Kibo Ventures, a pre-A and series A round fund with offices in Madrid, Barcelona, and Lisbon, has announced the final close of its tertiary Fund, one that was targeted at €100 million, and its Opp Fund, for a combined total of $175 million, or approximately €155 million. The firm, which typically invests between €1 million to €5 million in 20 to 25 startups, indicated that both funds were oversubscribed, and closed at their hard caps
Founded in 2012, with these raises the Iberian firm will bring its assets under management to around $350 million (€309.76 million), and drew interest from both existing investors as well as a healthy mix of institutional investors and successful founders from some previous Kibo Venture portfolio companies and operators to the table.
Within the past decade, Kibo has managed to post some impressive numbers. They’ve invested in more than 60 startups, have one 1 IPO (Flywire) and 4 Unicorns (JobandTalent, Devo, Tier, and Sorare) in the portfolio, and count 14 relevant exits to companies including Apple, Airbnb, and Renault Group. And lest we forget, the firm’s initial portfolio saw a buyout by global private equity investment firm HarbourVest, thereby providing not only full liquidity but some handsome returns to LPs in under 9 years.
Two-thirds of the firm’s flagship fund is backed by existing investors including European Investment Fund, Fond-ICO Global, and other institutional investors. Likewise, over 50 founders and operators from portfolio companies and other ventures have signed on including Airbnb, Acierto, Bipi, Bodeboca, Coverwallet, Devo, Flywire, Freepik, Google, ISDI, JobandTalent, PromoFarma and Tuenti.
As part of the Fund I portfolio acquisition deal, HarbourVest is anchoring the Opp Fund, with Kibo reporting that this vehicle was raised and fully invested in record time. As a strong vote of confidence, the capital was split 50/50 between institutional investors and private and Family Offices, most of which are existing LPs in the main funds.
"We’ve come a long way in our first 10 years and closing these two funds at their hard caps is more than a success, it is a sign of maturity and a stamp of approval from the entire investment ecosystem that our team and the investment thesis that we follow is creating real value,” commented Kibo Ventures’ co-founder and managing partner, Javier Torremocha.