We are thankful to announce the sale of Kibo Ventures Fund I existing portfolio to HarbourVest (global investment firm with more than $80B+ in assets under management and over 35 years of experience), as well as the beginning of a new partnership
HarbourVest will not only be the acquirer of Kibo Ventures Fund I existing portfolio but also will join us in new adventures, thus helping us support our founders while strengthening their footprint in the Spanish ecosystem.
“We are thrilled to partner with HarbourVest — being backed by a global Tier-1 is a huge endorsement of what Kibo Ventures has built since we launched our Fund I in 2012. We are also extremely grateful to our LP base that trusted us back then and are very happy to be able to provide them with relevant returns in less than nine years,” said Javier Torremocha, Kibo Ventures Co-Founder & Managing Partner.
This transaction represents a very unique precedent in the Spanish tech ecosystem and one of the very few in VC in Europe, a really strong testament of Spanish and European founders and the good returns European VCs can provide.
The deal
We are excited to share that with this deal we have fulfilled our commitment with investors in less than 9 years, generating top quartile net returns from both a TVPI and DPI perspective. Fund I current TVPI is above 3.5x and current IRR is ca 25%.
“We were impressed by the strong market reputation of the Kibo Ventures’ team and high quality of their portfolio,” added Greg Ciesielski, Managing Director at HarbourVest Partners. “The Kibo Venture’s team has been a positive and value-added partner throughout the process. We are very excited to be partnering with Kibo Ventures as they continue to expand their presence in the European Venture Capital landscape.”
The existing portfolio has been transferred to a new Continuation Fund I into which the Kibo team has also reinvested and where HarbourVest will act as solo LP (together with the team).
We will continue managing a very attractive portfolio, including the likes of Flywire (fintech payments platform, 1st startup by Spanish founder to IPO in NASDAQ, $4.8B market cap), JobandTalent (workforce as a service, $500M+ funding by investors like Softbank, Seek, Atomico and DN Capital), Carto (location data SaaS with investors such as Accel, Salesforce Ventures, Hearst and Earlybird), Worldsensing (IoT platform for critical infrastructures, with investors like Cisco, Mitsui, ETF and McRock), Qustodio (multi-device, multi-platform parental control), Blueliv (cybersecurity threat intelligence) and Tappx (adtech programmatic platform).
Additionally we are happy to share that HarbourVest will act as anchor investor of Kibo Ventures Opportunity Fund I (Kibo Fund #4 focused on providing scale up resources to portfolio companies).
And foremost
Finally, the most important part … THANK YOU!
Thank you to the amazing founders who trusted us and let us be part of their bold dreams.
Thank you to the great investors who helped us be here today and supported us as LPs.
Thank you to HarbourVest for believing in us.
Thank you to Alantra and Cuatrecasas, financial and legal advisors.
Thank you to all the Kibo team for making this possible.
Without you all, we are nothing.
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