Iris Ventures closes near €100M first close for IRIS Fund II (EU)

Iris Ventures has completed a rapid first close for its second vehicle, securing close to €90–100m to seed a targeted program backing consumer brands. The raise marks a clear vote of confidence from European private capital — primarily family offices — in purpose-led consumer companies positioned for scale.

Managed by founder Montse Suárez, the new vehicle — IRIS Fund II — is pursuing a final target of €200m. Unlike many recent pools chasing deep tech, the strategy deliberately avoids AI-heavy allocations and instead concentrates on categories such as beauty, nutrition, wellness, longevity and new lifestyle brands.

The fund will increase its cheque size compared with its predecessor, committing between €5 million and €20 million per company to growth-stage businesses. Portfolio companies will receive active, long-term support: Iris plans five-year partnerships and typically proposes two board seats from the firm to help guide commercial expansion, product development and international roll-outs.

Geographically, IRIS Fund II intends to deploy roughly 80% of capital in Europe and the remainder in the United States. The firm aims to complete 12–15 investments over the next four years, a pace that would mirror the playbook from its first fund while ramping average ticket sizes and follow-on reserves.

That first vehicle — launched in 2021 and sized at €100m — built a 12-company portfolio that mixes Spanish names and international challengers. Notable holdings include Olistic, Essentialist, Superlativa, VICIO, Maurten, Healf and Artemest. Iris says experience from that cohort informed Fund II’s emphasis on brand building, unit economics and repeatable digital-commerce playbooks.

Direct-to-consumer and wellness concepts have continued to attract growth capital as consumer preferences shift toward health, convenience and sustainability. For mid-sized growth rounds in Europe, cheque sizes in the €5–20m band have become the norm for companies with proven unit economics and clear paths to profitable scale. Iris’s focus on established brand founders and repeatable channels positions it to capitalise on that trend.

Looking ahead, the successful first close should accelerate deal sourcing at a time when differentiated consumer businesses are seeking partners that can offer both capital and category expertise. With its stated ambition and a family-office investor base, Iris Ventures is betting that a concentrated, sector-specialist approach will yield both impact and market returns as it pushes toward the €200m goal.