All Iron Ventures Closes €66.5M First Fund

All Iron Ventures (AIV), a Spanish investment firm specializing in business-to-consumer marketplaces and e-commerce businesses, has successfully finalized its inaugural fund with a total of €66.5 million (~$79 million) in commitments – a substantial amount for a first-time fund within the nation.

When combined with capital from the parent group’s founders and additional investors, AIV’s overall investment resources reach approximately €110 million.

The fund’s financial support originates entirely from private sources, with no government funding utilized. AIV identifies as part of a rising trend of entrepreneur-led venture capital firms in Europe, and distinguishes itself through its internal business development program.

Based in Bilbao, the fund has been active since the end of 2017, guided by co-managing directors Hugo Fernández-Mardomingo and Diego Recondo. It operates as a component of the All Iron Group, which also encompasses a publicly traded real estate company. The group was established by the creators of Ticketbis, a ticket resale platform acquired by eBay in 2016 for over €165 million – a significant success story for the Spanish investment landscape.

Fund I of AIV includes approximately 150 investors, featuring prominent local entrepreneurs like Iñaki Ecenarro (who also serves as a partner), Salvador García, the co-founder and CEO of the fintech company Ebury, and Jose Poza, the founder of Ibercom, which subsequently integrated with MasMóvil (recently purchased by private equity in a deal valued at multiple billions of euros).

AIV primarily participates in Series A and pre-Series A investment rounds, while maintaining the capability to invest at the seed stage. The firm generally provides an initial investment of up to €2 million, and is prepared to offer further support during subsequent funding rounds for its portfolio companies.

The firm’s investment strategy centers on B2C businesses, with a particular interest in marketplace, subscription, and e-commerce business models. According to a press statement, AIV places considerable emphasis on capital efficiency and a demonstrable route to profitability when making investment choices.

Geographically, AIV aims to collaborate with international venture capital firms seeking opportunities in Spain and beyond, focusing its international efforts on Europe and the Americas.

Recent investments made by AIV include Preply, an online tutoring marketplace based in Ukraine, and Mr Jeff, a Spanish on-demand laundry service.

Additional companies within AIV’s portfolio are Lookiero, Lingokids, Spotahome, and Seedtag (all from Spain), alongside Barkyn (Portugal), Refurbed (Austria), Paul Camper (Germany), Kodit (Finland), Rebag (U.S.), and Zenklub (Brazil).