Wayra

What Wayra does

Wayra is the Corporate Venture Capital and open-innovation arm of Telefónica Group, headquartered in Madrid and operating across four primary geographies: Spain, Germany, the United Kingdom, and Brazil. Founded in 2011 as a startup accelerator and re-architected in 2018 as Telefónica's CVC, the company is wholly-owned through its legal entity Telefónica Open Innovation, S.L.U. Its 'venture-client' model combines minority equity investment (tickets of €150K to €5M in seed and growth-stage startups with pre-money valuations up to €250M) with direct integration of portfolio companies into Telefónica's business units, giving startups access to one of the world's largest telecom customer bases and Telefónica access to disruptive technology in AI, Cybersecurity, and Advanced Connectivity.

Wayra's product surface is structured as a platform-plus-modules architecture. The core CVC platform sits alongside dedicated managed investment vehicles built for Telefónica Group — Vivo Ventures (a Brazil growth-stage B2C fund) and Íope Ventures (Telefónica Seguros' Fintech/Insurtech vehicle) — plus the $250M Leadwind deep-tech fund co-managed with KFund. Layered on top are bespoke open-innovation services and corporate venture programmes (ACCIÓN with AstraZeneca, Innomakers4Health with Pfizer Foundation, TUI Futureshapers with TUI Care Foundation, Scaleup Spain with Bankinter and Endeavor, Venture On the Road with BStartup and SeedRocket), the Alaian global telecom alliance (with Cellnex, KPN, MTN, NOS, Omantel, Orange, STC reaching 1 billion+ customers across 65 markets), and the Open Future public-private platform with 20+ innovation spaces in Spain and Hispam. The technical differentiation lies not in software but in the operational integration of startups with Telefónica's commercial infrastructure and in the firm's curated LP network across 15+ strategic funds in the US and Israel.

Revenue is generated through four streams: (i) direct minority equity returns on portfolio investments, (ii) recurring management fees and bespoke asset-management mandates for Telefónica Group vehicles (Vivo Ventures and Íope Ventures since 2022), (iii) project-based professional-services revenue from tailor-made open-innovation programmes sold to third-party corporates (AstraZeneca, Pfizer, Novartis, J&J, Cisco, Meta, Qualcomm, TUI, BNP and others), and (iv) LP economics from fund-of-funds commitments. Pricing for innovation services is quote-based and not publicly disclosed; equity investment terms and LP fund terms are multi-year. Since 2011 Wayra has deployed over €260M into 1,200+ startups, with a 520+ active portfolio of which 200+ collaborate with Telefónica generating €700M+ in combined turnover.

Name

Wayra

Legal name

Telefónica Open Innovation, S.L.U.

Website

https://wayra.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

Wayra is Telefónica's Corporate Venture Capital and open-innovation platform, investing €150K–€5M in seed and growth-stage startups across Spain, Germany, the UK, and Brazil while managing bespoke investment vehicles (Vivo Ventures, Íope Ventures, Leadwind) and designing corporate innovation programmes for Telefónica Group and third-party enterprises.

Ownership category

akta.pro rank

Product category

Corporate Venture Capital and Open Innovation Services

NAICS

Portfolio Management and Investment Advice (523940), Other Scientific and Technical Consulting Services (54169)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Financial Services / Fintech Growth Equity (FSANACAE)

akta.pro secondary industries

Strategy & IT Advisory (BPAEAAAA), Technology, Software & IT Services (FSABACAJ)

Keywords

• Corporate venture capital
• Startup investment
• Open innovation services
• Venture client model
• Corporate venturing programmes

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Direct minority equity investments in startups: Minority equity stakes via tickets of €150K–€5M in seed and growth-stage startups with pre-money valuations up to €250M, focused on Artificial Intelligence, Cybersecurity, and Advanced Connectivity sectors.
2. Asset management for Telefónica Group (Vivo Ventures, Íope Ventures): Since 2022, Wayra manages customised investment theses for Telefónica Group companies: Vivo Ventures (growth-stage B2C focus in Brazil across healthcare, education, financial services, smart home, entertainment, marketplaces) and Íope Ventures (Fintech/Insurtech for Telefónica Seguros in Spain). Recurring management-fee model.
3. Open-innovation services for corporations: Tailor-made design, build and operation of open-innovation and corporate venture programmes for third-party corporates (AstraZeneca, Pfizer Foundation, Cisco, Novartis, Johnson & Johnson, etc.). Includes scouting, custom innovation hubs/CV programmes, tech labs, product piloting and ecosystem positioning. Professional-services/project-based revenue.
4. Limited Partner fund investments (US/Israel): Wayra invests as a Limited Partner in 15+ strategic venture funds (Leadwind co-launched with KFund as a $250M deep-tech scaleup fund, plus others). Generates fund returns via capital appreciation and distribution carry economics.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels8 records

Core offering

Wayra is Telefonica's Corporate Venture Capital arm, investing EUR 150K to EUR 5M in seed and growth-stage startups (pre-money valuations up to EUR 250M) focused on Artificial Intelligence, Cybersecurity, and Advanced Connectivity in Spain, Germany, the UK, and Brazil. Its venture-client model integrates portfolio startups directly with Telefonica's business units to accelerate commercial collaboration and global scaling. The company also designs and operates bespoke open-innovation and corporate-venture programmes for third-party corporates (e.g., AstraZeneca, Pfizer, Novartis, J&J, Cisco, TUI).

Product overview

Wayra operates as a platform-plus-modules architecture: the core Wayra Corporate Venture Capital platform provides the venture-client investment model (€150K–€5M tickets into seed and growth-stage startups), complemented by specialized managed investment vehicles — Vivo Ventures (Brazilian growth-stage fund for Vivo) and Íope Ventures (Fintech/Insurtech vehicle for Telefónica Seguros) — plus the Leadwind deep tech co-managed fund. Open innovation services and bespoke programmes (such as ACCIÓN with AstraZeneca, Innomakers4Health with Pfizer, TUI Futureshapers, Scaleup Spain, Venture On the Road, and the Wayra Activation Programme) are layered on top, while the Alaian global telecom alliance and Open Future public-private platform extend the innovation footprint beyond direct investment. Wayra Perks, the annual Reports, and the Outliers 2026 selection round out the offering.

Differentiator

Problem solved

Functional benefit

Brands

• Alaian: A global telecommunications alliance bringing together Cellnex, KPN, MTN, NOS, Omantel, Orange, STC and Telefónica to collaborate with innovative startups; reaches more than one billion customers across 65 markets worldwide.
• Open Future
• Leadwind

Products and services

• Wayra Corporate Venture Capital Telefonica's Corporate Venture Capital arm operating since 2011 (rebranded as CVC in 2018), investing tickets of EUR 150K to EUR 5M in seed and growth-stage startups with pre-money valuations up to EUR 250M, primarily across Spain, Germany, the United Kingdom, and Brazil. Focus sectors include Artificial Intelligence, Cybersecurity, and Advanced Connectivity. The venture-client model connects invested startups with Telefonica's business units for commercial collaboration.
• Vivo Ventures Growth-stage investment vehicle focused on Brazilian startups with B2C solutions across healthcare, education, financial services, smart home, entertainment, and technology marketplaces; asset-managed by Wayra for Telefonica Group since 2022.
• Iope Ventures Telefonica Seguros' investment vehicle focused on backing Fintech and Insurtech startups; asset-managed by Wayra for Telefonica Group since 2022.
• Leadwind $250 million deep tech scaleup fund launched in September 2021 jointly with KFund, focused on deep tech scaleups; co-managed by Wayra as part of its fund-of-funds network.
• Alaian Global telecommunications alliance bringing together Cellnex, KPN, MTN, NOS, Omantel, Orange, STC and Telefonica to collaborate with innovative startups; reaches more than one billion customers across 65 markets worldwide.
• Open Future Public-private open innovation platform fostering the creation and growth of local and regional entrepreneurial ecosystems; operates more than 20 innovation spaces across Spain and Hispam.
• Wayra Innovation Services Bespoke open innovation and corporate venture programmes designed and operated for Telefonica and other corporations, including services to identify startups, build custom innovation hubs, run CV programmes, pilot technologies through tech labs, and position brands in innovation ecosystems.

Quantifiable outcome

• €260M+ cumulative invested across 1,200+ startups since 2011
• +7 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

17 partnerships are on record, tiered flagship / parent, flagship / core operating partner, strategic ecosystem alliance, core open-innovation platform, flagship healthcare partnership, core healthcare accelerator co-lead, flagship tourism partnership, core programme co-lead, core programme partner, flagship technology partner, core ecosystem partner, core scaleup programme partners and programme partner.

• Telefónica (parent company)flagship / parentStrategic or Co-development PartnerTelefónica is Wayra's parent and operating partner. Wayra is officially Telefónica's Corporate Venture Capital and open-innovation arm; it serves Telefónica's business units through the venture-client model and aligns with Telefónica's 'Transform & Grow' strategy. Telefonica Open Innovation, S.L.U. is the registered legal entity. Relationship is bidirectional (Mutual).
• Vivo (Telefónica Brazil)flagship / core operating partnerStrategic or Co-development PartnerVivo is Telefónica's Brazilian operating company. Wayra acts as the CVC arm of Telefónica globally and of Vivo in Brazil, co-managing Vivo Ventures (a growth-stage fund focused on Brazilian B2C startups across healthcare, education, financial services, smart home, entertainment and marketplaces).
• Telefónica Seguros (via Íope Ventures)flagship / core operating partnerStrategic or Co-development PartnerÍope Ventures is Telefónica Seguros' investment vehicle, focused on backing Fintech and Insurtech startups; Wayra manages the asset-management mandate since 2022.
• Alaian alliance (Cellnex, KPN, MTN, NOS, Omantel, Orange, STC)strategic ecosystem allianceStrategic or Co-development PartnerAlaian is a global telecommunications innovation alliance bringing together leading industry players including Cellnex, KPN, MTN, NOS, Omantel, Orange, STC and Telefónica. The alliance reaches more than one billion customers across 65 markets worldwide to collaborate with innovative startups.
• Open Future platform partners (Spain & Hispam public-private ecosystem)core open-innovation platformGTM or Marketing PartnerOpen Future is a public-private open-innovation platform that fosters the creation and growth of local and regional entrepreneurial ecosystems. It operates more than 20 innovation spaces across Spain and Hispam in partnership with regional governments and public institutions.
• AstraZeneca Españaflagship healthcare partnershipStrategic or Co-development PartnerAstraZeneca España collaborates with Wayra (Telefónica's CVC) and Kunsen to run ACCIÓN, a healthcare accelerator programme. The February 2026 Pitch Day selected 8 winning startups (Synthetrial, MiMIAT Health, Chronity, Medsys AI, Amadix, Sycai Medical, DIABYUDA, CORSONIC) plus 4 healthcare professional winners. AstraZeneca's broader commitment has supported 200+ solutions and 19 startups impacting 350,000+ patients.
• Kunsencore healthcare accelerator co-leadStrategic or Co-development PartnerKunsen is a Spanish digital-health firm specialising in acceleration, investment and validation of startups with clinical impact. Co-leads the ACCIÓN accelerator with AstraZeneca España and Wayra. Since 2020 Kunsen has supported dozens of digital-health startups in Spain alongside leading healthcare-sector actors.
• Pfizer Foundation (and Pfizer)flagship healthcare partnershipStrategic or Co-development PartnerWayra, Pfizer and the Pfizer Foundation co-run Innomakers4Health, an annual innovation programme promoting healthcare entrepreneurship. BioPatch won the 7th edition in October 2025; a September 2025 call targeted disruptive solutions to accelerate biomarker adoption in clinical practice.
• TUI Care Foundationflagship tourism partnershipStrategic or Co-development PartnerTUI Care Foundation, in partnership with development agency Target 8.9 and Wayra Telefonica, launched TUI Futureshapers Spain — a two-year acceleration programme targeting overtourism, with 200 young entrepreneurs, 9+ startups, hackathons (Feb 26-27 at Campus 42), and three pathways (Ignite, Grow, Scale).
• Target 8.9 (TUI development agency)core programme co-leadStrategic or Co-development PartnerTarget 8.9 is a global development agency powered by the TUI Care Foundation dedicated to mobilising resources for sustainable tourism impact aligned with UN SDG 8.9; co-delivers TUI Futureshapers Spain with Wayra.
• INCIBE (Spain's National Cybersecurity Institute)core programme partnerStrategic or Co-development PartnerWayra and INCIBE run a programme focused on cybersecurity startups, designed to accelerate the development and adoption of their solutions. Listed as a current Open Call on wayra.com.
• Ciscoflagship technology partnerTechnology or IntegrationCisco is a leading technology collaborator for Telefónica's telecommunications servers and infrastructure. Listed both as a technology partner to Telefónica and as a Wayra innovation-services client in Brazil.
• Metaflagship technology partnerTechnology or IntegrationMeta is a leading technology collaborator for the Metaverse with Qualcomm and Telefónica; Wayra engages Meta for innovation-services collaborations.
• Qualcommflagship technology partnerTechnology or IntegrationQualcomm is a leading technology collaborator for the Metaverse with Meta and Telefónica; Wayra engages Qualcomm for innovation-services collaborations.
• BStartup (Banco Sabadell) and SeedRocketcore ecosystem partnerGTM or Marketing PartnerBStartup de Banco Sabadell, SeedRocket and Wayra co-organise Venture On the Road, an annual startup-discovery tour across Spanish cities (Granada, Asturias, Bilbao, Ceuta, Tenerife, Murcia, Vigo).
• Fundación Innovación Bankinter and Endeavorcore scaleup programme partnersGTM or Marketing PartnerWayra, Fundación Innovación Bankinter and Endeavor co-run Scaleup Spain (6th edition launching October 2025) to accelerate growth of Spanish scaleups via bootcamps and international expansion support.
• JETRO Madrid (Japan External Trade Organization)programme partnerStrategic or Co-development PartnerWayra was a key partner in the success of JETRO Madrid's XHUB Tokyo acceleration programme, contributing strategic guidance, deep ecosystem knowledge and close startup collaboration.

Scale indicators13 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Enel Innovation Hub: Enel's open-innovation and corporate venture arm, operating startup scouting, accelerator programmes, and CVC investments in energy, sustainability and digital — directly comparable to Wayra's energy-clients (Grupo Energía de Bogotá) and Telefónica Group structure.
• Plug and Play: Global accelerator and corporate venture platform running industry-specific programmes with enterprise partners and co-investing in startups; Plug and Play co-invested alongside Wayra in Cafler's $11M Series A, evidencing direct syndication overlap.
• KFund: Spanish early- and growth-stage VC that co-manages the $250M Leadwind deep-tech fund with Wayra, co-authored the Spain Tech Ecosystem Report 2025 with Wayra, and operates a comparable Spanish/European startup ecosystem thesis.
• BBVA Spark: Banco BBVA's innovation and venture arm investing in growth-stage startups and co-publishing ecosystem reports (Spain Tech Ecosystem Report 2025 alongside Wayra); directly comparable corporate-venture and open-innovation mandate in Spain.
• BStartup (Banco Sabadell): Banco Sabadell's startup-focused banking, investment and ecosystem platform that co-runs Venture On the Road with Wayra and SeedRocket — directly comparable Spanish corporate-startup engagement model.
• Techstars: Global accelerator and venture platform running industry-vertical programmes with enterprise partners and operating The Techstars Mobility and Techstars IoT accelerators — comparable accelerator-plus-corporate-partnership model to Wayra's programmes (ACCIÓN, Innomakers4Health, TUI Futureshapers).

Broad incumbents

• Samsung NEXT: Samsung's global CVC and open-innovation arm investing in AI, infrastructure, mobile and frontier tech — broader in scope and cheque size than Wayra, but directly comparable in function as a corporate-venture and venture-client operator.
• Intel Capital: One of the largest and longest-running corporate venture arms in technology, with a global portfolio and a focus on deep-tech, AI, cybersecurity and connectivity — directly overlapping Wayra's investment themes (AI, Cybersecurity, Advanced Connectivity).
• Salesforce Ventures: Salesforce's strategic investment arm backing enterprise and AI startups with a venture-client angle into the Salesforce ecosystem; a broader incumbent with a comparable corporate-venture-plus-startup-integration model.

Others

• Endeavor: Global high-impact entrepreneur support network that co-runs Scaleup Spain (6th edition) with Wayra and Fundación Innovación Bankinter — directly comparable Spanish/European scaleup-ecosystem role and partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Wayra
• YouTubeyoutube.com/user/wayraproject
• LinkedInlinkedin.com/company/wayra
• Instagraminstagram.com/wayra

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1153 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wayra