/Investor DB

Armilar Venture Partners

Venture capital

Lisbon · Pre-Seed–Series B · 20 people tracked

Also known as Armilar

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Investment thesis

Armilar Venture Partners is an early-stage VC firm that invests in teams tackling society's biggest problems through technology. The firm emphasizes a long-term partnership with founders, drawing on decades of experience supporting entrepreneurs in building successful businesses through the ups and downs of company creation.

Source: firm website, verified Aug 3, 2026.

Stage
Pre-Seed–Series B
Check
$200K – $10M
HQ
Lisbon, PT
Leads rounds
Follows
Instruments
Equity
Founded
2000
Last 12 months
3 investments
AUM
$302.4M
Tracked investments
93

Team · 20 people

from the firm's website

Founder mafia

2 people who came through Armilar Venture Partners went on to found or lead other companies.

What they invest in

from 23 of 93 portfolio companies

AI & Machine Learning ×16SaaS ×9Enterprise Software ×5Cybersecurity ×4Data & Infrastructure ×4Deep Tech ×3Developer Tools ×3Digital Health ×3

HQs:Portugal×6United States×6Germany×1Spain×1France×1

Who they back

founder profiles across 15 portfolio companies
33%
solo founders
5 of 15 mapped founding teams
~6 yrs
old at investment
median across 8 dated deals

Founding team size:solo founder×52 founders×33 founders×24+ founders×5

Investments · 93 tracked

founders shown can be your intro path

By year:2026 · 22025 · 42024 · 12023 · 32022 · 72021 · 32020 · 22019 · 12014 · 22013 · 42012 · 12011 · 133 dated

OutSystemsoutsystems.comin𝕏Feb 2021✓ verified

OutSystems provides an AI-powered development platform that enterprises use to build, deploy, and manage mission-critical applications and AI agents with built-in security and governance.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaSGrand Duchy, US

Rui Pereira(Director)

BoardJoaquim Rodrigues(Director)inPaulo Rosado(Executive Officer, Director)inStephen Shanley(Director)Christian Resch(Director)Michael Pehl(Director)

Co-investorsGoldman Sachs33NBright Pixel CapitalChamaeleonGeneral AtlanticSolid Ventures+3 more

20 KIT-ARkit-ar.comSeed · Jun 2022 · $2M

Industrial augmented reality solution guiding and monitoring shopfloor workers.

Co-investorsBlueCrow CapitalCriteria Venture TechRKKVCUCL Technology Fund

Ample Marketamplemarket.comin𝕏

Amplemarket builds an all-in-one B2B sales platform that combines lead generation, sales outreach, and deal management, serving sales and SDR teams.

AI & Machine LearningSaaSSales Tech

Luís Batalha(Founder)inMica Oliveira(CRO & Founder)inJoao Lopes Batalha(Founder)inJoão Batalha(Founder)Micael Oliveira(Founder)

Co-investorsComcast VenturesJude GomilaSiesta VenturesSugar Free CapitalVentureSouqArdent Venture+1 more

Automaiseautomaise.comin

Automaise develops AI agents that automate customer service interactions, support internal teams, and orchestrate workflows for enterprise operations.

AI & Machine LearningEnterprise SoftwareSaaSBraga, PT

Co-investorsBright Pixel CapitalHCapital Partners

Bdeobdeo.ioin𝕏Series B · Jun 2023 · $8M

Bdeo provides Visual Intelligence technology that uses smartphone-captured images to inspect and assess damage, detect fraud, and estimate repair costs for auto insurers and vehicle fleet operators (including leasing, renting, and rent-a-car).

AI & Machine LearningInsurTechMobility & Transportation

Co-investorsFinnovista VCKfund

Brighter AIbrighter.aiin𝕏Series A · Jun 2022

brighter AI develops AI-based anonymization technology for video and image data, protecting identities in video content while preserving data utility.

AI & Machine LearningCybersecurityData & InfrastructureEnterprise SoftwareSaaSBerlin, DE

Marian Klee(Managing Director, Co-Founder and Former CEO)inLars Larsen(Managing Director)

Co-investorseCAPITAL ENTREPRENEURIAL PARTNERSEssentia VentureseCapital Entrepreneurial Partners AGG+D Ventures

Casafaricasafari.comin𝕏

CASAFARI provides a real estate data intelligence platform that aggregates and cleans property data across more than 20 countries, offering insights to help users find and close real estate deals.

AI & Machine LearningData & InfrastructurePropTech

Co-investors1Sharpe VenturesAMAVI CapitalBlue LionBlue Lion GlobalBynd Venture CapitalFJ Labs+3 more

Cintoocintoo.cominSeries A · Jan 2022 · $6M

Cintoo offers a cloud platform for reality capture data that converts massive point cloud datasets from laser scanners into lightweight 3D meshes for streaming, visualization, and collaboration.

Cloud ComputingConstruction TechDeep TechSaaS

Anis Meftah(Founder)Denis Thibaudin(Founder)Dominique Pouliquen(Founder)Leonardo H. Fonteles(Founder)Marc Antonini(Founder)

Co-investorsPartech VenturesAMAVI Capital

Codacycodacy.comin𝕏Sep 2022 · $15M

Codacy provides tools that help engineering teams improve code quality and security.

AI & Machine LearningCybersecurityDeveloper ToolsSaaSLisbon, PT

Jaime Jorge(Founder)inJoão Caxaria(Founder)inKendrick Curtisin

Co-investors33NBright Pixel CapitalFaberCaixa CapitalEQT VenturesIberis Capital+1 more

Coverflexcoverflex.cominFeb 2023

Coverflex offers a compensation management platform that lets companies build flexible, personalized compensation and benefits packages for their employees, aiming to reduce costs and give workers more value.

FintechHR TechInsurTechSaaS

Luis Rocha(Founder)Miguel Santo Amaro(Founder)Nuno Pinto(Founder)Rui Carvalho(Founder)Tiago Fernandes(Founder)

Co-investorsBerliner Volksbank VenturesDraycottEndeavor CatalystLince CapitalMS&AD VenturesPolytech Ecosystem Ventures+5 more

Didimodidimo.coin𝕏Oct 2022 · $7.2M

Didimo develops Popul8, a tool that automates character creation for video games by generating fully-rigged NPCs, crowds, and customizable avatars from a studio's own topology and specifications, with dynamic asset fitting and QA verification.

AI & Machine LearningDeveloper ToolsGamingDover, US

Veronica Costa Orvalho(Founder)inDominic Gualtieri(Executive Officer, Director)Susan Standiford(Director)

Co-investorsBright Pixel CapitalBynd Venture CapitalChamaeleonTechstarsBeta-iPME Investimentos+1 more

Fastinovfastinov.com

FASTinov develops phenotypic Antimicrobial Susceptibility Testing (AST) kits that deliver results within 2 hours directly from blood cultures, covering gram negative and gram positive panels.

BiotechHealthtechMedical Devices

Co-investorsBynd Venture Capital

Feedzaifeedzai.comin𝕏Seed · May 2011 · $3M

Feedzai provides AI-powered fraud detection and financial crime prevention for banks and financial institutions.

AI & Machine LearningCybersecurityFintech

Nuno Sebastião(Co-Founder, Chairman, and CEO)inPedro Bizarro(Founder)inNuno Sebastiao(Founder)inPaulo Marques(Founder)

Co-investors33NBonsai Partners SGEIC, SABright Pixel CapitalConexo VenturesDCVC (Data Collective)Dozen Investments+15 more

Heart Geneticsheartgenetics.comin𝕏Seed · Jan 2013

HeartGenetics develops personalized genetic tests and reports for cardiovascular health, pharmacogenetics, and wellness using a DNA microchip platform and computational algorithms.

BiotechDigital HealthHealthtechNot stated, PT

Co-investorsBeta Capital

Neuraspaceneuraspace.comin𝕏Aug 2026 · $18M

Neuraspace develops AI and machine learning models to predict satellite collisions and manage space debris for satellite operators and space agencies.

AI & Machine LearningDeep TechDefense TechSpace Tech

Chiara Manfletti(CEO)in

Co-investorsExplorer InvestmentsLince Capital

Novabasenovabase.comin

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Novaphosnovaphos.comin𝕏

Novaphos develops phosphate processing technology that reuses waste materials from existing processes to produce high-value phosphoric acid with a lower environmental footprint.

Circular EconomyCleantechEnergyNew MaterialsFort Meade, US

Joseph A. Megy(Executive Officer, Director)Mark Vignovic(Executive Officer)inJim Samuelson(Executive Officer)Scott Ritchey(Executive Officer)Evgeny Fedoseev(Executive Officer)Sanjay Pal(Executive Officer)

Co-investorsFlorida Opportunity FundArsenalStonecutter Feazel Investors

Reckonreckon.aiin𝕏

Reckon.ai provides AI-powered point-of-sale systems and autonomous retail solutions for retailers and manufacturers to operate intelligent stores at scale.

AI & Machine LearningEnterprise SoftwareIoTRetail Tech

Ana Pinto(Founder)Ana Pinto Paulo Ribeiro(Founder)

Co-investorsBright Pixel CapitalIberis Capital

Rowsrows.comin𝕏

Rows builds a spreadsheet-based platform that lets business users create tools and work with data without coding.

AI & Machine LearningData & InfrastructureFuture of WorkSaaSPorto, PT

Humberto Ayres Pereira(Founder)Torben Schulz(Founder)

Co-investorsAccelAtlanticCraft VenturesDraycottGaingelsShilling VC+6 more

Sesamesesame.comin𝕏Jun 2022

Sesame builds personal voice AI agents capable of natural conversation, along with hardware devices designed to make them more effective.

AI & Machine LearningConsumerDeep TechHardwareSan Francisco, US

Brendan Iribe(Founder)inAnkit Kumar(Founder)inRyan Brown(Founder)inNate MitchellinAngela Gaylesin

Co-investorsAndreessen HorowitzMatrixSequoia Capital7percent VenturesA*Abstract Ventures+23 more

Student Financestudentfinance.comSeed · May 2021 · $6M

Mariano Kostelec(Founder)Marta Palmeiro(Founder)Miguel Santo Amaro(Founder)Sergio Pereira(Founder)

Co-investorsFirestartrMSMSabadell Venture CapitalShilling VCGiant Ventures Global LlpMustard Seed+2 more

Sword Healthswordhealth.com

Physical therapy and musculoskeletal care

Virgílio ("V") Bento(Founder)inAndre Eiras dos Santos(Founder)Ivo Gabriel(Founder)Márcio Colunas(Founder)Virgilio Bento Marcio Colunas(Founder)Virgílio Bento(Founder)

Co-investorsBond Capital ManagementDraycottEarl Grey CapitalFaberFounders FundHakluyt Capital+11 more

Tonic Easy Medicaltonicapp.ioin𝕏Seed · Aug 2019 · $4M

Tonic is a medical platform offering CE-marked, Class IIa-certified medical device software, including clinical calculators, clinical scales, and an AI co-pilot for pharmacological treatment decisions.

AI & Machine LearningDigital HealthMedical Devices

Co-investorsBlueCrow CapitalShilling VCTheVentureCity

Usawausawacare.com

Usawa Essentials offers families subscription-based pediatric support, letting parents choose a preferred pediatrician and get unlimited consultations during weekday and Saturday hours.

Digital HealthHealthtechWellness & Fitness

Vawltvawlt.ioin𝕏Seed · Mar 2024 · $2M

Vawlt provides a multicloud data storage and security solution that moves company data to the cloud across multiple providers (cloud-of-clouds), aimed at organizations seeking greater data control and security.

Cloud ComputingCybersecurityData & InfrastructureLisbon, PT

Ricardo Mendes(Co-Founder & CEO)inTiago Oliveira(Co-Founder & CTO)inAlysson Bessani(Co-Founder & Tech. Advisor)in

Co-investorsBasinghall PartnersBeta CapitalLince CapitalShilling VC

Veetonveeton.cominMay 2025

Veeton uses AI diffusion models to generate professional-quality fashion visuals for brands, replacing traditional photo shoots at a fraction of studio costs.

AI & Machine LearningE-commerceMarketing TechRetail TechParis, FR

FloreTristanChristian

Co-investorsAgoranovKima VenturesSonorcapFounders Future

Vortalvortal.bizin𝕏

Vortal is an AI-powered eTendering platform serving public entities and suppliers in Iberia, enabling transparent procurement and tender management.

AI & Machine LearningB2B MarketplacesEnterprise SoftwareGovTechSaaS

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

A123 SystemsAcsAirflowsAppentraAquaspyAtraverdaBanco BestBerdChipideaClarityCodavelCodeeCorefluxCoreworksCurrentDaredataDojo AiDomaticaEcofootEquallEquigerminalFrankGlobal ActiveHotelnetb2BIosilKIT-ARKnokLaserleapLaserLeap TechnologiesMagpowerMalo ClinicMama HealthMavenMediaprobeMiles In The SkyMito AiMultiwaveMultiwave PhotonicsMuzzleyNanosolarNutri VenturesNutrigreenOceanlinxOphthalmopharmaPetra SystemsPme LinkPromptlyQuadrigaSafetypaySakSousacampSpectrum BridgeSuperbacTalkaTonicTradecomTradiioTrendtrackerTxviaUbiquityUltracellWallidWatson BrownWeducYdreamsYnvisible

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Armilar Venture Partners made?
Armilar Venture Partners has 93 tracked investments, including 6 dated in the last 24 months.
What stage does Armilar Venture Partners invest at?
Armilar Venture Partners invests at the Pre-Seed, Seed, Series A, Series B stages.
What is Armilar Venture Partners's typical check size?
Armilar Venture Partners typically writes checks of $200K – $10M.
What sectors does Armilar Venture Partners focus on?
Armilar Venture Partners focuses on AI & Machine Learning, Deep Tech, Sector Agnostic.
Where is Armilar Venture Partners located?
Armilar Venture Partners is headquartered in Lisbon, PT.
Does Armilar Venture Partners lead rounds?
Armilar Venture Partners typically participates in rounds rather than leading them.
Who does Armilar Venture Partners co-invest with?
Armilar Venture Partners most often shares deals with Shilling VC, Bright Pixel Capital, Lince Capital, among 83 tracked co-investors.

Media · Podcasts & interviews

featuring the team

EUVC #73 Pedro Ribeiro Santos, Armilar Venture Partners

The European VC · Pedro Ribeiro Santos

Career Management da AESE por Joaquim Sérvulo Rodrigues da Armilar Venture Partners

AESE Business School · Joaquim Sérvulo Rodrigues

À conversa com… Pedro Ribeiro Santos e Jaime Jorge | Pedro Ribeiro Santos, sócio da Armilar Venture Partners, e Jaime Jorge, CEO da Codacy, uma plataforma online de análise de código, são os convidados da... | By Link to Leaders

Pedro Ribeiro Santos · facebook.com

Images

Armilar Venture Partners photo

Co-investors · 12

Sapphire Ventures

Sapphire Ventures partners with expansion-stage enterprise software companies, aiming to help them become category leaders. Its Platform team of operators supports portfolio companies with customer introductions, go-to-market talent, and growth advisory.

Both backed · 2
$5M – $20M
Oak HC/FT

Oak HC/FT is a venture and growth equity firm that partners with founders in healthcare and fintech across a company's lifecycle.

Both backed · 2
FeedzaiStudent Finance
Portugal Ventures

Portugal Ventures is a Portuguese venture capital investor backing early-stage companies across digital and technology, industry and technology, health technologies, and tourism sectors, investing from seed through Series D.

Both backed · 2
$54K – $1.6M
Partech Ventures

Partech is a global venture capital firm supporting founders across multiple continents and investment stages through dedicated teams and funds.

Both backed · 1
$200K – $50M
EQT Ventures

EQT Ventures is the venture capital arm within the EQT platform, backing early-stage European founders building what it calls Generation-Defining Companies.

Both backed · 1
$2M – $50M
Giant Ventures Global Llp

Giant Ventures is a venture capital firm investing in technology that transforms civilization's foundational systems across sectors including AI, energy, materials, industry, work, finance, biology and healthcare.

Both backed · 1
Student Finance
$10M – $20M
Kfund

Kfund is a venture capital firm that invests in entrepreneurs building differentiated technology-based products and services.

Both backed · 1
$108K – $10.8M
eCAPITAL ENTREPRENEURIAL PARTNERS

eCAPITAL is a venture capital firm providing funding from early to growth stage to technology companies across software and IT, cybersecurity, industry 4.0, new materials, and cleantech.

Both backed · 1
$2.2M – $6.5M
G+D Ventures

G+D Ventures is a theme-driven early-stage venture capital investor backed by the Giesecke+Devrient Group and the European Investment Bank, focused on 'TrustTech' companies that promote and protect trust in digital ecosystems.

Both backed · 1
$216K – $2.2M
Crescendo Venture Partners

Crescendo Venture Partners is a Tel-Aviv based venture capital firm that partners with early-stage entrepreneurs building businesses with the potential to become future category leaders. It was founded by experienced venture capitalists in partnership with the Geneva-based Crescendo wealth and asset management group.

Both backed · 1
Appentra
Saga Ventures

Saga Ventures is a $125M seed fund led by a trio combining career investor, GTM operator, and ML/fintech founder backgrounds, positioning itself as a return to traditional venture with a small partnership focused on deep company building. The firm backs hard problems in infrastructure-like categories including defense tech, space manufacturing, industrial automation, and AI infrastructure, emphasizing fundamentals-driven investing over hype cycles with $2-4M checks at pre-seed and seed stages.

Emerald Technology Ventures Ag

Emerald Technology Ventures is a venture capital investor focused on complex, cutting-edge technologies, supporting entrepreneurs at the frontier of scientific and industrial innovation.

$540K – $5.4M

Firms observed investing alongside Armilar Venture Partners, from public investor directories. Shared companies are the overlap with Armilar Venture Partners's recorded portfolio.

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