Going Investment S.A.

What Going Investment S.A. does

Going Investment S.A. is a private equity and venture capital firm incorporated in 1998 in Zaragoza, Spain, that invests in medium-sized SMEs (Spanish "Pymes Medianas"). The firm deploys €3M–€10M per transaction, targets a 4–5 year holding period, takes a majority stake, and explicitly excludes regulated sectors. Its stated investment criteria target companies with average turnover above €10M and EBITDA above €1M. Across 37 historical operations the firm has accumulated more than €150M in business asset value under management, opened external capital management in 2004 (reaching €60M under management from institutions, financial entities, and private investors), and targets a 15% average internal rate of return.

The business operates through several vehicles: (i) core SME buyouts in industrial, leisure, real estate, and technology, with marquee assets including Fersa (bearings for automotive, agricultural/industrial machinery and wind turbines, scaled from €5M to €200M+ revenue between 2002 and 2026 with plants in Spain, China, Austria, the US and India), Dinópolis (paleontological theme park in Teruel since 2001), GOE (real estate), Limge (high-pressure industrial water equipment, 2025) and Acqustic (music industry); (ii) Search Fund vehicles Axias Partners (2021) and Quo Investment (2023); (iii) early-stage venture exposure via Elephant Capital (pre-seed technology club) and BCombinator VC II FCRE (2026); and (iv) minority tech positions including Homedoctor (telemedicine, 2020), CROPI (digital agronomy, 2024), Kibus (IoT pet food), Xeoris (cyber insurance), DENODL (water-management SaaS), and Nestra (proptech).

The revenue model is a hybrid of PE returns (portfolio exits, capital gains, dividend distributions) and recurring management and advisory fees. Going Investment is registered via Spanish CNMV-supervised venture capital entities, sources deals through direct outreach and entrepreneur referrals rather than intermediaries, and staffs a 4–10 person team including co-founders Carlos Oehling and Ángel Goyanes, CFO César Martínez, and Administration Manager Elena Blanco. The firm has executed realized exits to Dana Corporation, Boadas, France Telecom, Dhul, Antevenio, MásMóvil, Brial, Everis, Grifols, Sonae, GED V España, and Recambios Segorbe between 1999 and 2019.

Name

Going Investment S.A.

Legal name

Going Investment S.A.

Website

https://going.es

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

Going Investment S.A. is a Zaragoza-based private equity and venture capital firm founded in 1998 that invests €3M–€10M per deal in medium-sized Spanish SMEs with €10M+ turnover and €1M+ EBITDA, taking majority stakes and providing active board oversight across a €150M+ portfolio spanning industrial, leisure, real estate, and technology assets.

Ownership category

akta.pro rank

Product category

Private Equity

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

akta.pro secondary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

Keywords

• Private equity services
• Venture capital investments
• Growth capital funding
• SME buyout investments
• Majority stake acquisitions

Headquarters

HQ city

Zaragoza

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations

Revenue model

1. Private Equity Returns: Returns from portfolio company exits, capital gains, and dividend distributions
2. Management and Advisory Fees: Ongoing management fees and advisory income from portfolio companies

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Going Investment S.A. is an operational private equity and venture capital firm that invests between €3M and €10M in medium-sized Spanish SMEs with average turnover exceeding €10M and EBITDA above €1M, taking majority shareholding with a 4-5 year investment horizon. The firm provides capital, management expertise, strategic advisory, and active board participation, while operating with approximately €60M in assets under management and targeting a 15% internal rate of return.

Product overview

Going Investment S.A. is a Private Equity firm that operates as a single unified investment platform, not a technology product company. The firm offers corporate investment services targeting medium-sized SMEs with €3M-€10M investments, manages a portfolio of wholly-owned companies (Dinópolis, Fersa, GOE, Limge, Acqustic), operates Search Fund investment vehicles, and maintains an Entrepreneurship and Innovation investment vehicle for early-stage startups.

Differentiator

Problem solved

Functional benefit

Products and services

• Corporate Investment Services Core private equity investment service offering investments of €3M to €10M in medium-sized SMEs with €10M+ average turnover and €1M+ EBITDA, targeting 4-5 year investment horizons with majority stake takeovers. Targeted at medium-sized Spanish SMEs seeking growth capital, shareholder resources, and exit assistance.
• Search Fund Investments Investment vehicle providing capital to search funds managed by individual searchers who acquire and operate SMEs, including Axias Partners (Carlos Oehling and Marc Desmond, 2021) and Quo Investment (Ariadna Cañellas and Narcís Feliu de la Peña, 2023).
• Entrepreneurship and Innovation Fund Venture capital investment vehicle targeting early-stage Spanish startups, primarily through partnerships with Elephant Capital (pre-seed technology startups in industrial, agri-food, logistics, and applied technologies) and BCombinator VC II FCRE (early-stage startups accelerated by BCombinator, using equity and convertible debt).

Quantifiable outcome

• Target IRR of 15%
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

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

• DinópoliscoreStrategic or Co-development PartnerInvestment made in 2001; paleontological theme park for leisure and scientific dissemination located in Teruel. Going Investment holds majority stake.
• FersacoreStrategic or Co-development PartnerInvestment made in 2002; manufacturing and marketing of bearings for automotive and agricultural/industrial machinery. Going Investment took majority stake in 2002.
• LimgecoreStrategic or Co-development PartnerInvestment made in 2025; industrial machinery company specializing in pressure washers and high-pressure industrial water equipment.
• AcqusticcoreStrategic or Co-development PartnerRecord services company focused on transforming independent artists into stars within the music industry.
• GOEcoreStrategic or Co-development PartnerReal estate sector investment; acquisition, management and exploitation of real estate assets for commercial, industrial and residential use.
• Axias PartnersflagshipStrategic or Co-development PartnerSearch Fund established in 2021 with searchers Carlos Oehling and Marc Desmond; invested in Amix company.
• Quo InvestmentflagshipStrategic or Co-development PartnerSearch Fund established in 2023 with searchers Ariadna Cañellas and Narcís Feliu de la Peña; invested in Hermex company.
• HomedoctorcoreStrategic or Co-development PartnerInvestment made in 2020; telemedicine platform offering remote medical consultations, online check-ups, and remote diagnostic center through domestic devices.
• CROPIcoreStrategic or Co-development PartnerInvestment made in 2024; digital solution for agriculture with digital agronomist, automated farm labor recording, and crop simulators.
• KibuscoreStrategic or Co-development PartnerInvestment in pet food company with IoT device and natural minimally processed recipes for dogs; D2C subscription model.
• XeoriscoreStrategic or Co-development PartnerInvestment in cyber insurance company offering comprehensive 360-degree product combining prevention, technology, legal assistance, and coverage against cyberattacks.
• DENODLcoreStrategic or Co-development PartnerInvestment in agricultural technology company specializing in water resource management with patented HYDROBALL sensor and SaaS platform.
• NestracoreStrategic or Co-development PartnerInvestment in innovative real estate developer combining technology and property development for efficient, sustainable projects.
• Elephant CapitalminorStrategic or Co-development PartnerPre-seed investment club partnering with technology startups in industrial, agri-food, logistics, and applied technologies.
• BCombinator VC II FCREminorStrategic or Co-development PartnerVenture capital fund investing in early-stage Spanish startups, primarily in companies accelerated by BCombinator.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Aurica Capital: Spanish SME-focused PE firm making minority and majority investments in mid-market Spanish companies, with multi-stage platform similar to Going's evolution.
• Realza Capital: Spanish growth and PE investor focused on mid-market SMEs across non-regulated sectors — analogous to Going's mid-market, majority-control investment style.
• Corpfin Capital: Spanish mid-market PE firm investing €5-25M in SMEs with operational involvement — overlapping ticket size and value-add PE strategy in Iberia.
• MCH Private Equity: Spanish mid-market private equity firm investing in SMEs with majority stakes, active board participation, and sector-agnostic scope — closely comparable to Going Investment's core PE strategy.
• Eqp Partners: Spanish private equity manager specialized in Iberian mid-market SME buyouts, taking majority stakes with operational involvement — directly comparable to Going's model.
• Miura Partners: Spanish mid-market PE firm focused on majority investments in non-regulated Spanish SMEs, with active management approach similar to Going.
• Portobello Capital: Madrid-based mid-market PE firm acquiring majority stakes in Spanish SMEs with operational focus and 4-5 year hold periods, similar model and target to Going Investment.

Broad incumbents

• Intermediate Capital Group (ICG): Large European mid-market PE and credit investor with multi-strategy platform spanning buyouts and growth — provides a broader reference point for Going's PE business model and platform evolution.
• Alantra Private Equity: Spanish financial services group operating a private equity platform focused on mid-market Spanish SMEs — broader incumbent operating in the same Iberian mid-market niche as Going.

Emerging players

• BCombinator: Spanish pre-seed/early-stage accelerator and venture fund actively receiving Going Investment capital via the BCombinator VC II FCRE vehicle — they share an investor relationship and complementary stage focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/going-investment

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments21 records

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

Frequently asked questions about Going Investment S.A.