Adara Ventures, a European venture capital firm specialising in early-stage deep tech investments, has announced the successful first close of its fourth flagship fund (AV4), targeting €100 million in capital commitments. This new fund strengthens Adara’s focus on delivering strong returns in strategic sectors, including cybersecurity, applied AI, digital infrastructure, hardware components, digital health, and space.
Today’s complex cybersecurity threats pose significant risks to businesses and individuals, while the energy sector struggles with transitioning to sustainable and affordable solutions. Healthcare systems grapple with accessibility and efficiency issues, and digital infrastructure often lacks scalability and reliability. Adara Ventures tackles these challenges by investing in early-stage European companies that are developing innovative solutions across these sectors.
The increasing frequency and sophistication of cybersecurity threats demand cutting-edge solutions. Adara backs companies that are developing advanced technologies to protect businesses and individuals from these evolving risks. In the energy sector, the urgent need for sustainable solutions drives innovation. Adara Ventures Energy (AVE), the firm’s first Pan-European fund focused on energy transition technologies, supports companies pioneering these solutions.
Digital infrastructure represents another key focus area, as companies seek to scale their digital capabilities efficiently. Adara’s investments aim to enhance the reliability and scalability of digital infrastructure, helping businesses thrive in a rapidly evolving digital landscape.
Nico Goulet, Founding Partner of Adara Ventures, said: ‘We are immensely proud to announce the successful first close of AV4. Over the past nine months, we have secured more than €140 million in commitments across our fourth-generation funds. Alongside AV4, this includes Adara Ventures Energy (AVE), our first 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.’
Behind Adara Ventures: building the next generation of European deeptech leaders
Adara Ventures was founded in 2005 by Alberto Gómez (MIT and Harvard graduate, former McKinsey consultant) and Nicolás Goulet (MIT graduate, former Andersen Consulting professional). Their mission is to partner with exceptional early-stage European founders targeting global B2B markets. Based in Madrid, Spain, Adara Ventures specialises in early-stage deep tech investments in cybersecurity, applied AI, digital infrastructure, hardware components, and digital health.
The firm backs visionary founders with proven products who are ready to scale. These startups tackle complex challenges in cybersecurity, energy transition, digital health, and advanced technologies. Rather than chasing unicorns, Adara focuses on “dragons” — companies capable of returning the entire fund. This strategy has proven successful, with each previous fund generation producing at least one “dragon.”
Adara is backed by over 130 limited partners, including institutional investors, pension funds, asset managers, high-net-worth individuals, and family offices. “We are especially proud to welcome new anchor investors in this first close, as well as a new generation of Adara portfolio founders investing as LPs — a true testament to the strength of our value proposition,” noted Alberto Gómez.
Adara is now actively investing from AV4 and AVE, planning to complete the first three investments in each fund within the first half of 2025. Both funds remain open to new investors interested in profound tech opportunities.
Adara’s Portfolio: €350M in deeptech Innovation
Since its inception in 2005, Adara Ventures has managed more than €350 million in assets. The firm has invested in over 50 pioneering companies across Europe and the U.S., with over 10 successful exits. Notable acquisitions include AlienVault (by AT&T), PlayGiga (by Meta — marking the first Spanish startup acquired by Facebook), and Seedtag (by Advent International). Today’s portfolio features high-growth companies such as Quibim (Spain), Cyber Guru (Italy), and SatVu (UK).
Goulet commented: “In a sector obsessed with unicorns, our philosophy has always been to maximise ‘dragons’ — companies that return the entire fund. We’re proud to have produced at least one dragon in our previous fund generations, with AV2 set to rank among the top 5% of VC funds in Europe for its vintage.”
As Adara Ventures expands its portfolio, it remains focused on partnering with outstanding early-stage European founders targeting global B2B markets.
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