Spanish venture capital firm Kibo Ventures has announced a significant first closing of $140.8 million for its fourth fund, signaling a major expansion of its pan-European investment strategy. The new fund, which targets a final close of $176 million, will focus on backing Europe's next generation of deep tech and AI founders. To bolster this global ambition, the firm has also appointed seasoned entrepreneur Sunir Kapoor as its new Chairman.
A Pan-European Vision with Strong Backing
With over $140.8 million already committed in just six months, Fund IV demonstrates robust investor confidence in Kibo's vision. The fund is supported by a distinguished group of limited partners, including BBVA Spark, the European Investment Fund, and prominent family offices. This strong financial backing empowers the firm to expand its footprint from its Spanish roots to key European tech hubs like Berlin, Paris, and London.
Strategic Focus on Deep Technology and AI
Kibo Ventures will primarily target B2B companies at the seed and Series A stages, with plans to make 20-25 investments from the fund. The firm's investment thesis is centered on critical sectors such as data management, AI infrastructure, robotics, and cybersecurity. It is also exploring opportunities in vertical AI applications for sales and compliance, as well as the growing field of defense and dual-use technologies.
The fund has already deployed capital into two promising startups that reflect this strategic focus. Kibo led a landmark $21 million seed round for THEKER Robotics, a company developing autonomous robots for complex industrial settings. It also backed anyformat, an AI-native platform that helps enterprises convert complex documents into structured, machine-readable data for analysis.
Bolstering Transatlantic Growth
A key element of the firm's new strategy is the appointment of Sunir Kapoor as Chairman. His extensive experience as an entrepreneur and investor across both European and Silicon Valley ecosystems provides a unique transatlantic perspective. Kapoor will work closely with portfolio companies to accelerate international expansion, particularly into the competitive U.S. market, and strengthen their go-to-market strategies.
Advocating for a Stronger European Tech Ecosystem
Beyond deploying capital, Kibo Ventures' partners are vocal advocates for building a more self-sustaining European technology market. They have highlighted the need for more European corporations to acquire domestic startups, countering the trend of most exits going to U.S.-based buyers. This strategic push aims to ensure that valuable European technology and talent remain within the continent to foster further innovation.
To deliver returns, the firm is also adopting a practical approach to liquidity, including an increased focus on secondary market opportunities. This strategy, a lesson learned from the market volatility of recent years, provides an alternative path to generating returns for investors outside of traditional M&A events. It reflects a pragmatic and adaptive approach to venture capital in the current economic climate.
The launch of Fund IV marks a pivotal moment for Kibo Ventures, solidifying its position as a key early-stage investor across Europe. By combining substantial capital, a clear focus on deep tech, and a strategic commitment to fostering a stronger continental ecosystem, the firm is well-equipped to support its next cohort of ambitious founders. This new chapter underscores Kibo's evolution into a truly pan-European venture capital powerhouse.