Spain and Luxembourg-based Adara Ventures, a venture capital firm focused on early-stage deep tech investments, has announced the first close of its fourth flagship fund, AV4, with a target of €100M in capital commitments.
AV4 will invest in cybersecurity, applied AI, digital infrastructure, hardware components, digital health, and space.
Nico Goulet, Founding Partner of Adara Ventures, says, “We are immensely proud to announce the successful first close of AV4. Over the past nine months, we have secured in excess of €140M in commitments across our fourth-generation funds. Alongside AV4, this includes Adara Ventures Energy (AVE), our first Pan-European fund dedicated to energy transition technologies.”
“In one of the most challenging fundraising environments of the past 20 years, our strong DPI record, disciplined investment strategy, and focused fund model make AV4 a compelling opportunity for our limited partners.”
Goulet adds, “In a sector obsessed with unicorns, our philosophy has always been to maximise ‘dragons’—companies that return the entire fund. We are proud to have generated at least one dragon in each of our previous fund generations, with AV2 poised to rank among the top 5 per cent of VC funds in Europe for its vintage.”
Adara Ventures is supported by more than 130 limited partners, including institutional investors, pension funds, asset managers, high-net-worth individuals, and family offices.
“We are especially proud to welcome new anchor investors in this first close, as well as a new generation of Adara portfolio founders investing as LPs —a true testament to the strength of our value proposition,” says Goulet.
Adara Ventures is investing from its AV4 and AVE funds, aiming to complete three investments in each by mid-2025. Both funds remain open to new investors.
Brief about Adara Ventures
Founded in 2005, Adara Ventures collaborates with founders who demonstrate “strong” vision, courage, and “execution” capabilities. The firm oversees approximately €350M in assets.
Its investments focus on early-stage companies in Europe, covering cybersecurity, data applications, infrastructure, hardware, digital health, space, and energy transition technologies.
Since its inception, Adara Ventures has invested in over 50 companies across Europe and the US, with more than 10 successful exits.
Acquisitions include AlienVault by AT&T, PlayGiga by Meta, and Seedtag by Advent International. Its portfolio includes companies such as Spain-based Quibim, Cyber Guru in Italy, and the UK’s SatVu.
01
Upstream Festival is back for its sixth edition! 4 solid reasons to mark your calendar