Investor Profile: Wayra - Thesis, Cheque Size & How to Apply

Wayra is the corporate venture capital arm of Telefonica, one of the world's largest telecom operators, and one of the most global open innovation programmes in technology. Founded in 2011, it invests in startups whose products can generate real business with Telefonica, giving founders a route to hundreds of millions of customers alongside capital and technical access.

Investment thesis

Wayra invests where startup innovation meets Telefonica's strategic needs, with a current focus on artificial intelligence, connectivity and cybersecurity. The test for every deal is whether the startup can build a commercial relationship with the group, not just whether it can grow independently. Wayra prefers mature startups with a product ready for enterprise deployment.

Sectors and stages

Wayra invests in seed and growth-stage startups with pre-money valuations of up to 250 million euros. Its hubs operate across Latin America and Europe, with seven Wayra Hubs in nine countries, and it also invests as a limited partner in more than 15 strategic funds in key venture markets such as the United States and Israel. Alongside direct investing, it runs Wayra X, a digital hub for fully digital startups; Wayra Builder, a corporate venture builder that creates startups from Telefonica's internal technology projects with other investors; and the Wayra Activation Programme, which gives entrepreneurs free access to Telefonica's technologies to test their solutions.

Fund size and scale

Wayra does not publish a single fund size, since it invests from Telefonica's balance sheet and through group vehicles rather than a closed-end fund. Its scale is best judged by cumulative activity: Wayra has invested over 260 million euros in more than 1,200 startups, with an active portfolio of over 520 companies, of which more than 215 collaborate with Telefonica. It also manages assets for Telefonica group companies through custom-designed investment theses, including Vivo Ventures, a growth-stage fund focused on Brazilian startups, and Iope Ventures, the investment vehicle of Telefonica Seguros focused on fintech and insurtech, which plans to back 15 startups with tickets of up to 200,000 euros.

Notable portfolio

Named portfolio companies in Wayra's own reporting include iUrban, Ludus, Quadminds, SmartIOTLabs, Teltoo, Vchain, Wibson and YBVR, all backed by Wayra Spain in a single year, alongside Crossmint, Indya, Ezzing, Kubbo, Champion Games, Rosita, Gimme Radio and Qoala, which presented at a Wayra Investors Day. The portfolio spans more than 20 digital industries.

Partners and programmes

Wayra is led within Telefonica's open innovation organisation, with Miguel Arias previously named as global director of entrepreneurship and Andres Saborido as director of Wayra Spain. Its programmes include the Wayra Activation Programme for testing on Telefonica platforms, and open innovation platforms Alaian and Open Future. No general startup credits programme was found; the distinctive perk is free access to Telefonica's networks, platforms and enterprise customers.

How to apply for funding

Founders apply through Wayra's official investment pages at wayra.com, where the firm runs open calls and programme applications, including the Wayra Activation Programme for startups with a 5G or edge computing use case. Founders should check the current open calls on the site and lead with a concrete Telefonica use case: which business unit would buy the product, and what pilot would prove it.