COFIDES commits €100M to InfraVia Growth II to back scaleups

COFIDES, via its co-investment vehicle FOCO, has agreed a €100M limited‑partner commitment to InfraVia Growth II, marking a sizeable public‑backed vote of confidence in European B2B tech scaleups. The capital injection is positioned to amplify digitalisation plays across Spain and the wider continent at a time when growth equity is refocusing on resilient software business models.

The vehicle, managed by Paris‑based InfraVia Capital Partners, targets up to €1bn and concentrates on high‑growth B2B software companies — from AI and fintech to cybersecurity, digital health and vertical software. InfraVia, which reports managing roughly €16 billion in total capital with a team of 100+, brings experience from prior Spanish investments and a playbook for scaling category leaders across Europe.

Under FOCO’s mandate — a NextGenerationEU‑backed instrument endowed with €2,000M to attract foreign capital — the Spanish fund vehicle requires a foreign co‑investor and aims to channel resources into firms driving the ecological and digital transitions. COFIDES has signalled a strategic tilt: for every euro invested via FOCO, at least double the amount will be steered toward Spanish companies, a multiplier that could translate the €100M commitment into substantially larger flows to domestic scaleups.

Ángela Pérez, Chairperson and CEO of COFIDES, framed the operation as a lever to accelerate competitiveness: she said the partnership seeks to strengthen Spanish digital champions by combining public backing with InfraVia’s growth equity capacity. From a policy perspective, the commitment aligns public recovery funds with private capital to reduce friction in late‑stage financing for homeland champions.

InfraVia’s founder and CEO, Vincent Levita, described the LP tie‑up as an opportunity to deepen the firm’s Iberian footprint. InfraVia’s first growth fund already completed three Spanish deals; the second fund aims to convert local pipelines into regional leaders, leveraging buy‑and‑build and internationalisation strategies that typically characterise growth equity exits in the mid‑market.

European B2B SaaS and specialised enterprise software continue to attract disproportionate growth capital — analysts estimate the European enterprise software market expanding at a mid‑teens CAGR over the next several years as companies digitise operations and adopt AI. For Spanish founders this LP support matters: sourcing late‑stage capital has been a bottleneck for native scaleups seeking pan‑European reach.

Looking ahead, the commitment should signal to other institutional investors — both public and private — that pairing state resources with experienced growth houses can de‑risk allocations into strategic tech sectors. For InfraVia Growth II, the COFIDES backing not only brings capital but a mandate to prioritise Spanish opportunities, potentially accelerating deal flow and follow‑on rounds for promising B2B software firms.