Kibo Ventures

Kibo Ventures is a leading European technology investment platform founded in 2012 in Madrid, Spain, by Aquilino Pena. The firm has grown from an initial €43 million fund to more than €500 million raised across six funds, and is CNMV-registered under the entity Kibo Ventures Partners SGEIC, S.A. The team of 25 professionals includes 13 partners. Institutional LPs include IEF, Telefonica, CDTI (Spanish Government), Mutua Madrilena (Spain's largest insurer), and Axis. Kibo leads seed and Series A rounds with investments of €1 million to €10 million, typically concentrating around €5 million per company. The firm targets 20 to 25 companies per fund, reserving 40% of each fund for follow-on investments. Fund IV is focused on deep technology including AI, robotics, climate, health, and education. The portfolio of 79 companies has produced 4 unicorns: Jobandtalent (workforce management), Devo (cloud-native SIEM), TIER (micro-mobility), and Sorare (fantasy sports and NFTs). The firm has achieved 24 exits, including 2 IPOs — one on NASDAQ — and 16 acquisitions. Most notably, Onum was acquired by CrowdStrike for $290 million in August 2025, and HarbourVest ($80 billion-plus global firm) acquired Kibo's entire Fund I portfolio in a secondary transaction. Fund I also produced exits connected to PayPal, Airbnb, New Relic, and Groupon. Other current portfolio companies include Worldsensing (IoT), Gamelearn (gamified learning), Theker ($21 million seed, autonomous industrial robots), AnyFormat (€3.3 million seed, generative AI), and Jotelulu (€6.8 million Series A+, cloud infrastructure). Kibo Ventures has operated for more than a decade as Spain's most active institutional early-stage investor, building a track record that spans deep tech, enterprise software, mobility, and consumer internet. The firm works closely with portfolio companies through board participation and operational support, maintaining meaningful ownership positions from entry through exit.