El VC español Samaipata recauda 70 millones de euros para su nuevo fondo nativo de IA.

      The pan-European venture capital firm has achieved its first close for Fund III at €70 million, supported by Germany’s KfW, Spain’s SETT, and a network of family offices, with a goal of identifying European companies capitalizing on the AI trend.

      Samaipata, a venture capital firm established in Madrid in 2016, has initiated its third fund with a target of €110 million, specifically focusing on AI-focused startups at the earliest stages of their development. This week, the firm revealed that it has successfully completed the first close at €70 million.

      The investor base for Fund III features notable institutional participants such as Germany’s state development bank KfW, Spain’s SETT (the state entity for industrial transformation and digitization, commonly referred to as the “SEPI digital”), along with several influential Spanish family offices.

      This initial close represents 64% of the target, indicating a strong start for a firm that has been establishing its reputation by investing in marketplace and platform businesses.

      Samaipata was co-founded by Eduardo Díez-Hochleitner and José del Barrio, the latter being a co-founder of La Nevera Roja, a food delivery service sold to Rocket Internet, which is a narrative that often facilitates opportunities in the VC industry.

      Currently, the firm manages around €250 million in assets and has invested in 44 startups throughout Europe.

      Transition to AI-Native Focus

      The deliberate shift towards an AI-native approach constitutes a significant evolution in Samaipata’s investment thesis. The firm has gained recognition for supporting digital platforms that exhibit network effects, where businesses grow in value as their user base expands. Fund III expands this concept to a new foundational layer: instead of supporting companies that build platforms on existing software, Samaipata aims to invest in companies developing AI systems from the ground up, tailored for a world that depends on generative intelligence.

      The fund plans to invest in 25 to 30 companies, with the possibility of providing up to €10 million per startup throughout the partnership. The firm emphasizes a focus on B2B companies that can simplify the complex implementation of AI for practical applications, which encompasses a wide range of areas, from vertical AI solutions to enterprise tools.

      Founders within the portfolio will have the advantage of a network of operating partners who possess experience at notable firms such as Anthropic, Google, Airbnb, Spotify, and N26. This type of tangible expertise at the crossroads of AI capabilities and commercial application increasingly distinguishes effective VCs from those who are merely credentialed.

      The European Perspective

      Samaipata’s pan-European strategy is significant in this context. European AI startups have traditionally found it challenging to achieve the valuations and momentum of their U.S. counterparts, partly due to fragmented regulations and a smaller pool of institutional investors.

      The involvement of KfW and SETT reflects a growing governmental belief that Europe requires dedicated channels for AI investment at the seed and early stages, a sentiment that is gaining traction across the continent as U.S. and Chinese AI advancements increase.

      The fund aims to broaden its investor base over the coming months as it works towards the €110 million target, though the timeline for the final close has not been made public.