Armilar Venture Partners has announced the first closing of its latest investment vehicle, Armilar Fund IV, securing over €120 million to support early-stage DeepTech and digital transformation ventures across Spain, Portugal, and the broader European market. The new fund is expected to invest primarily in Series A companies developing technologies with strong scientific or engineering foundations in industries such as artificial intelligence, cybersecurity, advanced computing, automation, software infrastructure, health technology, and industrial digitalization.
The fund is backed by a group of institutional and private investors, including the European Investment Fund (EIF), Sociedad Española para la Transformación Tecnológica (SETT), and Spain’s NextTech initiative, which supports emerging strategic technologies. The vehicle is part of an ongoing fundraising process and is ultimately expected to reach a higher final close.
Armilar said the Iberian region has become one of Europe’s most dynamic sources of technical talent and research-driven innovation, pointing to rising R&D intensity, the expansion of university research centers, and increasing policy support for technology commercialization. With the new fund, the firm plans to build a portfolio of around 20 startups, focusing on founders who are developing defensible intellectual property and solutions suitable for global markets.
The new fund complements Armilar’s existing portfolio, which includes European startups in software, semiconductors, industrial technology, and digital services. By focusing on deep scientific and engineering capabilities, the firm aims to accelerate the development of companies capable of reshaping core industries and driving long-term competitiveness in Iberia and Europe more broadly.
Armilar will continue to raise capital for Fund IV through 2026, with plans to expand its investor base and increase capital available for follow-on financing rounds. The firm noted that the new fund arrives at a time when venture capital markets are selectively recovering, with investors showing an increasing interest in high-barrier, research-driven technology businesses rather than consumer software or quick-growth models.
