Acurio Ventures, formerly known as All Iron Ventures, has made a significant leap in the venture capital landscape with the successful closing of its latest fund, Acurio Ventures III, amounting to €150 million. This fund represents a major step forward for the Bilbao-based venture capital firm, further solidifying its presence in Europe and beyond. The closing of the fund coincides with a rebranding effort that reflects the firm's new international outlook while honoring its Basque heritage.

Fundraising Success Amid Challenging Market Conditions

Acurio Ventures' third investment vehicle, Acurio Ventures III, exceeded its target of €150 million in just eleven months, marking an impressive achievement in the current challenging venture capital fundraising environment. The new fund has garnered support from over 100 institutional and professional investors, both domestic and international. Among these are several prominent entities, including one of the largest U.S.-based university endowments, insurance companies, pension funds, large corporations, and numerous family offices. This mix of investors underscores the growing interest in the Spanish tech ecosystem and the strong track record of Acurio Ventures' management team.

A Proven Track Record of Success

Acurio Ventures' fundraising success can be attributed to its previous investment vehicles, which have yielded impressive returns. The firm’s first fund, launched in 2020, has already returned its initial capital and generated an internal rate of return (IRR) of over 40%. The second fund is also performing well, positioning itself comfortably in the top quartile of comparable venture capital funds. These results have bolstered investor confidence, helping Acurio Ventures secure additional commitments for its third fund. The new fund will primarily invest in early-stage European startups, with a focus on Seed and Series A funding rounds across a wide range of sectors.

Strategic Co-Investment and Diversified Portfolio

Acurio Ventures III will continue the firm's strategy of co-investing alongside other venture capital firms, allowing it to access a broader range of opportunities. The fund aims to build a diversified portfolio of around 50 companies, with equity stakes ranging from three to ten percent. This approach offers Acurio Ventures flexibility in managing follow-on investments, reserving capital for later stages, and executing exits. The firm has already invested in more than 20 startups across Europe, committing close to €40 million. Notable investments include Seedtag, Jobandtalent, Lingokids, and Preply, which have already raised follow-on rounds.

Rebranding to Reflect International Growth

Alongside the closing of its third fund, Acurio Ventures has undergone a rebranding to reflect its evolving role in the venture capital landscape. The new name, inspired by the Basque sailor Juan de Acurio, reflects the firm’s roots in Spain while emphasizing its global ambitions. Juan de Acurio was one of the few sailors who survived Magellan's historic circumnavigation of the globe, and his resilience and international spirit resonate with Acurio Ventures' mission to support ambitious entrepreneurs. According to Acurio's founding partner Ander Michelena, the firm aims to be a trusted partner for entrepreneurs as they navigate their challenging journeys.

A Leap Forward for Spanish and European Venture Capital

The successful close of Acurio Ventures III marks a significant milestone not only for the firm but also for the broader Spanish venture capital ecosystem. Historically, Spanish entrepreneurs have often relied on international investors for funding, but the launch of Acurio Ventures III, alongside other recent Spanish venture capital funds such as Plus Partners and Seaya Ventures, signals a shift in the local ecosystem. Acurio Ventures' ability to attract high-profile investors, such as the European Investment Fund and a major U.S. endowment, demonstrates growing international confidence in Spain's tech scene.

Acurio Ventures has emerged as a key player in the European venture capital space with the closing of its €150 million third fund and a rebranding that underscores its international aspirations. The firm's proven track record, combined with its strategic co-investment approach and commitment to supporting early-stage European startups, positions it as a leading venture capital manager in Europe. With assets under management now totaling nearly €300 million, Acurio Ventures is well-equipped to continue its mission of empowering the next generation of European tech entrepreneurs.