Spain and Portugal Tech Ecosystem Thriving with New Venture Capital Funds
Exciting developments are happening in the European tech scene, particularly in Spain and Portugal, with a wave of new startups and funding rounds making headlines. Barcelona-based Plus Partners, Yellow, and Kfund are just a few of the players making waves in the region.
One of the latest updates comes from Spain, where All Iron Ventures has rebranded as Acurio Ventures and is set to close its third fund of $166 million (€150 million). The fund will focus on ‘follow-on’ investments, rather than leading deals, and has already made significant investments in European tech startups.
Founded in 2018, Acurio Ventures has a strong track record of backing successful startups like Seedtag, Jobandtalent, and Preply. Co-founder Ander Michelena, who previously sold his startup Ticketbis to eBay, leads the firm. The new fund has attracted a diverse group of LPs, including U.S. university endowments, pension funds, family offices, and tech executives.
Acurio Ventures operates with a generalist thesis, investing across various sectors in Europe. With assets under management totaling around €300 million, the firm has already made 20 investments and plans to continue its active investment strategy.
One unique aspect of Acurio Ventures’ approach is its portfolio construction, which involves investing in 50 companies per fund rather than the typical 20. This strategy allows for more flexibility in managing follow-on investments and divestments, ultimately leading to better performance metrics.
The firm’s team, spread across Bilbao, Madrid, Barcelona, and London, is led by experienced partners including Michelena, Diego Recondo, Hugo Mardomingo, and Kate Cornell. The name ‘Acurio Ventures’ draws inspiration from Juan de Acurio, a sailor who played a key role in an expedition around the world five centuries ago.
According to reports, the Spanish tech ecosystem has seen significant growth, with the combined enterprise value of Spanish startups surpassing €100 billion. Spain ranks fourth overall in Europe for startup fundings, attracting substantial venture capital investments.
Other notable developments in the region include Madrid-based VC firm Seaya’s closure of a €300 million climate tech fund and the European Investment Bank’s support for a €1 billion fund targeting growth-stage tech startups in Spain.
The tech scene in Spain and Portugal is undoubtedly heating up, with new funds, successful investments, and a thriving entrepreneurial spirit driving innovation and growth in the region.
