Innova31

Oriol Juncosa, Managing Partner and co-founder, leads investment decisions. Prior to Innova31, Juncosa served as CFO of Wallapop, the Barcelona-based classifieds marketplace that reached a $690 million valuation in 2021. Partner Javier García rounds out the core investment committee, operating a flat partnership structure typical of sub-€50 million fund managers.

The firm leans heavily on Juncosa's network as a former operator at one of Spain's most visible startup exits, combined with his role as an adjunct professor at ESADE Business School. This produces a pipeline of Barcelona-based founders who haven't yet engaged institutional VCs. Because Innova31 is among a small cluster of dedicated seed funds in Barcelona—rather than Madrid, where most Spanish venture capital aggregates—the firm sees local companies before they begin formal fundraising processes.

Initial checks range from €100,000 to €500,000, placing Innova31 squarely in the seed-to-early-Series-A bracket. The firm targets meaningful minority stakes—typically 5% to 15% of a round—rather than passive index-style exposure. Follow-on reserves are held for portfolio companies reaching Series A milestones.

Innova31 is de facto sector-agnostic, but observable portfolio concentration leans toward B2B software—particularly enterprise SaaS, HR tech, and logistics. Confirmed holdings include Factorial (HR software), Red Points (brand protection), Bipi (mobility), and Payflow (fintech). The firm has not publicly excluded any vertical, but consumer-social plays are notably absent from its known portfolio.

Innova31 operates a traditional closed-end venture capital fund structure, with Innova31 I as its debut vehicle and Innova31 II holding a first close in early 2025. The firm does not run sidecar SPVs, rolling funds, or an adjacent angel syndicate, distinguishing it from the hybrid models now proliferating across European early-stage investing.

Spain anchors the portfolio, with a pronounced Barcelona bias. The firm also invests in Portugal and reviews select opportunities in Italy. This Southern Europe corridor strategy targets founders who can build at lower cost bases than London, Berlin, or Paris while accessing broader European customer markets. The firm has not invested in Latin America or the US.

Innova31 typically co-invests rather than leading rounds, coming into syndicates alongside local and international seed funds. The firm's fund size—below €50 million—makes check-writing dynamics more akin to an institutionalized angel network than a lead-investor shop. This positioning allows it to avoid adverse selection from competing term sheets while maintaining consistent access.