Barcelona-based Aldea Ventures, a fund of funds that invests in pre-seed and seed venture capital managers focused on frontier technology, has closed €50M for its Fund II, which aims to reach €125M.
The capital from Aldea II will be allocated to early-stage managers working in deep technology sectors.
What to expect from Aldea Fund II?
Aldea’s second fund will invest in fund managers with technical expertise in fields like AI, next-generation computing, and robotics, aiming to capture growth in a sector projected to expand by 42 per cent annually, compared to 3 per cent for traditional technology, according to an ARK Invest report.
Aldea sees these technologies as a major source of future value and plans to back managers targeting companies that address challenges such as climate change, health, and cybersecurity.
By focusing on managers with strong technical knowledge, Aldea aims to avoid risks like unclear commercial strategies and reliance on unproven technology.
Alfonso Bassols, Managing Partner at Aldea Ventures, says, “We view venture capital as a dynamic, distributed intelligence network that propels innovation forward. At Aldea, we’ve consistently found that very early-stage specialist managers—fueled by their unique insights and local expertise—are crucial to detecting the subtle signals that shape tomorrow’s breakthroughs.”
“With our second fund, we’re doubling down on our dedication to this network by making more concentrated investments in the most promising managers, empowering these visionary allocators who operate at the leading edge of innovation.”
Fund II expands Micro-VC and Nano-VC portfolio
Aldea’s plan for Fund II is to create a focused portfolio of venture capital funds under €100M, called Micro-VCs. This will be supplemented by investments in smaller funds under €25M, known as Nano-VCs, which may improve fund returns.
A smaller portion of capital will also be used for selective co-investment and secondary opportunities.
Fund II includes investments in Micro-VCs such as Moonfire II, which uses a data-driven approach to VC, Amino II, which backs frontier technology in health and bio, and Lunar Ventures II from Aldea’s first fund, while adding Concept Ventures and First Commit.
Agreements for Nano-VC investments have also been made, including 201 Ventures and a continued investment in Possible Ventures.
Mick Halsband, General Partner at Lunar Ventures, says, “Aldea has been more than an investor—they’ve been a true partner. Over the years, they’ve shown real alignment with our mission to back deep tech founders in Europe.”
“They understand the long timelines and complexity this space demands, and they’ve supported us with patience, trust, and a shared belief in building for the long term. They’re one of the few FoFs truly helping lay the groundwork for deep tech innovation coming out of Europe.”
Aldea expands US focus and announces key team promotions
While Europe remains Aldea’s main focus, it targets selective exposure in the US, seeing it as a natural growth market for EU pre-seed investments. Fund II will focus on early-stage EU-based funds with international networks and experience helping EU founders expand into the US.
Since their inception, Aldea-backed funds have made 891 startup investments, with 71 per cent based in Europe and 25 per cent in the US.
Aldea also announces key team changes: Daniela Cavagliano, who joined as COO in 2023 after a decade at UBS, is now a Partner, and Gabrielle Cummins has been hired as a Principal, joining from Mitiga Solutions, a climate tech company in Barcelona.
Daniela Cavagliano, newly promoted Partner with Aldea Ventures, says, “In recent years, we’ve witnessed a significant influx of innovative technologies—many with the potential to solve some of the world’s most pressing challenges.”
“In my view, these technologies should be a core component of any investor’s portfolio. Among the available instruments, Aldea offers a particularly unique proposition: a well-diversified portfolio of highly specialised early-stage managers, providing a compelling combination of high-value creation and low-risk exposure.”
“I have absolute confidence in the success of the strategy we started in 2020 and on which Fund II continues building,” adds Cavagliano.
Brief about Aldea Ventures
Aldea is a pan-European fund of funds that invests in early-stage, specialised VC funds, gaining exposure to innovators shaping emerging technologies. The firm’s first fund, launched in 2020, raised €87M. Based in Barcelona, Spain, Aldea is a certified B-Corp.
The firm focuses on technologies that have the potential to change the economy in a responsible way. With Europe’s growth and tech hubs, it offers opportunities to support innovators.
Aldea’s approach is centred around partnerships with MicroVCs, which provide resources like expertise and industry knowledge to early-stage companies. These partnerships allow Aldea to co-invest in promising companies in both Europe and the US.
Europe is the core focus, with selective exposure to the US. Aldea prioritises European GPs who have strong local performance and US networks, allowing it to invest in seed-stage European companies and selectively engage in US opportunities during later growth stages.
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