First Drop has secured an €8.3 million investment from the Spanish Society for Technological Transformation (SETT) with the goal of supporting up to 45 early-stage tech startups that generate social and environmental impact.
Following this transaction, the Spanish fund now manages over €19 million in assets and expects to reach €25 million in the coming months, according to a statement released this Wednesday.
All of the capital will be allocated to direct investment in between 40 and 45 startups, with a deployment period extending through June 2029. The focus will be primarily on advanced technologies such as artificial intelligence, machine learning, cybersecurity, additive manufacturing, and digital solutions applied to sectors like health, education, sustainability, and the circular economy.
“This investment from SETT validates our model and allows us to accelerate the growth of companies that generate tangible social and environmental impact, taking their solutions from Spain to international markets,” said Manuel Nieto, General Partner at First Drop.
SETT’s participation, which represents less than 50% of the fund’s total capital, is already fully committed and has been channeled through Next Tech, one of the instruments of the Recovery, Transformation, and Resilience Plan financed with European Next Generation funds.
The fund, specialized in pre-seed impact investing, has an average ticket size of €300,000 and the capacity to support companies in subsequent funding rounds, according to the statement.
“The investment will contribute to the creation of skilled employment, the growth of high-productivity and high-value-added companies, and the strengthening of the national tech ecosystem, combining local impact with global ambition,” the firm highlighted. First Drop was founded by Manuel Nieto and Alejandro Valero.
In its first full year of activity, First Drop invested €7.4 million in startups such as Motoreto, Fresh Greens, Agrow Analytics, Recovo, Banbu, Ealyx, Emendu, Minitales, Hirint, and Ovianta
cloud technology axon
Xcalibur Smart Mapping, recognised as the global leader in airborne...
