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Top 5 Venture Capital Firms in Spain

Rong Chen Rong Chen
February 13, 2024

The following five venture capital firms demonstrate the changing future of innovation in Spain. From tech-centric investors to versatile funds engaging in a variety of sectors, these five venture capital firms are pillars of Spain’s diverse and dynamic entrepreneurial ecosystem. Their commitment and strategic foresight are not just accelerating business growth but are also laying the foundations for a robust and future-ready economy.

We took into account the number of deals per year to create this list ahead of the upcoming 4YFN event in Barcelona.

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Wayra

Wayra is Telefónica’s global initiative designed to scale and invest in startups, aiming to bring innovation worldwide. It represents a highly connected and tech-driven open innovation project. Wayra focuses on empowering entrepreneurs and connecting them with Telefónica’s vast customer base, supporting the creation of a technological, ethical, and human future. With hubs in multiple countries, Wayra is dedicated to fostering innovation and building tomorrow’s future through collaborative efforts.

Sector focus: Software, E-Commerce, Internet, Mobile, IT

Round: seed

Total investments: 1262

Founding Year: 2011

Notable Investments: Remuner, Shakers, Docket, Rand, Cafler

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Demium Capital

Demium Capital is a Venture Capital firm that invests in talented individuals aiming to launch startups, regardless of their initial idea, team, or product. They operate across various innovative sectors and focus on long-term economic cycles. As a technology and innovation specialist, they invest in an average of 35 companies annually. Their approach includes lifetime partnerships with entrepreneurs, helping them from the startup setup to risk management. The firm also manages funds like the Think Bigger Fund I and Follow-on funds, supporting early-stage startups and later-stage portfolio companies.

Sector focus: Software, E-Commerce, SaaS, Travel, IT

Round: early stage venture, seed

Total investments: 63

Founding Year: 2020

Notable Investments: MyCareforce, Tuvalum, Networkme, Logistiko Labs, Habbility

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Nina Capital

Nina Capital is a specialized venture capital firm focused exclusively on the intersection of healthcare and technology. They invest in need-driven founders who are building health tech companies with international ambitions. Based in Barcelona, Nina Capital operates across Europe, the United States, Canada, and Israel. Their investment strategy centers on preseed and seed stages, occasionally including Series A, with ticket sizes ranging from €150k to €1000k. The firm is committed to need-driven founders and has a diverse portfolio spanning 18 countries.

Sector focus: Health Care, Artificial Intelligence, Medical, Biotechnology, Software

Round: convertible, early stage venture, seed

Total investments: 60

Founding Year: 2019

Notable Investments: Ryver, MedaSystems, QuantHealth, Lillian Care, basys.ai

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Inveready

Inveready is a leading asset manager in Spain, established in 2008. They invest across multiple stages, including early-stage venture capital, growth VC, venture debt, strategic public equity, private equity, and infrastructure. Their strategies enable them to provide financing solutions for companies throughout their lifecycle. Inveready has a diverse team with deep industry knowledge, and their portfolio covers various sectors like fintech, mRNA, AI, and blockchain. The firm also emphasizes responsible investment as a key priority.

Sector focus: Software, SaaS, Biotechnology, E-commerce, Health Care

Round: Debt, Early Stage Venture, Private Equity, Secondary Market, Seed, Venture

Total investments: 186

Founding Year: 2008

Notable Investments: Agile Content, Edesa Biotech, Revelock, Spacewell Energy, GIGAS

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All Iron Ventures

All Iron Ventures is a venture capital firm focusing on fast-growing, capital-efficient companies with global potential. Established in 2018, they specialize in seed and Series A investments in diverse sectors, including marketplaces, subscription, and SaaS. With assets under management of approximately €140 million and a portfolio of over 50 companies across 11 countries, they are known for their entrepreneurial approach and swift decision-making. All Iron Ventures primarily operates in Europe but also invests in the U.S. and Latin America. They have recently launched a fund of funds program to provide diversified access to the European VC asset class.

Sector focus: Software, E-Commerce, Internet, FinTech, Education

Round: Early Stage Venture, Seed

Total investments: 83

Founding Year: 2017

Notable Investments: Flipflow, Floy, Lime, refurbed, Lastapp

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Other key players

We’re looking into funds with their main activity in Spain, but there are more companies investing in the Spanish market.

Elaia:

Elaia is a leading venture capital firm based in France, specializing in early-stage investments in digital and deep tech sectors.

Target Global :

Target Global is an international venture capital firm that focuses on investing in transformational technology companies.

Notion Capital:

Notion Capital is a venture capital firm based in London, focusing on investing in European SaaS and Cloud companies.

Dawn Capital:
Dawn Capital is a venture capital firm based in London, specializing in B2B software and fintech investments.

Kima Ventures:
Kima Ventures, self-described as the world’s most active business angel, is a venture capital firm that invests in a wide range of startups, emphasizing support with both funding and care.

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Rong Chen

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