Investor Profile: Cardumen Capital — Thesis, Cheque Size & How to Apply

Cardumen Capital takes its name from a Spanish word for a school of fish of different species but similar sizes, uniting to protect themselves from predators and move faster. It is an apt metaphor for the firm itself: a global venture capital firm, supervised by Spain's securities market commission, the CNMV, that brings together diverse investors, founders and portfolio companies around a common cause of backing disruptive technology.

Founded in 2018 by Gonzalo Martínez de Azagra and Igor de la Sota, Cardumen Capital has a presence across Europe, the Middle East and Asia, backed by institutional investors, corporations and family offices. Its current fund size is not publicly disclosed. The firm specialises in DeepTech strategies and aims to be the most active investor in the cap table for the companies it backs.

Thesis: DeepTech with measurable impact

Cardumen Capital runs several strategies, but its core idea is consistent: invest in pioneering companies and asset managers whose breakthroughs can reshape traditional sectors and improve society. Through its direct strategies, it backs early-stage companies transforming scientific and technological breakthroughs into impactful solutions.

Its AgriFoodTech Fund shows how that thesis works in practice. The fund backs visionary early-stage companies creating more productive and resilient food systems, investing in European companies across the entire food value chain, from the farm to the fork. That includes biostimulants and precision agriculture at one end, and alternative proteins and novel ingredients at the other. The fund is classified as Article 9 under the EU's Sustainable Finance Disclosure Regulation, and it requires the entrepreneurs it works with to be strongly committed to improving their sustainability objectives.

Beyond food, the firm's DeepTech focus spans artificial intelligence, advanced computing and frontier technologies. Its portfolio company Illumex, an AI company, was acquired by NVIDIA, a milestone the firm has pointed to as proof of the calibre of opportunities it brings to its partners.

Cheque size and portfolio

Under its AgriFoodTech Fund, Cardumen Capital makes early-stage investments, mainly at Seed, with an initial investment ranging from $750,000 to $1.5 million depending on the round and the opportunity. Its regions are Europe and Israel for that strategy, and its investors are geographically spread across Europe, Latin America and Asia, with the majority being institutional investors and corporations in energy, infrastructure, banking, logistics and insurance, alongside family offices and high-net-worth individuals.

The firm's support model is deliberately active. Portfolio companies get the attention of the general partners and its value creation team, the Scale Platform. The firm describes itself as straight-talking, promising prompt responses and as much feedback as it can when it passes, and it is quick to double down in follow-on rounds only when entrepreneurs hit their milestones.

How to apply for funding

Cardumen Capital does not publish a public application portal. No public funding application form was found on its website. The firm says the best way to contact it is through the contact page on its website, cardumencapital.com, or by reaching out directly to the individual team member most relevant to the ask. A pitch should lead with the technological breakthrough, the sustainability impact where relevant, and the milestone the initial cheque will unlock.