All Iron Ventures rebrands as Acurio Ventures with a new €150M ‘follow-on’ fund

Mike Butcher
Updated ·3-min read

Spain and Portugal are bubbling up in the European tech ecosystem, with plenty of new startups and funding rounds being announced in the two countries. Barcelona-based Plus Partners recently launched with the aim of closing a $30-$50 million fund; Yellow is a new VC firm that launched with a €30 million fund; and Spanish VC Kfund raised $75 million.

Today, another Spanish firm, All Iron Ventures, is rebranding. It'll now be known as Acurio Ventures and it is closing its third fund of $166 million (€150 million). The fund will exclusively make "follow-on" investments and will not lead deals.

Under its previous moniker, launched in 2018, the firm had backed European tech startups including ​​Seedtag, Jobandtalent, Lingokids, Preply, Refurbed and Lookiero. Acurio was co-founded by Ander Michelena, who sold his previous startup, Ticketbis, to eBay for €16.5 million in 2016.

LPs in the new fund include an unnamed U.S. university endowment, pension funds, corporates, some 35 family offices, an insurance company, and tech executives.

The new fund has already made around 20 investments, and it will operate with a generalist thesis (not focusing on any particular sector), investing across the whole of Europe. The fund has assets under management worth around €300 million.

Michelena told TechCrunch the follow-on fund will take equity stakes of between 3% and 10%, as he feels it gives the firm greater flexibility to access companies, manage follow-on investment reserves, and undertake divestments.

“In the last 12 months, we're probably been one of the most active VCs in Europe, doing 20 investments," he said. "We believe the market is at the point of turning and has arrived at the bottom of valuations, and we are taking advantage of that. There will be a slow recovery, so we wanted to make a push there. It was time to push the accelerator.”

Michelena pointed out that the firm's portfolio construction is different from other firms: "We do 50 companies per fund instead of the typical 20 [...] We basically, every quarter, look at the portfolio and decide how much we follow up.”

He said the other big advantage of this model is it lets the firm do distributions to paid-in (DPI) earlier. DPI is one of the core financial metrics that VC funds use to evaluate their investment performance.

"We can exit in rounds, and we don't have to wait until the end of the life of the fund. So it's a little bit different approach than regular VC in that sense," he said.

The firm has a team of 12 people based in Bilbao, Madrid, Barcelona, and London. Its partners include Michelena, Diego Recondo, Hugo Mardomingo, and Kate Cornell.

The firm is drawing on Basque origins for its new "Acurio Ventures" moniker: It is inspired by Juan de Acurio, one of the 12 sailors who returned to port from the expedition around the world led by Magellan and Elcano five centuries ago.

According to a Dealroom report on the Spanish tech ecosystem, the combined enterprise value of Spanish startups surpassed €100 billion in 2023. The report also found that venture investment in Spanish startups held up last year, with €2.2 billion raised across some 850 funding rounds.

The annual “State of European Tech” report for 2023 found Spain’s ecosystem to be in fourth place overall in Europe, with the highest number of startup fundings last year.

Earlier this year, Madrid-based VC firm Seaya closed Seaya Andromeda, an “Article 9” €300 million climate tech fund based out of Madrid.

Plus, the European Investment Bank’s venture capital arm also backed a new fund in Spain this year that aims to invest €1 billion ($1.1 billion) in growth-stage tech startups.

Latest stories

  • AI Giant Nvidia Braces for Potential $292 Billion Market Shock Post-Earnings

    Nvidia earnings could trigger an 8.5% move, implying a $292 billion market cap swing amid AI sector scrutiny

  • RBA makes call on mortgage stress

    Aussie mortgage holders are in theory the most exposed to interest rates rises in the world, yet there is little evidence of a mortgage cliff, the RBA said.

  • Commonwealth Bank warning for mortgage holders waiting for RBA rate relief: 'Risk'

    Australia's biggest bank said there is a risk the RBA will hold interest rates for an "extended period".

  • Commonwealth Bank’s $1,300 cash boost for Aussies looking reduce frustrating bill

    The major bank is offering a major saving to customers who purchase solar batteries.

  • $2 Million in Retirement Savings: Here’s How Much You Could Withdraw Per Year

    You've done it, you reached millionaire status and saved $2 million in your retirement savings. No matter your cumulative retirement plans or other investment decisions, you've successfully reached...

  • Palantir Technologies Inc. (PLTR): Hataf Capital and Monness Analysts Issue Sell Ratings, Citing Overvaluation and Execution Concerns

    We recently compiled a list of the 15 AI News Making Waves Right Now. In this article, we are going to take a look at where Palantir Technologies Inc. (NYSE:PLTR) stands against the other AI stocks that are making waves right now. With Donald Trump having won the elections, it seems Elon Musk is going to […]

  • Walmart Q3 Revenue Hits $169 Billion, EPS Surges by 850%

    Inflation Drives Walmart's Success: US Same-Store Sales Jump 5.3% in Q3

  • Investors in Shangri-La Hotels (Malaysia) Berhad (KLSE:SHANG) have unfortunately lost 57% over the last five years

    Generally speaking long term investing is the way to go. But no-one is immune from buying too high. For example, after...

  • Xpeng rises on smaller-than-expected Q3 loss, upbeat guidance

    Investing.com -- Xpeng (NYSE:XPEV) reported a smaller-than-expected loss for the third quarter, driven by solid sales of popular new models, and issued upbeat guidance for the fourth quarter.

  • Viridian Therapeutics, Inc. (VRDN): This Small-Cap Stock Is Ready To Explode

    We recently compiled a list of the 10 Best Small-Cap Stocks Ready To Explode. In this article, we are going to take a look at where Viridian Therapeutics, Inc. (NASDAQ:VRDN) stands against the other small-cap stocks. Prospects For Extended Outperformance Of Small-Cap Stocks On October 7, Chuck Royce, founder and Senior Advisor, and Francis Gannon, Co-Chief […]

  • 10x Genomics, Inc. (TXG): Among the Best Genomics Stocks to Buy Right Now

    We recently compiled a list of the 10 Best Genomics Stocks To Buy Right Now. In this article, we are going to take a look at where 10x Genomics, Inc. (NASDAQ:TXG) stands against the other genomics stocks. Genomics is the study of genes and how they function. Many rapidly growing companies are emerging in the genomics […]

  • Sanford (NZSE:SAN) Is Paying Out Less In Dividends Than Last Year

    Sanford Limited's ( NZSE:SAN ) dividend is being reduced from last year's payment covering the same period to NZ$0.0588...

  • Seven & i founding family aims to raise $52 billion for buyout this year, NHK says

    The founding Ito family behind Japanese retailer Seven & i aims to raise more than 8 trillion yen ($52 billion) to take it private by the end of this financial year, Japanese public broadcaster NHK reported on Tuesday. The family has established a special purpose company that is in talks with Japan's three largest lenders and major U.S. financial institutions to raise funds to take the 7-Eleven owner private. Seven & i has been under pressure to convince investors it can enhance value on its own and fend off a $47-billion takeover bid from Canada's Alimentation Couche-Tard.

  • Shopify's (NYSE:SHOP) Earnings Are Of Questionable Quality

    Unsurprisingly, Shopify Inc.'s ( NYSE:SHOP ) stock price was strong on the back of its healthy earnings report...

  • My Trump trade went bust — with a consolation prize

    Some investors made millions on the "Trump trade." Not me.

  • Hong Kong summit kicks off as CEOs set to discuss China's ideas on stimulus, Trump

    Hong Kong's flagship financial event is bringing together the CEOs of some of the world's biggest banking groups, promising access to China's top decision makers at a time when investors are scrutinising Beijing for its stimulus and response to the incoming US administration. Vice-Premier He Lifeng is leading a delegation of top officials, including Wu Qing, head of the China Securities Regulatory Commission (CSRC), at the Global Financial Leaders' Investment Summit, which kicks off today with a

  • ASML Holding N.V. (ASML) Faces Class Action Lawsuit Over Securities Violations

    We recently compiled a list of the 15 AI News Updates Wall Street Is Monitoring. In this article, we are going to take a look at where ASML Holding N.V. (NASDAQ:ASML) stands against the other AI stocks Wall Street is monitoring. The leaders of the United States and China both participated in the recently held APEC […]

  • TSX Penny Stocks To Watch In November 2024

    The Canadian market remained flat over the last week, but it has seen a significant 21% rise over the past year, with earnings projected to grow by 16% annually. For investors willing to explore beyond established companies, penny stocks offer intriguing possibilities. Although the term may seem outdated, these smaller or newer companies can still provide a unique blend of affordability and growth potential when supported by strong financials.

  • The US government revealed how much the average American couple has saved for retirement — how do you compare?

    Is it too little, too late?

  • Bitcoin is 'risky,' but not a risk-on asset: BlackRock strategist

    Bitcoin (BTC-USD) and other crypto-related assets have rallied following President-elect Donald Trump's win as the second Trump administration is expected to be crypto-friendly. BlackRock head of digital assets Robbie Mitchnick joins Julie Hyman and Josh Lipton on Market Domination Overtime to discuss his perspective on the crypto space and the "critical" distinction that bitcoin is a risky asset, not a risk-on asset. "I think obviously the election and the sort of confidence and optimism that the market has had coming out of that for bitcoin and crypto as a part of it. I also think, frankly, 2024 was probably a tough year for bitcoin [excluding] the ETFs happening," Mitchnick explains, "because you had the confluence of higher interest rates for longer than was expected, you had four bankruptcy liquidations that were a decade in the making that had been sort of constant selling pressure in the market. That was sort of offset by the new access that the ETFs had created."  Mitchnick believes there to be a new "fundamental catalyst" for crypto assets in this post-election rally. He explains, "Investors of all stripes are trying to figure out how to think about valuation, how to price in different catalysts, different risks, etc. And I don't think that's particularly well understood at all by a lot of the market today. That's why we think about our role at BlackRock and how we think about it. It's very much investor education focused around [iShares Bitcoin Trust ETF] IBIT (IBIT), around bitcoin, around these products, because there is, I think, a gap in understanding of how to think about different developments, how to think about macroeconomic interplay, how to think about bitcoin in a portfolio." He goes on to explain there's "a kind of misconception... perpetuated by a lot of crypto research" labeling bitcoin to be a risk-on asset. But, Mitchnick states that it's not: "Bitcoin is very clearly a risky asset. It's volatile. It's relatively new and unproven. Still, for a long time, it's faced regulatory uncertainty. But that's a different concept from being risk-on, which implies that you're supposed to correlate and go up and down with equities. Fundamentally, the risks and return drivers of bitcoin are very different from what they are of equities. And most other so-called risk-on assets." To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here. This post was written by Naomi Buchanan.