Spain-based venture capital firm Kibo Ventures has raised €71m ($79m) from limited partners including telecommunications firm Telefónica for the first close of its second fund, Tech.eu has reported.
Kibo initially invests between €500,000 and €1m in each portfolio company at early but not seed stage, providing up to €5m in total and taking a stake of up to 20%. Its portfolio companies include location data software provider Carto and online freight service iContainers.
Telefónica, which contributed through its Telefónica Open Future unit, was joined by Criteria Venture Capital, a subsidiary of financial services firm La Caixa, as well as the multilateral European Investment Fund and the Spanish state-backed Innvierte Economía Sostenible and Fond-ICO.
The fund’s other LPs include undisclosed pension funds, family offices and tech investors. Kibo has targeted €100m for a final close for the fund, which will be operated by a new management company called Kibo Ventures Partners.