Spain-based venture capital firm Adara Ventures has achieved a €65m ($73m) first close of its third fund with limited partners (LPs) including security provider Prosegur, according to El País.
Fond-ICO Global, a fund-of-funds set up by Spanish government-owned financial institution Instituto de Crédito Oficial is also among the LPs, as are Catalan state-owned financial institution Catalan Institute of Finance and the European Union-owned European Investment Fund.
Venture capital firm Draper Esprit has also backed the fund. Adara said it had more than 70 institutional and private investors across its three funds and a majority of them have backed all three vehicles, though it did not share their identities.
Adara Ventures hopes to achieve the final close within nine months but has not revealed a target size. The fund will seek out early-stage deep technology developers in the business-to-business products and services industry, with applications of interest including cybersecurity and data analytics.
Adara III will retain the firm’s current focus on Spain but will also seek out opportunities in its neighbouring countries of Portugal and France, as well as further afield in the UK and Ireland.
The firm’s biggest exit to date came in July 2018 when telecommunications firm AT&T acquired US-based cyber threat detection and response software provider AlienVault, which was also backed by chipmaker Intel’s corporate venturing arm, Intel Capital, for a reported price of $500m to $600m.
Adara Ventures now has more than €160m ($180m at current exchange rates) under management, El País said. Approximately half of the firm’s portfolio has moved their headquarters to Silicon Valley in the US.
