K Fund is formally outing its fund II right now, which sits at €70 million, up from €50 million the primary time round.
The remit stays the identical, nevertheless: concentrating on Spanish startups with a global outlook, the seed-stage agency plans to take a position from €200,000 to €2 million, writing first checks in 25-30 firms. A portion of the fund may even be put aside for follow-on funding for probably the most promising of its portfolio.
“We’re enterprise mannequin and sector agnostic, and we at present have a wholesome mixture of B2B and B2C firms throughout all kinds of sectors, together with journey, fintech, insurtech and others,” says K Fund .
Following within the footsteps of Europe’s Heartcore Capital, Okay Fund is launching a pre-seed funding program, too. Dubbed “K Founders,” it would hunt down firms which are lower than 6 months outdated, and make investments as much as €100,000 pre-seed. This system will initially be fairly modest in dimension, concentrating on between 10 and 20 startups.
“We gained’t take board seats in these firms and we gained’t have preferential rights. We’ll use convertible notes to hurry up the method and we’ve a dedication of taking not more than three weeks from first assembly to cash within the financial institution,” explains Okay Fund’s Jaime Novoa.
“Since we additionally imagine in constructing bridges with different co-investors (funds and enterprise angels), we’ll be tremendous completely satisfied to share offers with co-investors to succeed in the capital wanted by the businesses.”
In the meantime, Okay Fund’s first fund portfolio contains on-line journey company Exoticca (which says that in 2019 greater than 35,000 folks from 6 completely different nations traveled to 50 locations utilizing its platform), HR software program Factorial (which has greater than 60,000 shoppers in 40 completely different nations and simply raised a $16 million Collection A spherical from CRV), insurtech startup Bdeo, and conversational messaging tech supplier Hubtype.
“We proceed to be tremendous bullish on the Spanish startup ecosystem and Southern Europe basically, with markets similar to Portugal or Italy that we imagine are punching above their weight,” provides the VC agency. “We’ve already invested in 4 Spanish startups with the brand new fund; all of them are going after big markets, and have skilled professionals of their founding crew”.
A type of is gross sales prospecting platform Bloobirds. The others will probably be disclosed within the coming weeks.