The venture capital manager Draper B1 (formerly Bbooster Ventures) has just announced the launch of a new fund of 30 million euros, which will be called DraperB1 Fund III, and which adds to the two previous vehicles: Fund I (Sinensis) and Fund II (Bbooster Dyrecto). With this decision, Draper B1, the first Draper fund in the euro zone and the only one in Spain, is rearmed to invest in startups in the ‘seed’ phase.
Draper B1 Fund III is the third venture capital fund intended to invest in technology-based startups in the seed phase with an initial investment in the newly created technology companies of between 150,000 and 250,000 euros (entering the seed phase), with the objective of making subsequent contributions (Series A) and accompanying most of its financing life cycle. Offering, in addition to such financing, advice, benefits for belonging to the Draper Venture Network and the experience of the DraperB1 team’s trajectory, which has accompanied more than 100 startups since its inception.
To boost this new fund, Draper B1 already has the commitment of the Draper Esprit fund, which is listed on the London Stock Exchange, the Valencian Institute of Finance (IVF), with 4.3 million euros; who joined this Friday ‘Fond-ICO Global’ first fund of public funds of venture capital created in Spain, which has also committed 7 million euros. The target size of the fund is 30/35 million euros, among which there are committed investments of between two hundred thousand and one million euros that will be disbursed during the five years of the investment period. Among these investors, some managers, businessmen and family offices stand out, which are favorable to these low-risk and low-risk vehicles with the ability to generate large returns.
As the CEO of Draper B1, Enrique Penichet, has pointed out, “we have had a great acceptance among our previous fund investors, with this we will make the first capital contribution in record time, and above the expected objective. To which, from now on, we will add some new investors. ” “This is a high-risk alternative investment and some of the investors in our other two funds will be accompanied by those of whom we highly value their support, after the good results in the previous funds,” said Penichet, who recalled that “We already have a base of investors, both national (Canary, Basque Country, Valencia and Madrid), as well as international”.
It is worth recalling the success of Fund I (Sinensis), which was born as the only active venture capital company in Valencia and promoted companies such as Mr. Jeff or Traventia among others, and Fund II (Bbooster Dyrecto), which promoted companies such as Streamloots and Signaturit And, only in 2019, he has had several successful divestments such as Skitude or Mr Jeff more recently, where they announced a 40-fold return on investment.
As Raquel Bernal, a partner in Draper B1, pointed out, “in DraperB1 we seek to continue giving the personal and close treatment that until now we gave our investees as Bbooster, but now expanded thanks to the potential of being a Draper fund, which allows us to have a team in San Francisco 4 people who are focused on helping to develop our startups with high level contacts in the technology and innovation sector, in addition to committee we add international experience and vision. ” “We are looking for the best talent, with ambition and ability to be global leaders and, in this sense, the Draper Venture Network plays a key role,” Bernal concluded.