In Europe’s deeptech funding landscape, startups in defence, space, and AI struggle to secure capital amid U.S. dominance and limited local exits. The Spanish VC firm addresses this by expanding beyond its home market, targeting seed- and Series A-stage deals in high-potential regions such as Poland and the Baltics.
It just achieved a €80m first close on its fourth fund, with a €150m hard cap targeted by Q2 2026, backed by LPs including BBVA Spark, Mahou’s founding family, and the European Investment Fund.
Empowering technical B2B founders to create global solutions from Europe
Aquilino Peña and Javier Torremocha, Kibo’s co-founders and managing partners, draw on deep roots in Spain’s early internet and tech ecosystems, having witnessed firsthand how European founders build innovative tech while facing scaling hurdles.
Motivated by the need to counter U.S.-heavy M&A trends, they launched Kibo to bridge capital gaps and champion “European tech for a global market.”
Kibo differentiates through a sharp emphasis on data management, cybersecurity automation, vertical AI applications, and dual-use defence tech. Plus, the VC reserves 40% of the fund for follow-ons and prioritises complex B2B plays such as industrial robotics (e.g., Theker’s autonomous systems) and AI document conversion (AnyFormat’s agent-based platform).
Unlike broader Spanish peers such as Seaya Ventures and K Fund, which span consumer and fintech, Kibo stands out from competitors like Atomico and Northzone by focusing on seed-stage deeptech with a cross-border lens on Eastern Europe.
What’s next?
Kibo aims to complete 20-25 investments of around €5m each, with 8-10 outside Spain, and to hire in Paris, London, and Berlin to bolster sourcing. The firm pushes for more European corporate M&A and plans to increase secondaries for LP liquidity, drawing on lessons from 2021’s volatility.
