ICF Capital

ICF Capital is a private equity and venture capital firm based in Barcelona, Spain, founded in February 2010. It specializes in direct investments and manages venture capital funds with a focus on supporting mid-sized companies in Catalonia. ICF Capital primarily targets sectors such as information technology, biotechnology, social services, and electronics, among others. The firm typically invests between €0.5 million and €2.4 million in companies with annual sales ranging from €0.3 million to €100 million, often acquiring minority stakes. It operates as a subsidiary of the Institut Català de Finances, a public financial institution established in 1985 to enhance funding access for enterprises in Catalonia. ICF Capital manages two venture capital firms, ICF Capital Expansió II and ICF Venture Tech II, and aims to foster the growth of innovative startups and mid-market companies through its investment activities.

Emilio Gómez Jané

Investment Director (Venture Division)

Adrià Torrelles

Investment Director (Growth Division)

Past deals in Spain

AtG Therapeutics

Debt Financing in 2024
AtG Therapeutics is a spin-off from the Bellvitge Biomedical Research Institute and the Catalan Institute of Oncology in Barcelona, focusing on the discovery and development of innovative therapeutic techniques to combat cancer resistance. The company is dedicated to creating novel classes of drugs and biomarkers aimed at preventing therapeutic resistance in cancer treatment. By advancing new mechanisms and technologies, AtG Therapeutics seeks to enhance the quality of life for patients affected by cancer, addressing a significant challenge in oncology care.

Incapto Coffee

Debt Financing in 2023
Incapto Coffee, founded in 2020 and based in Barcelona, Spain, specializes in manufacturing coffee-making machines. The company's innovative coffee system eliminates the need for wasteful capsules by utilizing ground coffee, which lowers the unit cost of each cup. In addition to selling its automatic coffee machines, Incapto Coffee offers a subscription service for coffee beans, enhancing the convenience and sustainability of their coffee experience for consumers.

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 focused on designing and manufacturing innovative quantum components for the hyper-connected world. The company specializes in quantum random number generation technology, which enhances encryption solutions and data security for connected devices. By utilizing standard telecommunication components like lasers and detectors, Quside's technology harnesses quantum mechanical processes to generate random numbers at gigabit per second rates. Their photonic integrated technologies facilitate easy integration into various devices, allowing clients to secure their data and optimize randomized workloads effectively.

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, established in 2012 and headquartered in Barcelona, Spain, is a SaaS company specializing in vacation rental management and marketing. It offers an all-in-one solution enabling rental owners and property managers to create mobile-friendly websites with instant booking functionality, streamline reservation management, and synchronize property data across multiple external platforms. Lodgify's mission is to empower vacation rental businesses with accessible and affordable technology, helping them grow and manage their properties more efficiently.

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.

Incapto Coffee

Debt Financing in 2021
Incapto Coffee, founded in 2020 and based in Barcelona, Spain, specializes in manufacturing coffee-making machines. The company's innovative coffee system eliminates the need for wasteful capsules by utilizing ground coffee, which lowers the unit cost of each cup. In addition to selling its automatic coffee machines, Incapto Coffee offers a subscription service for coffee beans, enhancing the convenience and sustainability of their coffee experience for consumers.

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.

Semillas Batlle

Series A in 2020
Semillas Batlle, S.A. is a prominent producer of seeds and agricultural products based in Molins de Rei, Spain, with an additional production facility in Bell-lloc d'Urgell. Founded in 1802, the company specializes in a diverse range of offerings, including cereals, grain legumes, spring-summer crops, forage mixtures, and oilseeds. In addition to seeds, Semillas Batlle provides fertilizers, substrates, and phytosanitary products aimed at supporting agribusinesses in cultivating high-quality crops. The company is committed to research and the development of new plant varieties, as well as the conservation of existing species. Its products are marketed under the Batlle, HA, and Verdy brands, catering to the needs of farmers seeking reliable solutions for their agricultural challenges.

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, based in Barcelona, revolutionizes the car buying process. It offers a platform that enables users to swiftly compare car offers based on location, price, availability, and dealer ratings. This transparency empowers buyers to make informed decisions, saving time and money. Meanwhile, partnering car dealers benefit from increased sales and reduced operational costs, allowing them to extend competitive offers to Carnovo's customer base.

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.

GoodGut

Debt Financing in 2019
GoodGut SL, established in 2014 and located in Girona, Spain, specializes in developing innovative products and analysis systems aimed at diagnosing and treating digestive diseases. The company focuses on enhancing digestive health by creating tools for the pre-diagnosis of conditions such as early-stage colorectal cancer, irritable bowel syndrome, and other intestinal diseases, thereby reducing the need for invasive procedures like colonoscopy. Additionally, GoodGut is committed to environmental sustainability by managing waste collection and inventory intelligently, which minimizes unnecessary consumption and product expiration, ensuring an efficient approach to healthcare and resource management.

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 prominent consulting firm in Spain specializing in energy efficiency. The company focuses on developing projects aimed at reducing energy consumption, operating under the Energy Service Company (ESCo) business model, where investments are recouped through the savings generated. Enertika offers a range of services that include optimizing energy costs through advanced technology solutions for lighting, climate control, industrial processes, and distributed energy generation. By providing consumers with access to clean energy at competitive prices, Enertika plays a crucial role in promoting sustainable energy practices.

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 focused on computational drug discovery through the use of big data, artificial intelligence, and machine learning. Founded in 2011 by Alfons Nonell-Canals, the company is based in the Barcelona Science Park and the Copenhagen Bio Science Park. Mind the Byte offers a range of software solutions that facilitate scalable and affordable in silico drug discovery, enabling biotechnology and pharmaceutical companies, as well as research centers, to accelerate the development of new drugs. Their services include consultancy partnerships and a user-friendly Software as a Service (SaaS) platform that allows clients to leverage high-performance computing on a flexible pay-per-use basis, eliminating the need for significant hardware or software investments. The company is recognized as an Amazon Web Services technology partner, highlighting its commitment to security and reliability in bioinformatics solutions.

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 based in Cornellà de Llobregat, Spain, specializing in the discovery and development of epigenetics-based therapeutics for cancer and central nervous system (CNS) disorders. The company is focused on developing targeted therapies, and its clinical pipeline includes iadademstat, a selective LSD1 inhibitor currently in Phase II trials for oncology, and vafidemstat, a CNS-optimized LSD1 inhibitor also in Phase II trials for neurological diseases. Additionally, Oryzon is advancing ORY-3001, a selective LSD1 inhibitor in preclinical development aimed at treating non-oncological conditions, alongside other compounds at various stages of development. Founded in 2000, Oryzon leverages its epigenetic platform to identify biomarkers and therapeutic targets, fostering the creation of personalized medicine.

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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