Venture Capital Firms in Spain

21 Invest is an established European private equity firm with a history spanning over three decades, founded in 1992 by Alessandro Benetton. The firm focuses on investing in mid-market companies across various sectors, aiming to support their growth and expansion. With a global mindset and local reach, 21 Invest operates through country-specific funds managed by local teams in key European markets.The firm's investment strategy centers on identifying, distinguishing, and enhancing value in its portfolio companies. They actively support growth through organic expansion, platform strategies, and internationalization. 21 Invest has a strong commitment to sustainability, integrating environmental, social, and governance (ESG) criteria throughout its investment processes to foster sustainable value creation.21 Invest targets a diverse range of sectors, including industrial manufacturing, food & beverage, healthcare, technology, business services, software, education, logistics, production, consumer goods, retail, and leisure. The firm has made over 110 investments and has approximately €1.5 billion in assets under management. Notable activities include the recent exit of FMA Group to Synex in March 2026 and the expansion into venture capital through a partnership with 2100 Ventures, focusing on early-stage investments in areas like SaaS, AI, fintech, and ClimateTech.Headquartered in Treviso, Italy, 21 Invest maintains a significant presence across Europe with offices in Milan, Paris, Madrid, and Warsaw. The firm prides itself on an experienced team of about 50 professionals who leverage an entrepreneurial mindset to drive the success of their portfolio companies.

4Founders Capital is a Barcelona-based venture capital firm focused on supporting early-stage technology startups, primarily in Southern Europe. Founded by a group of successful entrepreneurs, the firm brings not only capital but also hands-on experience in building and scaling companies. Its mission is to be a founder-friendly investor that adds real value beyond financial support. The firm seeks to partner with ambitious founders who are creating scalable, tech-enabled solutions. It typically invests in pre-seed to Series A rounds, working closely with startups to help them reach product-market fit and accelerate growth. With a lean, decisive team and a strong network of co-investors, 4Founders Capital aims to streamline the fundraising process for startups and provide strategic guidance. 4Founders Capital has a particular interest in SaaS, marketplaces, and mobile-first business models. The firm focuses its investments geographically in Southern Europe, particularly Spain and Portugal, while remaining open to broader European opportunities. With a growing portfolio of innovative companies, 4Founders is establishing itself as a key player in the early-stage tech ecosystem in the region.

a16z speedrun is an intensive 12-week accelerator program launched by Andreessen Horowitz in 2023, designed to support early-stage founders globally. The program invests up to $1 million in new startups, primarily at the pre-seed and seed stages, with a focus on helping them achieve product-market fit rapidly. It provides direct investment, extensive fundraising support, and connections to a vast network of external investors.The program was established in 2023 by Andreessen Horowitz, a prominent American venture capital firm founded by Marc Andreessen and Ben Horowitz in 2009. Initially, a16z speedrun focused on pre-seed gaming startups, drawing its name from the gaming term "speedrunning" to reflect its emphasis on rapid development. The firm later expanded its scope to encompass a broader range of technology and entertainment startups, including those in AI and creative industries, while maintaining its core ethos of fostering innovation and accelerating growth.Since its inception, a16z speedrun has rapidly scaled, deploying over $180 million to fund more than 150 startups. Notable portfolio companies mentioned include Sekai, Fundamental Research Labs, and k-ID, all of whom have lauded the program's impact on their growth, from securing talent and early design partners to strategic guidance and successful fundraising rounds. The program culminates in a Demo Day, where founders present to a large audience of investors.The a16z speedrun program offers comprehensive coaching and mentorship, including 1:1 sessions with industry leaders and the a16z speedrun team. Key individuals involved include Jon Lai, an integral part of the speedrun team, and Andreessen Horowitz partners like Joshua Lu and Andrew Chen, who provide strategic guidance and mentorship. The program also leverages the broader expertise and network of Andreessen Horowitz, with founders Marc Andreessen and Ben Horowitz participating as speakers and mentors, offering unparalleled access to seasoned operators and a vast ecosystem of resources.

Abac Capital is a Spanish independent private equity firm established in Barcelona and Madrid, focusing on creating sustainable value in mid-market companies and their communities. The firm invests in solid, growing businesses that require transformational capital, guiding them through sustainable, digital, and international growth initiatives. Abac Capital is committed to generating positive social and environmental impact, integrating sustainability as a core pillar of its investment strategy since its inception.Founded in 2014, Abac Capital's management team brings extensive experience in investments across various sectors, countries, and deal structures. The firm operates with a hands-on approach, partnering with leadership teams to define and execute business strategies. They leverage a network of over 30 operating partners, known as Abac Fast Forward, who provide specialized expertise in digital transformation, sustainability, and operational improvements to drive value creation.Abac Capital manages and advises several funds, including Abac SV Fund II FCR and Abac Solutions (SCA) SICAR, which are private equity vehicles. Additionally, the firm has a venture capital arm, Abac Nest II, which focuses on early-stage technological companies. Abac Capital is a Certified B Corporation, demonstrating its commitment to high standards of social and environmental performance, transparency, and accountability.The firm targets small and medium-sized companies with revenues above €30 million and EBITDA above €5 million, with average equity investments ranging from €15 million to €60 million. Their portfolio companies span various industries, including services, industrials, TMT, consumer digital, healthcare, and energy. Abac Nest specifically invests in areas such as consumer, fintech, and software, with a strong focus on artificial intelligence applied to business problems.

Addendum Capital is an early-stage investment firm that focuses on providing venture capital to technology companies. The firm is particularly interested in B2B SaaS (Software as a Service) solutions and deep technology-based ventures. They adopt a hands-on approach, working closely with founders from the very early days to foster growth and establish trusted, value-added relationships.Founded in 2020 by Enrico Raggini, Addendum Capital was established with the mission to invest in outstanding founders who possess unique and out-of-the-box ideas. Enrico Raggini, who serves as the CEO and Founder, brings over two decades of experience in cybersecurity, having previously acquired and grown Spamina before its merger with Hornetsecurity and subsequent sale to Providence, a US private equity fund. This background underpins the firm's strategic focus on innovative technology companies.The firm's investment strategy targets early revenue companies with a Minimum Viable Product (MVP) and a clear Product Market Fit (PMF), emphasizing high potential growth and global scalability. Addendum Capital primarily invests in Pre-Seed, Seed, and Series A rounds. Their portfolio includes companies such as GuruSup, a platform utilizing AI agents for customer service and process automation, in which they co-invested in a seed round. Other notable investments include Bfore.ai, Auravant, ADNtro, and Kymatio.Addendum Capital concentrates its investments within five main verticals: CyberSecurity, HealthTech, Data & Analytics, AgroTech, and Logistics, while continuously monitoring new market trends. The firm's geographical focus is on EU-based companies, with a broader interest in Western Europe and Latin America. Enrico Raggini's extensive experience in the technology sector, particularly in cybersecurity, and the firm's commitment to a hands-on approach, are central to their investment philosophy and support for portfolio companies.

Alpha Wave Global, originally established as Falcon Edge Capital in 2012, is a prominent global alternative asset manager. The firm operates across various verticals, including private equity, private credit, public markets, and venture capital, with a strategic focus on growth and expansion-stage companies worldwide. Alpha Wave Global aims to be a long-term partner to founders and management teams, providing both capital and strategic guidance to foster company growth and innovation.The firm was founded by Rick Gerson, Navroz D. Udwadia, and Ryan Khoury. Rick Gerson, who serves as Co-Founder, Chairman, and Chief Executive Officer, previously held a significant role as a Founding Member and Managing Director at Blue Ridge Capital for 15 years. Alpha Wave Global manages a series of funds, including Alpha Wave Ventures and Alpha Wave Incubation, targeting diverse investment opportunities globally.Alpha Wave Global has built an extensive portfolio of over 200 investments, backing high-profile companies such as SpaceX, Lenskart, and Ola Electric. Other notable investments include Advanta Seeds, Metsera, ZEDEDA, HiBob, Anthropic, Hunch, and the Mensa Group. The firm's investment strategy spans a wide array of sectors, including information technology, fintech, artificial intelligence (AI), life sciences, consumer internet, B2B sectors, cultivation, drug discovery, business/productivity software, agritech, biotech, energy & utilities, hardware, robotics & IoT, legal & professional services, pharma, real estate & proptech, sharing economy, software & apps, food products, and healthcare.With offices in major global hubs such as New York, Miami, London, Abu Dhabi, Tel Aviv, Bangalore, Jakarta, Sydney, Mumbai, and New Delhi, Alpha Wave Global manages approximately $19.4 billion in assets under management as of December 31, 2024. The firm's approach emphasizes identifying and supporting companies that are poised to disrupt industries and create significant value.

AltamarCAM Partners is an independent, partner-led private asset manager founded in 2004 and headquartered in Madrid, Spain. The firm specializes in providing institutional investors—including insurance companies, pension funds, and financial institutions—as well as high-net-worth individuals, with access to global alternative investments across private equity, venture capital, life sciences, real assets (real estate and infrastructure), and private debt/credit. Their investment strategies encompass primaries, secondaries, and co-investments, tailored to meet diverse client needs. With over €20.8 billion in assets under management, AltamarCAM operates through a network of specialized entities, including Altamar Private Equity, Altan Capital, and Altamar Advisory Partners. These subsidiaries enable the firm to offer a comprehensive suite of services, from fund management to independent financial advisory and merchant banking. The firm's global presence includes offices in Madrid, Barcelona, Munich, Cologne, London, New York, and Santiago de Chile, supported by a team of more than 350 professionals. AltamarCAM is committed to delivering long-term value through a disciplined investment approach and a strong focus on environmental, social, and governance (ESG) principles. Their diversified portfolio and strategic partnerships, such as the recent collaboration with Mirabaud to launch an evergreen semi-liquid private equity strategy, underscore their dedication to innovation and client-centric solutions in the private markets.

Arcano Partners, founded in 2003, is an independent international financial advisory and alternative asset management firm headquartered in Madrid, Spain. It operates across four core business lines: Investment Banking, Asset Management (including Private Equity, Credit, Real Estate, Sustainable Infrastructure, Venture Capital, and Aviation Finance), Asset Finance, and Research & Strategic Advisory. The firm is recognized for its Merchant-Banking model and emphasis on sustainable, responsible investing. With over €12 billion in assets under management and advisory since inception, Arcano’s Asset Management arm focuses on primary, secondary, and co-investment opportunities in mid-market private funds and companies in Europe and the U.S. The firm has more than 250 professionals supporting more than 400 funds and 3,000 underlying companies. It is also a signatory to the UN PRI, reflecting its ESG commitment. Arcano is structured around a partnership model with offices in major European and U.S. financial hubs. Its approach combines high-level M&A advisory, specialist credit & asset financing, macroeconomic research, and tailor-made private markets solutions. The firm also ranks among the top 10 global managers in private equity secondaries, according to the HEC Paris–Dow Jones ranking.

Asabys Partners is a Barcelona-based venture capital firm focused on investing in highly innovative companies within the healthcare and life sciences sectors. Founded in 2018, Asabys aims to support disruptive technologies and transformational therapies by backing entrepreneurs developing novel solutions in biotech, medtech, diagnostics, and digital health. The firm leverages deep sectoral expertise and a strong scientific network to identify and nurture promising startups from early to growth stages.The firm’s investment philosophy emphasizes value creation through active involvement. Asabys works closely with portfolio companies by providing strategic guidance, operational support, and access to a global network of industry experts and partners. Its team is composed of experienced investors, healthcare professionals, and scientists, enabling a multidisciplinary approach to sourcing and scaling impactful innovations.With a geographic focus on Europe and Israel, Asabys seeks companies with global potential and strong IP positions. Backed by prominent institutional investors, the firm manages the Sabadell Asabys Health Innovation Fund and continues to expand its presence in the European venture ecosystem. Asabys is committed to contributing to the advancement of healthcare by supporting the next generation of medical breakthroughs.

Aser Capital is a Spanish family office founded in 2008 and based in Madrid, Spain. The firm invests across multiple stages including seed, early-stage, and later-stage companies, with a primary focus on consumer products, consumer services, and information technology sectors.Aser Capital takes a diversified approach to investing, supporting entrepreneurial ventures and growth companies in Spain and across Europe. The family office has made notable investments in companies such as Washrocks, a services platform, and Textura Interiors, a home furnishings company, reflecting its interest in consumer-facing businesses and innovative service models.

AT Capital Group is a prominent family office headquartered in Singapore, specializing in actively managed businesses and passive financial investments. The firm distinguishes itself from traditional private equity models by deploying its own funds, which grants it full autonomy over investment choices and durations. AT Capital Group focuses on creating value for all stakeholders by investing in sustainable businesses and taking an active role in their strategic management, leveraging its domain knowledge and global networks to help companies achieve their full potential.The firm was founded by Mr. Arvind Tiku, whose family trust is the sole owner of AT Capital Group. Mr. Tiku is an experienced entrepreneur and investor with a background in building international businesses across various sectors. While the exact founding year of the broader family office is not explicitly stated on its website, the legal entity, AT Capital Pte. Ltd., was established in 2011. The group maintains a significant global presence with over 400 employees and offices in India, Singapore, Dubai, and the Netherlands.AT Capital Group's investment strategy targets both public market securities, including debt, equity, metals, and other liquid assets, and strategic mid- to long-term investments. Its primary focus areas include Real Estate, Renewable Energy, Private & Structured Credit, and Public Markets. The firm also actively evaluates venture capital opportunities in high-potential startups and promising young companies, with recent portfolio additions such as BlueStone, Frendy, and ObvioHealth. Their real estate portfolio spans various geographies, including India, Europe, and the US, encompassing green-field development projects, commercial and retail assets, and supermarkets. Notable European real estate investments include projects in Amsterdam, Rijswijk, Haarlem, Paris, and Warsaw.The team at AT Capital Group comprises experienced professionals with diverse backgrounds in investment and finance. Key individuals include Arvind Tiku as Founder and Group Chairman, Sanjay Bakliwal as Director with extensive experience in real estate, financial services, and renewable energy, and Hywel Phillip as General Counsel. The firm is committed to ethical business practices, robust corporate governance, and environmental and social responsibility, aligning its ESG principles with the United Nations-backed framework for Principles for Responsible Investment.

Aurorial is the corporate venture capital arm of PCComponentes, one of Spain’s leading online electronics retailers. Created to identify and invest in early-stage startups aligned with the strategic vision of PCComponentes, Aurorial focuses on innovation within e-commerce, logistics, supply chain optimization, and digital consumer experiences. The fund is part of the company's broader effort to foster entrepreneurship and technological advancement within its ecosystem. With a focus on collaboration, Aurorial not only provides funding but also strategic value by offering startups access to PCComponentes' expertise, distribution channels, and user base. It typically invests in seed and Series A rounds, targeting scalable technology solutions that can enhance operational efficiency, customer experience, or the broader value chain in e-commerce and retail. Aurorial acts as both an investor and a strategic partner, encouraging open innovation and long-term synergy. Aurorial primarily invests in startups based in Spain and Southern Europe but remains open to opportunities across Europe that present strong alignment with its core focus. As a forward-looking venture arm, it plays a key role in PCComponentes' mission to remain at the forefront of retail tech innovation while supporting the broader entrepreneurial ecosystem.

Axon Partners Group is a global investment and consulting firm that focuses on technology and innovation. The firm operates with a dual approach, offering both investment management and strategic consulting services. They partner with visionary leaders to drive innovation and create value in the technology sector, while their consulting arm provides insights and expertise for strategic, commercial, policy, and investment decisions. Axon Partners Group emphasizes effective strategies and investments to leverage innovative technologies for a better world.Founded in 2006 by Francisco Velázquez, Axon Capital and SVP Advisors initially operated as two separate entities in Madrid. Axon Capital focused on tech transfer venture capital, aiming to extract value from university technologies in Spain, and secured its first tech transfer VC fund in July 2007. SVP Advisors, on the other hand, extended Velázquez's consulting experience internationally. In 2012, Axon Capital and SVP Advisors merged to form Axon Partners Group, expanding their team and global reach. The firm successfully completed an IPO and was listed on the Madrid Stock Exchange, raising approximately €12 million.Axon Partners Group has a diverse portfolio with investments in various technology-driven companies. Recent investments include Dynamics VR, ISAAC (Construction and Engineering), and Grodi (Agriculture). The firm has also invested in companies like Taalentfy, a technology platform for employability and career guidance, and Odders, an XR company specializing in virtual reality games and applications. Other notable investments include Metricool, Instaleap, and W•SENSE. Axon Partners Group has also made 43 exits, with its latest being from Dogfy Diet in October 2025.The firm's team comprises over 100 seasoned professionals across its Consulting and Investment divisions, with diverse backgrounds and nationalities. This international team combines multi-sector tech expertise with a proven investment and advisory track record, aiming to deliver the agility of a boutique firm with the capabilities of a global company. Key management includes Francisco Velázquez as Chairman and Managing Partner, and Alfonso de León and Dimitri Kallinis as Managing Partners and Board Members.

Baobab Ventures is an operator-led venture capital firm that focuses on empowering early-stage, deep-tech founders. The firm primarily invests in pre-seed and seed-stage technical teams globally, with a strategic emphasis on companies innovating in artificial intelligence (AI), robotics, and defense sectors. Baobab Ventures aims to help startups achieve rapid momentum by providing not only capital but also hands-on operational expertise, particularly in go-to-market strategies and distribution.The firm was launched in November 2025 by Carles Reina, an experienced operator and angel investor. Baobab Ventures operates as a solo General Partner (GP) fund, leveraging Reina's extensive background in scaling tech companies. Prior to establishing Baobab Ventures, Carles Reina had a notable track record as an early employee at Uber EMEA, building operations at Tractable AI, and leading go-to-market efforts at Sonantic and ElevenLabs. He was also an early investor in over 70 startups, including Revolut and ElevenLabs.Baobab Ventures manages a $15 million fund and typically invests between $300,000 to $350,000 per startup. The firm has already made several investments, with publicly disclosed portfolio companies including THEKER Robotics, Omnia, Murphy AI, and Altan AI. These investments reflect the firm's commitment to backing innovative deep-tech solutions that address evolving market needs.Carles Reina, as the Managing Partner, brings a wealth of operator experience to the fund, actively assisting portfolio companies with product management, growth strategy, customer introductions, hiring, and global market development. The firm is remote-first, with its operations based between London and Barcelona, and maintains a global outlook, deploying capital across Europe, the US, Asia, and Latin America.

Bewater Funds is a Spain-based investment firm providing liquidity to shareholders of private, high-growth technology companies. The firm operates an innovative investment model that enables investors to acquire minority stakes in private companies via specialized vehicles, offering a solution to the illiquidity problem faced by early investors, founders, and employees. Targeting Spanish and European startups with proven revenues and solid business models, Bewater Funds focuses on profitable or near-profitable tech companies seeking flexible capital solutions. Their approach allows investors to gain exposure to venture-scale businesses while giving existing shareholders the ability to partially exit without a full company sale or IPO. With a strong emphasis on transparency, governance, and digital efficiency, Bewater Funds utilizes a regulated and tech-enabled platform to structure its investments. The firm brings together professional investors and growing tech companies, bridging the gap between venture capital and private equity in the European innovation ecosystem.

Big Sur Ventures is a Madrid-based venture capital firm specializing in early-stage technology investments across Spain and Europe. Founded in 2012, the firm focuses on two core themes: Deep Tech and the Power of the Internet. Within Deep Tech, they invest in cutting-edge fields such as Quantum Computing, Artificial Intelligence, Advanced Materials, Photonics, Microelectronics, and Nanotechnology, aiming to address global challenges in areas like energy, decarbonization, climate, and mobility. Their Power of the Internet investments target transformative products and services enabled by software, internet, and information technology, including AI-native software, cybersecurity, and B2B solutions.The firm is known for its high-conviction, hands-on investment approach, often leading early rounds from Pre-Seed to Series A. Big Sur Ventures typically invests between €100k and €1M in their initial investments, partnering closely with founders to provide operational guidance, transactional expertise, capital, and a robust network. Their commitment extends to integrating Environmental, Social, and Governance (ESG) criteria throughout their investment cycle and promoting responsible principles within their portfolio companies.Big Sur Ventures boasts a diverse portfolio of disruptive companies. Notable investments include Floatech, a company focused on electrifying the future; Frenetic (SP Control), which has seen significant growth with Big Sur's support; and Smart Protection, recognized for its potential to become a global leader. Other portfolio companies span various sectors, such as PandaGo, Funidelia, Joinup, Trucksters, BDEO, Paack, Axiomatic_AI, LuxQuanta, Nanopower Semiconductor, Devengo, Networkme, Submer, and Nailted.The team at Big Sur Ventures comprises experienced professionals, many of whom are former startup founders themselves, bringing a deep understanding of the entrepreneurial journey. Key team members include Jose Miguel Herrero (Managing Partner), Joaquín Azpilicueta (Operating Partner), Sergio Choclán (Partner), Ismael Almazán (Partner), and Carlos Galve (Partner), among others. This collective expertise allows them to act as true partners and advisors, helping exceptional entrepreneurs build and scale great companies.

Black Fountain Capital is a family office headquartered in Geneva, Switzerland, with additional hubs in Barcelona, Dubai, and London. The firm operates as a venture capital investor, guided by instinct and driven by possibility, focusing on the infusion of smart capital into ambitious and resilient founders. They aim to be catalysts for transformation, empowering founders to achieve new heights and unlock the full potential of their ventures. Black Fountain Capital prides itself on being business model-oriented and industry-agnostic, allowing for flexibility and adaptability across diverse sectors globally.The firm was founded in 2017, building upon over 20 years of experience in the investment and advisory industry held by its multidisciplinary team. This team comprises entrepreneurs, consultants, investors, operators, dreamers, and doers who collaborate to identify common patterns of success across various industries. Their mission extends beyond mere investment, positioning them as steadfast partners who support visionary founders from the pre-seed or seed stage through every phase of building great companies.Black Fountain Capital's portfolio showcases a diverse range of investments. Notable companies include The Onsider Barcelona, which offers serviced apartments epitomizing modern living; Urbanic London, a fashion industry innovator prioritizing honesty, quality, and innovation; and Velocity Black, a platform that leverages human expertise and cutting-edge technology to enable members to lead extraordinary lives. These investments reflect the firm's broad industry focus and commitment to backing visionary enterprises.The team at Black Fountain Capital brings extensive experience, having successfully grown multiple companies from early-stage startups to market leaders and navigated numerous turnaround cases. Their complementary and collaborative approach ensures comprehensive support for portfolio companies. With a global presence, Black Fountain Capital actively participates in the growth of diverse industries and economies worldwide, leveraging their international hubs to foster innovation and success.

Buenavista Equity Partners, formerly known as GED Capital, is an independent Spanish private equity firm established in 1996. With over 28 years of experience, the firm has pioneered private equity investments in Spain, focusing on the lower mid-market segment. It operates as a multi-asset manager, overseeing approximately 1 billion euros across various investment vehicles, including Private Equity, Real Assets/Infrastructure, and Venture Capital. The firm's rebranding to Buenavista Equity Partners in 2023 reflects its evolution and commitment to a dynamic, global presence while maintaining its legacy in the Iberian market.The firm's investment strategy is diversified across three main verticals. In Private Equity, Buenavista Equity Partners specializes in majority or significant minority investments in small and medium-sized enterprises (SMEs) across the Iberian Peninsula and Southeast Europe, often employing buy-and-build strategies for organic growth and acquisitions. Its Real Assets/Infrastructure arm focuses on smaller greenfield and brownfield infrastructure projects, including urban development and energy efficiency initiatives. Through Buenavista Ventures, the firm invests in early-stage technology startups and innovative companies in Spain and Portugal, with a particular interest in proprietary technologies and digital advancements.Buenavista Equity Partners boasts a robust track record, having completed numerous investments and successful exits. Recent activities include the launch of the B/Buyout III fund with a target size of €250 million, aimed at acquiring majority stakes in high-growth Spanish companies, and the establishment of the BV Healthcare Growth Innvierte I fund, a €100 million healthcare-focused initiative in partnership with Columbus Venture Partners. The firm also recently exited its investment in Aviaction, which was acquired by Artá Capital. Buenavista Equity Partners emphasizes a strong industrial component in its investment approach, leveraging its team's extensive experience to drive value creation and sector-specific growth.Headquartered in Madrid, Spain, with an additional office in Lisbon, Portugal, Buenavista Equity Partners operates across Europe. The firm is committed to responsible investment, applying Environmental, Social, and Governance (ESG) criteria in its management model and being a signatory of the United Nations Principles for Responsible Investment (PRI). Its stable and cohesive team of professionals, totaling 54 members, brings a collective experience of over 300 years across various economic cycles, ensuring deep market knowledge and a proprietary deal flow that accounts for more than two-thirds of its total transactions.

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.

Bullnet Capital is an independent venture capital firm established in 2001, specializing in early-stage, high-technology (Deep Tech) startups primarily based in Spain. The firm focuses on companies that possess proprietary and disruptive technologies, often stemming from significant scientific effort or profound technical expertise in their respective fields. Bullnet Capital adopts a hands-on approach, aiming to be a strategic partner to entrepreneurs by providing not only financial backing but also strategic and managerial support to foster business success.The firm was founded by Javier Ulecia and Miguel del Cañizo, who began working together in 1990. After collaborating on an internet incubator, they launched Bullnet Capital I in March 2003 with an initial fund of 18 million euros, supported by Bruno Entrecanales and the European Investment Fund. Over the years, the team expanded to include Carmen Arenzana as Finance Director and José Luis Gómez as an Investment Analyst, strengthening the firm's operational and investment capabilities.Bullnet Capital has managed four funds (Bullnet Capital I, II, III, and IV) and is preparing a new Bullnet Opportunity Fund. Their portfolio showcases a diverse range of high-tech companies, including Netspira, Anafocus, Digital Legends, Zhilabs, KDPOF, Wooptix, LeanXcale, 2eyesVision, ANYVERSE, Quside, Enthec, and Deep Detection. The firm has a track record of successful exits, with portfolio companies being acquired by major technology and industrial groups such as Ericsson, Teledyne, Activision, Samsung, Unity, and Grupo Oesía, demonstrating their ability to identify and nurture promising ventures.Bullnet Capital's investment strategy is underpinned by a commitment to breakthrough technology, sustainable competitive advantages, and strong entrepreneurial teams. They prioritize companies with intellectual property and know-how that can maintain their market position over the long term. The firm actively assists its portfolio companies with fundraising, IP protection, strategic partnerships, talent acquisition, and legal assessments, aiming to build successful businesses from their early stages.