Portuguese venture capital firm Armilar Venture Partners has raised 45 million euros ($50.9 million) in the first close of its $67.8 million fifth fund.

The investments came from the European Investment Fund, with participation from international private investors, academic institutions, family offices, individuals, and Armilar team.

The new fund, Armilar Venture Partners Tech Transfer Fund, will invest in developing companies that aim to commercialize the results of research output, in particular those based out of Portugal as well as Europe.

The fund will also focus on technology-based companies in different industries via different stages of maturity from European academic and research institutions.