The Council of Ministers has authorized the Ministry for Digital Transformation and the Public Function, through the Spanish Society for Technological Transformation (SETT), to invest €20 million in the F.F.C.R. Armilar Venture Partners IV fund, which specializes in investments in artificial intelligence, management software, data management, digitalization, medtech, and connectivity.
With this public investment, SETT contributes to the development of a fund focused on supporting the early stages of European startups and scale-ups, especially Spanish ones, whose activities are based on disruptive or cutting-edge technologies. These companies stand out for their potential to generate economic development, social progress, and accelerate the digital transition in Spain.
The management company, Armilar Venture Partners, founded in 2000, is a leading player in the venture capital field, focusing on boosting innovative companies specialized in internet, software, semiconductors, advanced cloud computing platforms, AI, cybersecurity, industrial digitalization, sustainability and climate, as well as patient monitoring in healthcare, among other areas.
This operation aims to promote the development of highly scalable Spanish companies with international projection and growth potential, as well as to energize and provide liquidity to the technology market by creating a competitive environment in the country.
The management company has a solid track record of over 25 years, having completed more than seventy investments across nine countries, achieving 13 exits (sales of portfolio startups or companies where investors recover their capital and/or profit), two unicorns (startups valued at $1 billion or more without going public), and three dragons (portfolio companies whose exits generate returns equivalent to or greater than the total fund size).
Alongside SETT, which contributes 16.6% of the investment within a public-private collaboration model, the fund will increase its capital with other prestigious actors such as the European Investment Fund (EIF), which will contribute €40 million. The EIF’s majority stake supports the fund’s international credibility and recognizes its track record of profitability and deep knowledge of the European tech ecosystem.
SETT’s investment is made through the Next Tech fund, aimed at encouraging private investment and improving access to financing in strategic Spanish sectors linked to digital transformation. The implementation of the Next Tech fund, part of the Recovery, Transformation and Resilience Plan, is among SETT’s responsibilities. Additionally, SETT manages two other financial instruments to boost the tech business ecosystem: PERTE Chip, dedicated to microelectronics and semiconductors, and Spain Audiovisual Hub, which promotes the digitalization of the audiovisual sector.
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With a target size of €250 million, the fund aims to complete betwee...
