Armilar, a number one Lisbon-based enterprise capital agency, has introduced the primary closing of its Fund IV, securing over €120 million to spend money on disruptive applied sciences in Portugal, Spain, and the remainder of Europe.
Armilar IV has attracted a notable base of institutional buyers, 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 offers us the chance to broaden our Sequence A funding platform and proceed backing distinctive founders as they validate and scale their applied sciences,” stated 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 firms 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 know-how throughout Iberia and Europe – even amid slower total VC fundraising. Spain, particularly, 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 Sequence B to broaden its AI-driven model-compression know-how, 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 present Kabilio raised €4 million for AI instruments in accounting productiveness.
Collectively, these rounds spotlight sustained capital move 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 objective is to construct a portfolio of round 20 firms over the lifetime of the fund. The entrepreneurial ecosystem in Iberia – and Spain particularly – is a rising alternative because of the mix of world-class expertise, rising R&D depth, and rising institutional help. We’re deeply grateful to the group of buyers 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 know-how firms throughout Portugal, Spain, Europe, and the US.
The agency has supported firms similar to OutSystems and Feedzai from their early days to international management.
Fund IV represents a major milestone for Armilar in its ambition to help distinctive founders. It continues the agency’s earlier autos, which have reportedly demonstrated a robust 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 – notably Spanish firms – with the potential to drive financial progress, foster social progress, and speed up Spain’s digital transition,” stated Javier Ponce, normal director at SETT.
Armilar IV has a robust Iberia focus and seeks Sequence 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 resolve vital enterprise issues throughout a broad vary of industries and functions – 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 at the moment 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 line with the newest knowledge, VC fundraising in 2025 could possibly be the bottom we’ve seen in additional than 5 years, notably in Europe.
“We really feel really 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 objective of attracting skilled buyers, industrial teams, company enterprise items, funds of funds, and household places of work in Spain and throughout Europe.
