Archipélago Next, the first Venture Capital management firm based in the Canary Islands, has been selected by Fond-ICO Global in its 17th call under the incubation category. This support represents a milestone for the Spanish entrepreneurial ecosystem, and particularly for the Canarian one, as it is the first time that a management firm headquartered in the Canary Islands has been admitted into this public-private program.
Thanks to this decision, Archipélago Next will be able to strengthen the launch of its Fund II, endowed with €20 million, with the aim of supporting Spanish startups in pre-seed and seed stages.
The goal of Archipélago Next is to accompany Spanish startups in their earliest stages of growth—those where companies are still taking their first steps but already showing great potential. Through this new fund, the firm will make initial investments ranging from €100,000 to €500,000, and will be able to reinforce its support in later stages if the company progresses successfully, offering long-term backing in the B2B SaaS space.
The incorporation of Archipélago Next into Fond-ICO Global’s portfolio sets a precedent for the national Venture Capital landscape. The decision validates the potential of the Canary Islands as an emerging region in innovation and technological entrepreneurship, capable of attracting capital to high-impact projects. For the local ecosystem, it represents recognition and support that positions the islands on the international financing map.
Currently, the firm already manages €36 million across its two funds. In 2024 alone, it analyzed more than 600 entrepreneurial projects across Spain and selected fewer than 2%, reflecting the rigor and quality of its investment process. Its competitive advantage allows it to enter funding rounds before they reach the broader market, giving its investors early and diversified exposure to the country’s most promising startups.
Archipélago Next allocates 80% of its investment to business software companies (B2B SaaS), particularly in areas such as artificial intelligence and digitalization. These two segments are growing at approximately 30% per year and already account for more than 20% of technology spending in the European Union.
On the other hand, it avoids sectors with regulatory constraints or proprietary hardware, prioritizing scalable and recurring businesses—characteristics highly valued by international investors.
Among the startups backed under Fund II are cases such as Fresh People (a platform that supports managers in human resources), Tendios (AI applied to public procurement), and Ciudadela (legal automation for SMEs). The portfolio also includes Cicerai, Breakevent, Modelia, and Catalyst Tools, companies that reinforce Archipélago Next’s focus on high-impact, globally scalable B2B software.
Archipélago Next’s Fund II has already secured 90% of its €20 million target and is approaching its final close in the coming months. This opens a last opportunity for new investors to join the project, with a minimum ticket of €100,000, under the supervision of the CNMV, ensuring transparency and security throughout the process.
Fond-ICO Global’s backing of the Canarian venture capital firm is part of the strategy to mobilize European resources from the Recovery, Transformation and Resilience Plan. With this support, the firm strengthens its investment capacity and consolidates its role as a strategic partner for startups and investors, contributing to the growth of the entrepreneurial ecosystem in Spain.
According to Miguel Quintanilla, Managing Partner at Archipélago Next: “Our investment thesis starts from a simple premise: we invest in teams that execute. We operate in pre-seed and seed, with a preference for recurring B2B SaaS models, with early traction metrics and an international ambition from day one. We seek solutions that address large problems, with a product ready to scale and a clear link to the Spanish market. We invest in pre-seed and seed, reserving capital to reinforce portfolio companies that demonstrate the strongest traction in their growth rounds. And above all, we aim to be a fund that helps, not one that gets in the way.”
Archipélago Next is the first venture capital management firm born in the Canary Islands. With more than €36 million under management, it supports Spanish startups in their early stages, primarily investing in B2B software projects focused on digitalization and artificial intelligence. Its mission is to back talented, internationally minded teams, providing capital, expertise, and access to a network of corporate leaders to accelerate their growth.
For more information: https://archipelagonext.com/
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