Kibo Ventures

Co-founder Aquilino Peña serves as Managing Partner and leads the investment team alongside the other founding partners. The partnership operates with a flat decision-making structure typical of early-stage VC firms, with all partners involved in investment committee decisions. Peña's prior experience as both a corporate executive and serial entrepreneur shapes the firm's hands-on approach with portfolio companies.

Kibo leads or co-leads Series A rounds, targeting initial checks in the range of €1–5 million. The firm occasionally participates in seed extensions and follow-on rounds through Series B, maintaining reserves for its strongest portfolio companies. Kibo actively syndicates with larger international funds—including Accel and Balderton—who typically lead later-stage rounds for Kibo portfolio companies.

Spain and Portugal form the core geographic focus, with Israel as a secondary market. Kibo has also selectively invested in other Southern European ecosystems. The firm's Madrid headquarters positions it centrally within an Iberian ecosystem where institutional-quality early-stage capital remains less concentrated than in London, Berlin, or Paris.

Kibo operates as a direct investor in operating companies, not as a fund-of-funds. While its primary vehicle is the flagship fund series, the firm has structured occasional special-purpose vehicles for specific co-investment opportunities alongside its limited partners.

The European Investment Fund has been a consistent LP across multiple Kibo fund vintages, per public record. Additional institutional backers include Spanish corporates and European family offices, though the firm does not publicly disclose a full LP roster. The EIF's repeated commitments provide an institutional validation signal for a Southern European early-stage fund manager.

The founding partners' deep operating backgrounds in Spanish technology—including roles at Ericsson, Amena, and Sentido—provide a proprietary network within the Iberian startup ecosystem. Kibo's track record of co-investing alongside Accel, Balderton, and Insight Partners also attracts founders seeking a local lead investor with credible paths to follow-on funding from top-tier international firms.

Kibo positions itself as the local anchor for Series A rounds that international firms later join. By leading early rounds, Kibo establishes board relationships and ownership stakes before larger funds enter. This syndication model—visible in deals like Devo and Jobandtalent—gives portfolio companies a Madrid-based partner with direct operational support while retaining access to global growth-stage capital.