BULLNET CAPITAL III, SCR PYME S.A

Bullnet Capital is an independent Venture Capital firm based in Madrid, Spain, specializing in early-stage, high-technology Spanish start-ups. The firm focuses on companies with proprietary, disruptive technologies that are the result of significant scientific effort or deep technical knowledge. Their investment scope primarily covers the IT arena and closely related areas, including enterprise software, electronics, photonics, laser, medical devices, and scientific instrumentation. Bullnet Capital adopts a hands-on approach, aiming to be a value partner for founders by providing strategic and managerial support beyond just funding, particularly during the initial stages of a company's development.

The firm was co-founded by Javier Ulecia and Miguel del Cañizo, who began their professional collaboration in 1990. After jointly managing an Internet Incubator named Doing from 2000 to 2001, they launched Bullnet Capital I around mid-2001, with strategic and financial backing from Bruno Entrecanales. This initial fund, totaling 18 million euros, was officially established in March 2003 to support technological start-ups in Spain. The team expanded with Carmen Arenzana joining full-time in 2009, followed by José Luis Gómez in December 2009.

Bullnet Capital manages several funds, including Bullnet Capital I, II, III, and IV, each supporting a diverse portfolio of innovative companies. Notable investments from Bullnet Capital III include Wooptix, LeanXcale, 2eyesVision, Fyla, Viewtinet, Sphere, ANYVERSE, Bitsphi, and Bioherent. More recent investments span across various high-tech domains, such as Bioherent in drug discovery, LeanXcale in database software, MLCode in business/productivity software, and FlexiiC in application-specific semiconductors.

The leadership team, including Managing Partner Javier Ulecia and Partners Miguel Larrea and Juan Roure, brings extensive experience in deep tech investments. Their expertise combines technical knowledge with a long-term capital approach to foster high-risk, high-impact innovation. Bullnet Capital is also supported by the European Investment Fund through InnovFin Equity Venture Capital and operates under the financial backing of the European Union’s Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), as well as the Plan de Recuperación, Transformación y Resiliencia.