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

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.ShareHere’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 Backbone11:41 | 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