Adara Ventures, the Madrid-based VC firm specialising in early-stage DeepTech investments, today announced the first close of its fourth flagship fund, AV4, targeting €100 million in capital commitments.
This new fund reinforces Adara’s commitment to delivering strong returns in strategic sectors, including cybersecurity, applied AI, digital infrastructure, hardware components, digital health, and space.
“We are immensely proud to announce the successful first close of AV4,” said Nicolas Goulet, Founding Partner of Adara Ventures. “Over the past nine months, we have secured in excess of €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.”
Founded in 2005 by Alberto Gómez and Nicolas Goulet, the firm manages more than €350 million in assets. Adara’s portfolio focuses on early-stage companies with a European footprint, specialising in cybersecurity, data applications and infrastructure, hardware components, digital health, space and energy transition technologies.
Gómez Co-leads Adara’s Energy Transition Fund, bringing extensive investment and operational experience in cybersecurity, analytics, and software. Goulet Co-leads Adara’s Seed fund. Prior to founding Adara, he was a Founder, operator, and strategy consultant.
Since its inception, Adara Ventures has invested in over 50 pioneering companies across Europe and the U.S., achieving more than 10 notable exits. These include AlienVault (acquired by AT&T), PlayGiga (acquired by Meta—the first-ever Spanish startup bought by Facebook), and Seedtag (acquired by Advent International).
Its current portfolio includes high-growth companies such as Quibim (Spain), Cyber Guru (Italy), and SatVu (UK).
Goulet continued: “In a sector obsessed with unicorns, our philosophy has always been to maximise ‘dragons’—companies that return the entire fund. We are proud to have generated at least one dragon in each of our previous fund generations, with AV2 poised to rank among the top 5% of VC funds in Europe for its vintage.”
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,” Goulet added.
Adara is now actively investing from AV4 and AVE, with plans to complete the first three investments in each fund within the first half of 2025. Both funds remain open to new investors.
Read the orginal article: https://www.eu-startups.com/2025/03/adara-ventures-announces-first-close-of-e100-million-adara-ventures-iv-fund/
