Kfund

Investment decisions sit with the founding partnership of Iñaki Arrola and Carina Szpilka. Arrola brings operational experience from building and exiting coches.com, while Szpilka contributes institutional rigor from her tenure as CEO of ING Direct Spain. The broader investment committee structure is not publicly detailed, but the firm operates a platform model where partners lead specific stage mandates — seed, growth, or pre-seed — within the overarching fund family.

Kfund sources primarily through the founders' deep personal networks in the Spanish and broader European tech ecosystem. Arrola's track record as a business angel and fund-of-fund investor gives the firm access to pre-institutional rounds, while Szpilka's corporate relationships open later-stage dialogues. The 2021 absorption of Mustard Seed Maze's team and portfolio in Portugal expanded the firm's deal funnel into Lisbon's emerging startup scene (per TechCrunch, 2021).

Kfund operates a multi-fund structure with distinct vehicles for different stages. The original seed funds (Fund I and Fund II) sit alongside a dedicated Growth fund and a pre-seed initiative. This architecture allows the firm to make follow-on investments into its own portfolio companies at later stages without the governance complexity of bringing in an external growth investor.

The firm targets the full spectrum from pre-seed through growth equity. Initial checks in the seed program range from approximately €500,000 to €3 million, while the Growth fund writes larger tickets for Series B and beyond. The pre-seed initiative, operational since 2023, backs founders at the idea and formation stage across Southern Europe.

Kfund's primary activity is direct equity investment into technology companies. There is no public evidence that the vehicle operates a fund-of-funds program. The firm's internal structure — overlapping funds with staged mandates — is designed to capture alpha through direct company exposure rather than through LP commitments to third-party managers.

Kfund's relationship with Portugal's venture market deepened in 2021 when the firm absorbed investment professionals and select portfolio assets from Mustard Seed Maze, an impact-focused venture firm based in Lisbon (per TechCrunch, 2021). That integration gave Kfund a direct presence in Portuguese deal flow and expanded the geographic scope of its seed and growth programs beyond Spain.

Kfund leads rounds and participates in syndicates where co-investment with other venture capital firms is standard practice. The firm's multi-fund architecture means Kfund Growth can participate as a co-investor in later rounds of companies initially backed by the seed vehicles, alongside external growth-stage GPs brought into the syndicate. The firm does not market a formal co-investment program for outside LPs.