Fondico, Spain’s most recent ‘fund of funds’ managed by Axis Partners, recently released a list of the eight funds that are getting a whopping 248 million euros during their second round of investment. Fondico already invested a first round of 189 million euros into six funds in December of 2013, most of them pretty much unknown, except for Adara Ventures, one of the oldest venture capital firms in the country.

There are some interesting names in this new round like Axon Partners Group, which recently presented a 10 million euro fund and has invested on the recent rounds of Hot Hotels and Akamon, Caixa Capital Risc, which recently raised a 9 million euro fund and just invested 3 million euros in the wearable technology startup Nuubo and finally, Seaya Ventures, one of the most active VC in Spain, with recent major investments in Cabify’s 8 million euros round or Plenummedia’s 5 million euros one.

The new funds are given as co-investment by Fondico, which means that the new round injected 665 million euros into the Spanish startup ecosystem, just in this year alone. We’ve been closely tracking the growth and evolution of the Spanish Venture Capital industry and this new injection is position it as one of the most active in Europe in terms of new funds.

It’s not surprising either, given that the M&A activity in Spain is accelerating and that we’ve seen 16 investments in May alone (14 million euros), and another 45 million euros in April of 2014.

(Featured image credit: vinz89 / Shutterstock)