Bullnet Capital
Bullnet Capital is an independent Spanish venture capital firm founded in 2001 that invests exclusively in early-stage deep-tech startups based in Spain, across software, microelectronics, photonics, and medical devices, backing roughly 30 portfolio companies through four successive funds totaling approximately €93 million in AUM.
- Company typePrivate
- Founded2001
- HeadquartersPozuelo De Alarcón, Spain
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Bullnet Capital does
Bullnet Capital (legal entity: Bullnet Gestión SGEIC SA) is an independent Spanish venture capital firm founded in 2001 by Javier Ulecia and Miguel del Cañozo, both former engineers at Renault in France. The firm specializes exclusively in early-stage, deep-technology startups originated and headquartered in Spain, targeting proprietary, patent-protectable breakthroughs in software, electronic systems, microelectronics, photonics, and medical devices. Its investment process combines a roughly 10-month deep technical due-diligence track for Series A rounds of up to €6–7 million per company with a faster "proof of concept" convertible loan track of less than €500,000 per company, and Bullnet typically acts as lead investor alongside co-investors and business angels.\n\nThe firm has raised four successive fund vehicles — Bullnet Capital I (~€18–20M, closed March 2003), II (€30M, 2007), III (~€43M, 2015) and IV (2022, backed by InvestEU/NextGenerationEU) — supported across vintages by the European Investment Fund, InnovFin Equity (Horizon 2020/EFSI), and the InvestEU Programme, with cumulative AUM of approximately €93 million across the first three funds and roughly 30 portfolio companies invested to date. The 6-person team in Pozuelo de Alarcón (Madrid) provides hands-on strategic, managerial, and operational support including fundraising, IP protection, partnership introductions, headhunting, and legal contract assessment.\n\nBullnet generates returns through standard fund economics — annual management fees from limited partners plus carried interest on exits — and has realized six notable exits to date: Netspira to Ericsson (2005), Anafocus to e2v (2014), Oncovision's preclinical line to Bruker (2016), Zhilabs to Samsung (2018), Códice Software to Unity (2020), and Digital Legends Entertainment to Activision-Blizzard (2021). The current portfolio spans software (LeanXcale, Viewtinet, Zhilabs, Visure, MLCode, Enthec, Inspiration-Q, Katoid, ANYVERSE, Bitsphi), semiconductors/photonics (KDPOF, Anafocus, Wooptix, Quside, Leapwave, AGPhotonics), systems (UAV Navigation, Oncovision, Fyla, Sphere, Multiwave, 2eyesVision, Bioherent, Mapsi Photonics, Inmersia) and videogames (Digital Legends, Arvirago).
Bullnet Capital firmographics
Firmographics- Name
- Bullnet Capital
- Legal name
- Bullnet Gestión SGEIC SA
- Website
- https://bullnetcapital.com
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Bullnet Capital is an independent Spanish venture capital firm founded in 2001 that invests exclusively in early-stage deep-tech startups based in Spain, across software, microelectronics, photonics, and medical devices, backing roughly 30 portfolio companies through four successive funds totaling approximately €93 million in AUM.
- Ownership category
- akta.pro rank
Bullnet Capital industry classification
Industry- Product category
- Venture Capital (Deep-Tech)
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
- akta.pro secondary industry
- Strategic / Balance-Sheet CVC (On-balance-sheet investing) (FSANAHAA)
Keywords
Where Bullnet Capital is headquartered
LocationHeadquarters
- HQ city
- Pozuelo De Alarcón
- HQ country
- Spain
- HQ region
- Europe
Offices1 record
Markets served
Bullnet Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Fund Management & Capital Gains: As a venture capital firm, Bullnet Capital generates returns through fund management fees from limited partners and capital gains (carried interest) on successful exits of portfolio companies. Realized exits include Samsung acquiring Zhilabs (October 2018), Ericsson acquiring Netspira (June 2005), e2v acquiring Anafocus (August 2014), Unity acquiring Codice (August 2020), and Bruker acquiring Oncovision's preclinical product line (November 2016).
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Bullnet Capital product offering
Product offeringCore offering
Bullnet Capital is an independent Spanish venture capital firm that manages a series of successive funds (Bullnet Capital I through IV) investing exclusively in early-stage high-tech start-ups based in Spain. The firm provides equity capital, hands-on strategic/managerial/operational support, and deep technical due diligence to portfolio companies developing proprietary breakthrough technologies in software, semiconductors, electronic systems, photonics, and medical devices.
Product overview
Bullnet Capital (legally Bullnet Gestión SGEIC SA) is a Spanish independent venture capital firm that offers a portfolio of venture capital funds — Bullnet Capital I, II, III, and IV — specialized in early-stage high-technology Spanish start-ups. Rather than a single unified technology product, its core offering is a series of successive funds that provide capital, strategic, and managerial hands-on support to investee companies. Investments target proprietary breakthrough technologies across software (e.g., LeanXcale, Viewtinet, Zhilabs, Visure, MLCode, Enthec, Inspiration-Q, Katoid, ANYVERSE, Bitsphi), semiconductors (e.g., KDPOF, Anafocus, Wooptix, Quside, Leapwave, AGPhotonics), systems (e.g., UAV Navigation, Oncovision, Fyla, Sphere, Multiwave, 2eyesVision, Bioherent, Mapsi Photonics, Inmersia) and videogames (e.g., Digital Legends, Arvirago). The funds are supported by the European Investment Fund through InnovFin Equity, EFSI, and the InvestEU Programme, and operate under the Spanish Plan de Recuperación, Transformación y Resiliencia (NextGenerationEU).
Differentiator
Problem solved
Functional benefit
Products and services
- Bullnet Capital I (Fund I) Bullnet Capital's first venture capital fund, established in 2002 and closed in March 2003, that made five early-stage equity investments in Spanish technology start-ups. The fund is now fully divested.
- Bullnet Capital II (Fund II) Bullnet Capital's second venture capital fund, established in 2007 and closed at 30 million euros, that completed six investments in Spanish high-tech startups during its investment term ending in 2012.
- Bullnet Capital III (Fund III) Bullnet Capital's third venture capital fund, established in 2015 with approximately 43 million euros in size, introducing convertible 'proof of concept' loans of less than 500K euros with potential total investment up to 6-7 million euros per company, alongside series-A rounds.
- Bullnet Capital IV (Fund IV) Bullnet Capital's fourth fund, supporting the firm's continued investment in early-stage high-technology Spanish start-ups across software, semiconductors, electronic systems, photonics, and medical devices. Backed by the InvestEU Fund with EU NextGenerationEU/Plan de Recuperación, Transformación y Resiliencia financing.
- Series-A Equity Investment (Lead Investor) Lead equity investment in Spanish high-tech startups at series-A stage, with individual round sizes of up to 6-7 million euros per company and a typical ~10-month deep technical due diligence process. Bullnet typically acts as lead investor and co-invests alongside other funds and business angels.
- Proof-of-Concept Convertible Loan 'Fast track' convertible loan product of less than 500K euros per company, completed in approximately 4 months, designed to validate a startup's technology and team before a larger series-A investment.
Quantifiable outcome
- Five successful exits realized: Samsung acquired Zhilabs (October 2018), Ericsson acquired Netspira (June 2005), e2v acquired Anafocus (August 2014), Unity acquired Codice (August 2020), and Bruker acquired Oncovision's preclinical product line (November 2016).
- +1 more outcomes
Companies that use Bullnet Capital
Customer profileSegments1 record
Ideal customer profiles1 record
Bullnet Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Bullnet Capital partnerships and signals
Strategic signalScale indicators7 records
Recent moves6 records
Expansion highlights5 records
Bullnet Capital competitors and assessment
Company assessmentDirect peers
- Kibo Ventures: Spain-based early-stage venture capital firm investing in Spanish and European technology startups with a similar mid-size fund model and focus on tech founders. Directly comparable to Bullnet on geography, stage, and check size.
- Caixa Capital Risc: Venture capital arm of 'la Caixa', one of Spain's largest institutional investors in early-stage tech companies. Comparable to Bullnet in Spanish focus and deep-tech orientation, with similar institutional LP backing.
- Inveready: Spanish alternative investment manager with multiple early-stage tech and deep-tech vehicles operating across Spain. Comparable to Bullnet on multi-fund Spanish-focused structure and technology sector emphasis.
- JME Ventures: Madrid-based early-stage venture capital firm investing in Spanish tech founders with a portfolio of approximately 100 companies. Closely comparable to Bullnet on Spanish focus and early-stage tech mandate.
- Active Venture Partners: Spanish venture capital firm focused on early-stage technology companies, with a similar size and stage profile to Bullnet. Directly comparable on geography, sector focus, and check size.
- Demium: Spain-based early-stage investor and startup builder with tech-focused funds. Comparable to Bullnet on Spanish focus, early-stage orientation, and involvement in supporting founders operationally.
Broad incumbents
- Wayra (Telefónica Ventures): Corporate venture arm of Telefónica operating a global startup accelerator network with a strong Spanish presence. Comparable as a Spanish tech investor, though broader in scope (telecom/consumer) and corporate-backed rather than independent.
- CDTI (Centro para el Desarrollo Tecnológico e Industrial): Spanish public R&D funding body that co-invests alongside Bullnet in deals such as 2EyesVision. Comparable as a Spanish deep-tech capital provider, though not a private VC fund and offering grants/debt rather than equity-led investing.
Regional players
- Vsquared Ventures: Munich-based deep-tech venture capital firm investing across Europe in breakthrough science and engineering. Comparable to Bullnet on deep-tech thesis and lead-investor model, though pan-European rather than Spain-only.
- Speedinvest: Vienna-based European early-stage venture capital firm with sector-focused funds in deep-tech, fintech, and industrial tech. Comparable to Bullnet on early-stage tech investing and multi-fund structure, though pan-European and larger in scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Bullnet Capital social profiles
Digital presenceBullnet Capital compliance and trust
Trust signalCompliance2 records
Bullnet Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bullnet Capital leadership team
Management profileNumber of profiles
Profiles6 records
Bullnet Capital subsidiaries and ownership
Company hierarchySubsidiaries4 records
Bullnet Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bullnet Capital M&A and investment
M&A and investmentM&A
Investments51 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bullnet Capital
What does Bullnet Capital do?
Bullnet Capital is an independent Spanish venture capital firm that manages a series of successive funds (Bullnet Capital I through IV) investing exclusively in early-stage high-tech start-ups based in Spain. The firm provides equity capital, hands-on strategic/managerial/operational support, and deep technical due diligence to portfolio companies developing proprietary breakthrough technologies in software, semiconductors, electronic systems, photonics, and medical devices.
Is Bullnet Capital a public or private company?
Bullnet Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Bullnet Capital founded?
Bullnet Capital was founded in 2001. It employs 1 to 10 people.
Where is Bullnet Capital based?
Bullnet Capital is headquartered in Pozuelo De Alarcón, Spain, in the Europe region.
How does Bullnet Capital make money?
One revenue line is on record: fund Management & Capital Gains.
Who are Bullnet Capital's main competitors?
Direct peers on record are Kibo Ventures, Caixa Capital Risc, Inveready, JME Ventures, Active Venture Partners and Demium. Broad incumbents are Wayra (Telefónica Ventures) and CDTI (Centro para el Desarrollo Tecnológico e Industrial). Regional players are Vsquared Ventures and Speedinvest.
Does Bullnet Capital have an API?
No public API is recorded for Bullnet Capital.
What industry is Bullnet Capital in?
Bullnet Capital's product category is Venture Capital (Deep-Tech). Its primary akta.pro industry code is FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing, with a secondary code of FSANAHAA, Strategic / Balance-Sheet CVC (On-balance-sheet investing). Its NAICS code is 523940 and its SIC code is 6282.