The European tech ecosystem is witnessing a surge in activity, particularly in Spain and Portugal. The region has been abuzz with new startups and funding rounds being announced left and right. One of the latest developments in this space is the rebranding of Spanish firm All Iron Ventures to Acurio Ventures, which is closing its third fund worth $166 million (€150 million).
Acurio Ventures: A Follow-On Fund with a Different Approach
The new fund will focus exclusively on ‘follow-on’ investments and will not lead deals. This approach sets it apart from other venture capital firms in the region. Under its previous moniker, launched in 2018, All Iron Ventures had backed several prominent European tech startups, including Seedtag, Jobandtalent, Lingokids, Preply, Refurbed, and Lookiero.
Co-Founder Ander Michelena on the Follow-On Fund
Acurio Ventures was co-founded by Ander Michelena, who sold his previous startup, Ticketbis, to eBay for €16.5 million in 2016. LPs (Limited Partners) in the new fund include an unnamed U.S. university endowment, pension funds, corporates, some 35 family offices, an insurance company, and tech executives. The new fund has already made around 20 investments and will operate with a generalist thesis, investing across the whole of Europe.
Acurio Ventures’ Investment Strategy
The firm’s investment strategy is different from other firms in that it does 50 companies per fund instead of the typical 20. This allows them to have a more diversified portfolio and make follow-up investments as needed. Michelena explained, "We basically, every quarter, look at the portfolio and decide how much we follow up." This approach also enables the firm to do distributions to paid-in (DPI) earlier, which is one of the core financial metrics that VC funds use to evaluate their investment performance.
Benefits of the Follow-On Fund
The benefits of the follow-on fund are numerous. For instance, it allows Acurio Ventures to build a stronger relationship with its portfolio companies and provide them with additional funding as needed. This approach also enables the firm to identify potential exit opportunities earlier and capitalize on them accordingly.
A Growing Market for Tech Startups
The Spanish market is becoming increasingly attractive to tech startups. The region has a thriving startup ecosystem, with numerous incubators, accelerators, and coworking spaces available. Additionally, the government has implemented various initiatives to support entrepreneurship and innovation.
Government Support for Startups in Spain
The Spanish government has launched several initiatives to promote entrepreneurship and innovation. For example, the National Institute of Entrepreneurship (ENISA) provides funding and support to startups, while the Ministry of Economy, Industry and Competitiveness offers tax incentives and other benefits to innovative companies.
Conclusion
In conclusion, the rebranding of All Iron Ventures to Acurio Ventures is a significant development in the European tech ecosystem. The firm’s focus on follow-on investments sets it apart from other venture capital firms, and its diversified portfolio approach enables it to identify potential exit opportunities earlier. As the Spanish market continues to grow, we can expect to see more innovative startups emerging from this region.
About Acurio Ventures
Acurio Ventures is a venture capital firm that focuses on follow-on investments in European tech startups. The firm was previously known as All Iron Ventures and has already made around 20 investments in its new fund. Acurio Ventures operates with a generalist thesis, investing across the whole of Europe.
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- "European Venture Capital Firms Invest in Spanish Startups"
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