Kibo Ventures is a Madrid-based venture capital firm founded in 2012, known for backing early-stage technology companies with global ambition. The firm has built a strong reputation in Spain and is now scaling its presence across Europe, positioning itself as a pan-European investor focused on complex, defensible technologies. Kibo works closely with founders from day one and has been an active player in shaping the Southern European startup ecosystem while increasingly competing on a broader continental level.
Kibo Ventures invests in technology-driven B2B companies, with a strong emphasis on software and deeptech. The firm is particularly active in AI, data infrastructure, cybersecurity, robotics, and defense-related technologies.
Its approach favors companies solving hard problems with scalable products and clear paths to international expansion, especially across European and global enterprise markets.
Kibo Ventures is currently investing out of its fourth fund, Fund IV, which reached a first close of €80 million and is targeting a final size of €150 million. The fund represents a clear strategic shift toward pan-European deployment, with a significant portion of capital reserved for investments outside Spain.
Fund IV is designed to support 20 to 25 portfolio companies, with approximately 40 percent of the fund allocated to follow-on investments. Kibo plans to lead seed and Series A rounds, typically committing around €5 million per deal, while maintaining capacity to double down on top performers.
The fund is backed by a mix of institutional, corporate, and entrepreneurial capital, including BBVA Spark, the European Investment Fund, CDTI Innvierte, the founding family of Mahou, José de Mello Capital, and several founders from Kibo’s own portfolio. The fund has already begun deploying capital, reflecting Kibo’s intent to move early and lead conviction rounds in its core sectors.
Leadership
Kibo Ventures is led by cofounders and managing partners Aquilino Peña and Javier Torremocha. Both have long track records as early-stage investors and operators, with deep experience in scaling technology companies across Europe and the US. The leadership team combines financial discipline with hands-on operational support, particularly around go-to-market strategy, hiring, and international expansion.
Investment Strategy
Kibo Ventures leads rounds at the seed and Series A stages, often acting as the first institutional investor. The firm focuses on high-conviction bets where it can take board roles and work closely with founders over multiple stages. Kibo prioritizes technical depth, strong founding teams, and large addressable markets, with a clear preference for companies that can scale across borders early. The firm is increasingly building local networks in Paris, London, and Berlin to support sourcing and portfolio growth.
Notable Investments
Kibo Ventures’ portfolio includes a range of technology-driven companies across AI, robotics, cybersecurity, and enterprise software. Recent investments from Fund IV include THEKER Robotics, where Kibo led a $21 million seed round, and anyformat, a generative AI platform focused on document conversion for large language models.
The firm has historically backed companies such as:
Notable Exits
Kibo Ventures has achieved several high-profile exits over the years, including acquisitions and secondary sales involving companies like Carto and other enterprise-focused platforms. These exits have helped establish Kibo as one of Spain’s most consistent early-stage performers and strengthened its credibility with institutional LPs across Europe.
Other
Kibo Ventures is a lead investor that expects strong alignment and long-term commitment. The firm is selective and moves with conviction once it decides to invest. Kibo is particularly attractive for founders building technically complex products who want a hands-on partner with experience scaling from Southern Europe into major global markets. Its growing European footprint makes it especially relevant for startups planning early cross-border expansion.
José Mª Amusátegui - Co-Founder & Managing Partner
Fernando Díaz Solís - Co-founder and Managing Partner
Spain
