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

Spain’s All Iron Ventures (AIV), an investor in b2c marketplaces and ecommerce plays, has closed its first fund with commitments totalling €66.5 million (~$79M) — 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 €110M. 

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 165M; 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 €2M, 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 (US) and Zenklub (Brazil).

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