The investment vehicle, Extension Fund, behind which they are Antai Venture Builder and Riva y García SGIIC, among others, has closed investments in eight Spanish technology startups in its first six months of activity. In addition, the entity is in the process of negotiating to participate in three more companies. In total, the Extension Fund will have allocated more than 8 million euros of investment to its first operations.
Since its launch, and with a fundraising of 20 million in its first closing, the investment fund has focused its operations on companies in the InsurTech, FinTech, e-commerce and SaaS sectors, among which Singular Cover (InsurTech), Yaba (E-Commerce), Gocleer (InsurTech), Consentio (SaaS) stand out. or Bloobirds (SaaS), among others.
In addition, the Extension Fund is finalizing the closing final fund, scheduled for the end of the year. In this way, the Extension Fund will have reached a target fund size of € 35 million.
Ignacio Moro, Managing Partner of Extension Fund has indicated that “We are very satisfied both with the rate of fundraising, which will allow us to make a second closure of the fund at our target size, as well as with the rate of investment and incorporation of investees. We think that the vintage of opportunity that exists today in the Spanish market is extremely attractive”.
Beyond the sectors in which the firm has already invested, the Extension Fund has a special interest in the cleantech market. From the bottom they point out: “We are particularly optimistic about the use of clean technology and improvements in energy efficiency as generators of value. We are beginning to see how the market gives priority to companies with a focus on impact and sustainability ”.
Extension Fund, which co-invests with other venture capital funds by subscribing through debt investment rounds in which it participates, has executed 65% of operations in loan format venture debt, while the remaining 35% of the operations have been carried out in convertible note format.
The firm, supported by the ICO, also has the backing of the European Investment Fund which, through its Pan European Guarantee Fund, acts as a guarantor of the investments made from the fund.