About This Fund
Bewater II FCRE is a €40 million Spanish venture capital fund managed by Bewater Funds, an independent asset manager headquartered in Madrid and co-founded by François Derbaix, Unai Ansejo, and Ramón Blanco. Bewater Funds pioneered liquidity-first venture capital in Spain, targeting established technology companies with proven business models rather than early-stage startups. Launched in December 2022, Bewater II FCRE is the second vehicle in the Bewater Funds family and is authorised and supervised by Spain's CNMV as a Fondo de Capital Riesgo (FCR). The fund raised its capital from a combination of institutional investors, family offices, and high-net-worth individuals, with minimum LP tickets set at €100,000 to ensure sophisticated, illiquidity-aware investor participation.
The fund applies a rigorous financial eligibility screen that distinguishes it sharply from conventional venture capital. Target companies must: (1) generate minimum annual recurring revenues of €500,000; (2) grow revenues by more than 30% per year; (3) carry a valuation below ten times trailing annual sales; and (4) command an overall valuation above €3 million. This combination of revenue velocity, profitability orientation, and valuation discipline targets the underserved segment of Spanish technology businesses that have crossed product-market fit but remain too small for growth equity and too profitable to attract traditional VC. The investment committee is composed of the three Bewater founders plus well-known Spanish angel investors José and Luis Martín Cabiedes — all five contribute €2.75 million of their own capital alongside LP funds, aligning incentives throughout the fund's lifecycle.
Bewater II FCRE builds on the performance record established by Bewater Funds' first vehicle, which demonstrated that applying private-equity-style discipline to Spanish internet and software companies can generate attractive risk-adjusted returns with lower binary outcome risk than early-stage VC. The strategy targets SaaS, marketplace, fintech, and digital-media companies operating in Spain, with particular interest in businesses that have bootstrapped to profitability and are seeking their first institutional partner to accelerate international expansion. By offering partial liquidity to founders alongside growth capital, Bewater Funds occupies a niche in the Iberian venture landscape that mainstream VC and buyout funds do not address.