Kibo Ventures III holds first close

The vehicle was launched in July 2019 with a €100m target and a €120m hard-cap.

Kibo's third fund will be larger than its predecessor, which closed on €71m in 2016 and is currently fully invested.  

Kibo Ventures II's portfolio includes Devo, DefinedCrowd, Tier, Paack, Clarity, Vilynx, Coverwallet, Exoticca, Gamelearn and Aerial.

In the last four years, half of Kibo Ventures II's portfolio companies have raised rounds – from series-B onwards – with local and international venture funds, or have been sold to large multinationals. Furthermore, since the outbreak of the pandemic, Kibo's portfolio companies have raised around €160m in series-B or larger rounds.

With Kibo's support, the fund's portfolio companies have built a large base of investors, and 81% of them have international venture funds as shareholders.

Established in 2012, Kibo is based in Madrid with additional offices in Barcelona and Lisbon. The firm invests across Europe – with a special focus on Iberia – and the US.

Investors
Kibo has a diversified base of LPs, primarily composed of institutional investors, such as the European Investment Fund (EIF), CDTI and Fond-ICO; insurance companies such as Mutua Madrileña; corporations including Telefonica; and private investors such as Rosp Corunna.  

In addition, the fund expects to attract new Spanish investors, and international funds-of-funds and institutions in the coming months.

Investments
Kibo Ventures III leads or co-leads pre-series-A and series-A rounds in European technology companies, primarily based in Spain and Portugal, with the aim of boosting their growth and international expansion, while scaling up their teams and supporting their further development.

The fund plans to invest in around 20 companies, deploying initial tickets of €1-3m and total investments of up to €10m per company. It targets primarily the big data, artificial intelligence, logistics, transport, fintech, healthtech and digital education sectors.

People
Kibo Ventures – Aquilino Peña, Javier Torremocha (co-founders, managing partners); Sonia Fernández (partner).

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