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Eoniq.fund
Eoniq.fund launched in 2015, formalizing angel-investing activity that its team had been pursuing from Seville since 2010.
Eoniq.fund
Eoniq.fund launched in 2015, formalizing angel-investing activity that its team had been pursuing from Seville since 2010. The firm describes its founders as successful entrepreneurs and investors; one team member was recognized by AEBAN for the best exit of 2020 with an 85x multiple. Although the firm is an asset manager raising external capital, 12% of initial vehicle commitments come from the advisory team's own capital, aligning incentives with limited partners. The firm runs a sector-agnostic early-stage strategy, writing pre-seed and seed checks across Spain with a sharp geographic exclusion: it does not prioritize Madrid or Barcelona. Its website cites Cosentino, Mercadona and Inditex as proof that industrial talent exists far beyond the capital. Preferred sectors include AI/SaaS, smart mobility, traveltech, digital lifestyle (edtech, e-commerce), adtech/martech, health and wellness, logistics, and horeca digitalization. The model is operationally heavy — Eoniq provides portfolio companies with fundraising support, recruitment, strategy and network access, and reserves 87% of each vehicle's total value for follow-on investments. The firm runs a relay system, maintaining a network of later-stage funds to create liquidity windows. It also pre-screens very young companies through partnership agreements with accelerators and investment clubs, co-investing or monitoring them until they fit its core vehicle criteria. Eoniq operates from a single office in Seville and works with a network of venture partners and advisors. The firm reports receiving more than 1,500 investment ideas annually and runs a structured five-step, data-driven selection process. It cites portfolio company exits to a wide range of buyers, including publicly listed corporations, private strategic acquirers, financial investors and management teams. A central investment theme is that seed-stage investing in less-crowded Spanish regions can produce attractive returns without finding unicorns, a thesis backed by the firm's own track-record claims of a greater-than-35% annual IRR and a 7x cash multiple since inception. The firm's most distinctive structural feature is the systematic exclusion of Spain's two dominant venture-capital hubs as primary hunting grounds. By operating solely in secondary and tertiary Spanish cities, Eoniq.fund captures both a pricing advantage and a sourcing moat built over 20 years of regional relationships. This deliberately off-center positioning is coupled with a full-stack support model that compensates for the thinner local startup infrastructure, making the firm function less like a passive seed fund and more like a distributed company-builder for under-networked founders.
General information
Firm type
Private Equity
Year founded
2015
AUM
Undisclosed
Location
Region
Europe
Country
Spain
City
Sevilla
Corporate office
Calle Arquitectura nº 2 Torre 11, Planta 7, 41015, Sevilla, España
Principals
Tom Horsey
Contact
Sector focus
Frequently asked questions
Why does Eoniq.fund avoid investing in Madrid and Barcelona?
Eoniq.fund believes there is considerable entrepreneurial talent throughout Spain — citing companies like Cosentino, Mercadona and Inditex as examples — that has been historically overlooked by European venture capital vehicles concentrated in the two main hubs. By operating outside Madrid and Barcelona, the firm argues it faces less competition from sophisticated investors, allowing it to secure lower entry valuations at the pre-seed and seed stages. This geographic focus is also supported by its team's 15 years of operational experience as entrepreneurs working beyond these cities.
How does the firm's follow-on strategy work?
Eoniq reserves 87% of the total value of each vehicle for follow-on investments into existing portfolio companies. The firm only deploys this capital once a startup has hit pre-defined operational milestones and KPIs, meaning allocation decisions are made on a much richer information base than initial investments. This approach is designed to concentrate the fund's financial weight behind the highest-potential companies in the portfolio.
What is the 'relay race' network Eoniq.fund references?
Eoniq has deliberately built a network of other venture-capital vehicles that invest in stages later than seed. The purpose is to maximize the frequency of liquidity windows for its portfolio companies by ensuring there is a ready pool of follow-on investors. This relay system helps portfolio startups access growth-stage capital while creating potential partial-exit opportunities for Eoniq.
Does Eoniq.fund participate in fund commitments or only direct deals?
The firm invests directly in startups and does not profile itself as a fund-of-funds. In addition to direct investing, it runs a parallel pre-seed and seed partnership program with multiple accelerators and investment clubs, where it can co-invest or monitor very young companies that are too small for its main vehicle, positioning them as future pipeline.
Who runs investment decisions at Eoniq.fund?
The firm does not publicly disclose a specific investment committee or CIO. Its website points to a team of successful entrepreneurs and investors, with contact directed to Tom Horsey. The broader advisory and venture-partner network provides specialized input during the investment selection process, including sharing analysis of projects with limited partners who have specific sector expertise.
What is Eoniq.fund's performance track record to date?
According to the firm's own disclosures, Eoniq has generated an annual IRR greater than 35% and a cash-on-cash multiple of 7x since it began deploying capital in 2015. It also notes its team includes an entrepreneur recognized with an AEBAN award for the best exit of 2020, which achieved an 85x multiple. No third-party audited performance data is publicly available.
How does Eoniq.fund source its deals?
The firm receives over 1,500 investment ideas per year from a network built over 20 years of operating in the Spanish tech ecosystem. Its deal flow is supported by a network of venture partners and advisors, and it generates additional referrals from the founders and investors in its existing portfolio companies. It also formalizes early-stage sourcing through partnership agreements with regional accelerators and investment clubs.
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