Venture capital firm Kibo Ventures is looking to corporate backers from its earlier vehicles to commit to its third digital technology-focused venture capital fund, ElReferente has reported.
Founded in 2012, Kibo Ventures backs early-stage startups focused on internet and mobile technologies. It initially invests between $1.1m and $2.2m, and provides a total of up to $5.6m per company in exchange for an equity stake of up to 20%.
The fund’s overall target is €100m ($111m) but it will aim for an initial close of undisclosed size during the fourth quarter of 2019. It has reportedly already secured commitments from unnamed fund-of-funds, pension funds and universities.
Existing investors will be asked to provide between 60% and 70% of the $111m figure, with the remainder coming from unnamed backers from international markets.
Portugal will be a key destination for the fund’s investments after its precursor backed two Portugal-based startups, and with Kibo Ventures set to open a branch in the Portuguese capital of Lisbon.
Kibo Ventures II assembled $79m from limited partners including Telefónica Open Future and CriteriaCaixa – subsidiaries of telecoms firm Telefónica and financial services firm La Caixa – as well as the multilateral European Investment Fund and the Spanish government-backed Innvierte Economía Sostenible and Fond-ICO.
ElReferente also identified insurance products provider Mutua Madrileña, Spanish government innovation agency Centre for the Development of Industrial Technology and family office Rosp Corunna as backers of Kibo’s previous funds. Its first fund was sized at about $48m, though full details could not be confirmed.
Kibo Ventures has reportedly secured eight exits to date and currently has 53 businesses in its portfolio, having previously invested in the likes of data software provider Carto and online freight service iContainers.