La firma de capital de riesgo española Samaipata ha recaudado 70 millones de euros para su nuevo fondo nativo de inteligencia artificial.

      The pan-European venture capital firm has achieved its first close for Fund III, securing €70 million, with support from Germany's KfW, Spain's SETT, and a network of family offices, aimed at identifying European firms leveraging the AI trend. Samaipata, established in Madrid in 2016, is targeting €110 million for its third fund, which specifically focuses on early-stage AI-native startups. The firm announced this week that it has already completed its first close at €70 million.

      The investor pool for Fund III features notable institutional contributors, including Germany's state development bank KfW, Spain's SETT (the state entity for industrial transformation and digitalization, often informally called the "SEPI digital"), and several prominent Spanish family offices. This initial close represents 64% of the fund's target, reflecting a strong start for a firm with a growing track record in supporting companies in the marketplace and platform sectors.

      Samaipata was co-founded by Eduardo Díez-Hochleitner and José del Barrio, the latter of whom was a co-founder of La Nevera Roja, a food delivery platform sold to Rocket Internet, a backstory that tends to be advantageous in venture capital environments. Currently, the firm manages around €250 million in assets and has invested in 44 startups throughout Europe.

      Transitioning to AI-native startups is a strategic move that signifies a significant shift in Samaipata's investment thesis. While the firm initially focused on supporting digital platforms with network effects—businesses that increase in value as they gain users—Fund III aims to invest in companies developing AI systems from the ground up, structured for a future dominated by generative intelligence.

      The fund plans to invest in 25 to 30 companies, with the potential to allocate up to €10 million per startup throughout the partnership. The emphasis is on B2B firms capable of simplifying AI deployment for practical applications, which spans a range from vertical AI solutions to enterprise tools.

      Founders within the portfolio will gain access to a network of operating partners hailing from companies like Anthropic, Google, Airbnb, Spotify, and N26. This kind of practical expertise at the intersection of AI functionality and commercial application is increasingly what sets apart effective venture capitalists from those with mere credentials.

      Samaipata's pan-European focus is significant in this scenario. Historically, European AI startups have faced challenges in achieving valuations and growth rates comparable to their US counterparts, partly due to inconsistent regulations and a less robust base of institutional investors. The involvement of KfW and SETT reflects a growing governmental belief that Europe requires specialized investment vehicles for AI at the seed and early stages, a sentiment that is gaining traction across the continent as AI advancements accelerate in the US and China.

      The fund aims to broaden its investor base in the upcoming months as it works toward its €110 million target. The timeline for the final close has not been disclosed.