A new angel fund, Masia, has launched in Barcelona. Founded by VC Carlos Trenchs and Pepe Borrell, former co-founder of Crowdcube Europe, Masia aims to accelerate the city’s ascent as a premier European tech hub.
The fund, which has operated in stealth since September 2024, has co-invested in nine startups alongside 20 international angel funds. Masia plans to deploy €20 million across 60 pre-seed and seed investments, further embedding itself in the European early-stage funding ecosystem.
Among its backers are:
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Didac Lee (co-founder of Galdana & TradeInn)
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Albert Nieto (co-founder of Seedtag)
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Elisenda Bou (co-founder of Vilynx, acquired by Apple)
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Philippe Gelis (co-founder of Kantox, acquired by BNP Paribas)
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Albert Castells (co-founder of iSalud, acquired by CNP Insurance)
Its founders argue that Barcelona is at an inflection point, driven by a convergence of factors: a maturing local startup scene, an influx of international talent, and a lack of local investment infrastructure capable of bridging the city to broader European capital networks.
“There is a huge opportunity developing in Barcelona,” said Carlos Trenchs. “A brilliant, diverse mix of both local and international founders has grown over a number of years here.
"Meanwhile, a new breed of MicroVCs and angel funds across Europe are changing how pre-seed and seed rounds are conducted. By acting as a glue for these two emerging forces, now is the time for a fund like Masia to help develop Barcelona into a major EU ecosystem for frontier technologies.”
In 2024, two-thirds of Barcelona-based startups had at least one international founder, a sign of the city’s growing appeal to global entrepreneurs. Yet many international micro-VCs and early-stage investors remain more active in cities like London or Berlin.
Masia aims to fill that gap by acting as a local co-investor that understands the nuances of the Barcelona ecosystem.
“Although a proud Barcelonian, I have worked all over Europe in various capacities. I can say with complete objectivity that the potential we are seeing first-hand in Barcelona is significant,” said Pepe Borrell. “A perfect storm of factors means the immediate future for tech in the region looks extremely healthy. We want to be part of that process.”
Masia’s early portfolio includes Fermat, Biorce, Zymvol, and Capably, a cross-section of startups building in frontier technology sectors. The fund’s strategy is to support both local founders and international entrepreneurs who have chosen Barcelona as their home base, while also investing in international angel funds to foster strategic partnerships across Europe.
“This unique chance to partner with Pepe and Carlos in Barcelona on pivotal matters - encompassing everything from team development to long-term vision and vital client collaborations - is an immense privilege,” said Pedro Coelho, CEO at Biorce. “It cultivates an invaluable feeling of home and support."
Spain’s broader economic indicators have provided tailwinds for tech investment. In 2024, the country posted 3.2 percent GDP growth, outperforming many of its European peers. Government support and sector-specific initiatives have increasingly spotlighted technology as a strategic growth pillar.
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