What Clave Capital does

Clave Capital (legal entity CLAVE MAYOR S.G.E.I.C., S.A.) is a Spanish venture capital firm founded in 2002 and headquartered in Pamplona, with additional offices in Madrid, Barcelona, and Valencia. The firm specializes in technology-transfer investing and manages a diversified portfolio of CNMV-registered closed-end funds targeting university spin-offs, early-stage startups, and industrial SMEs, with thematic concentration in health/biotech, food tech, deep tech, industrial growth, and renewable energy. Since inception Clave has completed over 90 investments and in 2025 closed €12M of new and follow-on capital deployment across 12 new deals and 23 follow-on rounds while realizing 5 exits at an average 4.0x multiple after a 5.5-year average holding period.

The firm operates a multi-vehicle fund structure rather than a unified product platform: Clave Innohealth (€80M, health-tech transfer); Tech Transfer Agrifood (€15.2M, agri-food sector); UN I+D+I Technology Transfer FCR (€8.5M, with Universidad de Navarra); Tech Transfer UPV FCR (€3.9M, the first tech-transfer fund at a Spanish public university, with UPV); Navarra Tech Transfer FCR (€4.7M, with Sodena/Government of Navarra); Mondragón Fondo de Promoción FCR (€15M, with Mondragón Group); and two CM Solar photovoltaic vehicles (€25M and €21.5M, totaling ~58 MW of installed and pipeline capacity). The firm is currently raising a new €80M vehicle and attracting co-investment from CDTI via its INNVIERTE instrument (up to €40M committed).

Revenue is generated through two channels: recurring fund management fees on committed/deployed AUM (currently over €100M across active funds) and carried interest on successful exits. Distribution relies on direct deal sourcing via institutional partnerships with Spanish universities (Universidad de Navarra, UPV), public research centers, regional and national government entities (CDTI, Sodena, FondICO/Axis), and corporate partners (Mondragón Group, Arteche, Ceva). Leadership is anchored by President/CEO José Javier Armendáriz, with a partner and board group blending senior public-sector, multinational corporate, and venture-capital backgrounds.

Name

Clave Capital

Legal name

CLAVE MAYOR S.G.E.I.C., S.A.

Website

http://clave.capital/

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

Clave Capital is a Pamplona-based Spanish venture capital firm founded in 2002, managing €100M+ across specialized CNMV-registered funds that invest in university technology-transfer spin-offs and SMEs across health, food tech, deep tech, industrial growth, and renewable energy.

Ownership category

akta.pro rank

Headquarters

HQ city

Pamplona

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Clave Capital earns recurring management fees from the funds they manage, including Tech Transfer Agrifood (€15.2M), UN I+D+I Technology Transfer FCR (€8.5M), Tech Transfer UPV FCR (€3.9M), Navarra Tech Transfer FCR (€4.7M), Clave Innohealth (€80M), Mondragón Fondo de Promoción FCR (€15M), and solar energy funds (€25M and €21.5M).
2. Carried Interest / Success Fees: The firm generates returns through carried interest on successful exits. In 2025, they completed 5 divestments with an average capital multiple of 4.0x after an average holding period of 5.5 years.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Clave Capital is a Spanish venture capital fund manager that manages multiple specialized CNMV-registered investment funds. The firm provides early-stage capital and strategic support to technology transfer projects (health, medtech, ehealth, nutrition, biotech, food tech), growth capital to industrial SMEs, and equity to renewable energy (photovoltaic) projects. It sources deal flow through partnerships with Spanish universities and research institutions and manages over €100M across its fund vehicles.

Product overview

Clave Capital operates as a venture capital firm managing a diversified portfolio of investment funds and vehicles rather than a unified product platform. The offering consists of multiple specialized investment funds targeting different sectors and stages: Tech Transfer Agrifood (agrifood sector), UN I+D+I Technology Transfer and Tech Transfer UPV (university technology transfer), Navarra Tech Transfer (Navarra region tech companies), Clave Innohealth (health/biosanitary sector with €80M fund), Mondragón Fondo de Promoción (Mondragón Group ecosystem), CM Solar funds (photovoltaic energy), and CM Corp (industrial SMEs). These funds collectively manage over €135 million across technology transfer, health, food tech, industrial growth, and renewable energy sectors.

Differentiator

Problem solved

Functional benefit

Brands

• Tech Transfer Agrifood: Investment platform specialized in the agri-food sector facilitating connection between demand and technology supply
• Clave Innohealth
• CM Solar FCRE
• CM Solar II FCRE
• CM Corp
• UN I+D+I Technology Transfer FCR
• Navarra Tech Transfer FCR
• Tech Transfer UPV FCR
• Mondragón Fondo de Promoción FCR

Products and services

• Tech Transfer Agrifood Investment platform specializing in the agrifood sector that facilitates connections between technological demand and supply, providing access to high-impact technologies and entrepreneurs validated by experts. Fund size approximately €15.2M.
• UN I+D+I Technology Transfer FCR Fund promoted jointly by Universidad de Navarra and Clave Capital, investing in early-stage technology transfer projects from the University of Navarra ecosystem with €8.5M in assets.
• Tech Transfer UPV FCR

Quantifiable outcome

• 5 divestments with 4.0x average multiple over 5.5 year holding period
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and important.

• Universidad de NavarracoreStrategic or Co-development PartnerJoint promotion of UN I+D+I Technology Transfer FCR fund (€8.5M), established November 2015, to invest in early-stage technology transfer projects from the University of Navarra's research ecosystem. Also participates in Clave Innohealth fund targeting biosanitary research.
• Universitat Politècnica de València (UPV)coreStrategic or Co-development PartnerTech Transfer UPV FCR (€3.9M) is the first technology transfer fund promoted at a Spanish public university, supported by the UPV Social Council. Provides financing and support for UPV researchers and entrepreneurs commercializing technology.
• Mondragón Grupo CooperativoimportantStrategic or Co-development PartnerMondragón Fondo de Promoción FCR (€15M) targets 25-30 technology-based companies in areas of interest to Mondragón cooperatives including industry, automotive, B2B solutions, and health. Clave Capital serves as first registered fund investor entering these companies.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Heran Partners: Spanish biotech/healthcare VC that led Pharmacelera's €6M Series A alongside Clave. Directly comparable in stage, sector focus, and Spanish academic spin-off deal flow.
• Inveready Asset Management: Spanish VC firm that co-invested with Clave in Pharmacelera's €6M Series A. Operates multiple early-stage and growth funds across tech and life sciences with comparable cheque sizes and Spanish university spin-off exposure.
• Caixa Capital Risc: Spanish VC arm of La Caixa with similar early-stage tech transfer and life sciences investing. Notable because multiple Clave team members previously worked there, indicating tight talent overlap in the Spanish VC market.
• Bio&Tech Smart Capital: Spanish biotech-focused VC that co-invested with Clave in Pharmacelera. Highly comparable as a sector-specialized early-stage investor in Spanish life sciences spin-offs.
• Bullnet Capital: Spanish deep tech VC investing in university spin-offs and tech transfer projects. Operates at similar stage and ticket sizes to Clave's tech transfer vehicles.
• Seaya Ventures: Spanish VC firm backing technology-driven startups. Comparable in early-to-growth stage focus and Spanish/European portfolio construction, though more oriented to consumer/digital than deep tech transfer.
• K Fund: Spanish early-stage VC investing across software, marketplaces, and emerging tech. Comparable fund size and Spanish early-stage deal flow, though less specialized in university tech transfer.
• Adara Ventures: Spanish deep tech VC backing B2B and industrial-tech spin-offs. Comparable in focus on technology transfer from Spanish research institutions and early-stage industrial SMEs.

Regional players

• Sodena (Sociedad de Desarrollo de Navarra): Government of Navarra development agency that is both a key LP (Navarra Tech Transfer FCR) and a regional investor in Navarra-based startups. Functions as a regional peer/partner alongside Clave in the same geography.

Broad incumbents

• CDTI (Centro para el Desarrollo Tecnológico Industrial): Spanish national innovation agency providing both direct co-investment (INNVIERTE) and broader development finance. Acts as a major LP committing up to €40M to Clave's funds while also investing independently across Spanish deep tech.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/clavecapital-327273831515987
• LinkedInlinkedin.com/company/clave-capital/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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

M&A

Investments72 records

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

Frequently asked questions about Clave Capital