First Drop, a Spanish fund specialized in social and environmental impact investments at the pre-seed stage, closed 2025 with a total of €7.4 million invested since its inception and 23 transactions, including both completed investments and committed capital.
During 2025 alone, the fund completed 12 new investments, with an average ticket of €340,000, reinforcing its strategy in very early-stage companies.
“2025 has been the year in which First Drop has moved beyond being ‘the new impact fund’ to establish itself as a real reference in pre-seed. We have invested more, better, and faster,” said Manuel Nieto and Alejandro Valero, founders of First Drop.
Commitment to real impact from early stages
The fund’s activity has focused primarily on the pre-seed stage, a phase where access to capital remains limited, especially for projects with ambitious impact goals. Currently, over 30% of the portfolio integrates artificial intelligence as a core or differentiating element, with growing exposure to sectors such as health and healthtech, deeptech, and AI-based resilient infrastructures.
First Drop has also strengthened its focus on technology solutions applied to water and energy management, carbon capture, circular economy, and vulnerable communities, defining what the fund calls deep impact: companies in which positive impact is embedded at the core of the business model.
Portfolio companies include Motoreto, Fresh Greens, Agrow Analytics, Recovo, Banbu, Ealyx, and Emendu, with initiatives aimed at emissions reduction, resource efficiency, sustainable mobility, circular economy, and health.
New investments and sector diversification
In 2025, the fund added new companies aligned with its thesis, including:
Measurable environmental and social impact
First Drop’s investments have generated tangible sustainability outcomes: 4.3 billion liters of water saved, 3,790 tons of CO₂ reduced, and 290,000 m² of forest restored and conserved. In addition, batteries have been recovered and recycled, electronic waste reduced, agricultural resources optimized, and biodiversity protected.
“These investments reflect our commitment to companies where technology acts as a lever for social impact from the very earliest stages,” highlighted Manuel Nieto.
Outlook for 2026
First Drop invests in pre-seed companies with initial tickets ranging from €50,000 to €400,000, and has the capacity to participate in follow-on rounds of up to €4 million. The fund combines private capital with active operational involvement, supported by a broad network of entrepreneurs and investors in the Spanish ecosystem.
Looking ahead to 2026, the fund plans to close its new round in the first half of the year, aiming to raise between €25 and €30 million, oversubscribing the private portion and consolidating its position as a reference in deep tech impact pre-seed investments in Southern Europe
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