Aldea Ventures launches €150m fund-of-funds

The firm expects to hold a €35-45m first close by the end of July and a final close in around one year, partner Carlos Trenchs Sainz de la Maza told Unquote.

"Despite a slowdown in fundraising and deal-making caused by the Covid-19 pandemic, we are confident that we will be able to hold a first close shortly, and successfully proceed with our fundraising. The crisis has not affected technology-focused sectors. On the contrary, it has given momentum to the technology industry by showing how essential a further development in digital and tech solutions is for every company, regardless of sector or geography."

The fund will invest 70% of its capital in 15-18 VC funds based across Europe, which allocate part of their capital in southern Europe (Spain, Portugal and Italy). The targeted funds will be seed and series-A vehicles with a size between €20m and €80m. Aldea Ventures I will provide tickets of €1-6m for each fund.

Trenchs said: "We plan to support first- and second-generation funds, too young to have long and solid track records. These less mature micro VCs often lack the possibility to raise capital, attract established LPs and build a wide base of investors. We want to help them survive in a competitive market and support the southern European venture capital ecosystem."

The remaining 30% of the capital will be deployed directly to finance the growth of local startups in co-investments with other VCs, by taking part in later-stage rounds of up to €10m, with non-leading investments of around €1m.

Trenchs said: "We expect that Barcelona, Madrid and Lisbon will soon become dynamic VC hubs able to attract excellent talents and brilliant managers, while creating high-quality value for the technology industry. In five years we will probably see several champions and unicorns emerging from these growing hubs."

Aldea Ventures is a recently established venture capital house, launched in partnership with Meridia Capital.

The firm is led by partners Carlos Trenchs, former director de Caixa Capital Risk; Alfonso Bassols, former director at Nauta Capital; Gonzalo Rodés, from GBS Finance; and Meridia Capital chair Javier Faus.

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