All Iron Ventures I closes on €66.5m

Headquartered in Bilbao, with offices in Madrid and Barcelona, All Iron Group was founded in 2016 by Ander Michelena and Jon Uriarte. The firm currently has €200m in assets under management.

The strategy of All Iron Ventures I is led by co-directors Hugo Fernández-Mardomingo and Diego Recondo.

Investors
The fund's LP base is entirely composed of private investors, primarily Spanish family offices and entrepreneurs. The fund's management team decided not to seek public support from Spanish or European public institutions.

Among its 150 investors are local entrepreneurs such as Iñaki Ecenarro, who is also a partner; Salvador García, co-founder and CEO of fintech startup Ebury; and Jose Poza, founder of Ibercom.

In addition to the capital raised by the fund, co-founders Ander Michelena and Jon Uriarte, together with other private investors, will also contribute a further €43.5m via a separate vehicle, which will be able to co-invest alongside the fund, bringing the total capital to deploy to €110m.

Investments
All Iron Ventures I invests in B2C companies – primarily marketplaces, e-commerce specialists and software-as-a-service startups – across Europe and the Americas.

The fund leads or co-invests in series-A and pre-series-A rounds, with the flexibility to also target seed financing rounds as well.

Initial tickets usually range between €300,000 and €2m, but the fund has the possibility to further back its portfolio companies in consecutive financing rounds.

The current portfolio of the fund includes 30 companies, such as Jeff, Lookiero, Lingokids, Spotahome and Seedtag. The vehicle actively invests internationally and has backed companies based in Portugal (Barkyn), Ukraine (Preply), Austria (Refurbed), the US (Rebag) and Brazil (Zenklub).

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