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About Us

+20 years
Of Experience
+€260 million
Currently under management across 6 funds
ICT core, HT, CT
Portugal, Europe, US
Seed, Early Stage
+60 Investments
To Date
18 Exits
2 unicorns
3 dragons

We are Armilar


We are Armilar Venture Partners, an independent VC fund manager of more than 260 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 have more than €260M in AUM, spread across 6 venture funds, that represent our experience as a global VC player:

Sustainable Investment

According to its investment policies in force, Armilar aims at allocating capital to investments that do not have a substantial negative impact on the sustainability factors (environment, social and labor, respect for human rights, fight against corruption and bribery), and integrates the sustainability risks in its risk assessment policies connected with investment decisions.
The remuneration policy of Armilar is aligned with those objectives, and accordingly does not reward the assumption of excessive sustainability risk.
Regulation (EU)2019/2088, also known as the Sustainable Finance Disclosure Regulation (SFDR) entered into force on the 10th of March 2021. The SFDR lays down harmonised rules for financial market participants on transparency regarding the inclusion of sustainability risks and the consideration of adverse sustainability impacts in the investment decision process.
Armilar has hitherto taken into account the sustainability factors and risks as identified by the SFDR in the investment decision process.
Armilar is currently adopting its policies and procedures in order to ensure full compliance with the requirements set forth in Art. 4 of SFDR, taking into account the negative impacts of the sustainability factors in its investment decisions as regulated under the SFDR. Armilar expects to be able to ensure full compliance with this requirements until 30 June 2021, a stage in which foreseeably the SFDR’s delegated regulations developing Art 4 of SFDR’s regime will be approved by the European Commission.

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.