Bullnet Capital Fund IV

Bullnet Capital

cb Email

Status

ACTIVE

Global HQ

Madrid, Spain

Countries of investment

Spain
Portugal

Investment stages

Seed

Industries

Deeptech
Industrial Tech
ICT
Hardware
Photonics

About
Bullnet Capital is one of Spain's longest-running deep-tech VCs backing early-stage technical founders. Their focus spans industrial software, deep tech, and university spinoffs across Spain. The firm combines €100M+ AUM across three funds with Madrid headquarters to support technical founders from seed through Series A.

Min check size: $1.2M
Max check size: $5.8M
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Investment Thesis

Bullnet Capital is a deep-tech venture capital firm deploying capital across software, industrial tech, and technology transfer sectors. They invest in early-stage Spanish companies with deep technical IP, often emerging from research centers and universities. The firm differentiates itself through 20+ years of Spanish tech-transfer specialization, strong relationships with CDTI and Spanish universities, and a focus on capital-efficient deep tech.

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Manager's Experience

Founded by Javier Ulecia, Bullnet’s leadership focuses on deep tech investments, combining technical expertise with long-term capital to support high-risk, high-impact innovation.