Nzyme, the private equity Fund backed by Kibo Ventures, has closed at €160 million.
The capital will be used to invest in profitable Spanish companies operating in highly fragmented B2B sectors, with a focus on traditional businesses that have strong transformation potential through the adoption of technology and sector consolidation.
Nzyme invests with a prudent and hands-on approach, focusing on well-managed companies with solid structures, supporting them in their expansion processes. The Fund aims to support companies that have proven their worth in their local markets, many of them located outside major urban centres, in scaling up, professionalising, and effectively adopting technology.
The Fund provides key support in one of the most complex challenges of business growth: transitioning from structures of 20–40 employees to organisations of over 150 people, with scalable processes, integrated technology, and international ambition.
Specifically, Nzyme targets companies with EBITDA starting at approximately one million euros or around 20 employees as a starting point to build sector platforms. The Fund anticipates a portfolio of 8 to 10 platforms, making individual investments of between €15 and €20 million through the acquisition and integration of multiple companies.
The strategy combines inorganic growth with the adoption of advanced technologies — such as Ai, big data, machine learning, IoT, edge computing, and cloud — to drive operational efficiency, scalability, and competitive differentiation.
The Fund has already made its first investments, including a notable entry into healthcare distribution, integrated into Kuma Group, as well as several investments in professional services companies.
In April 2025, Nzyme completed the divestment of Kuma’s dental division, less than two years after its acquisition.
Nzyme’s management team is made up of professionals with extensive experience in private equity, technology, and business transformation, including Fernando Díaz Solís, Vicente Vázquez Bouza, José Manuel Gasalla, Juan López Santamaría, and Pablo Campos, supported by the Kibo Ventures network.
Oliver Wyman is the Fund's strategic advisor.
The Fund has attracted support from a diverse base of investors, including the commitment of CDTI through its SICC Innvierte, as well as some of Spain’s most historic business families, successful entrepreneurs who identify with the fund’s strategy, several banks, and international family offices with interests in the country.
According to Vicente Vázquez, Managing Director at Nzyme, the successful closing of this Fund, in a challenging environment, confirms investors’ confidence in the Nzyme team, its strategy, and the potential of Spanish SMEs to transform and grow.
“We are convinced that by combining business consolidation with technological innovation, we can create strong leaders in traditional and fragmented sectors.
We remain committed to generating sustainable value and contributing to the country’s economic development through strategic investments and a close, hands-on approach with the companies.”
Lead image: From left to right: Guillermo Álvarez; Ignacio Pallás; Álvaro Fresnillo; Fernando Díaz Solís; Natalia Cedrés; Reyes Rubio; José Manuel Gasalla; Pablo Campos; Laura Olmos; Juan López; Juan Carlos Tapiador; Vicente Vázquez.
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