Armilar, a leading Lisbon-based venture capital firm, has announced the first closing of its Fund IV, securing over €120 million to invest in disruptive technologies in Portugal, Spain, and the rest of Europe.
Armilar IV has attracted a notable base of institutional investors, including the Sociedad Española para la Transformación Tecnológica (SETT), the NextTech instrument for advancing technological innovation in Spain, and the European Investment Fund (EIF).
“Armilar IV is the natural next step for our firm: it gives us the opportunity to expand our Series A investment platform and continue backing exceptional founders as they validate and scale their technologies,” said Pedro Ribeiro Santos, Managing Partner at Armilar. “We see outstanding innovation across Europe, including in the Iberian Peninsula, and we want to help these companies grow on a global scale”.
The announcement of Armilar’s Fund IV, securing over €120 million, fits within a wider 2025 trend of continued investor interest in early-stage technology across Iberia and Europe – even amid slower overall VC fundraising. Spain, in particular, has seen notable momentum.
For example, Tritemius Capital launched a €21 million regulated web3 fund to back blockchain and cybersecurity startups. Multiverse Computing closed a €189 million Series B to expand its AI-driven model-compression technology, while Shakers raised €14 million to scale its AI-enabled freelance-talent platform. In parallel, Clevergy secured €3.2 million for digital energy solutions, and just today Kabilio raised €4 million for AI tools in accounting productivity.
Together, these rounds highlight sustained capital flow into data-driven, automation-, and AI-centric ventures in Spain – the same innovation domains Armilar targets across Iberia.
Armilar’s new fund reinforces the region’s growing technological maturity and signals ongoing confidence in Iberia’s capacity to produce scalable, research-intensive startups.
Duarte Mineiro, Partner at Armilar, added: “Our goal is to build a portfolio of around 20 companies over the life of the fund. The entrepreneurial ecosystem in Iberia – and Spain in particular – is a growing opportunity thanks to the combination of world-class talent, rising R&D intensity, and increasing institutional support. We are deeply grateful to the group of investors who share this view and trust us to pursue it on their behalf.”
Founded in 2000, Armilar Venture Partners is a VC firm managing over €500 million in assets. Armilar focuses on early-stage technology companies across Portugal, Spain, Europe, and the United States.
The firm has supported companies such as OutSystems and Feedzai from their early days to global leadership.
Fund IV represents a significant milestone for Armilar in its ambition to support exceptional founders. It continues the firm’s previous vehicles, which have reportedly demonstrated a strong track record and positive results.
“With this public investment, SETT places its trust in Armilar’s team and its experience supporting Europe’s most promising startups – particularly Spanish companies – with the potential to drive economic growth, foster social progress, and accelerate Spain’s digital transition,” said Javier Ponce, general director at SETT.
Armilar IV has a strong Iberia focus and seeks Series A opportunities. Its investment thesis lies at the intersection of digital technologies and applied science, backing B2B startups with high technological content that solve critical business problems across a broad range of industries and applications – from AI to cybersecurity, from software development to infrastructure and computing, from digitalisation to automation, from FinTech to HealthTech, and including SpaceTech and dual-use technologies.
In Spain , Armilar has already worked with dozens of founding teams and is currently analysing several startups as part of its 2025 investment pipeline.
Joaquim Sérvulo Rodrigues , Founding Managing Partner at Armilar, commented: “The liquidity shortage of recent years – with few IPOs and muted M&A activity – has led to lower levels of investment in new VC funds. According to the latest data, VC fundraising in 2025 could be the lowest we’ve seen in more than five years, particularly in Europe.
“We feel truly privileged to have closed a new fund at this moment, precisely when the abundance of new and exciting opportunities coincides with a reduction in new investment capacity.”
Armilar will continue fundraising for Armilar IV, aiming to double the fund’s size by the end of 2026.
In Spain, the firm is working in collaboration with CaixaBank to increase the fund’s commitments from Spanish institutional LPs, with the goal of attracting professional investors, industrial groups, corporate venture units, funds of funds, and family offices in Spain and across Europe.
Read the orginal article: https://www.eu-startups.com/2025/11/armilars-new-e120-million-fund-targets-deeptech-and-digital-transformation-ventures-in-spain-and-portugal/
