Investor Profile: Adara Ventures — Thesis, Cheque Size & How to Apply

Adara Ventures is Madrid's early-stage deeptech specialist, backing founders "where AI cannot commoditise the edge": proprietary data, trust, domain depth and physical systems. Founded in 2005 and now investing from Madrid and London, the firm manages more than 350 million euros and writes tickets of 500,000 to 5 million euros. This profile of Adara Ventures funding covers its thesis, cheque sizes, portfolio and how to get funding from Adara Ventures.

Thesis

Adara's investment thesis is that as AI commoditises the surface layer of software, value sinks into hard, defensible ground: proprietary data, trust, domain expertise and physical systems. It calls this "twenty years turning early conviction into category-defining companies". The firm is philosophically opposed to unicorn-chasing; as founding partner Nico Goulet puts it, it maximises "dragons": companies that return the entire fund. Its AV2 fund is expected to rank among the top 5 percent of European VC funds of its vintage.

Sectors & stage

Sectors are deeptech through and through: cybersecurity, energy transition, data and AI, digital health and digital infrastructure, with defence and dual-use names (SatVu, CounterCraft, Constella Intelligence) entering the mix. Stage: seed to Series B, backing founders from first cheque to growth. Roughly three-quarters of capital goes to Europe and the rest to the Americas.

Fund size & cheque size

Adara has managed more than 350 million euros since inception and closed its fourth fund, Adara Ventures IV, at 100 million euros in March 2025, targeting cybersecurity and digital infrastructure. Typical tickets run 500,000 to 5 million euros, with around 2 million euros standard at pre-seed and seed. The firm counts 106 investments and 24 exits.

Notable portfolio

The hall of fame is unusually strong for a Spanish firm: AlienVault (acquired by AT&T), Seedtag (acquired by Advent International) and PlayGiga (acquired by Meta, the first Spanish startup bought by Facebook). The current portfolio includes Quibim, Cyber Guru, SatVu, Stratio, Constella Intelligence, Articul8, and Airflows, whose 2 million euro round Adara led in 2026. Co-founder Julio Casal of AlienVault went on to found Constella Intelligence with Adara's backing, a neat illustration of the firm's repeat-founder flywheel.

Partners

Founding partners Alberto Gomez (ex-Telefonica) and Nico Goulet (ex-Apax Partners) lead the firm, with partners Alberto Echeverri, Ross Strachan and Rocio Pillado, principal Jorge Baron, and chairman emeritus Jesus Sainz. The team blends seed-stage specialism with operating experience.

Programs & perks

Adara runs no public accelerator or credit programme. Its founder offer is a partnership network spanning global tech platforms and research labs, converted into strategic early customers, pilots and co-investors, plus what the firm calls high-leverage support at pivotal moments: fundraising strategy, board dynamics and exits.

How to apply for funding from Adara Ventures

The firm publishes an open "Pitch us" route: a Typeform at adaravc.typeform.com, linked from the team page at adara.vc. Deeptech founders do not need a warm intro to get a first look.