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Spain’s All Iron Ventures (AIV), an investor in b2c marketplaces and ecommerce performs, has closed its first fund with commitments totalling €66.5 million (~$79M) — which it touts as one of many largest first fund raises within the nation.
Capital dedicated to the fund by its dad or mum Group’s founding companions and different traders brings its whole funding capability to round €110M.
Backing for the fund has come from non-public traders, with no public help sought. AIV aligns itself with what it dubs a “new breed” of entrepreneur-backed VCs rising in Europe — which incorporates having its personal incubation program.
The Bilbao headquartered fund has been working since late 2017, run by co-directors Hugo Fernández-Mardomingo and Diego Recondo. It’s a part of the All Iron Group — which features a listed actual property holding firm and was based by the Ticketbis founders who offered their ticket reselling market to eBay in 2016 for greater than €165M; a serious exit success story for the Spanish ecosystem.
Among some 150 traders in AIV’s fund I are native entrepreneurs reminiscent of Iñaki Ecenarro (who can also be a associate); Salvador García, co-founder and CEO of fintech startup ebury; and Jose Poza, founding father of Ibercom which later merged with MasMóvil (which was itself lately acquired by non-public fairness in a multi-billion euro deal).
The fund leads or co-invests primarily in Series A and pre-A funding rounds — although it notes it has flexibility to additionally make investments at seed stage. It usually cuts an preliminary verify of as much as €2M, with the capability to help portfolio firms in follow-on rounds too.
Its funding thesis is concentrated on b2c firms, with a acknowledged desire for marketplaces, subscription and e-commerce fashions. “Capital efficiency and clear path to profitability play a significant part in AIV’s investment decisions,” it provides in a press launch.
In phrases of geography, AIV positions itself as a associate for worldwide VCs eager to spend money on Spain and elsewhere — with a global give attention to Europe and the Americas.
Recent investments embody Ukraine-based on-line tutoring market Preply and Spanish on-demand laundry service Mr Jeff.
Other portfolio startups embody Lookiero, Lingokids, Spotahome and Seedtag (from Spain) — in addition to Barkyn (Portugal), Refurbed (Austria), Paul Camper (Germany). Kodit (Finland), Rebag (US) and Zenklub (Brazil).
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