Armilar, a number one Lisbon-based enterprise capital agency, has introduced the primary closing of its Fund IV, securing over €120 million to put money into disruptive applied sciences in Portugal, Spain, and the remainder of Europe.
Armilar IV has attracted a notable base of institutional traders, together with the Sociedad Española para la Transformación Tecnológica (SETT), the NextTech instrument for advancing technological innovation in Spain, and the European Funding Fund (EIF).
“Armilar IV is the pure subsequent step for our agency: it provides us the chance to develop our Collection A funding platform and proceed backing distinctive founders as they validate and scale their applied sciences,” mentioned Pedro Ribeiro Santos, Managing Associate at Armilar. “We see excellent innovation throughout Europe, together with within the Iberian Peninsula, and we need to assist these corporations develop on a world scale”.
The announcement of Armilar’s Fund IV, securing over €120 million, matches inside a wider 2025 pattern of continued investor curiosity in early-stage expertise throughout Iberia and Europe – even amid slower general VC fundraising. Spain, specifically, has seen notable momentum.
For instance, Tritemius Capital launched a €21 million regulated web3 fund to again blockchain and cybersecurity startups. Multiverse Computing closed a €189 million Collection B to develop its AI-driven model-compression expertise, whereas Shakers raised €14 million to scale its AI-enabled freelance-talent platform. In parallel, Clevergy secured €3.2 million for digital vitality options, and simply at this time Kabilio raised €4 million for AI instruments in accounting productiveness.
Collectively, these rounds spotlight sustained capital circulation into data-driven, automation-, and AI-centric ventures in Spain – the identical innovation domains Armilar targets throughout Iberia.
Armilar’s new fund reinforces the area’s rising technological maturity and alerts ongoing confidence in Iberia’s capability to provide scalable, research-intensive startups.
Duarte Mineiro, Associate at Armilar, added: “Our aim is to construct a portfolio of round 20 corporations over the lifetime of the fund. The entrepreneurial ecosystem in Iberia – and Spain specifically – is a rising alternative due to the mix of world-class expertise, rising R&D depth, and growing institutional assist. We’re deeply grateful to the group of traders who share this view and belief us to pursue it on their behalf.”
Based in 2000, Armilar Enterprise Companions is a VC agency managing over €500 million in property. Armilar focuses on early-stage expertise corporations throughout Portugal, Spain, Europe, and america.
The agency has supported corporations similar to OutSystems and Feedzai from their early days to international management.
Fund IV represents a big milestone for Armilar in its ambition to assist distinctive founders. It continues the agency’s earlier autos, which have reportedly demonstrated a powerful observe document and optimistic outcomes.
“With this public funding, SETT locations its belief in Armilar’s staff and its expertise supporting Europe’s most promising startups – significantly Spanish corporations – with the potential to drive financial development, foster social progress, and speed up Spain’s digital transition,” mentioned Javier Ponce, normal director at SETT.
Armilar IV has a powerful Iberia focus and seeks Collection A alternatives. Its funding thesis lies on the intersection of digital applied sciences and utilized science, backing B2B startups with excessive technological content material that clear up essential enterprise issues throughout a broad vary of industries and purposes – from AI to cybersecurity, from software program improvement to infrastructure and computing, from digitalisation to automation, from FinTech to HealthTech, and together with SpaceTech and dual-use applied sciences.
In Spain , Armilar has already labored with dozens of founding groups and is presently analysing a number of startups as a part of its 2025 funding pipeline.
Joaquim Sérvulo Rodrigues , Founding Managing Associate at Armilar, commented: “The liquidity scarcity of latest years – with few IPOs and muted M&A exercise – has led to decrease ranges of funding in new VC funds. In accordance with the most recent information, VC fundraising in 2025 may very well be the bottom we’ve seen in additional than 5 years, significantly in Europe.
“We really feel actually privileged to have closed a brand new fund at this second, exactly when the abundance of latest and thrilling alternatives coincides with a discount in new funding capability.”
Armilar will proceed fundraising for Armilar IV, aiming to double the fund’s dimension by the top of 2026.
In Spain, the agency is working in collaboration with CaixaBank to extend the fund’s commitments from Spanish institutional LPs, with the aim of attracting skilled traders, industrial teams, company enterprise models, funds of funds, and household places of work in Spain and throughout Europe.
