Bonsai Venture Capital

Bonsai Venture Capital — now operating as Bonsai Partners — is a Madrid-based venture capital firm founded in 1999 by Javier Cebrián Monereo, making it one of Spain's most established early-stage investors. Formed through the merger of Bonsai Venture Capital and Cube Ventures, the firm has a presence in both Madrid and Barcelona and manages approximately $259 million in assets. The most recent fund, Bonsai Partners IV, secured €120 million in commitments. Bonsai leads rounds, investing $2 million to $6 million primarily in marketplace and SaaS businesses across Spain and Europe, and has completed 78 investments to date. The portfolio has produced one unicorn in Glovo, which was acquired by Delivery Hero, and notable exits including Wallapop (acquired by Naver for $695 million in August 2025), idealista, Returnly (sold to Affirm), and Signaturit (sold to PSG). Active portfolio companies include Exoticca, Lookiero, Sendcloud, Trucksters, Casavo, Refurbed, GoTrendier, and Solfy Renewables. Recent 2025 and 2026 deals include Rail-Flow (€12.5 million co-led, December 2025), Lookiero Outfittery Group (€17 million, January 2026), and RepScan (€3.5 million, January 2026). Bonsai is led by a management team of 14 — including 10 partners — with over 80 combined years of venture expertise. The firm has built its franchise on supporting internet and digital companies at the critical inflection points where operator discipline and founder alignment determine which European startups scale to regional and global leadership.