Welcome back to the EUVC Podcast, where we bring you the people and perspectives shaping European venture.

In this pitch episode, Andreas Munk Holm sits down with Pedro Ribeiro Santos, Partner at Armilar, to walk LPs through the story, strategy, and succession plan behind Armilar Fund IV — the firm’s new pan-European early-stage fund.

Armilar is one of Europe’s longest-standing independent tech VCs and Portugal's original venture firm. Born inside a bank 25 years ago, spun out almost a decade ago, and now a multi-generational partnership, the firm has backed some of Portugal’s most important tech companies and quietly built a track record of dragons (fund-returners), not just unicorns.

Fund IV doubles down on what the team knows best: early-stage, tech-intensive companies across data, digitalization, and connectivity, with a strong focus on Portugal & Spain and selective investments across the rest of Europe.

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Here’s what’s covered:

01:17 | What is “Armilar”?
02:30 | Origins & Spinout
03:40 | Why being based in Portugal with almost no local ecosystem
04:50 | From US to Europe, Then Back Home
07:22 | Fund IV in a Nutshell
09:44 | Geography & LP Backbone
11:41 | Track Record, DPI & Dragons
13:51 | Selected Portfolio & Staying Power
16:19 | Team & Generational Design
21:38 | Iberia’s State of Play (Portugal & Spain)
27:45 | Golden Visa & LP Angle
29:29 | Closing & What LPs Should Care About

E694 | Pedro Ribeiro Santos, Armilar: 25 Years of Iberian Tech & The Next Chapter with Fund IV

EUVC

E694 | Pedro Ribeiro Santos, Armilar: 25 Years of Iberian Tech & The Next Chapter with Fund IV