Armilar Venture Partners
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Armilar is the real deal - they've backed three unicorns (OutSystems, Feedzai, Sword Health) and have genuine deep-tech credibility spanning 25+ years. Their track record of generating returns is grounded on backing founders throughout their journey, not just writing checks. However, they work on 16 percentage points less than the average amount of lead investments, meaning they're selective but might not always lead your round. The fact they successfully raised €120M in 2025's brutal fundraising environment speaks volumes about LP confidence in their returns. The senior team has been working together for a decade with 60+ years of cumulative VC experience - this isn't a new fund with untested dynamics.
- —Best for: Deep-tech B2B startups with strong technical differentiation in Iberia/Europe
- —Known for: Three unicorns, 25-year track record, hands-on post-investment support
- —Watch out for: Selective about leading rounds, may prefer follow-on over initial investments
Its investment thesis is centered on the overlap between digital technologies and hard science, backing B2B startups with high technology content that solve world-class problems, in a broad range of industries and types of applications. Armilar is a deep-tech specialist, focusing on early-stage technology-based companies, often born from scientific and technological research.
The firm seeks to invest in seed-stage and early-stage companies, primarily investing in Seed rounds with an average round size of $1.64M and Series A with an average round size of $8.7M. Their portfolio spans Enterprise Applications, High Tech, Vertical SaaS, Enterprise Infrastructure, and FinTech across a wide range of sectors. Armilar IV has a strong allocation to Iberia and a focus around Series A rounds.
The founding partners established the firm in 2000, bringing over two decades of venture capital experience and have served on the boards of dozens of technology companies. Known for his perspective on market conditions, noting that VC fundraising in 2025 could be the lowest seen in over five years, particularly in Europe.
Leads the firm's global growth initiatives and Series A investment platform, emphasizing the importance of cultivating a global mindset from the start and readiness to go global when technology is flexible enough to adapt to diverse market challenges. Has been advocating for the low-code/no-code movement for more than a decade through early investments like OutSystems.
Focuses on building portfolio companies and sees Iberia as a growing opportunity, combining world-class talent, growing R&D intensity and increasing institutional support. Aims to build a portfolio of approximately 20 companies during the fund's life.
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