Anyone who is seriously involved in startups and online business in Spain can’t possibly not know who Luis Martin Cabiedes is. But for those of you who aren’t locals, Luis is a renown, serial angel investor, also known for his former position as CEO of Europa Press. He’s previously invested in and/or been involved with MyAlert, Privalia and Trovit.
That said, today’s announcement may not be all that impressive for international counterparts, but for Spain it’s more than noteworthy. Cabiedes & Partners has launched what it’s calling the first angel fund in Spain, with 25 million euros for early-stage investment. That’s a pretty big deal for local startups.
What you hear most from entrepreneurs is that there’s no seed money in Spain. According to Cabiedes, they’re setting out to change that, injecting funds after the friends and family round. They say that they will also consider co-investing in portfolio companies at the Series A, B, C and D stages.
The fund is formed by contributions from Neotec Capital Riesgo, Europa Press Group, the FESpyme fund, managed by Axis, Itzarri EPSV, Bertelsmann Digital Media Investments and Corpfin Capital. A cocktail of public and private funds to be managed by Cabiedes & Partners. The first contribution into the fund came in October 2009 directly from the Cabiedes family, followed by institutional moneys in 2010 and a final round in the last few days to consolidate the 25 million euro piggy bank.
They expect to make 10 seed investments annually, specifically in Spanish startups where they feel they can contribute most. To date, the fund has already given muscle to 11 companies, including Habitissimo, Comuto, Rockola, Offerum, Uvinum, ivoox, Parabebes, Bankimia, MBA & Co, Club Santa Monica and Zyncro.