Kibo Ventures forms continuation vehicle for debut fund

The fund restructuring sees the remaining assets in the GP's EUR 42m, 2012-vintage Fondo Amerigo Innvierte Spain Technologies transferred to a new Continuation Fund, which Kibo will continue to manage.

The deal has allowed Kibo Ventures to liquidate its debut fund in line with the timeframe agreed upon with its LPs. Returns from the fund currently stand at more than 3x TVPI (total value to paid in) and the fund has generated IRR of 25% on its investments, according to a statement.

LPs in the fund include Axis Participaciones Empresariales and Mutua Madrileña, as well as Spanish family offices and private investors, according to Unquote Data. The fund was formed in partnership with Telefónica and the Spanish government via the Centre for the Development of Industrial Technology (CDTI).

Kibo's debut fund had invested in 32 companies by the time of the first close of the GP's second fund in 2016, according to a statement issued at the time.

The remaining assets in the fund include Nasdaq-listed payment platform Flywire, which has a market capitalisation of USD 5bn. Other assets in the vehicle include Kibo's stakes in recruitment platform JobAndTalent, data platform Carto, parental control app Qustido, Internet-of-Things business Worldsending, and advertising technology platform Tappx.

The deal is HarbourVest's first secondary deal in the Spanish venture capital market, according to a statement. The GP generally makes secondary deals via its Dover Street strategy and is currently deploying equity via Dover Street X, which held a final close in October 2020 on USD 8.1bn.

Alantra advised on the transaction.

In addition, HarbourVest has made a commitment to act as anchor investor in Kibo Ventures Opportunity Fund I, which co-invests alongside Kibo's other funds to back existing portfolio companies.

Kibo was founded by Aquilino Peña, Javier Torremocha and Jose Maria Amusategui. The firm has a team of 12 in Madrid, Barcelona and Lisbon with a focus on early-stage consumer and enterprise software businesses, primarily targeting companies based in Spain and Portugal. The firm has backed businesses including Airbnb and e-scooter startup Tier Mobility.

The GP held a first close for Kibo Ventures III in October 2020. The vehicle invests EUR 1m-3m in initial rounds and can invest up to EUR 10m per company, generally leading or co-leading pre-Series A or Series A rounds. The fund has a EUR 100m target.

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• Topics
• Southern Europe
• GPs
• Venture
• Restructuring
• Secondaries
• Spain
• HarbourVest