Kibo Ventures holds first close on €71m for second fund

The fund has an initial target of €100m and is focused on investing in Spanish digital startups. According to press reports, the GP will also invest in companies based outside Spain but that are related to the Iberian country, for example by having a presence in the country.

As part of the announcement, the GP said the firm has renamed to Kibo Ventures Partners. It has also taken under management the fund previously co-managed with investment firm Cygnus Asset Management and Amerigo Innvierte Spain Technologies. Cygnus will retain a minority stake in the renamed GP.

According to local press reports, the GP strengthened its team with the appointment of Sonia Fernandez, former investment associate at 3i, as a partner and former Najeti Capital investment director Valeria Loewe as chief operations officer.

Currently, Kibo manages 31 companies via its first vehicle, totalling €115m in assets under management.

Investors
According to press reports, the vehicle received commitments from the European Investment Fund, accelerator Telefonica Open Future, state-backed fund Innvierte Economía Sostenible and fund-of-funds Fondo ICO Global. Other commitments came from investment holding Criteria Venture Capital (formerly known as Caixa Network I), part of the Spanish lender La Caixa, alongside several family offices and high-net-worth individuals.

Investments
The vehicle targets series-A and series-B funding rounds for Spanish digital startups in order to boost their international expansion.

The fund aims to inject equity tickets in the €2-5m range into companies operating in the digital sector. However, it will not invest in hardware, retail and consumer electronics businesses.

People
Kibo Ventures Partners – Aquilino Peña, Javier Torremocha, José María Amusategui (founding partners).

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