Investors in Spain

At BBVA we are leading the transformation of banking worldwide, united in pursuing our goal of bringing the age of opportunity to everyone. Firmly focused on the future, our on-going digital transformation is already producing disruptive innovations that power our vision of banking. Every one of our 121,486 employees, from branch staff to senior leaders, plays an essential role in giving our 71.5 million customers the cutting edge banking solutions that they deserve. Building on 166 years of history we know the importance of constant development, which is why we place so much confidence in the collaborative working environment that enables our people to grow and excel. If you would like to learn about the culture and opportunities on offer at a company that is leading the way for 21st century banking, head to the ‘Life’ tab to find out more.

The CDTI is governed by private law in its relations with third parties. This allows it to offer companies agility and flexibility in their services to support the development of R&D business projects, the international exploitation of technologies developed by the company and the realization of offers for technological-industrial supplies to scientific and technological organizations. Consequently, the CDTI grants the company its own financial aid and facilitates access to that of third parties (Grants from the EU R&D Framework Programme, for example) for the implementation of both national and international research and development projects. It also provides support to the company to develop in international cooperation, for which it offers aid to innovation and technology transfer projects, its external network and multilateral cooperation projects (Eureka and Iberoeka) and bilateral with Canada, Japan, China, South Korea, India and South Africa. Additionally, the CDTI has been empowered as the competent body to issue binding reasoned reports on the projects to which it has granted aid in any of its lines (Royal Decree 2/2007). These documents will provide Spanish companies that have an approved project and with public aid granted by the CDTI greater legal certainty when obtaining tax relief for the expenses incurred in the R&D activities of these projects. Finally, the CDTI manages and supports the achievement, by Spanish companies, of industrial contracts of high technological content generated by different national and European organizations, such as the European Space Agency (ESA), the European Laboratory for Particle Physics (CERN), the European Synchrotron (ESRF), Hispasat and Eumetsat.

We are a hands-on investor who, in addition to financing, provides active support to the management team of its investees and access to a network of first-rate professionals. Thanks to the investments and divestments made, we have solid experience in the complete investment cycle. In this way, we promote a business model that creates social value and transforms reality into a world where humans and the planet are at the center of decision-making. Creas is made up of a multidisciplinary team of complementary professionals with solid experience in the business, social and financial world. We work collaboratively with a community of organizations and professionals with whom we co-create more opportunities to undertake and invest with social impact.

We are Enisa We provide financial support to small and medium-sized enterprises that, like yours, want to boost their innovative entrepreneurship projects. We contribute We support viable business projects through a financing alternative that allows us to diversify the sources to which to go. That is why we can be a complementary option to your possible sources of public or private investment. Seek We are focused on supporting small and medium-sized companies with transformation potential, which are committed to entrepreneurship and innovation. Who endorses us We depend on the General Directorate of Industry and Small and Medium Enterprises, integrated, in turn, in the Ministry of Industry, Trade and Tourism. Our shareholders are: Directorate-General for State Heritage: 97.60% Centre for Industrial Technological Development: 2.21% Institute for Energy Diversification and Saving: 0.12% ICEX Spain Export and Investment: 0.07% Objectivity, neutrality and independence govern our funding and advisory work. Transparency guides all our procedures and actions. Experience and knowledge support our criteria and decisions. The commitment to people and their business projects is our reason for being. At Enisa we understand CSR as a strategic function, related to sustainability, competitiveness and the reputation of the company, whose objective is to create long-term value for the public of interest and society as a whole. Quality, environmental and information security management systems are the result of our commitment to guarantee and advance in the efficiency and sustainability of processes. Likewise, the adhesion to the United Nations Global Compact constitutes another step in our commitment to ethics and transparency. Growth Aimed at supporting the business projects of companies interested in expanding their business or achieving competitive improvement. Objective Finance business projects, based on a viable and profitable business model, that are looking for a competitive improvement or a change of model of their productive system, or that want to expand their productive capacity by acquiring new technology, increasing their range of products / services or diversifying markets. Beneficiaries Entrepreneurs who are contemplating competitive improvements for their SMEs, a project of consolidation, growth or internationalization.

K Fund is an early stage VC firm that, with an entrepreneur-centric philosophy, aims to fuel the evolution of the Spanish startup ecosystem by investing in the best and brightest entrepreneurs and tech companies in the region.

Kiatt is a venture capital firm specializing in investments in companies in the early stage just after a proof of concept stage, and with or without a product and Rounds A/B near to growth capital stage. The firm prefers to invest in AI, cyber security, autonomous robotics, health, innovative materials, agri food, aeronautics and aerial mobility, bio-intelligence, climate tech and sustainability sectors. The firm seeks to invest in companies based worldwide. The fund seeks to invest between €0.5 million ($0.57 million) and €5 million ($5.68 million) of equity investments. The fund invests passively or lead co-investments with major VC funds. It looks to deinvest after round B. Kiatt was founded in 2003 and is based in the London, United Kingdom with additional offices in Madrid, Spain and Singapore, Singapore.

Apheon is a private equity firm specializing in buyout, International expansion, add-on acquisitions, carve-out and industry consolidation investments in lower middle market and mature companies. The firm prefers to invest in niche industrials, healthcare, consumer, services and media. It seeks to invest in Europe, Andorra, Gibraltar, Luxembourg, Netherlands, Iberia, Spain, Portugal, Germany, Switzerland, Italy, Benelux, and France. It typically invests between €10 million ($11.71 million) and €75 million ($87.86 million) in companies having EBITDA between €10 million ($11.71 million) and €60 million ($70.28 million), Enterprise Value upto €300 million ($351.44 million) and turnover between €20 million ($23.42 million) and €100 million ($117.14 million). The firm prefers to take majority stake in portfolio companies. Apheon was founded in 2005 and is headquartered in Luxembourg City, Luxembourg, with additional offices in Europe.

Quadia SA is a private equity, venture capital and venture debt firm specializing in start-ups, late venture, buyout and growth capital, direct impact investments. The firm prefers invest invest in Smart Energy (Renewable Energy, Energy Efficiency, Smart Grid & Energy Storage, Alternative fuels, Smart Mobility), Sustainable Food and Agriculture (Regenerative Agriculture, Local Food Systems, Nutritional Quality, Alternative Protein Sources, Foodtech & Agtech, Foodwaste solutions) and in Circular economy (Alternative to single use plastics, Circular textiles, Consumer electronics, Circular construction materials and processes, Waste recovery and recycling management, Education, Hospitality and Tourism, Facility Management, Sustainable Lifestyle). The firm invest mainly in Europe with focus on Spain and France. It seeks to take majority stake. The firm prefers to invests between EUR .1 million ($0.108 million) and EUR 15million ($16.32 million) with the minimum revenue EUR 4 million ($4.32 million). Quadia SA was founded in 2010 and is based in Geneva, Switzerland having additional offices in Luxemburg, Luxemburg and Paris, France.

We are the community of support for professional athletes and entrepreneurs, which accompanies you to discover, collaborate and undertake. Shorai is the driving force behind innovative companies that will transform the sports industry. Together we can create a portfolio of competitive companies that aspire to transform the sports industry.

Sodeco is the venture capital arm of Hulleras del Norte S.A. specializing in seed, start-up, early venture, growth capital, incubation, and emerging growth financing. In addition, the firm is an incubator and provides long and short term loans. It invests in incubators that support the growth of small projects. The firm typically invests in manufacture and commercialization of profiled sheets and panels, thermal complex, manufacture of valves for the oil sector, and manufacture and retreading of tires. It seeks to invest in the mining region of Asturias in Spain. The firm prefers to invests between €0.12 million ($0.133 million) €3 million ($3.33 million). It prefers to acquire upto 45 percent stakes upto 10 years in its portfolio companies. Sodeco was founded in 1988 and is based in La Felguera, Spain. Sodeco is the subsidiary of Hulleras del Norte S.A.

Yellow is a venture capital firm specializing in pre seed, seed and early-stage investments. The firm will invest in both B2B and B2C startups. The firm prefers to invest in Europe with a major focus in Southern Europe, U.K., France, Germany, Nordics and along with Southern Europe areas such as Spain, Italy and Portugal. The firm usually invests from €0.30 million ($0.32 million) to €0.50 million ($0.54 million). Yellow is based in Spain.

We invest in Pre-Seed, Seed and Pre-Series A. Our initial tickets are in the €50k-€300k range. We are minority investors and we like to co-invest with other VCs. We are agnostic in terms of business models and sectors, but SaaS models are preferred.

Naxicap is a Private Equity firm, operating in all sectors and focusing on leverage buyouts and growth capital. For more than 30 years, Naxicap has invested in ambitious companies in France, Benelux and Spain, through controlling majority stakes. As of 31/12/2017, Naxicap manages €3.1bn for BPCE group (33%) and our global institutional investors (67%)., Naxicap Partners SA is a private equity and venture capital firm specializing in direct and fund of fund investments. Within direct, it specializes in start-ups, early venture, mid venture, late venture, growth capital including financing organic growth and accompanying external growth operations, recapitalizations, middle market investments, expansion capital, turnarounds, restructuring equity, reorganization of capital ownerships, post seed financing, funding post early-stage company creations, small and medium sized companies and buyout transactions such as leveraged buyouts, owner's buyouts, management buyouts, and management buy-ins. The firm invests in all sectors. The firm focuses investments in B2B companies in the business services, health, education, tech, proptech, industry, agribusiness, E-mobility, tourism, specialized distribution and information & technologies sectors. The firm prefers to invest Europe in all industries with a focus on environment in France which includes Alsace, Aquitaine, Auvergne, Champagne-Ardenne, Corsica, Franche-Comté, Ile-de-France, Languedoc-Roussillon, Lorraine, Midi-Pyrénées, Nord-Pas de Calais, Picardy, Provence-Alpes-Côte d'Azur, and Rhône-Alpes regions, North Africa and Africa region. It also invests in Benelux, Spain, Germany, and Switzerland. The firm prefers to invest between €0.3 million ($0.41 million) and €200 million ($236.88 million) in the companies with sales value between €5 million ($5.92 million) and €300 million ($355.32 million) with enterprise value between €5 million ($5.92 million) and €50 million ($59.22 million) and EBITDA between €1 million ($1.18 million) and €15 million ($17.76 million). It can also co-invest and seek to invest in the diversification of ownership of directors. The firm plays the role of a minority and controlling majority shareholder in deals. The firm prefers to exit its investments within five to seven years. Naxicap Partners SA was formerly known as SPEF Développement and changed its name to Naxicap Partners SA in June 2005. The company was founded in 1971 and is based in Paris, France with additional offices in Europe. Naxicap Partners SA operates as a subsidiary of Natixis Private Equity.

We invest in post-revenue startups. We think it is underappreciated by many technologists how many technology companies are, often quietly, building vehicles that have cash flow profiles similar to asset-backed securities. The economy structurally wants those assets and capital for them is extremely abundant.

BackFund is a venture capital firm specializing in pre-seed, seed, and early stage startup investment. It primarily invests in technology, deeptech energy transition, spacetech, agrotech, artificial intelligence, and quantum infrastructure. It prefers to invest in Europe. Its initial investment range is between €50k and €150k with valuations ranging between €1M and €5M pre-money. Backfund was founded in 2020 and is headquartered in Madrid and London.

Zubilabs is a principal investment firm based in Spain.

Draper B1 is a seed and early-stage venture capital firm based in Spain, specializing in B2B and B2B2C startups. With a commitment to supporting ambitious founders aiming to make a global impact, Draper B1 has invested in over 200 companies in the past decade. The firm emphasizes a hands-on approach, collaborating closely with entrepreneurs throughout their growth journey. Their investment focus includes sectors such as software, marketplaces, on-demand services, AI, and blockchain. Draper B1's typical investment size ranges from €100,000 to €1.5 million, primarily in pre-seed and seed stages. The firm has a strong track record of successful exits, including companies like Signaturit, MrJeff, Skitude, Billage, Civitfun, Koibox, Aiudo, and Fiftykey. In 2024, Draper B1 launched a €30 million fund to invest in frontier technologies, including AI, blockchain, and space tech. The team comprises experienced professionals dedicated to helping entrepreneurs scale their companies, with notable members such as Founding Partner Enrique Penichet and Managing Partner Investment Director Raquel Bernal.

GE Equity is a venture capital and private equity arm of GE Capital US Holdings, Inc. specializing in direct and fund of funds investments. For direct investments, the firm invests in growth equity financing with a focus on merger, acquisition, buyout and expansion finance; IPO financing; buyouts co-investments; late venture; special situations/turnarounds; secondary direct purchases; and recapitalizations. It seeks to invest in private company acquisitions, expansion capital, corporate partnerships, public to private acquisitions, platform buildups/ industry consolidations, and leveraged buyouts. It invests in mature middle market companies and in companies with differentiated technology. The firm typically invests through preferred stock, common stock, convertible stock, and warrants as equity structures. For fund of fund investments, the firm invests in limited partner investments in private equity funds. It invests in aerospace, aviation, industrial, consumer, clean technology, communications, advanced manufacturing, and transmission and distribution, energy, financial services, food, beverages, agriculture, software, information technology, entertainment, rail, enterprise solutions, business services, healthcare, information technology healthcare providers, medical technology, pharmaceuticals, media, satellites, oil and gas, infrastructure, security, sensing technology, transportation, and water. The firm seeks to invest in companies based in Asia including South East Asia and Asia Pacific region such as China, Hong Kong, Taiwan, India, Japan, Australia, Europe focusing on Spain, Latin America, Middle East, Africa, and North America. The firm invests between $1 million and $15 million with the capability to invest larger amounts. It make buyout investments and co-investments in companies with over 10% EBITDA margins and EBITDA of more than $35 million and growth capital investments in companies with more than $35 million as revenue. It seeks co-investments in sponsor-led transactions; equity investments in GE-agented debt facilities; and limited partnership positions in private equity funds. The firm seeks to invest in nonperforming loans. The firm seeks to take a minority ownership positions in established companies with high growth potential. It prefers to source its investments from private equity sponsors, intermediary, investment banks, and direct corporate investments. GE Equity was founded in 1995 and is based in Norwalk, Connecticut with offices across the United States, Europe, South America, Australia, and Asia.

Inveready is a leading Spanish financial services firm focused on investment solutions and wealth management, operating as an active alternative investment firm in the small and mid-market segment.

Samaipata is an early-stage founders’ fund investing in tech companies with network effects across Europe and beyond. The fund was founded in 2016 by two entrepreneurs, José del Barrio and Eduardo Díez-Hochleitner. José was the co-founder and CEO of the leading food-delivery platform in Spain (La Nevera Roja) which was sold for $100 million. Eduardo was founder of a 3D sound system sold to Dolby (IMM Sound), former Partner at Apax Partners, a prolific business angel, and the current Chairman at MásMóvil, recently valued at €20 billion, becoming the first Southern European Decacorn.

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with more than $79 billion in assets. The bank got its start in Spain, but has been serving customers in the Northeast since 2013. With its corporate offices in Boston, the Bank’s 9,700 employees, more than 650 branches, 2,100 ATMs, and 2.1 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)—one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. It is managed by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S.

SODICAMAN is a government-backed investment firm dedicated to promoting industrial development in the Castilla-La Mancha region of Spain. It provides equity investments, loans, and financing for startups (Seed), business expansion (Growth), and company acquisitions (PE/Buy-out), with a focus on digitalization and sustainability.

Further fuel the Web3 revolution by transforming and supporting the ecosystem, offering through innovative and profitable solutions.

Eoniq.fund is a venture capital firm specializing in pre-seed, seed capital and startups investments. The firm is sector agnostic but specializes in certain areas such as smart mobility, logistic, digitalization, advertising and marketing technology, and edtech. The firm seeks to invest in Southern Europe, specifically in Spain outside Madrid and Barcelona. It seeks to exit its investment by selling to a wide range of buyers, including publicly traded companies, private strategic buyers, financial investors, and startup executives. Eoniq.fund is headquartered in Spain.

Re:Capital is the trading name in Canada and Australia of Hilco Capital which was founded in the UK in 2000.Having been involved in many of the most notable retail restructuring projects of the last 19 years in the UK, the business has progressively expanded into the stressed investment sector, making its first investments in the manufacturing and industrial sectors in 2009. The company has grown internationally with the opening of offices in Ireland, Spain and Germany in 2011, Canada and Australia in 2013 and Benelux in 2014.