Dubbed Leadwind, K Fund has announced the initial close of its first growth-focused fund at €140 million. Staying true to its roots, the vehicle will be aimed at supporting startups in Southern Europe and LATAM operating in the ‘IoT, networks, cloud services, AI or blockchain’ sectors with ticket sizes starting at €5 million for Series A or higher rounds.
K Fund reports that they already have €175 million in capital commitments secured and that the fund is ultimately targeting a cap of €250 million.
Based on the premise that scaleups and corporations should form a symbiotic relationship, Leadwind is backed by Telefonica, BBVA, GoHub, SATEC among others, as well as institutional investors such as AXIS-ICO via the Fond-ICO Next Tech initiative and undisclosed family offices. The aim is to provide scaleups with a significant boost in distribution channels as well as vertical expertise.
This vehicle will also see K Fund establish a local presence in LATAM with a planned office opening in São Paulo.
“The local ecosystem is ready, we see great entrepreneurs around us daily, from Barcelona or Madrid, to Lisbon, Porto or São Paulo, showcasing that Silicon Valley is an attitude, tackling complex projects without fear and creating winning global projects,” commented K Fund’s Miguel Arias.“All these local hubs have prestigious universities, access to sophisticated and experienced talent, and growing networks of entrepreneurs who succeeded in the past and are helping create networks of trusted peers for newcomers (plus these are great places to live in).”
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