Encomenda Seed II, the startup investment fund led by Carlos Blanco, Mercè Tell, and Javier Darriba, has received a €9.5 million investment from the Spanish Society for Technological Transformation (SETT), a public entity under the Ministry for Digital Transformation and Public Administration.
This investment is part of the initiatives funded by the Recovery, Transformation, and Resilience Plan (PRTR) and reflects the financial support of the European Union through the Recovery and Resilience Mechanism, within the framework of NextGenerationEU.
The operation aims to accelerate the pace of investment in Encomenda’s portfolio startups, which currently includes 23 companies applying technology and artificial intelligence across sectors such as health, education, industry, and agriculture, making it one of the leading seed investors in the past year.
Carlos Blanco, Chairman of Encomenda, highlighted: “We are in an exceptional moment for startup investment funds, as the convergence of emerging technologies such as artificial intelligence, together with the maturity of big data, quantum computing, and blockchain, makes us very optimistic about the next vintage of venture capital funds.”
The fund, launched in 2024, has already raised over €30 million from private investors and family offices, with its final closing scheduled for April 2026. The vehicle focuses on investing in approximately 45-50 Spanish tech startups at early stages, primarily software and applied AI companies.
About Encomenda Capital Partners
Encomenda Capital Partners SGEIC SA is a multi-asset class fund manager, founded in 2015 and led by Carlos Blanco (CEO) and Mercè Tell (COO). The firm manages other venture capital funds, such as N Ventures I and Palladium Corporate Ventures, in addition to Encomenda Seed II.
About SETT
The Spanish Society for Technological Transformation (Entidad Pública Empresarial, SETT), under the Ministry for Digital Transformation and Public Administration, is a public entity dedicated to financing and promoting advanced and transformative digital technologies.
SETT’s investment is made through the Next Tech facility, which aims to encourage private investment and improve access to financing in strategic Spanish sectors linked to digital transformation. The implementation of Next Tech, part of the Recovery, Transformation, and Resilience Plan (NextGeneration EU funds), is one of SETT’s responsibilities. In addition, SETT manages two other financial instruments to boost the technological business ecosystem: PERTE Chip, dedicated to microelectronics and semiconductors, and Spain Audiovisual Hub, which promotes digitalization in the audiovisual sector
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