Kibo Ventures targets €100m for third fund

Inaki Miguel (Mergermarket)
23 July 2019

Tweet
Facebook
LinkedIn
Google plus
Send to

Madrid-based venture capital firm Kibo Ventures has launched its third fund with a target of €100m and a hard-cap of €120m, principal Joaquin Rebuelta told Unquote.

Kibo's second fund has recently finished its investment period after holding a final close on €71m in 2016 and its first fund is now fully exited.

The new vehicle, Kibo Ventures Iberian Fund, will invest in 20-25 companies, with tickets of €500,000-3m and the potential to do follow-ons of up 15% of the fund's total. It will take minority stakes in companies led by entrepreneurs based on Spain or Portugal, and aims to lead or co-lead pre-series-A or series-A rounds, and will not rule out seed phase or series-B investments.

The main investment themes will be mobility, AI, real estate technology and Industry 4.0, and it will back both B2B and B2C firms in these segments.

Kibo's investor base includes Fondo Europeo de Inversiones (EIF), Telefonica, CDTI, Fond-ICO and Mutua Madrileña, as well as private investors such as Rosp Corunna. For the new fund, Kibo is looking to add other national and foreign investors and international funds-of-funds to its institutional investor base.

Founded in 2011 by Aquilino Peña, Javier Torremocha and Jose Maria Amusategui, Kibo has 11 staff and operates offices in Madrid, Barcelona and Lisbon.