Armilar Venture Partners is a Lisbon-based early-stage venture capital firm backing technology companies across Europe, with a focus on deep-tech and digital transformation. Founded in 2000 (formerly Espírito Santo Ventures), the firm manages over €500 million in assets and invests at the intersection of digital technologies and applied science.
Deal activity decreased year-over-year (1 deal in the last 12 months vs 3 prior). Average disclosed round size is $18.0M (across 16 rounds with reported amounts).
Portfolio
30
Fund Size
$130.8M
Top Stage
Seed
Last 12 Mo
1
Team
DM
Duarte Mineiro
Managing Partner
JS
Joaquim Sérvulo Rodrigues
Managing Partner
JD
João Dias
Investment Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
40 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Dojo | Seed | — | Apr 2026 |
 Sword | Series B | $40M | Jun 2025 |
 Automaise | Series A | — | Mar 2025 |
 Sword | Series D | $40M | Jan 2025 |
| Sword | Series E | $40M | Jan 2025 |
 Cintoo | Series B | — | Nov 2024 |
 Bling Energy | Seed | — | Sep 2024 |
 Veeton | Pre-Seed | — | Jun 2024 |
| Sword | Growth | $30M | Jun 2024 |
 Rows | Series A | $8.8M | May 2024 |
 Tonic App | Series A | — | Mar 2024 |
 Codee | Seed | — | Sep 2023 |
 Bdeo | Unknown | — | Jun 2023 |
 Student Finance | Series A | $41M | Feb 2023 |
 Coverflex | Series A | — | Jan 2023 |
 Didimo | Series A | $7.2M | Oct 2022 |
 Didimo | Series A | $7.2M | Oct 2022 |
 Neuraspace | Unknown | — | Oct 2022 |
 KIT-AR | Seed | — | Jun 2022 |
| Neuraspace | Series A | — | Mar 2022 |
| AAmplemarket | Series A | — | Jan 2022 |
 Reckon.ai | Seed | — | Sep 2021 |
 Casafari | Series A | $15M | Jul 2021 |
| Student Finance | Seed | $5.3M | May 2021 |
| Rows | Series B | $16M | Jan 2020 |
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Top Co-Investors
Shilling Capital Partners7 shared
Lince Capital7 shared
Indico Capital Partners6 shared
Portugal Ventures6 shared
Oxy Capital5 shared
Bright Pixel Capital5 shared
General Catalyst4 shared
Khosla Ventures4 shared
Comcast Corporation4 shared
Seedcamp3 shared
Primary Venture Partners3 shared
Mustard Seed Maze3 shared
Lakestar3 shared
Caixa Capital Risc3 shared
Techstars3 shared
Iris Capital2 shared
Giant Ventures2 shared
Cherry Ventures2 shared
Accel2 shared
AMAVI Capital2 shared
Last updated: 20 October 2026