We primarily invest in seed and series A round. Exceptionally, we may invest first checks in pre-seed and well-priced series B rounds
We are generalist investors. As a general rule, life sciences, deep tech (e.g. cybersecurity, quantum) and crypto are outside of our investment scope.
Europe is our usual playing field. We may opportunistically invest in the U.S. and LatAm.
As a general rule we don't, as we mainly co-invest. We may exceptionally lead or co-lead rounds in Spain.
Our initial ticket in seed and series A rounds is typically between €750k and €3Mn. We adjust accordingly in earlier and later rounds.
We support our portfolio along the way - typically up to series B. We take a dynamic approach that changes follow-on allocation over time. As a general rule, we treat follow-on investments as initial investments, requesting at least a 10x potential return from them.
We are strong believers in capital efficiency, both in bull and bear markets. We look thoroughly at unit economics and bet on models with realistic paths to profitability in the medium and long runs. Valuations are important for us, even at very early stages, and we do not hesitate to walk away from a deal if the numbers don't add up
We typically do not take board/observer roles, nor are we on each founder's back every single day. Instead, we are at our companies' disposal whenever and wherever they need us to help them through our platform resources - from fundraising the next round to recruiting talent, making business development intros and more. We leverage our operating experience building companies and aspire to punch above our weight when delivering value to founders and their teams.
