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.
Average disclosed round size is $14.2M (across 11 rounds with reported amounts).
Portfolio
25
Fund Size
$130.8M
Top Stage
Series A
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
29 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Neuraspace | Series B | — | Jan 2026 |
 Sword Health | Series B | $40M | Jun 2025 |
 Automaise | Series A | — | Mar 2025 |
 Cintoo | Series B | — | Nov 2024 |
 Bling Energy | Seed | — | Sep 2024 |
 Veeton | Pre-Seed | — | 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 |
 Didimo | Series A | $7.2M | Oct 2022 |
 Didimo | Series A | $7.2M | Oct 2022 |
| Neuraspace | Unknown | — | Oct 2022 |
 KIT-AR | Seed | — | Jun 2022 |
| Neuraspace | Unknown | — | 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 |
 Codacy | Series A | $7.7M | Oct 2019 |
 Vawlt | Unknown | — | — |
 Knok | Seed | — | — |
| AAirflows | Unknown | — | — |
 Mediaprobe | Unknown | $5.6M | — |
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Top Co-Investors
Portugal Ventures6 shared
Lince Capital4 shared
Bright Pixel Capital4 shared
Shilling Capital Partners3 shared
Primary Venture Partners3 shared
Mustard Seed Maze3 shared
Caixa Capital Risc3 shared
Indico Capital Partners2 shared
Oxy Capital2 shared
Seedcamp2 shared
Iris Capital2 shared
Giant Ventures2 shared
Lakestar2 shared
Kfund2 shared
Techstars2 shared
General Catalyst1 shared
Khosla Ventures1 shared
Comcast Corporation1 shared
Cherry Ventures1 shared
Accel1 shared
Last updated: 8 September 2026