BY Venture Partners Closes 54 Million Euro Fund for Spanish Start-ups

✦ Meridian Analysis

BY Venture Partners has completed the fundraising for its third venture capital vehicle, closing Fund III at roughly €54 million (about $60 million) after securing commitments from the Dubai Future District Fund as the anchor investor and a mix of institutional investors, corporate venture arms and family offices such as Multi Lane, Transmed Capital and the Idriss Family Office. The closed‑end fund will be deployed across pre‑seed to Series A rounds, with a typical ticket of up to $1 million per company, and will focus on Spanish start‑ups – and, via a new office in Lisbon, on Portuguese founders – that embed artificial‑intelligence capabilities in their business models. As an equity‑capital‑raising transaction, the mechanics are straightforward: capital is called as investments are identified, and the manager will earn management fees and carried interest in line with standard venture‑fund structures. What remains undisclosed are the specific fee structure, any co‑investment rights granted to anchor investors, and the timeline for the first capital calls. Professionals will also watch for the identity of legal and placement advisers, as well as the pace at which the fund reaches its target of 40 portfolio companies.

The Meridian Weekly