Armilar Fund IV Raises €120M First Close To Back Startups Across Iberia And Europe

Armilar IV attracted a diverse group of institutional investors, including the European Investment Fund (EIF), Spain’s SETT, and the NextTech vehicle for deep-tech innovation.

The launch of Armilar IV marks a significant milestone for the firm, building on its strong track record in early stage technology investing. The fund with a strong Iberian focus targets Series A rounds in B2B startups at the intersection of digital technology and hard science.

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Armilar IV backs companies with deep technological expertise addressing large-scale challenges across AI, cybersecurity, software, infrastructure, automation, fintech, healthtech, spacetech and dual-use technologies. The fund’s launch reflects growing momentum in Europe’s high-tech ecosystem, particularly in Spain and Portugal, where venture investment and innovation continue to accelerate.

Armilar IV marks a natural next step for our firm, the opportunity to extend our Series A investment platform and continue backing exceptional founders as they take their technologies from validation to scale. We see outstanding innovation emerging from Iberia and across Europe, and we want to help these companies grow globally, said Pedro Ribeiro Santos, Managing Partner at Armilar.

With over 20 years of investing, Armilar has helped early stage companies scale globally. Its proven track record of supporting founders and delivering strong returns across previous flagship funds contributed to the successful raise of Armilar IV even amid challenging market conditions.

Armilar has already engaged with numerous founding teams and is evaluating several startups for its 2025 investment pipeline. Fundraising for Armilar IV will continue, with the goal of doubling the fund’s size by the end of 2026.

About Armilar

Armilar is Portugal’s leading independent venture capital firm, with over 25 years of experience and a strong track record of high-performance investments. As the largest and most experienced VC in the country, Armilar combines deep local expertise with an international footprint to back innovative startups across Europe and beyond.