EUVC E694 | Pedro Ribeiro Santos, Armilar: 25 Years of Iberian Tech & The Next Chapter with Fund IV
Feb 12, 2026
Pedro Ribeiro Santos, Partner at Armilar and 16+ year veteran investor, reflects on a 25-year Iberian tech journey and the launch of Fund IV. He discusses Armilar’s origins, its pan‑European early-stage focus with a strong Portugal and Spain allocation. Conversations cover sector DNA in data, digitization and connectivity, team succession and how Iberia’s startup scene is evolving.
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From Bank Venture Arm To Independent GP
- Armilar began 25 years ago as the venture arm of a Portuguese bank and later spun out to become independent.
- The same core team transitioned from bank ownership to an independent VC over almost a decade.
International From Day One
- Early on Armilar invested internationally because Portugal had almost no local startup market.
- That international origin shaped the firm into a pan‑European investor even as local ecosystems matured.
Double Down On Your Core Strengths
- Focus your next fund on what your team knows and can repeat well, not on chasing trends.
- Pedro says Fund IV doubles down on early‑stage, tech‑intensive companies in data, digitization and connectivity.