K Fund
K Fund is a Madrid-based venture capital firm (Kanoar Ventures, SGEIC) that invests €100k–€10M in technology startups from pre-seed through growth across Southern Europe and Latin America, operating main early-stage funds, the K Founders pre-seed program, the $250M Leadwind growth fund, and the MVB/Orion fund-of-funds vehicles.
- Company typePrivate
- Founded2015
- HeadquartersMadrid, Spain
- Headcount11–50
- GTM typeB2B
- OfferingServices
What K Fund does
K Fund (legal entity: Kanoar Ventures, S.G.E.I.C, S.A.) is a Spain-based, regulated venture capital firm founded in 2015–2016 by Iñaki Arrola (founder of coches.com) and Carina Szpilka (former CEO of ING Direct Spain and France), headquartered in Madrid. The firm invests €100k–€10M in technology-based startups from pre-seed through growth stages, primarily across Southern Europe and Latin America, under a stated thesis of backing 'crazy, contrarians and outsiders' with simple, founder-friendly terms.
The firm's core 'technology' is its operator-led investment platform, which is structured as a multi-vehicle architecture: (1) main early-stage funds (€100k–€10M tickets), (2) K Founders pre-seed program (launched October 2024, led by Marc Clemente, focused on logistics, foodtech, and fintech), (3) Leadwind — a $250M growth-stage fund investing across Southern Europe and LATAM with corporate LPs Telefónica/Wayra, BBVA Spark, ICO, and Catalana Occidente, and (4) MVB and Orion fund-of-funds vehicles that build portfolios of best-in-class VC managers plus growth-stage co-investments. Tech due diligence is conducted by a dedicated internal CTO (Juanjo Mostazo) using a stage-adaptive framework that varies across pre-seed, seed, and Series A. The platform is wrapped with supporting infrastructure: a secure 'Investors zone' LP portal (kfund.vc.land), the long-running PodKast media series (#244+), the Dealflow.es newsletter (10K subscribers), and an annual Spain Tech Ecosystem Report produced with Dealroom, Wayra, SpainCap, Endeavor, GoHub Ventures, BBVA Spark and Enisa.
The business model is conventional venture capital: recurring management fees on multiple fund vehicles (regulatory subscriptions) plus performance-based carried interest on portfolio exits (e.g., Arengu acquired by Okta, Billin acquired by TeamSystem). Distribution is relationship-led, driven by a dedicated dealflow inbox ([email protected]), direct phone outreach, the content/podcast ecosystem, and Leadwind's corporate-LP channels. The firm has EU-level institutional backing (InnovFin Equity/EFSI under Horizon 2020, COSME Equity Facility for Growth) and is selected by the Institut Valencià de Finances to manage a FEDER Capital Riesgo instrument, providing regulated access to institutional capital pools and LP trust advantages over unregulated peers.
K Fund firmographics
Firmographics- Name
- K Fund
- Legal name
- Kanoar Ventures, S.G.E.I.C, S.A.
- Website
- https://kfund.vc
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- K Fund is a Madrid-based venture capital firm (Kanoar Ventures, SGEIC) that invests €100k–€10M in technology startups from pre-seed through growth across Southern Europe and Latin America, operating main early-stage funds, the K Founders pre-seed program, the $250M Leadwind growth fund, and the MVB/Orion fund-of-funds vehicles.
- Ownership category
- akta.pro rank
K Fund industry classification
Industry- Product category
- Venture Capital Fund Management
- NAICS
- Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)
- SIC
- Investors, Nec (6799), Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industry
- Venture Capital Fund-of-Funds (FSANAGAC)
Keywords
Where K Fund is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices2 records
Markets served
K Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Others, Technology or R&D
Revenue model
- Venture Fund Management Fees: K Fund operates multiple closed-end fund vehicles under its SGEIC (Sociedad Gestora de Entidades de Inversión Colectiva) structure, generating recurring management fees from Limited Partners. Includes the main early-stage funds, the Leadwind $250M growth fund focused on Southern Europe & LATAM, and fund-of-funds vehicles MVB and Orion that build portfolios of best-in-class VC managers plus growth-stage co-investments.
- Carried Interest / Investment Returns: Performance-based carried interest on exits from portfolio investments across direct venture bets (€100k–€10M checks), Leadwind growth-stage co-investments, and fund-of-funds secondary gains. Public statement of intent: 'simple and easy to understand terms' for founders.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | €100k–€10M investment tickets across pre-seed, seed, Series A, and growth stages |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels8 records
K Fund product offering
Product offeringCore offering
K Fund is a venture capital firm investing between €100k and €10M in entrepreneurs building differentiated technology-based products and services, primarily from Southern Europe to the world. The firm operates multiple fund vehicles including the main early-stage fund, K Founders pre-seed program, Leadwind ($250M growth-stage fund focused on Southern Europe and LATAM), and fund-of-funds vehicles MVB and Orion that build portfolios of best-in-class VC managers plus growth-stage co-investments.
Product overview
K Fund operates a multi-vehicle venture capital platform — rather than a single unified product, it is structured as a platform-plus-modules architecture that spans pre-seed, seed/early-stage, and growth-stage investing across Southern Europe and Latin America. At the core is the main K Fund (€100k–€10M tickets), which is complemented by K Founders (the pre-seed investment program), Leadwind (a $250M growth-stage fund), and a Fund of Funds operation built around vehicles MVB and Orion that back other VC managers and co-invest in growth-stage companies. The platform is wrapped with supporting products and services for stakeholders: a secure Kfund Investors Zone portal for LPs, the publicly distributed PodKast and Dealflow.es newsletter as dealflow and brand-building channels, the Kfund Visiting Analyst Program for emerging VC talent, and the annual Spain Tech Ecosystem Report produced with Dealroom and other ecosystem partners. Together these components form an integrated investment platform for backing "crazy, contrarians and outsiders" from ideation to exit.
Differentiator
Problem solved
Functional benefit
Brands
- Leadwind: K Fund's $250M growth-stage VC fund investing in tech scale-ups across Southern Europe and LATAM, focused on AI, Blockchain, 5G/Edge, IoT, and Cloud services.
- MVB and Orion (Fund of Funds)
- K Founders
- PodKast
Products and services
- K Fund (Main Early-Stage Fund) Core venture capital fund investing between €100k and €10M in entrepreneurs building differentiated technology-based products and services from Southern Europe to the world, with simple and easy-to-understand terms. Targets pre-seed through Series A.
- Leadwind $250M growth-stage VC fund investing in tech scale-ups across Southern Europe and LATAM, partnering with mission-driven entrepreneurs in tech infrastructure, tools, and API-first services for fast-growing scale-ups with proven product-market fit. Backed by Telefónica/Wayra, ICO, BBVA Spark, and Catalana Occidente as corporate LPs.
- K Founders K Fund's pre-seed investment program led by Marc Clemente, with strong focus on logistics, foodtech, and fintech. Serves as the entry point for K Fund's investment pipeline for very early-stage founders.
- Fund of Funds (MVB and Orion) Fund of funds vehicles building portfolios of best-in-class venture capital managers across the United States, Europe, and beyond, plus growth-stage company co-investment opportunities. Supported by the Kfund Visiting Analyst Program.
- Kfund Investors Zone Secure investor portal hosted at kfund.vc.land for limited partners and investors to access fund information, reporting, and NAV valuations.
Quantifiable outcome
- Portfolio company Amenitiz scaled to 13,000+ customers with strong retention (Hospitality SaaS)
- +4 more outcomes
Companies that use K Fund
Customer profileNamed customers8 records
Ideal customer profiles2 records
K Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
K Fund partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered flagship and core.
- Telefónica (via Wayra and Open Innovation)flagshipLeadwind corporate LP providing ecosystem sourcing of seed startups, joint business development, and access to the best entrepreneurs in LATAM and Europe. Connection with Telefónica Open Innovation enables commercial scaling for Leadwind portfolio companies.
- BBVA SparkflagshipLeadwind corporate LP providing commercial channels and ecosystem support for portfolio companies in Southern Europe. Logo displayed on Leadwind partner page.
- ICO (Instituto de Crédito Oficial) — Fondo ICO Next TechflagshipLeadwind corporate LP and Spanish public financing institution; partnership supports Leadwind's growth-stage investing in tech scale-ups.
- Seguros Catalana OccidenteflagshipLeadwind corporate LP providing commercial access to insurance industry channels for portfolio companies.
- Dealroom.cocoreData partner for the annual Spain Ecosystem Report; K Fund collaborates with Dealroom alongside Wayra, SpainCap, Endeavor, GoHub Ventures, BBVA Spark, and Enisa.
- Wayra (Telefónica)coreCo-collaborator on the annual Spain Ecosystem Report; Wayra is also a Leadwind corporate LP.
- SpainCapcoreCo-collaborator on the annual Spain Ecosystem Report, alongside Dealroom, Wayra, Endeavor, GoHub Ventures, BBVA Spark, and Enisa.
- EnisacoreCo-collaborator on the annual Spain Ecosystem Report, supporting Spanish tech ecosystem analysis and visibility.
- GoHub VenturescoreCo-collaborator on the annual Spain Ecosystem Report.
- Patagon AI (portfolio company)coreLatin American AI marketing platform in which K Fund led a $2.75M round (November 2025) marking its entry into Argentina. Patagon AI's total funding reached $3.85M after the round.
- Kanoar Ventures (parent SGEIC entity)flagshipKanoar Ventures, S.G.E.I.C, S.A. is the regulated Spanish collective investment management company that owns and operates the K Fund brand, with CIF A-87369856 and registered office at Calle Juan Bravo 10, 2, 28006 Madrid.
Scale indicators8 records
Recent moves6 records
Expansion highlights7 records
K Fund competitors and assessment
Company assessmentRegional players
- monashees: Brazil's leading early-stage venture firm investing across Latin America; serves the same LATAM founder base as K Fund's Leadwind, particularly relevant given K Fund's deepening Brazil portfolio (Bliss, etc.).
- Kaszek Ventures: LATAM-focused venture capital firm headquartered in Buenos Aires; the most comparable specialist in K Fund's Leadwind target geography (Southern Cone and Brazil), although it does not directly compete in Iberia.
Direct peers
- Speedinvest: Vienna-based early-stage VC with multiple sector-focused funds across Europe; similar multi-vehicle structure and operator-investor model to K Fund, and an active co-investor/competitor across Southern European deals.
- 4Founders Capital: Madrid-based early-stage VC investing in Spanish tech startups; co-invested alongside K Fund in Mafer AI and targets a similar pre-seed/seed stage in the same Iberian ecosystem.
- Seaya Ventures: Madrid-based early- and growth-stage venture capital firm investing across Spain and Southern Europe with comparable ticket sizes and a similar operator-investor orientation; competes with K Fund for the same Iberian founder pool.
- JME Ventures: Spanish venture capital firm (previously the home of K Fund Partner Pablo Ventura) backing early-stage tech startups in Iberia; directly comparable stage, geography, and thesis to K Fund's main early-stage vehicle.
- All Iron Ventures: Bilbao-based early- and growth-stage VC investing in Spanish tech companies with a multi-vehicle structure; comparable focus on the Iberian founder base and overlapping dealflow with K Fund.
Others
- Wayra (Telefónica Open Innovation): Telefónica's corporate venture and innovation arm; both a Leadwind corporate LP and a partner on the Spain Ecosystem Report, representing the corporate-VC intersection where K Fund operates as an adjacent private-market investor.
Broad incumbents
- Index Ventures: Global venture firm with deep European roots investing across stages; represents the tier of larger incumbents K Fund increasingly co-invests with, setting the competitive benchmark for European deal participation.
- Cathay Innovation: Pan-European growth-stage VC that co-led Tucuvi's Series A alongside K Fund's Leadwind; a frequent syndication partner and broader-continent incumbent competing for the same European growth deals.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
K Fund social profiles
Digital presenceK Fund compliance and trust
Trust signalCompliance5 records
K Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
K Fund leadership team
Management profileNumber of profiles
Profiles15 records
K Fund subsidiaries and ownership
Company hierarchySubsidiaries2 records
K Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
K Fund M&A and investment
M&A and investmentM&A
Investments153 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about K Fund
What does K Fund do?
K Fund is a venture capital firm investing between €100k and €10M in entrepreneurs building differentiated technology-based products and services, primarily from Southern Europe to the world. The firm operates multiple fund vehicles including the main early-stage fund, K Founders pre-seed program, Leadwind ($250M growth-stage fund focused on Southern Europe and LATAM), and fund-of-funds vehicles MVB and Orion that build portfolios of best-in-class VC managers plus growth-stage co-investments.
Is K Fund a public or private company?
K Fund is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was K Fund founded?
K Fund was founded in 2015. It employs 11 to 50 people.
Where is K Fund based?
K Fund is headquartered in Madrid, Spain, in the Europe region.
How does K Fund make money?
Two revenue lines are on record. Venture Fund Management Fees are the primary driver. The others are carried Interest / Investment Returns.
Who are K Fund's main competitors?
Regional players on record are monashees and Kaszek Ventures. Direct peers are Speedinvest, 4Founders Capital, Seaya Ventures, JME Ventures and All Iron Ventures. Wayra (Telefónica Open Innovation) is listed as an others. Broad incumbents are Index Ventures and Cathay Innovation.
Does K Fund have an API?
No public API is recorded for K Fund.
What industry is K Fund in?
K Fund's product category is Venture Capital Fund Management. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAGAC, Venture Capital Fund-of-Funds. Its NAICS code is 5259 and its SIC code is 6799.