Athos Capital
Athos Capital is a Madrid-based early-stage venture capital firm founded in 2016 that invests seed and pre-seed capital in Spanish technology startups across AI, fintech, SaaS, and marketplaces, operating three fund vintages and a 40+ company portfolio.
- Company typePrivate
- Founded2016
- HeadquartersMadrid, Spain
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Athos Capital does
Athos Capital is a Madrid-headquartered, early-stage venture capital firm founded in 2016 that invests seed and pre-seed capital into Spanish technology startups. The firm operates through three fund vehicles — Fund I (2017), Fund II (2021), and Fund III (2026) — and since inception has backed more than 40 portfolio companies across AI, design and content creation, fintech, B2B marketplaces, and SaaS, with offices in Madrid and Barcelona. Notable investments include Genially, Lingokids, Penpot, Acoru, Sycai Medical, and Spacebackend, and the firm has realized exits from restb.ai, Unnax, ElectronicID, and others.
The firm's go-to-market is relationship-led rather than platform-driven: deal flow is sourced almost entirely through inbound warm introductions from the partners' professional networks, supported by a website and a Valuat-based LP investor portal. Athos is registered as ATHOS CAPITAL SGEIC, S.A. in the Mercantile Registry of Madrid (CIF A-66899279) and is subject to the EU SFDR sustainability disclosure regime, under which it integrates sustainability risk into its investment due diligence while focusing on the digital economy sector.
The business model follows standard European VC economics: Athos raises capital from institutional LPs into its fund vehicles and generates revenue through management fees on committed/invested capital plus carried interest on realized exits. The team comprises three partners (Fernando Castiñeiras, Juan Filiberto Martínez, Robert Tomas) plus finance and operations staff, totaling five people, with co-investment syndicates formed with other European micro-VCs (Bynd Venture Capital, Draper B1, 33N Ventures, Adara Ventures) and non-dilutive partners such as the Luxembourg Space Agency.
Athos Capital firmographics
Firmographics- Name
- Athos Capital
- Legal name
- ATHOS CAPITAL SGEIC, S.A.
- Website
- https://athos-cap.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Athos Capital is a Madrid-based early-stage venture capital firm founded in 2016 that invests seed and pre-seed capital in Spanish technology startups across AI, fintech, SaaS, and marketplaces, operating three fund vintages and a 40+ company portfolio.
- Ownership category
- akta.pro rank
Athos Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Financial Vehicles (52599)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Managed Account / SMA Multi-Manager Platforms (FSANAGAL)
Keywords
Where Athos Capital is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices3 records
Markets served
Athos Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure
Revenue model
- Investment Returns and Exit Proceeds: Athos Capital generates returns through equity ownership in portfolio companies. Returns are realized through exits via acquisitions (trade sales) or IPOs. The firm has achieved multiple successful exits including restb.ai, Unnax, ElectronicID, and others from previous funds.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels3 records
Athos Capital product offering
Product offeringCore offering
Athos Capital is an early-stage venture capital firm that provides seed and pre-seed equity capital to Spanish software and technology startups. The firm operates through successive fund vehicles (Athos Capital Fund I, Fund II, and Fund III) and supports founders with capital and hands-on relationship-driven guidance rather than a platform/operations model. Returns are generated through equity ownership and exits via acquisitions or IPOs.
Differentiator
Problem solved
Functional benefit
Products and services
- Athos Capital Fund I Venture capital fund launched in 2017 that invests in early-stage Spanish software and technology companies through seed and pre-seed equity rounds.
- Athos Capital Fund II Venture capital fund launched in 2021 that invests in seed and pre-seed rounds in Spanish software and technology companies.
- Athos Capital Fund III Venture capital fund launched in 2026 that focuses on early-stage software and technology investments in Spain, continuing the firm's seed and pre-seed strategy.
Quantifiable outcome
- 40+ teams backed since 2016
- +1 more outcomes
Companies that use Athos Capital
Customer profileNamed customers6 records
Segments2 records
Ideal customer profiles2 records
Athos Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Athos Capital partnerships and signals
Strategic signalScale indicators3 records
Recent moves5 records
Expansion highlights4 records
Athos Capital competitors and assessment
Company assessmentDirect peers
- Swanlaab Venture Factory: Madrid-based early-stage VC with a B2B SaaS and digital focus, comparable to Athos on stage, geography, and portfolio-construction approach.
- Seaya Ventures: Spanish early-to-growth VC investing across Iberia in digital and tech-enabled businesses, overlapping with Athos on Spanish founder relationships and digital economy thesis.
- Adara Ventures: Spain-based early-stage VC investing in deep tech and enterprise software; co-invested with Athos in Acoru's Series A and shares the same Spanish digital economy thesis.
- K Fund: Madrid-based early-stage VC investing in Spanish and Southern European software startups, with comparable fund size, seed-stage focus, and inbound-driven sourcing approach.
- JME Ventures: Madrid-headquartered seed and Series A investor in Spanish software startups; directly comparable on stage, geography, and ticket size to Athos.
- Encomenda Smart Capital: Spanish early-stage VC backing digital founders from seed through Series A; comparable mandate, geographic focus, and LP base structure to Athos.
- Bynd Venture Capital: Spain-focused seed VC that co-invested with Athos in Spacebackend's €1.8M pre-seed; directly comparable on stage, geography, and sector focus.
Broad incumbents
- Wayra: Telefónica's global corporate venture arm operating a major early-stage program in Spain; broader incumbent with overlapping Spanish startup deal flow but a corporate-strategy mandate rather than pure financial returns.
Regional players
- Criteria Venture Capital: Barcelona-based venture arm of CriteriaCaixa investing in Spanish and Southern European startups; comparable on geography but larger, later-stage, and backed by a single major LP.
Emerging players
- 33N Ventures: European VC specializing in cybersecurity and infrastructure software that led Acoru's €10M Series A alongside Athos; partial overlap given its narrower sector mandate and broader European footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Athos Capital social profiles
Digital presenceAthos Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Athos Capital leadership team
Management profileNumber of profiles
Profiles5 records
Athos Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Athos Capital M&A and investment
M&A and investmentM&A
Investments50 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Athos Capital
What does Athos Capital do?
Athos Capital is an early-stage venture capital firm that provides seed and pre-seed equity capital to Spanish software and technology startups. The firm operates through successive fund vehicles (Athos Capital Fund I, Fund II, and Fund III) and supports founders with capital and hands-on relationship-driven guidance rather than a platform/operations model. Returns are generated through equity ownership and exits via acquisitions or IPOs.
Is Athos Capital a public or private company?
Athos Capital is a private company. It is classified as management employee owned and is currently operating.
When was Athos Capital founded?
Athos Capital was founded in 2016. It employs 1 to 10 people.
Where is Athos Capital based?
Athos Capital is headquartered in Madrid, Spain, in the Europe region.
How does Athos Capital make money?
One revenue line is on record: investment Returns and Exit Proceeds.
Who are Athos Capital's main competitors?
Direct peers on record are Swanlaab Venture Factory, Seaya Ventures, Adara Ventures, K Fund, JME Ventures, Encomenda Smart Capital and Bynd Venture Capital. Wayra is listed as a broad incumbent. Criteria Venture Capital is listed as a regional player. 33N Ventures is listed as an emerging player.
Does Athos Capital have an API?
No public API is recorded for Athos Capital.
What industry is Athos Capital in?
Athos Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAGAL, Managed Account / SMA Multi-Manager Platforms. Its NAICS code is 52599 and its SIC code is 6282.