Spanish firm All Iron Ventures (AIV) has closed its first fund, All Iron Ventures I, with €66.5 million from private investors. In addition, the capital committed by the founding partners of the All Iron Group and others brings AIV's total investment capacity to around €110 million.
The firm leads or co-invests in initial rounds, mainly in Series A or before. Initial tickets are typically up to €2 million, with the possibility of follow-on funding. Investments have so far mainly focused on B2C companies, with a preference for marketplaces, subscription and e-commerce models.
AIV is part of the broader All Iron Group, which includes All Iron RE I, a real estate holding company listed on the Spanish alternative stock exchange (BME Growth) with assets valued over €70 million, bringing the Group’s investment firepower to nearly €200 million.
All Iron Group was founded by Jon Uriarte and Ander Michelena, players from one of the biggest startup success stories in Spain. In 2009 they founded Ticketbis, a secondary ticketing marketplace which they scaled to close to 50 countries and ultimately sold to eBay in 2016 for more than €165 million euros.
Founded in 2017 and headquartered in Bilbao, the VC arm is led by co-directors Hugo Fernández-Mardomingo and Diego Recondo. The firm also has an office in Madrid and permanent presence in Barcelona through its venture partner Iñaki Ecenarro (co-founder and CEO of Trovit, sold to Next in 2014 for €80 million).
AIV’s current portfolio includes Spanish startups (Jeff, Lookiero, Lingokids, Spotahome, Seedtag), and other companies in Europe and the Americas such as Barkyn (Portugal), Preply (Ukraine), Refurbed (Austria), Paul Camper (Germany). Kodit (Finland), Rebag (US) or Zenklub (Brazil).
Photo: Jon Uriarte and Ander Michelena