ICF Capital

ICF Capital is a venture and growth capital management firm from ICF. ICF is a public financial institution founded in 1985 and owned by the Government of Catalonia. Our mission is to foster and improve access to funding for companies that operate in Catalonia in order to contribute to the growth of the region's economy while complementing the private financial sector. ICF provides funding to Catalan companies and entrepreneurs. They assist them in their development and growth, generating value for society at large. The institution offers companies a range of products and services in the area of corporate finance, focusing on loans and guarantees and venture capital investments. ICF operates via a parent company, two subsidiaries (IFEM and ICF Capital), and an investee (AVALIS). ICF, through IFEM, supports the creation and growth of innovative start-ups through the investment in venture capital funds for seed segments and co-investment with private investors through participative loans. ICF Capital, which manages closed-end UCITS and is authorized by Spain's National Securities Market Commission (CNMV), manages, nurtures, and advises public and/or private funds or venture capital firms that provide capital to Catalan companies. At present, ICF Capital directly manages 2 venture capital firms: ICF Capital Expansió II and ICF Venture Tech II.

Emilio Gómez Jané

Investment Director (Venture Division)

Adrià Torrelles

Investment Director (Growth Division)

Past deals in Spain

Brickbro

Series A in 2023
Brickbro is a peer-to-peer platform designed to facilitate the buying, selling, and renting of commercial properties. By identifying distressed commercial assets and assessing their future potential, Brickbro connects property owners with individuals seeking lucrative opportunities. The platform offers an end-to-end online transaction experience, allowing commercial property owners to receive instant offers through a proprietary algorithm tailored for various property types, including offices, warehouses, and logistics centers. This innovative approach streamlines the sales process, making it simpler and more efficient for both sellers and buyers. As a result, Brickbro has emerged as a leading real estate transactional platform within the Spanish market.

Cooltra

Debt Financing in 2023
Cooltra is a prominent provider of sustainable mobility solutions focused on two-wheeled transportation in Europe. Founded in Barcelona 15 years ago by entrepreneur Timo Buetefisch, the company operates in six countries: Austria, Spain, France, Italy, Portugal, and the Czech Republic, employing nearly 400 people. With a fleet exceeding 16,000 vehicles, 64% of which are electric scooters, Cooltra aims to reduce emissions and enhance urban mobility. The company offers various services, including minute-based rentals of scooters and electric bicycles, as well as long-term rentals for individuals, businesses, and public administrations. This approach alleviates common urban challenges such as finding parking, navigating traffic, and managing public transport delays.

Quside

Series A in 2023
Quside is a Barcelona-based startup that designs and manufactures innovative quantum components for any connected device. Using their proprietary quantum random number generation technology, they are enabling the next generation of encryption solutions.

AllRead Machine Learning Technologies

Debt Financing in 2022
AllRead Machine Learning Technologies is a Spanish company established in 2019 and headquartered in Barcelona, specializing in advanced reading solutions for supply chain management. The company has developed proprietary software that utilizes deep learning technology to automate the reading of various data types, such as serial numbers, damaged barcodes, ID codes, sensor readings, and expiration dates. This software, known for its adaptability to multiple reading scenarios, operates on a Convolutional Neural Network (CNN) architecture, enabling direct output of readings without the need for complex text localization or segmentation processes. By outperforming traditional optical character recognition (OCR) systems, AllRead's solution significantly reduces hardware requirements and minimizes manual intervention, thus enhancing operational efficiency in logistics. The software is offered through both Software as a Service (SaaS) and enterprise models, positioning AllRead as a pivotal player in the smart logistics ecosystem.

Nuclio Digital School

Debt Financing in 2022
Nuclio Digital School, part of Nuclio Venture Builder based in Barcelona, focuses on developing educational programs that align with the evolving requirements of the industry. Its primary aim is to prepare individuals for immediate productivity in various roles within companies. The school offers comprehensive training that covers essential aspects of the digital economy, including programming, blockchain, big data, digital marketing, and business innovation. By providing a curriculum that spans from beginner to expert levels, Nuclio Digital School enables learners to reskill and reorient their professional profiles, equipping them to drive digital transformation across organizations.

Lodgify

Series B in 2022
Lodgify is a software-as-a-service (SaaS) company that provides an all-in-one platform for vacation rental owners and property managers to effectively manage and market their properties. Founded in 2012 and based in Barcelona, Spain, Lodgify enables users to create mobile-friendly websites equipped with a "Book Now" feature, manage reservations and availability seamlessly, and synchronize property information with various external vacation rental portals. The platform aims to facilitate direct bookings, allowing users to grow their accommodation businesses without incurring commission fees associated with traditional booking channels. By offering accessible and affordable technology, Lodgify supports vacation rental owners and managers in enhancing their marketing efforts and improving operational efficiency.

Tecfys

Debt Financing in 2022
Tecfys is a subscription-based service provider located in Barcelona, Spain, specializing in home appliances and electronic equipment. The company promotes a circular economy model by allowing customers to access various products through monthly subscriptions. Tecfys ensures that users receive a guarantee for the duration of their subscription, enhancing customer confidence in their offerings. By focusing on a subscription model, Tecfys aims to make technology more accessible while contributing to sustainability and reducing waste.

Brickbro

Debt Financing in 2022
Brickbro is a peer-to-peer platform designed to facilitate the buying, selling, and renting of commercial properties. By identifying distressed commercial assets and assessing their future potential, Brickbro connects property owners with individuals seeking lucrative opportunities. The platform offers an end-to-end online transaction experience, allowing commercial property owners to receive instant offers through a proprietary algorithm tailored for various property types, including offices, warehouses, and logistics centers. This innovative approach streamlines the sales process, making it simpler and more efficient for both sellers and buyers. As a result, Brickbro has emerged as a leading real estate transactional platform within the Spanish market.

Nuclio Digital School

Debt Financing in 2021
Nuclio Digital School, part of Nuclio Venture Builder based in Barcelona, focuses on developing educational programs that align with the evolving requirements of the industry. Its primary aim is to prepare individuals for immediate productivity in various roles within companies. The school offers comprehensive training that covers essential aspects of the digital economy, including programming, blockchain, big data, digital marketing, and business innovation. By providing a curriculum that spans from beginner to expert levels, Nuclio Digital School enables learners to reskill and reorient their professional profiles, equipping them to drive digital transformation across organizations.

Cosmeceuticals Concept

Debt Financing in 2021
Cosmeceuticals Concept S.L, established in 2017 and based in Barcelona, Spain, specializes in the development, manufacture, and sale of cosmetics and skincare products. The company's product range includes skin care creams, lotions, serums, face masks, cleansing foams, eye contour treatments, and various other personal care items. These products are designed to address specific skin concerns, including anti-aging, moisturizing, and illuminating effects. Cosmeceuticals Concept distributes its offerings through pharmacies and an online platform, targeting consumers seeking effective skincare solutions.

INBRAIN Neuroelectronics

Series A in 2021
INBRAIN Neuroelectronics is a medical device company based in Barcelona, Spain, that specializes in developing graphene-based neural interfaces and intelligent neuromodulation systems aimed at treating brain disorders. Founded in 2019, the company offers the world's first brain-computer interface (BCI) therapeutics platform, which integrates precise BCI decoding with micrometric modulation to provide adaptive and personalized treatments for conditions such as Parkinson's disease, epilepsy, and stroke rehabilitation. Its technology enables continuous real-time monitoring and autonomous adjustments to therapy, enhancing therapeutic outcomes while reducing side effects. INBRAIN is also engaged in strategic collaborations, including with Merck KGaA, to expand its innovative solutions into peripheral nerve and systemic disease applications, thereby advancing the field of neurotechnology and bioelectronics.

Paymefy

Convertible Note in 2021
Paymefy is a company that specializes in AI-driven debt collection solutions, aimed at enhancing the efficiency and effectiveness of recovering outstanding payments. Founded in 2019 and headquartered in Barcelona, Spain, Paymefy utilizes machine learning technology to develop digital software that automates the debt collection process. The software creates tailored workflows that notify clients through appropriate channels with timely messages, thereby improving the rate of debt recovery. By streamlining the notification and payment processes for pending invoices, Paymefy helps businesses recover more funds quickly and cost-effectively.

Kriim Natural Cosmetics

Debt Financing in 2020
Kriim Natural Cosmetics SL is a Barcelona-based company that specializes in the design and production of personal organic cosmetic products. Established in 2017, it operates primarily as an online store, offering a diverse range of items including facial cleansers, scrubs, tonics, serums, creams, shampoos, and skincare solutions. The company also provides various capillary and bodily packs, as well as makeup accessories, catering to the growing demand for natural and organic beauty products.

Carnovo

Seed Round in 2020
Carnovo is a Barcelona-based start-up that aims to revolutionize the automotive purchase process by enhancing convenience and transparency for both car buyers and dealers. Its platform allows users to compare car offers based on location, price, vehicle availability, and dealer ratings, facilitating informed decisions without the need for negotiations. By partnering with Carnovo, car dealers can increase their sales beyond what is achievable in traditional showrooms, while also reducing inefficiencies and improving stock turnover. This collaboration enables dealers to offer competitive prices to Carnovo's customers, ultimately enhancing the overall car buying experience and helping consumers save time and money.

INBRAIN Neuroelectronics

Seed Round in 2020
INBRAIN Neuroelectronics is a medical device company based in Barcelona, Spain, that specializes in developing graphene-based neural interfaces and intelligent neuromodulation systems aimed at treating brain disorders. Founded in 2019, the company offers the world's first brain-computer interface (BCI) therapeutics platform, which integrates precise BCI decoding with micrometric modulation to provide adaptive and personalized treatments for conditions such as Parkinson's disease, epilepsy, and stroke rehabilitation. Its technology enables continuous real-time monitoring and autonomous adjustments to therapy, enhancing therapeutic outcomes while reducing side effects. INBRAIN is also engaged in strategic collaborations, including with Merck KGaA, to expand its innovative solutions into peripheral nerve and systemic disease applications, thereby advancing the field of neurotechnology and bioelectronics.

Cosmeceuticals Concept

Debt Financing in 2019
Cosmeceuticals Concept S.L, established in 2017 and based in Barcelona, Spain, specializes in the development, manufacture, and sale of cosmetics and skincare products. The company's product range includes skin care creams, lotions, serums, face masks, cleansing foams, eye contour treatments, and various other personal care items. These products are designed to address specific skin concerns, including anti-aging, moisturizing, and illuminating effects. Cosmeceuticals Concept distributes its offerings through pharmacies and an online platform, targeting consumers seeking effective skincare solutions.

Vytrus Biotech

Series A in 2019
Vytrus Biotech SL is a company based in Barcelona, Spain, specializing in the development, production, and commercialization of active ingredients derived from plant stem cells. Founded in 2009 as a spin-off from the Universitat de Barcelona's Faculty of Pharmacy, the company leverages over 30 years of research in plant biotechnology to create high-value active ingredients for the cosmetics and pharmaceutical industries. Vytrus Biotech offers a range of products, including cosmetic formulations rich in cell factors, phyto peptidic fractions, dermatological solutions, and customized products. The company's portfolio features natural actives such as Nectaria Lithops, Olea Vitae, Turmeric zen, Capilia Longa, and Qura Noni, emphasizing their commitment to harnessing the potential of plant-based ingredients for diverse applications.

Worldcoo

Debt Financing in 2019
Worldcoo is a Barcelona-based social company focused on funding NGO projects through partnerships with e-commerce platforms, banks, and retailers. Founded in 2012, the company offers a unique fundraising mechanism called Charity Rounding Up, which allows customers to round up their purchase totals and donate the spare change to social causes whenever they use their cards. Worldcoo emphasizes innovation, solidarity, and transparency in its operations and is recognized as part of the B Corp movement. The company has received support from the European Commission through its participation in the Horizon2020 project, highlighting its commitment to social impact. By enabling various organizations, including NGOs and government entities, to implement transformative projects, Worldcoo aims to improve the lives of those in need and contribute to a better world.

Aizon

Series B in 2019
Aizon, Inc. is a technology company that specializes in developing a Software-as-a-Service platform aimed at optimizing manufacturing processes within the biotech and pharmaceutical industries. The platform utilizes advanced analytics and artificial intelligence to enhance operations across the supply chain, from research and development to patient dispensing. Aizon's offerings include batch process optimization, anomaly detection, and root cause analysis, all designed to ensure compliance with stringent regulatory standards. By integrating various sources of structured and unstructured data, the platform provides actionable insights that enhance operational intelligence and improve overall manufacturing efficiency. Founded in 2013 and headquartered in San Francisco, California, Aizon also maintains an office in Barcelona, Spain.

Nuclio Digital School

Debt Financing in 2019
Nuclio Digital School, part of Nuclio Venture Builder based in Barcelona, focuses on developing educational programs that align with the evolving requirements of the industry. Its primary aim is to prepare individuals for immediate productivity in various roles within companies. The school offers comprehensive training that covers essential aspects of the digital economy, including programming, blockchain, big data, digital marketing, and business innovation. By providing a curriculum that spans from beginner to expert levels, Nuclio Digital School enables learners to reskill and reorient their professional profiles, equipping them to drive digital transformation across organizations.

Enertika

Private Equity Round in 2019
Enertika is a leading consulting company in the Spanish market about Energy Efficiency. Enertika is focused on the development of projects to reduce energy consumpation in which the required investments are repaid by the savings achieved through ESCo - Energy Service Company - business mode

Vytrus Biotech

Equity Crowdfunding in 2017
Vytrus Biotech SL is a company based in Barcelona, Spain, specializing in the development, production, and commercialization of active ingredients derived from plant stem cells. Founded in 2009 as a spin-off from the Universitat de Barcelona's Faculty of Pharmacy, the company leverages over 30 years of research in plant biotechnology to create high-value active ingredients for the cosmetics and pharmaceutical industries. Vytrus Biotech offers a range of products, including cosmetic formulations rich in cell factors, phyto peptidic fractions, dermatological solutions, and customized products. The company's portfolio features natural actives such as Nectaria Lithops, Olea Vitae, Turmeric zen, Capilia Longa, and Qura Noni, emphasizing their commitment to harnessing the potential of plant-based ingredients for diverse applications.

VozTelecom

Venture Round in 2017
VozTelecom is a cloud and IP telephony communications company based in Cerdanyola, Spain, founded in 2003. It specializes in providing Voice over Internet Protocol (VoIP) services, offering a range of products designed for small and medium enterprises. These products include miVoz.net, a personal IP telephony service; intraVoz.net, which provides local area network IP telephony with enhanced features; and extraVoz.net, a hosted IP telephony service. Additionally, VozTelecom offers vozConference.net, a hosted web-conference service that enhances collaboration, and wifiVoz.net, an application that allows users to access VozTelecom services via wireless terminals. The company also provides services such as virtual switchboards, mobile telephony, video conferencing, professional internet, and IP voice lines, and has established strategic alliances with notable firms including Cisco Systems and Interxion.

Mind the Byte

Debt Financing in 2016
Mind the Byte is a bioinformatics company that develops and provides software for computational drug discovery using Big Data and Machine Learning (AI) approaches. We work with partners on a consultancy basis or offer an easy to use Software as a Service (SaaS) package to allow clients to apply the High-performance computing platform on a flexible pay-per-use basis without investment in hardware or software licenses. Mind the Byte has developed a versatile set of applications using cloud computing which lowers the entry barrier to the technology. Mind the Byte is an Amazon Web Services technology partner - a seal of quality that has only been awarded to five companies in this sector – to ensure security and reliability. The company was founded in 2011 by Alfons Nonell-Canals, a specialist in computer-aided drug design and in large-scale chemical and biological analyses, and has since expanded with an experienced staff. The company is located at the Barcelona Science Park and Copenhagen Bio Science Park.

Agile Content

Venture Round in 2015
Agile Content is a prominent technology company based in Barcelona, Spain, specializing in digital TV and video delivery solutions for telecom and media enterprises. The company offers a comprehensive range of scalable products and services designed to enhance the consumption and delivery of digital video content. Its cloud-based offerings include fully managed TV services, content management tools, and a modular OTT infrastructure platform that supports content processing and subscriber management. Agile Content's innovative technology facilitates personalized entertainment experiences and enables clients to implement flexible business models. With a presence in 24 countries and a team of over 250 video specialists, the company currently serves more than 50 million connected households globally. Agile Content has established partnerships with leading Tier 1 telecommunications companies, promoting efficient operations and revenue-sharing arrangements. The company has also expanded its portfolio through acquisitions, including the Swedish video distributor Edgeware and global WiFi solutions provider Fon.

Lleida

Venture Round in 2015
First Operator Certification Lleida.Net is the Spanish operator in electronic communication certification and econtracting. The group provides solutions and services for certification and securing of e-mail, SMS and electronic documents to the general public, businesses and public administrations.

Oryzon Genomics

Venture Round in 2015
Oryzon Genomics S.A. is a clinical phase biopharmaceutical company focused on the discovery and development of epigenetics-based therapeutics aimed at treating cancer and central nervous system (CNS) disorders. The company is advancing its clinical pipeline with two key compounds currently in Phase II trials: iadademstat, a selective LSD1 inhibitor designed for oncology, and vafidemstat, a CNS-optimized LSD1 inhibitor targeting neurological diseases. Additionally, Oryzon is developing ORY-3001, another LSD1 inhibitor that is in preclinical stages for non-oncological conditions. Founded in 2000 and headquartered in Cornellà de Llobregat, Spain, Oryzon Genomics utilizes its epigenetic platform to identify and validate biomarkers and therapeutic targets, facilitating the creation of advanced and personalized therapies.

Padcelona SL

Debt Financing in 2013
Padcelona is the leading Event Tech Agency in Spain integrating unique mobile solutions in events, team buildings and conferences.

AB-BIOTICS

Venture Round in 2012
AB-BIOTICS is a Spanish biotech company focused on research, development, protection and distribution of its own biotechnological solutions. It aspires to set a standard in the European biotechnology industry for both value and profitability. The company offers probiotic products, including cardio metabolic products comprising AB-LIFE, AB LIFE Forte, AB-LIFE Plus, LipiGO, and AB-Fortis; oral care products that include AB-Dentalac, AB-Dentalac Pro, AB-Dentalac Junior, AB-Dentisanium, and Avantbise; pediatric products, such as AB-Kolicare, AB-Digest Kids, and IronKid; i3.1 gastrointestinal product; gynecology and urological products consisting of AB-Intimus, AB-Intimus cosmetic line, IronGest, Ironlact, and AB-Cyscare; and dermatology and immunology products, which include AB-Immuno and AB-Sakei 65. It also provides genetic tests for behavioral health, pain medicine, fertility, and urology, as well as lab services. AB-Biotics, S.A. was founded in 2004 and is based in Barcelona, Spain.
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