THE MOST ACTIVE EU AND SPANISH FUNDS IN 2025

Selena Sabs
May 20
2 min read

Your Guide to Pre-Seed and Seed Investment Opportunities

Spain’s startup ecosystem is booming, and 2025 continues to be a dynamic year for early-stage investments. Whether you’re a founder preparing to raise your first round or an investor scouting promising opportunities, knowing which venture capital funds are actively investing at pre-seed and seed stages is crucial.

We’ve compiled a comprehensive list of the top 20 Spanish VC funds that are leading the charge in supporting innovative startups across sectors like SaaS, deeptech, AI, fintech, biotech, and more. These funds not only provide capital but also bring strategic guidance, industry connections, and international reach.

Why This List Matters

Diverse Sector Focus: From B2B SaaS and AI to biotech and climate tech, these funds cover a broad spectrum of industries, reflecting the vibrant and varied Spanish innovation landscape.

Range of Check Sizes: Whether you’re looking for a smaller pre-seed investment or a larger seed round, these funds offer flexible check sizes tailored to early-stage needs.

Geographical Reach: While based in Spain’s major hubs like Madrid, Barcelona, Valencia, and Bilbao, many of these funds have strong ties across Europe and Latin America, opening doors for global expansion.

How to Use This List

Founders: Identify which funds align best with your sector and stage. Research their portfolios and investment criteria to tailor your pitch.

Investors: Explore co-investment opportunities and understand the key players shaping Spain’s startup ecosystem.

Ecosystem Builders: Use this as a resource to connect startups with the right funding partners and foster collaboration.

Fund	HQ Location	Typical Check (€)	Main Sectors	Website
Nauta Capital	Barcelona, London	€0.5M – €5M	B2B SaaS, deeptech, AI, fintech, insurtech	nautacapital.com
K Fund	Madrid	€0.1M – €2M	SaaS, platforms, AI, fintech, marketplaces	kfund.vc
Swanlaab	Madrid, Tel Aviv	€0.5M – €2M	B2B, SaaS, corporate innovation, succession	swanlaab.com
Kibo Ventures	Madrid	€0.5M – €8M	Deeptech, SaaS, AI, cybersecurity, climatetech	kiboventures.com
JME Ventures	Madrid	€0.5M – €2M	Tech, SaaS, marketplaces, fintech, AI	jme.vc
Bonsai Partners	Madrid	€0.2M – €2M	Digital platforms, SaaS, fintech	bonsaipartners.com
Samaipata	Madrid, Paris	€0.2M – €1M	Marketplaces, platforms, digital services	samaipata.vc
Seaya Ventures	Madrid	€0.5M – €5M	Growth, SaaS, climatetech, fintech, marketplaces	seayaventures.com
All Iron Ventures	Bilbao	€0.3M – €2M	SaaS, marketplaces, B2B, traveltech	alliron.vc
Big Sur Ventures	Madrid	€0.3M – €1.5M	Deeptech, B2B SaaS, AI, cybersecurity	bigsurventures.com
Caixa Capital Risc	Barcelona	€0.5M – €3M	Biotech, IT, industrial, SaaS	caixacapitalrisc.es
Abac Nest	Barcelona	€0.2M – €1M	Tech, SaaS, B2B, innovation	abacnest.com
Active Venture Partners	Barcelona	€0.2M – €2M	IT, SaaS, mobile tech, B2B	activevp.com
Adara Ventures	Madrid	€0.5M – €3M	Deeptech, cybersecurity, AI, SaaS	adaraventures.com
Draper B1	Valencia	€0.1M – €1M	IT, SaaS, fintech, marketplaces, B2B	draperb1.com
Encomenda Smart Capital	Barcelona	€0.1M – €1M	SaaS, AI, fintech, B2B, digital services	encomenda.com
Inveready	Barcelona	€0.3M – €2M	IT, biotech, SaaS, deeptech	inveready.com
Demium Capital	Valencia, Madrid	€0.1M – €0.5M	Pre-seed, SaaS, platforms, fintech	demium.com
Telefónica Ventures	Madrid	€0.2M – €2M	Telecom, IoT, AI, SaaS, B2B	telefonica.com/ventures
Axon Partners Group	Madrid	€0.5M – €2M	IT, telecom, fintech, SaaS, energy	axonpartnersgroup.com

Leading Early-Stage VC Funds in Europe (2025)

Spain is not alone in fostering a vibrant early-stage startup scene—across Europe, dozens of funds are actively backing founders from the very first steps. If you’re looking to expand your investor outreach or benchmark Spanish VCs against their European peers, here are some of the most active and respected early-stage (pre-seed/seed) funds across the continent:

Fund Name	HQ Location	Typical Check Size	Sectors / Focus Areas	Website
Global Founders Capital	Berlin, Germany	€200K – €5M+	Generalist, all stages, global reach	globalfounderscapital.com
Cherry Ventures	Berlin, London, Stockholm	€300K – €2M	B2B, B2C, SaaS, marketplaces	cherry.vc
Seedcamp	London, UK	€300K – €1M	SaaS, fintech, healthtech, generalist	seedcamp.com
Point Nine Capital	Berlin, Germany	€500K – €2M	SaaS, B2B, marketplaces	pointnine.com
Speedinvest	Vienna, Austria	€300K – €2M	Deeptech, fintech, health, climate, SaaS	speedinvest.com
Antler	Amsterdam, global	€100K – €500K	Generalist, pre-seed, company builder	antler.co
Norrsken VC	Stockholm, Sweden	€150K – €500K	Climate tech, impact, SDGs	norrsken.vc
SFC Capital	London, UK	£100K – £300K	Generalist, pre-seed to seed	sfccapital.com
Kima Ventures	Paris, France	€150K – €1M	Generalist, high volume	kimaventures.com
LocalGlobe	London, UK	€200K – €1M	Deeptech, SaaS, health, fintech	localglobe.vc
Balderton Capital	London, UK	€1M – €10M	Generalist, Series A focus	balderton.com
Partech	Paris, France	€200K – €10M	SaaS, marketplaces, fintech, health	partechpartners.com
Nucleus Capital	Berlin, Germany	up to €1M	Climate deeptech, foodtech, green industries	nucleuscap.com
Hiventures	Budapest, Hungary	€100K – €2M	Generalist, CEE focus	hiventures.hu
Creandum	Stockholm, Berlin, London	€500K – €5M	SaaS, consumer, fintech	creandum.com

Why Look Beyond Spain?

Broader Networks: European VCs often co-invest and syndicate, giving you access to a wider network and follow-on capital.
Sector Specialization: Many funds have deep expertise in specific verticals (e.g., climate tech, deeptech, SaaS).
Cross-Border Support: International funds can help with market entry, hiring, and partnerships across Europe.

Tip: If you’re fundraising, consider building a target list that includes both Spanish and pan-European funds. Many of these VCs are open to cross-border deals and have a track record of backing founders from diverse backgrounds.