Recent technological breakthroughs in frontier technologies, such as artificial intelligence, next-generation computing, and robotics, have created what Aldea calls a “mega-wave” of value. As a fund of funds investing in specialised frontier tech pre-seed and seed VC managers, Aldea’s second fund will target deep technical expertise in these technologies, capitalising on a sector with an annual growth forecast of 42%, compared to just 3% for traditional or non-innovative tech, according to an ARK Invest BIG IDEAS report.
Today, Aldea announced a €50 million close, progressing toward their €125 million target for Fund II. The fund will be deployed to early-stage managers at the frontier of deep technology, offering early exposure to the next wave of disruptive innovation. Commitments have already been made to Moonfire (a data-driven venture capital firm), Amino (a frontier technology company in health and biotech), and Unruly Capital (a climate and deep tech investor), among others.
Bringing a hybrid investment model to Europe
Launched in 2020 in Barcelona, Aldea Ventures was founded by Carlos Trenchs (formerly at Caixa Capital Risc), Alfonso Bassols (previously at Nauta Capital), Josep Duran (formerly with the European Investment Fund), and Gonzalo Rodés (serving as Chairman, with 30 years of entrepreneurial experience) to address a gap in the European venture capital ecosystem.
The founders saw that while Europe was producing more early-stage startups and specialised micro VCs, it lacked a platform to systematically connect and support these emerging managers while providing follow-on capital for promising companies as they scale. Their solution was to introduce a hybrid investment model — common in Silicon Valley but rare in Europe — to make the European venture capital landscape more transparent and data-driven while fueling the next generation of technology growth.
Alfonso Bassols, Managing Partner at Aldea Ventures, says: “We view venture capital as a dynamic, distributed intelligence network that propels innovation forward. At Aldea, we’ve consistently found that very early-stage specialist managers — fueled by their unique insights and local expertise — are crucial to detecting the subtle signals that shape tomorrow’s breakthroughs. With our second fund, we’re doubling down on our dedication to this network by making more concentrated investments in the most promising managers, empowering these visionary allocators who operate at the leading edge of innovation.”
The Aldea team supports disruptive frontier tech companies that aim to address humanity’s most pressing challenges, including climate change, physical and mental health, and cybersecurity risks. By helping fund managers with specialised, deep technological understanding, they seek to avoid common startup pitfalls such as unclear paths to commercial viability or over-reliance on unproven technology.
Aldea Ventures has a dual mission: backing highly specialised, emerging fund managers (micro VCs) investing in early-stage European companies, while co-investing in promising growth-stage companies by leveraging insights and networks from their fund-of-funds activities. Their broader vision encompasses investing in cutting-edge technologies and industries, connecting VC talent and startup ecosystems across European entrepreneurial hubs, and building a robust network to enhance knowledge, transparency, and collaboration within the European tech landscape.
Through Aldea I, the firm invested in 28 funds from 23 emerging VCs and selected nine growth-stage companies for co-investment, supporting over 1,000 companies. Standout investments include Podimo, Automata, Kenbi, Sorare, 011h, and Exoticca. Their investments span AI, health tech, climate tech, and fintech, backing both specialist micro VCs (such as Air Street Capital, Moonfire, and Nina Capital) and directly supporting portfolio breakout companies.
Behind Aldea’s Fund II: Building a targeted portfolio of micro and nano VCs
Aldea’s core thesis for Fund II is to build a concentrated portfolio of sub-€100 million funds, known as Micro-VCs. This will be complemented by investment into Nano-VCs (sub-€25 million funds) to enhance fund profitability. A minority portion of capital will be deployed into selective co-investment or secondary opportunities..
Aldea II includes investments in Micro-VCs Moonfire II, Amino II, and Lunar Ventures II—all part of Aldea’s initial fund—while adding Concept Ventures and First Commit as new portfolio members. They’ve also agreed to several Nano-VC investments, including 201 Ventures and additional investment with Possible Ventures from Fund One.
While Europe remains Aldea’s priority, the team is targeting selective US exposure as a natural growth market for EU pre-seed investments. Aldea II seeks early-stage, EU-based funds with strong international connections and proven experience helping EU founders expand into the US. This aligns with Aldea’s approach, as the 891 startup investments made through Aldea-backed funds have resulted in 71% being based in Europe and 25% in the US.
Mick Halsband, General Partner at Lunar Ventures, says: “Aldea has been more than an investor—they’ve been a true partner. Over the years, they’ve shown real alignment with our mission to back deep tech founders in Europe. They understand the long timelines and complexity this space demands, and they’ve supported us with patience, trust, and a shared belief in building for the long term. They’re one of the few FoFs truly helping lay the groundwork for deep tech innovation coming out of Europe.”
Daniela Cavagliano, newly promoted Partner with Aldea Ventures, says: “In recent years, we’ve witnessed a significant influx of innovative technologies — many with the potential to solve some of the world’s most pressing challenges. In my view, these technologies should be a core component of any investor’s portfolio. Among the available instruments, Aldea offers a particularly unique proposition: a well-diversified portfolio of highly specialised early-stage managers, providing a compelling combination of high-value creation and low-risk exposure. I have absolute confidence in the success of the strategy we started in 2020 and on which Fund II continues building.”
