Encomenda VC

What Encomenda VC does

Encomenda VC (legal entity ENCOMENDA CAPITAL PARTNERS SGEIC, S.A., Barcelona) is a regulated Spanish venture capital manager operating three seed-stage funds: Encomenda Seed 2 (€42M+ committed, target €40-55M, with €9.5M from public entity SETT via Next Tech/NextGenerationEU and €30M+ from family offices and private investors), N Ventures 1 Incubación (a venture-builder vehicle with Nuclio, €150K initial + up to €0.5M follow-on per company), and Palladium Corporate Ventures (a corporate vehicle with Palladium Hotel Group focused on travel/hospitality/leisure). The firm invests at pre-seed and seed stages in technology-driven Spanish startups with international ambition, deploying €100-500K initial tickets with multistage follow-on up to €2-3M per company, across SaaS, AI, blockchain, marketplaces, cybersecurity, edtech, healthtech, proptech, traveltech, and mobility. Underlying technology is standard digital infrastructure — WordPress corporate site, Google reCAPTCHA, Snowplow analytics, a Valuat-powered LP portal at encomenda.valuat.com/access, and a structured online founder pitch intake form — with no proprietary investment technology platform disclosed.

Encomenda's business model rests on three revenue streams: management fees on committed/managed capital across its three regulated funds, carried interest from successful portfolio exits, and LP capital commitments called over several years (minimum ticket €100,000 with co-investment permitted). Distribution combines direct LP relationship sales by General Partners with self-serve founder pitch intake and event-driven sourcing, while 60% of deal flow originates from the firm's professional and investor network. The firm is regulated by CNMV and SEPBLAC, is a PRI signatory, and discloses sustainability information under Article 8 of the SFDR. The current legal entity was formed via the 2023 acquisition of Nekko Capital SGEIC SA, which brought Mercè Tell in as General Partner & COO and originated Encomenda Seed II; the senior team is composed of former serial founders and operators led by Carlos Blanco (President & CEO).

Name

Encomenda VC

Legal name

ENCOMENDA CAPITAL PARTNERS SGEIC, S.A.

Website

https://encomenda.one

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Encomenda VC is a Barcelona-based, CNMV-regulated seed-stage venture capital firm managing three funds (Encomenda Seed 2, N Ventures 1 Incubación, Palladium Corporate Ventures) with €42M+ committed, investing €100K-500K plus follow-on in pre-seed and seed Spanish technology startups across SaaS, AI, blockchain, and vertical software.

Ownership category

akta.pro rank

Product category

Seed-stage Venture Capital Fund Management

NAICS

Other Financial Vehicles (525990), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Seed venture capital
• Pre-seed investments
• Technology startup funding
• Venture fund management
• Early-stage equity investing

Headquarters

HQ city

Barcelona

HQ country

Spain

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management fees on fund AUM: Standard VC management fees charged on committed/managed capital across three regulated funds (Encomenda Seed 2, N Ventures 1 Incubación, Palladium Corporate Ventures), regulated by CNMV and SEPBLAC.
2. Carried interest / Fund returns: Performance-based returns from successful portfolio exits. Multistage investment approach concentrates 75-80% of capital in the highest-potential portfolio companies, with 5 of the first 15 Seed II investments having appreciated >70% in less than a year.
3. LP capital commitments / Capital calls: Capital called from LPs (family offices, private investors, public entities like SETT) over several years as investments and follow-ons are deployed. Minimum LP ticket €100,000.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Encomenda VC is a Barcelona-based seed-stage venture capital firm that invests in pre-seed and seed technology-driven startups primarily in Spain, with tickets of €100K–€500K and follow-on up to €3M per company, across three regulated fund vehicles (Encomenda Seed 2, N Ventures 1 Incubación, Palladium Corporate Ventures). The firm positions itself as "for entrepreneurs by entrepreneurs," combining entrepreneur-led smart capital with multistage support from pre-seed to Series B, a network of 9 Venture Partners, and access to roughly 90% of Spanish dealflow.

Differentiator

Problem solved

Functional benefit

Brands

• Encomenda Seed 2: Entrepreneur-led VC fund with entrepreneurial LPs and a focus on the best entrepreneurs, investing from pre-seed to Series A mainly in Spain, with ticket size of €100-500K plus follow-on of €2-3M per company. Capitalised by SETT.
• N Ventures 1 Incubación
• Palladium Corporate Ventures

Products and services

• Encomenda Seed 2 Entrepreneur-led VC fund with entrepreneurial LPs focused on the best pre-seed and seed stage technology founders; invests from pre-seed to Series A mainly in Spain, with ticket size of €100K–€500K plus follow-on of €2M–€3M per company; sector-agnostic across SaaS, AI, blockchain, deep tech and other verticals. Capitalised by SETT (Sociedad Española para la Transformación Tecnológica) through the Next Tech facility under NextGenerationEU.
• N Ventures 1 Incubación Fund focused on supporting startups launched by the Nuclio Venture Builder; invests at pre-seed and seed stages with €150K initial tickets plus follow-on up to €0.5M per company. Co-created with Nuclio Venture Builder.
• Palladium Corporate Ventures Corporate VC fund focused on bringing innovation in travel, hospitality and leisure to the Palladium Hotel Group. Co-created with Palladium Hotel Group.
• Encomenda Seed 1 Original Encomenda seed fund, launched in 2017, focused on giving maximum returns to investors and investing in the best seed stage founders. Supported more than 40 companies and analyzed more than 6,000 digital projects over its lifetime.

Quantifiable outcome

• 5 of the first 15 Encomenda Seed II investments appreciated more than 70% in less than a year
• +4 more outcomes

Named customers3 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

Integration5 records

Feature2 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and minor.

• Nuclio Venture BuilderflagshipStrategic or Co-development PartnerStrategic partner behind the N Ventures 1 Incubación fund, dedicated to supporting startups launched by Nuclio (pre-seed and seed, €150K initial + up to €0.5M follow-on per company). Portfolio includes TDB House, Joblanders, Peimi, Panggea, KomboAI, Nuclio Founders, Clar Global AB, Tranxfer, and FoodieFame. Ernest Sánchez (Blockchain & Fintech Venture Partner) co-founded Nuclio and launched 20+ projects including Kintai and KomboAI.
• Palladium Hotel GroupflagshipStrategic or Co-development PartnerCorporate partner behind the Palladium Corporate Ventures fund, focused on bringing innovation in travel, hospitality and leisure to the Palladium Group. Portfolio includes Immfly, Exoticca, Premiumguest, Essentialist, Tipsipos, AERVIO, Minube, BuscoExtra, and Fudeat.
• CaixaBank DayOnecoreGTM or Marketing PartnerHost of the 4YFN 2026 stand where Investment Director Mario Brassesco delivered the keynote on 'Agent-Enriched', 'Agent-Enabled' and 'Outcome-Based' AI company archetypes. Provided stage and audience for Encomenda's thought leadership on agentic AI and SaaS evolution.
• Osborne ClarkecoreImplementation/ SI/ Consulting PartnerLegal partner at Portfolio Day 2026: David Miranda shared practical learnings on legal challenges of international expansion alongside Eduardo Sánchez (ICEX), Iván Jiménez (Nuclio Talent), Javier Arambarri (Pulpo), and Javier Darriba (Encomenda).
• ICEX (Spain Trade and Investment)coreGTM or Marketing PartnerPublic partner at Portfolio Day 2026: Eduardo Sánchez (ICEX) shared insights on international expansion with Encomenda's portfolio companies.
• Nuclio TalentcoreGTM or Marketing PartnerTalent acquisition specialist in the digital industry. Iván Jiménez (Nuclio Talent) presented at Portfolio Day 2026 alongside ICEX, Osborne Clarke, and Pulpo on international expansion for Encomenda's portfolio companies.
• PulpominorImplementation/ SI/ Consulting PartnerJavier Arambarri (Pulpo) shared market selection and growth strategy insights at Encomenda's Portfolio Day 2026 dedicated to internationalization.
• CNMV (Comisión Nacional del Mercado de Valores)coreOthersSpanish securities regulator overseeing both the management company (Encomenda Capital Partners SGEIC, S.A.) and the funds/entities under its management. Key Investor Documents (KID) for Encomenda Seed 2A FCRE and Encomenda Seed 2B FCRE SA are filed with the CNMV.
• SEPBLAC (Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias)coreOthersSpanish anti-money laundering regulator overseeing Encomenda Capital Partners SGEIC, S.A. and the funds/entities under its management.
• PRI (Principles for Responsible Investment)coreOthersSignatory of the UN-backed Principles for Responsible Investment. Encomenda has published a formal Responsible Investment (ESG) Policy and discloses sustainability-related information under Article 8 of the SFDR.
• The Gap in Between (Valencia)minorGTM or Marketing PartnerEvent partner at 'The Gap in Between' held October 20 at La Marina de Valencia, focused on impact innovation, investment and scalable solutions for social, economic and environmental challenges across Europe.
• Madrid Health HubminorGTM or Marketing PartnerEvent partnership at 'Madrid Health Hub — Where Health Innovation Meets Capital' on June 25, connecting healthtech startups with investors and financing opportunities.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Adara Ventures: Adara Ventures is a Spanish/European early-stage B2B tech VC investing from seed to Series A. Comparable to Encomenda on stage, B2B SaaS / enterprise tech focus and Spanish roots.
• JME Ventures: JME Ventures is a Madrid-based Spanish VC fund focused on early-stage technology investments. Highly comparable to Encomenda in stage (seed/Series A), geography (Spain) and target founder profile.
• Bonsai Partners: Bonsai Partners is a Barcelona-based early-stage VC investing in seed and Series A rounds across Spanish and Southern European startups. Comparable geographic anchor (Barcelona), stage focus and sector-agnostic seed thesis.
• 4Founders Capital: 4Founders Capital is a Spanish early-stage VC investing in pre-seed and seed technology companies led by experienced operators. Comparable to Encomenda on stage, founder-led positioning and Spanish focus.
• Kfund: Kfund is a Spanish early-stage VC firm investing in seed and pre-seed technology startups across Spain and Europe. Directly comparable to Encomenda given similar stage focus, Spain-centric geography and entrepreneur-led positioning.
• Samaipata: Samaipata is a pan-European early-stage VC with strong Spanish roots and a founder-led investment approach. Comparable to Encomenda on stage, sector focus (marketplaces, SaaS, vertical tech) and entrepreneur-first culture.
• Cabiedes & Partners: Cabiedes & Partners is one of Spain's most active seed-stage VC firms with a portfolio largely in Spanish tech startups. Directly comparable on stage, sector focus and Spanish geographic footprint.

Broad incumbents

• Nauta Capital: Nauta Capital is a larger pan-European early-stage VC with a strong Spanish presence and broader geographic reach than Encomenda. Comparable on B2B SaaS / deep tech focus but operates at a larger fund size and more international mandate.

Regional players

• Criteria Venture Tech: Criteria Venture Tech is the corporate venture arm of "la Caixa" investing in Spanish tech startups. Comparable as a Spain-based investor in early-stage tech, but operates with corporate balance-sheet capital rather than third-party fund LPs.

Others

• Nuclio Venture Builder: Nuclio is a Barcelona-based venture builder and a strategic partner of Encomenda via the N Ventures 1 Incubación fund. Comparable as a deal-generation partner rather than a competitor; feeds Encomenda's pre-seed pipeline.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Customer concentration

• Xx.com/encomendavc
• YouTubeyoutube.com/@EncomendaCapitalPartners
• LinkedInlinkedin.com/company/10810610
• Instagraminstagram.com/encomendavc/?hl=es
• Facebookfacebook.com/encomendavc

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments73 records

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

Frequently asked questions about Encomenda VC