Pinama Investment

What Pinama Investment does

Pinama Investment is a Spanish closed investment club formed by entrepreneurs to deploy early-stage capital into Spanish startups. Founded in 2013 and organized as PINAMA CAPITAL, S.L., headquartered in Alcobendas (Madrid), the club operates through discrete vintage vehicles (Pinama 13, Pinama 17, and the current Pinama 23) that pool commitments from a limited, invitation-controlled membership of entrepreneur-partners. The current Pinama 23 vintage comprises 5 core team members and more than 60 partners, with individual member tickets historically ranging from €15K to €75K and total round sizes reaching €935K in the most recent fully documented raise (July 2016).

The club targets idea-, pre-seed-, and seed-stage Spanish startups with innovative and scalable business models, deploying €50K–€100K tickets per company. Its active portfolio (Pinama 23) spans 21 holdings across diverse verticals — agritech, healthtech, medtech, cybersecurity, spacetech, fintech, and consumer — and is supplemented by a legacy portfolio of 18+ companies from prior vintages including Voicemod (which reached Top 1 App Store ranking), Citibox, and Demium Startups. Deal flow is sourced through a dedicated submission portal (banclubs.pynn.ai) and through partnerships with BIGBAN Angels and Sabadell BStartup.

Pinama's business model is a hybrid of member capital subscription and portfolio returns. Members subscribe into vintage vehicles that then invest into startups; economic returns are generated through capital gains on portfolio exits rather than through management fees or carried-interest structures on external capital. The club does not publish financial statements, and its economics are inherently episodic, dependent on exit realization timing rather than recurring revenue. The value proposition emphasized by the founders is explicitly non-financial — knowledge transfer, visibility into new sectors, networking among peers, and advisory/mentorship engagement — distinguishing the club from purely financial syndicates.

Name

Pinama Investment

Legal name

PINAMA CAPITAL, S.L.

Website

http://www.pinama.es/

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Pinama Investment is a closed Spanish investment club of entrepreneur-partners that deploys €50K–€100K tickets into idea-, pre-seed-, and seed-stage Spanish startups. Its current vintage, Pinama 23, has 60+ partners and a 21-company active portfolio.

Ownership category

akta.pro rank

Product category

Early-Stage Venture Capital

NAICS

Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Early-stage venture capital
• Startup investment club
• Business angel network
• Seed-stage funding
• Entrepreneur investing club

Headquarters

HQ city

Alcobendas

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Club Membership: Pinama operates as a closed investment club where members pay to join and participate in investment activities. The club raises capital through rounds where new members invest, and this capital is used to invest in startups. Returns come from exit events in portfolio companies.
2. Portfolio Returns: Returns generated from investments in portfolio companies through capital gains upon exit.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Pinama Investment operates as a closed investment club formed by entrepreneurs who pool capital to invest in early-stage Spanish startups at idea, pre-seed, and seed stages with investment tickets of €50K–€100K. The club operates through multiple vintage vehicles (Pinama 13, Pinama 17, Pinama 23) and provides members with co-investment opportunities, portfolio diversification, and a hands-on "big brother" advisory approach beyond purely financial returns.

Product overview

Pinama Investment operates as a closed investment club composed of entrepreneurs who invest in projects seeking returns beyond purely financial ones. The current offering centers on Pinama 23, their active investment vehicle targeting Spanish startups in idea, pre-seed and seed stages with investment tickets of 50k-100k euros. The company has historically operated multiple investment vehicles (Pinama 13, Pinama 17) for different member cohorts. They maintain a project submission platform for entrepreneurs to present opportunities. The portfolio includes investments across diverse sectors including education technology, cybersecurity, food technology, and more.

Differentiator

Problem solved

Functional benefit

Products and services

• Pinama 23 The current active investment club vehicle of Pinama Investment, formed by entrepreneurs investing in Spanish startups with high development potential and return, targeting idea, pre-seed and seed stages with €50K–€100K tickets. Includes access to a network of 60+ entrepreneur members.
• Pinama 13 First generation investment club vehicle of Pinama Investment, originally launched in 2013. Now serves existing members with access to portfolio companies and member communications, in a transition/legacy phase.
• Pinama 17 Second generation investment club vehicle of Pinama Investment, launched in 2017. Currently in a transitioning phase serving existing members.

Quantifiable outcome

• 90% of DEMIUM's 25 launched projects remained active
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• BIGBAN AngelscoreGTM or Marketing PartnerCollaboration agreement (convenio de colaboración) with BIGBAN Angels, Spain's leading business angels network. Pinama participates in their congresses and benefits from deal flow and visibility within the ecosystem.
• Sabadell BStartupcoreGTM or Marketing PartnerCollaboration agreement with Sabadell's BStartup program for startups and early-stage companies, providing visibility and potential co-investment opportunities.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Lanzadera: Valencia-based startup accelerator (Juan Roig/Mercadona-backed) that supports Spanish early-stage founders. Operates a different model (accelerator with cohort support) but targets similar idea/seed-stage Spanish entrepreneurs.

Direct peers

• Startupxplore: Spanish investment platform and angel network used by Pinama to syndicate rounds (e.g., Exovite, RepScan tranche). Operates a similar angel-investment model targeting Spanish early-stage companies.
• Ship2B Ventures: Spanish impact-focused investor and accelerator supporting early-stage startups. Comparable in mandate of pooling capital from a community of investors to support Spanish founders at the earliest stages.
• BIGBAN Angels: Spain's largest business angels network with which Pinama has a formal collaboration agreement. Operates a similar model of pooling angel capital for early-stage Spanish startups, making it the closest direct comparable in scale and mandate.
• EsadeBAN: Business angels network affiliated with ESADE business school. Co-invested alongside Pinama in RepScan's €3.5M round and targets similar pre-seed/seed Spanish startups with comparable ticket sizes.

Broad incumbents

• Bonsai Partners: Spanish early-stage VC firm that co-led RepScan's €3.5M round alongside Pinama. Operates at a larger AUM and invests across similar Spanish early-stage opportunities, representing the institutional evolution of the model Pinama operates.
• Encomenda Capital Partners: Barcelona-based early-stage investor in Spanish digital startups. Targets similar seed-stage opportunities as Pinama with a more institutional fund structure.
• K Fund: Spanish seed-stage VC that invests in early-stage Spanish and Iberian startups. Competes with Pinama for the same deal flow but with larger institutional backing and follow-on capacity.
• Swanlaab Venture Factory: Spanish VC that co-led RepScan's €3.5M round. Targets early-stage Spanish startups with a more institutional structure than Pinama, providing a useful comparison point on the spectrum from angel club to venture fund.
• JME Ventures: Madrid-based early-stage VC focused on Spanish startups from pre-seed through Series A. Operates at larger ticket sizes than Pinama but competes for similar deals in the same Madrid ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/pinamainver
• LinkedInlinkedin.com/company/pinama-inversiones

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments19 records

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

Frequently asked questions about Pinama Investment