Swanlaab Venture Factory, a Madrid, Spain-based venture capital firm, has held the first close of its first fund, at €40m.
Limited Partners in The Swanlaab Giza INNVIERTE Venture Fund I, include CDTI, which has committed €12m, and other domestic and international investors.
The fundraising phase ot the fund will end at the beginning of 2017.
Established in 2014 by Israeli VC firm Giza Venture Capital and led by CEO Mark Kavelaars, Swanlaab aims to invest from €1m to €3m in Spanish startups at their earlier stage operating in such sectors as Internet of Things, Cybersecurity, storage and data management.
The fund can also make follow on investments to further support companies at the growth stage.
Beyond Kavelaars, the team of Swanlaab also includes Zeev Holtzman, Verónica Trapa, Yuval Avni, Juan Revuelta, Zvi Schechter and Tal Mizrahi.