Spain’s All Iron Ventures closes €66.5M first fund

Spain’s All Iron Ventures (AIV), an investor in B2C marketplaces and e-commerce plays, has closed its first fund with commitments totalling €66.5 million (~$79 million) — which it touts as one of the largest first-fund raises in the country. 

Capital committed to the fund by its parent group’s founding partners and other investors brings its total investment capacity to around €110 million. 

Backing for the fund has come from private investors, with no public support sought. AIV aligns itself with what it dubs a “new breed” of entrepreneur-backed VCs emerging in Europe — which includes having its own incubation program.

The Bilbao headquartered fund has been operating since late 2017, run by co-directors Hugo Fernández-Mardomingo and Diego Recondo. It’s part of the All Iron Group — which includes a listed real estate holding company and was founded by the Ticketbis founders who sold their ticket reselling marketplace to eBay in 2016 for more than 165 million; a major exit success story for the Spanish ecosystem.

Among some 150 investors in AIV’s Fund I are local entrepreneurs such as Iñaki Ecenarro (who is also a partner); Salvador García, co-founder and CEO of fintech startup Ebury; and Jose Poza, founder of Ibercom, which later merged with MasMóvil (which was itself recently acquired by private equity in a multi-billion-euro deal).

The fund leads or co-invests mainly in Series A and pre-A funding rounds — though it notes it has flexibility to also invest at seed level. It typically cuts an initial check of up to €2 million, with the capacity to support portfolio companies in follow-on rounds too.

Its investment thesis is focused on B2C companies, with a stated preference for marketplaces, subscription and e-commerce models. “Capital efficiency and clear path to profitability play a significant part in AIV’s investment decisions,” it adds in a press release.

In terms of geography, AIV positions itself as a partner for international VCs wanting to invest in Spain and elsewhere — with an international focus on Europe and the Americas.

Recent investments include Ukraine-based online tutoring marketplace Preply and Spanish on-demand laundry service Mr Jeff.

Other portfolio startups include Lookiero, Lingokids, Spotahome and Seedtag (from Spain) — as well as Barkyn (Portugal), Refurbed (Austria), Paul Camper (Germany), Kodit (Finland), Rebag (U.S.) and Zenklub (Brazil).