Today Kibo Ventures announced the successful final close of Fund III and Opp Fund I, a combined USD 175 million aimed at early-stage and follow-on investment into European tech startups with high growth potential. Following strong demand from existing and new investors, these funds were oversubscribed and enjoyed top-ups from existing investors, while also attracting several new institutional investors and successful founders from some previous Kibo Venture portfolio companies and operators. These funds bring Kibo Ventures’ AuM to ca USD 350M and build on the firm’s strong, 10-year track record on the back of a unicorn portfolio (Flywire, JobandTalent, Devo, Tier Mobility and Sorare), a scale up portfolio (Paack, Clarity, Defined.ai, Odilo, Carto and others) and exits to companies like Apple, Airbnb, Renault Group, New Relic, Paypal, Groupon, and Zur Rose, which have generated top quartile returns in DPI, IRR (>40%) and TVPI (ca 4x) terms, including a >45x return in recent Flywire tranches.
66% of Fund III capital comes from returning investors including the European Investment Fund, Fond-ICO Global and other institutional investors, some of whom have been backing Kibo Ventures since Fund I. 88% of capital is committed by institutional investors including Isomer Capital, Cofides, Xesgalicia – Xunta de Galicia Private Equity and Venture Arm , ICF, Semapa, Tressis and other international FoF. More than 50 successful founders and operators from portfolio companies and other ventures have also joined Fund III, including: Airbnb, Acierto, Bipi, Bodeboca, Coverwallet, Devo, Flywire, Freepik, Google, ISDI, JobandTalent, PromoFarma and Tuenti.
Opp Fund I
Opp Fund I, anchored by HarbourVest, was raised and fully invested in record time. It has very strict investment criteria, provides exposure to growth rounds of selected portfolio scale-ups and has invested in 7 companies so far. Capital was split 50/50 between institutional investors and private and Family Offices, most of which are also LPs in the main funds.
“We’ve come a long way in our first 10 years and closing these two funds at their hard caps is more than a success, it is a sign of maturity and a stamp of approval from the entire investment ecosystem that our team and the investment thesis that we follow is creating real value,” said Kibo Ventures Co-Founder and Managing Partner, Javier Torremocha.
“Our Investment strategy has proven right, we will continue to back teams with global ambition to disrupt large markets with technology and talent. We are patient because we do things with conviction. We can wait years to build the leaders of tomorrow,” adds Kibo Ventures Co-Founder and Managing Partner, Aquilino Peña.