K Fund has another €70M to back early-stage Spanish startups and is launching a pre-seed program – TechCrunch

K Fund has another €70M to back early-stage Spanish startups and is launching a pre-seed program – TechCrunch

K Fund is formally meeting its Fund II today, which sits at € 70 million, up from million 50 million for the first time.

Targeting the Spanish start with an international outlook, the seed stage firm plans to invest between ، 200,000 and 2 2 million, writing the first check in 25,000 companies. A portion of the fund will also be allocated for follow-on funding for the most promising portfolio of its portfolio.

“We are a business model and sector agnostic, and we currently have a healthy mix of B2B and B2C companies in a variety of sectors, including travel, fantasy, insortech and more,” the fund said. .

Following in the footsteps of Europe’s Heart Core Capital, the K Fund is also launching a pre-seed financing program. Dubbed the “K Founders”, it will look for companies that are less than 6 months old, and will already invest up to 100 100,000 in seeds. The program will initially be quite modest in size, targeting 10 and 20 startups.

“We will not take board seats in these companies and we will not have preferential rights. We will use convertible notes to expedite the process,” said Jim Nova of the K Fund. They do not intend to take more than three weeks to make money.

“Because we also believe in building bridges with other co-investors (funds and business angels), we would be happy to share deals with co-investors to help companies reach the capital they need.”

Meanwhile, the fund’s first fund portfolio includes online travel agency Aktotikka (which says that in 2019, more than 35,000 people from 6 different countries will travel 50 destinations using its platform). , HR Software Factory (which has more than 60,000 clients in 40 different countries and has just raised one million 16 million Series A rounds from CRV), Insortech startup video, and chat messaging tech provider HibType. ۔

The VC firm added: “We generally continue to work tremendously on the Spanish startup ecosystem and southern Europe, with markets such as Portugal or Italy that we believe will weigh in. More and more. ” “We have already invested in four Spanish startups with the new fund. They are all following the big markets, and their founding team has experienced professionals.

One of them is the sales prospecting platform Bluebeds. The rest will be revealed in the coming weeks.

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