The European Investment Fund (EIF) has invested €28m 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 €80m, 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 €63m.
EIF chief executive, Marjut Falkstedt, said: “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.
Bullnet Capital founding partners Miguel del Cañizo and Javier Ulecia said: “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.”
Jim Cornall is editor of Deeptech Digest and publisher at Ayr Coastal Media. He is an award-winning writer, editor, photographer, broadcaster, designer and author. Contact Jim here.
