Samaipata Launches Third Fund with a Focus on AI-Native Startups
Samaipata, a pan-European venture capital firm founded in Madrid in 2016, has recently announced the launch of its third fund, targeting a substantial €110 million. This fund is particularly noteworthy for its explicit focus on AI-native startups, aiming to invest in companies at the earliest stages of their development. The firm has already achieved a significant milestone, holding its first close at €70 million, which represents an impressive 64% of its target.
Strong Backing from Institutional Investors
The investor base for Fund III includes prominent institutional names, such as Germany’s state development bank, KfW, and Spain’s SETT (the state entity for industrial transformation and digitalization). Additionally, a network of influential Spanish family offices has also contributed to the fund. This diverse backing not only underscores the confidence in Samaipata’s strategy but also highlights the growing interest in AI investment across Europe.
A Track Record of Success
Samaipata has been building its reputation since its inception, having backed 44 startups across Europe and managing approximately €250 million in assets. Co-founders Eduardo Díez-Hochleitner and José del Barrio have leveraged their experience to create a firm that has made a name for itself in the marketplace and platform space. Del Barrio’s previous success with La Nevera Roja, a food delivery platform sold to Rocket Internet, adds a layer of credibility that resonates within VC circles.
Transitioning to AI Infrastructure
The shift in focus from digital platforms to AI-native startups marks a significant evolution in Samaipata’s investment thesis. Historically, the firm has concentrated on businesses that leverage network effects—those that grow more valuable as they gain users. With Fund III, however, the firm aims to back companies that are building AI systems from the ground up, tailored for a future where generative intelligence is foundational.
Investment Strategy and Portfolio Support
Samaipata plans to invest in 25 to 30 companies, with the capacity to allocate up to €10 million per startup throughout the investment relationship. The firm is particularly interested in B2B companies that can simplify the complexities of AI deployment for real-world applications. This broad focus encompasses everything from vertical AI applications to enterprise tooling, ensuring a diverse portfolio that can adapt to various market needs.
Founders within the portfolio will benefit from a robust network of operating partners with experience at leading companies such as Anthropic, Google, Airbnb, Spotify, and N26. This practical expertise at the intersection of AI capability and commercial deployment is increasingly what sets apart effective venture capitalists from those with merely impressive credentials.
The European Landscape for AI Startups
Samaipata’s pan-European positioning is particularly relevant in the current landscape. European AI startups have historically faced challenges in matching the valuations and growth rates of their US counterparts. Factors such as fragmented regulation and a less robust institutional investor base have contributed to this disparity.
The involvement of KfW and SETT signals a growing recognition at the state level that Europe requires dedicated vehicles for AI investment, especially at the seed and early stages. This perspective is gaining traction across the continent, particularly as the pace of AI development accelerates in the US and China.
Future Plans for Fund III
As Samaipata progresses towards its €110 million target, the firm aims to broaden its investor base in the coming months. While the timeline for the final close has not been disclosed, the initial success of Fund III indicates a strong foundation for future growth and investment in the burgeoning field of AI.
