Nzyme, a Spanish private equity fund backed by Kibo Ventures, has announced its final closing at €160 million to invest in Spanish companies operating in highly fragmented B2B sectors, with a focus on traditional businesses that have strong transformation potential through the adoption of technology and sector consolidation.
The fund has attracted support from a diverse base of investors, including the commitment of CDTI through its SICC Innvierte, as well as Spanish business families, successful entrepreneurs who identify with the fund’s strategy, banks, and international family offices with interests in Spain.
Vicente Vázquez, Managing Director at Nzyme, said: “The successful closing of this fund, in a challenging environment, confirms investors’ confidence in the Nzyme team, our strategy, and the potential of Spanish SMEs to transform and grow. We are convinced that by combining business consolidation with technological innovation, we can create strong leaders in traditional and fragmented sectors.
“We remain committed to generating sustainable value and contributing to the country’s economic development through strategic investments and a close, hands-on approach with the companies.”
Nzyme is the latest venture capital fund launched by Kibo Ventures, with the mission to catalyse the transformation of the companies and industries in which it invests. Kibo Ventures is a VC firm was founded in 2012 to empower innovative European tech entrepreneurs to tackle significant challenges and achieve growth by building global companies.
Nzyme prioritises investment in service and software companies within fragmented industries, characterised by their potential to generate value through sustainability and technology.
Additionally, Nzyme’s management team is made up of professionals with experience in private equity, technology, and business transformation, including Fernando Díaz Solís, Vicente Vázquez Bouza, José Manuel Gasalla, Juan López Santamaría, and Pablo Campos, supported by the Kibo Ventures network.
Furthermore, the fund has Oliver Wyman as a strategic advisor, which allows Nzyme to access advanced sector analyses, channel proprietary opportunities, and facilitate the internationalisation of the companies in its portfolio.
The fund has already made its first investments, including a notable entry into healthcare distribution, integrated into Kuma Group, as well as several investments in professional services companies. These transactions are part of Nzyme’s strategic project to build industry leaders through consolidation and technological innovation in fragmented sectors.
In addition, the fund has advanced plans to integrate other companies that will further strengthen the growth of its portfolio.
In April 2025, Nzyme completed the divestment of Kuma’s dental division, less than two years after its acquisition, reaffirming its ability to create value through active transformation and growth strategies.
The fund explains that they invest with “a prudent and hands-on approach, focusing on well-managed companies with solid structures, supporting them in their expansion processes“. The fund prioritizes close collaboration with Founders and management teams to facilitate institutionalisation, generational shift, and internationalisation.
The objective is to support companies that have proven their worth in their local markets, many of them located outside major urban centers, in scaling up, professionalising, and effectively adopting technology. In this process, the fund provides key support in one of the most complex challenges of business growth: transitioning from structures of 20–40 employees to organisations of over 150 people, with scalable processes, integrated technology, and international ambition.
Nzyme targets companies with EBITDA starting at approximately €1 million or around 20 employees as a starting point to build sector platforms. The fund anticipates a portfolio of 8 to 10 platforms, making individual investments of between €15 and €20 million through the acquisition and integration of multiple companies.
The strategy combines inorganic growth with the adoption of advanced technologies – such as AI, big data, machine learning, IoT, edge computing, and cloud – to drive operational efficiency, scalability, and competitive differentiation.
With an active approach, the fund applies the classic private equity levers – management succession, institutionalisation, and international expansion – integrating technology as a driver of sustainable growth and value creation.
Read the orginal article: https://www.eu-startups.com/2025/07/spanish-private-equity-fund-nzyme-raises-e160-million-to-digitalise-and-consolidate-smes/
