EIF invests €28 million in Bullnet Capital IV fund for deep tech and technology transfer projects in Spain

• The €28 million EIF commitment is backed by the InvestEU programme and marks the second closing of Bullnet Capital IV, a fund that now exceeds €80 million.
• The EIF also invested in the three previous Bullnet Capital funds, supporting deep tech and technology transfer projects and promoting Spanish industry and research through the years.
• Bullnet Capital IV has already invested in ten companies, seven of which are spin-offs or maintain close ties with leading Spanish universities and research centres.

Madrid, 13^th November 2024: The European Investment Fund (EIF) has invested €28 million in Innvierte Sciencetech Bullnet Capital IV, a fund managed by Bullnet Capital specialising in deep tech and technology transfer. The EIF investment is backed by the InvestEU programme and marks the fund’s second closing. Now exceeding €80 million, Bullnet Capital IV is one of the largest Spanish funds for deep tech and technology transfer.

The EIF has been a key investor for Bullnet since its inception more than 22 years ago and invested in its three previous funds. This new commitment in Bullnet Capital IV brings EIF support for Bullnet Capital’s instruments and investees to more than €63 million.

EIF Chief Executive, Marjut Falkstedt, commented, “Supporting the development and transfer of innovative technologies is a priority to strengthen Europe´s competitiveness. We are excited to renew our long-standing partnership with Bullnet and ensure that the cutting-edge research taking place in European universities and research centres can have a real impact on our economy and the everyday life of citizens.”

Since the first closing in September 2022, Bullnet Capital IV has invested in ten companies. Seven of them are spin-offs or maintain close ties with leading universities or research centres in Spain: Quside (Barcelona Institute of Photonic Sciences), Leapwave (University Carlos III of Madrid), AGPhotonics (University of Málaga), Deep Detection (Institute of High Energy Physics of Barcelona), Mapsi Photonics (Polytechnic University of Catalonia), InspirationQ (Institute of Fundamental Physics of the Higher Council for Scientific Research in Madrid) and Immersia (Polytechnic University of Catalonia). The remaining three companies – Katoid, MLCode and Enthec – were founded by entrepreneurs with extensive experience in the world of high technology.

The fund plans to invest in 17 or 18 companies with profiles similar to those mentioned above, supporting projects that develop innovative technologies with a global impact, and that promote the growth of Spanish industry and research.

Other institutional investors supporting Bullnet Capital IV include the CDTI under the Spanish Ministry of Science through its Innvierte programme, as well as private investors.

In the words of Bullnet Capital founding partners Miguel del Cañizo and Javier Ulecia, “Our objective for Bullnet Capital IV is to continue investing in young Spanish technology companies – not only providing funds, but also working side by side with the founders so that they can consolidate and grow, contributing our experience accumulated with 30 investee companies over the 23 years Bullnet has been in operation. The support of the EIF has been essential all these years, not only because Bullnet wouldn’t exist without its financial contribution, but also because of the credibility it creates in the eyes of other potential investors. And of course, we cannot forget the instrumental support provided by other Spanish public entities over the years, such as the CDTI and FondICO Global.”

Background information

About InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the Member States, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and thus mobilising at least €372 billion in additional investment.

About Bullnet Capital

Bullnet Capital is a pioneering investment firm targeting Spanish high-tech startups. Bullnet Capital has multiple success stories of investing in Spanish tech startups and supporting their development and subsequent sale to leading tech companies like Ericsson, Samsung, Unity, Activision, Teledyne, Bruker or Tecnobit. In most cases, the companies acquiring Bullnet’s investees go on to develop R&D centres in Spain based on the human resources and technology of the companies acquired from Bullnet. The companies Bullnet has helped develop have also generated several hundred million euros in sales, more than 225 patents, and around 1 000 highly qualified jobs.

When it comes to investment returns, Bullnet is positioned in the top quartile of the European venture capital sector.

Press contacts

EIF

Maite Cordero | m.corderomunoz@eib.org | Tel.: +34 606 66 82 62

Website: www.eif.org | X: @eif_eu

Bullnet Capital

José Luis González García (Kreab) | jlgonzalez@kreab.com | Tel.:+34 661 85 03 84

Website: www.bullnetcapital.com | X: @bullnetcapital  | Linkedin: bullnet-capital