Adara Ventures, a Madrid-based venture capital firm specializing in early-stage DeepTech investments, has announced the first close of its fourth flagship fund, AV4. The fund is targeting €100 million in capital commitments, reinforcing Adara’s focus on cybersecurity, applied AI, digital infrastructure, hardware components, digital health, and space technology.
Adara Ventures’ Expansion Despite a Challenging Market
Despite a difficult fundraising environment, Adara has successfully secured over €140 million in commitments across its fourth-generation funds over the past nine months. This includes:
- Adara Ventures IV (AV4) – The firm’s latest flagship DeepTech fund.
- Adara Ventures Energy (AVE) – A Pan-European fund dedicated to energy transition technologies.
“In one of the most challenging fundraising environments of the past 20 years, our strong DPI record, disciplined investment strategy, and focused fund model make AV4 a compelling opportunity for our limited partners,” said Nicolas Goulet, Founding Partner of Adara Ventures.
Adara Ventures’ Track Record and Investment Strategy
Founded in 2005 by Alberto Gómez and Nicolas Goulet, Adara Ventures currently manages over €350 million in assets. The firm is known for investing in early-stage DeepTech startups across Europe and the U.S., focusing on:
- Cybersecurity
- Data applications and digital infrastructure
- Hardware components
- Digital health
- Space and energy transition technologies
Notable Investments and Exits
Since its inception, Adara Ventures has invested in over 50 pioneering companies, achieving more than 10 notable exits, including:
- AlienVault – Acquired by AT&T.
- PlayGiga – Acquired by Meta (the first-ever Spanish startup bought by Facebook).
- Seedtag – Acquired by Advent International.
Current high-growth portfolio companies include:
- Quibim (Spain) – A leader in medical imaging and AI-driven diagnostics.
- Cyber Guru (Italy) – A cybersecurity training platform.
- SatVu (UK) – A space technology company specializing in thermal imaging satellite data.
Investing in ‘Dragons’ Over Unicorns
Adara Ventures takes a unique approach in the venture capital industry, prioritizing “dragons” over unicorns. While unicorns are startups that achieve billion-dollar valuations, dragons return the entire fund through their success.
“In a sector obsessed with unicorns, our philosophy has always been to maximize dragons—companies that return the entire fund,” said Goulet. “We are proud to have generated at least one dragon in each of our previous fund generations, with AV2 poised to rank among the top 5% of VC funds in Europe for its vintage.”
Strong Backing from Institutional and Private Investors
Adara Ventures has built a strong investor base, securing support from over 130 limited partners (LPs), including:
- Institutional investors
- Pension funds
- Asset managers
- High-net-worth individuals
- Family offices
The firm also welcomed a new generation of Adara portfolio founders as LPs, highlighting the strength of its investment thesis.
Future Investment Plans
Adara is now actively deploying capital from AV4 and AVE, with plans to complete the first three investments in each fund within the first half of 2025. Both funds remain open to new investors, signaling further growth in DeepTech and energy transition investments.
With a strong track record, high-value exits, and a clear investment strategy, Adara Ventures continues to position itself as a key player in the European DeepTech ecosystem.
