Investors dive into $166m Nauta Capital fund

The European Investment Fund tops a long list of public investors in the early-stage VC firm’s fund.

Spain-based early-stage venture capital firm Nauta Capital yesterday raised a €155m ($166m) fund, with the European Investment Fund (EIF) among the investors.

British Business Bank Investments, the commercial arm of the state-owned economic development agency British Business Bank (BBI), is also a limited partner, alongside the Catalan Institute of Finance, a public financial institution owned by the government of Catalonia.

Investment firm Yimei Capital, financial services firm’s BBVA fund of funds Capital Privado, investment group Merifin Capital and investment fund manager Sabadell Asset Management have also invested in the fund.

Nauta intends to invest between €500,000 and €7m in early-stage startups developing business-to-business software, digital media, internet and mobile enabling technologies. The overall focus of the fund will be on large markets with limited previous technology impact.

Carles Ferrer, a general partner at Nauta Capital, told news publication TechCrunch: “We believe the VC model has been lately too centred around the unicorn concept, that is too many times return-unrelated.”

“Too many companies are pushed to grow more and more but too early, and for that, raise too much money, again too early. Many of them do not have enough evidence from the market to know if they should be spending so much money.

“If it happens to be too early, that company may end up wasting so much money and energy and having a conflict between equity raised, valuation, and its performance. This too often results in good companies that are actually severely damaged by a poor funding strategies.”

See more from this Government Report: European Investment Fund, Spain, UK


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