read more about the Technology Transfer Fund.


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 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, is closed for new investments, and exited from 2 companies.



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, and already sold 3 companies.


Besides these four VC funds, Armilar also manages administrativly and with an hands-off approach, the investment fund F-HiTEC, a €3.9M investment vehicle to co-invest with other VC's in seed companies coming out from the training program COHiTEC.


We are 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.