Acurio Ventures: A New Name for All Iron Ventures

All Iron Ventures, a Spanish venture capital firm known for its investments in European tech startups, has rebranded as Acurio Ventures. The firm, which was launched in 2018, is now focusing solely on making follow-on investments in its portfolio companies. Acurio Ventures has closed its third fund, which will invest €150 million ($166 million) in European tech startups.

• Acurio Ventures was founded by Ander Michelena, who previously sold his startup, Ticketbis, to eBay for €16.5 million.
• The firm has a team of 12 people based in Bilbao, Madrid, Barcelona, and London.

A Focus on Follow-On Investments

The new fund will not lead deals, but will instead focus on making follow-on investments in companies that have already received funding from Acurio Ventures. The firm believes that this strategy will give it greater flexibility to access companies, manage follow-on investment reserves, and undertake divestments.

• The fund will take equity stakes of between 3% and 10% in its portfolio companies.
• Acurio Ventures is operating with a generalist thesis, investing across the whole of Europe.
• The firm has assets under management worth around €300 million.

Acurio Ventures' Investment Strategy

Acurio Ventures has a unique investment strategy that involves investing in a large number of companies per fund. This allows the firm to make early distributions to its investors and to exit companies in stages, rather than having to wait until the end of the fund's life. This strategy also allows Acurio Ventures to quickly identify and seize investment opportunities.

• The firm invests in 50 companies per fund, compared to the typical 20.
• Acurio Ventures looks at its portfolio companies every quarter and decides how much to follow up.

The Spanish Tech Ecosystem is Booming

Spanish startups have been experiencing significant growth in recent years, with the combined enterprise value of Spanish startups exceeding €100 billion in 2023. Venture investment in Spanish startups also held up last year, with €2.2 billion raised across 850 funding rounds.

• Spain is ranked fourth in Europe for the number of startup fundings.
• Madrid-based VC firm Seaya closed a €300 million climate tech fund in 2024.
• The European Investment Bank's venture capital arm is backing a new fund in Spain that aims to invest €1 billion in growth-stage tech startups.

A Look at Acurio Ventures' Portfolio

Acurio Ventures has a diverse portfolio of companies that it has backed under its previous name, All Iron Ventures. These companies include Seedtag, Jobandtalent, Lingokids, Preply, Refurbed, and Lookiero. The firm is actively looking to expand its portfolio and is well-positioned to capitalize on the growth of the European tech ecosystem.

• Acurio Ventures has already made around 20 investments from its new fund.
• The firm's investment strategy is attracting attention from LPs, including a US university endowment, pension funds, corporates, family offices, an insurance company, and tech executives.

The Future of Venture Capital in Europe

Acurio Ventures is one of many venture capital firms that are betting on the continued growth of the European tech ecosystem. The firm's focus on follow-on investments, its unique investment strategy, and its strong track record make it well-positioned to capitalize on the opportunities in the market. As the European tech ecosystem continues to mature, venture capital firms like Acurio Ventures will play a key role in supporting the growth of innovative companies.

• Venture capital investment in Europe is expected to continue to grow in the coming years.
• Acurio Ventures is committed to investing in companies that are making a positive impact on the world.