Bullnet Capital
Bullnet Capital is a Spanish venture capital firm founded in 2001 and based in Pozuelo de Alarcon near Madrid, investing in early-stage deep-tech startups across semiconductors, photonics, electronics, quantum, robotics and enabling software; it typically backs university and research-center spin-offs and takes hands-on board roles, and has raised four funds from Bullnet Capital I to the EIF-backed Innvierte Sciencetech Bullnet Capital IV.
Key facts
Recent exits
Coverage notes
4 funds tracked, 29 portfolio companies (22 active · 7 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
29 companiesFunds & portfolio
Every fund Bullnet Capital has raised, with its portfolio companies. Hand-checked from public filings.
Innvierte Sciencetech Bullnet Capital IVVC2022 · 4yr10 active
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Deep Tech |  Spain | 2023 | |
| Deep Tech | Spain | 2023 | |
| Cybersecurity | Spain | 2023 | |
| Deep Tech | Spain | 2024 | |
| Deep Tech | Spain | 2024 | |
| Gaming | Spain | 2022 | |
| Deep Tech | Spain | 2022 | |
| Deep Tech | Spain | 2023 | |
| AI/ML | Spain | 2023 | |
| Deep Tech | Spain | 2022 |
Spain· Entry 2023Spain· Entry 2023Spain· Entry 2023Spain· Entry 2024Spain· Entry 2024Spain· Entry 2022Spain· Entry 2022Spain· Entry 2023Spain· Entry 2023Spain· Entry 2022Bullnet Capital IIIVCHarvesting2016 · 10yr€42M9 active
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| MedTech | Spain | 2017 | |
| AI/ML | Spain | 2020 | |
| MedTech | Spain | 2021 | |
| HealthTech | Spain | 2021 | |
| Deep Tech | Spain | 2018 | |
| Software | Spain | 2016 | |
| Deep Tech |  Portugal | 2019 | |
| Data & Analytics | Spain | 2018 | |
| Deep Tech | Spain | 2016 |
Spain· Entry 2017Spain· Entry 2020Spain· Entry 2021Spain· Entry 2021Spain· Entry 2018Spain· Entry 2016Portugal· Entry 2019Spain· Entry 2018Spain· Entry 2016Bullnet Capital IIVCHarvesting2008 · 18yr€30M2 active · 4 realized
Unrealized
2 heldRealized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| DevTools | Spain | 2009 | 2020 | Trade Sale | – | ||
| Gaming | Spain | 2008 | 2021 | Trade Sale | – | ||
| Aerospace & Defence | Spain | 2009 | 2021 | Trade Sale | – | ||
| Data & Analytics | Spain | 2008 | 2018 | Trade Sale | – |
Bullnet Capital IVCHarvesting2002 · 24yr€18M1 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Deep Tech | Spain | 2003 | 2014 | Trade Sale | – | ||
| Deep Tech | Portugal | 2005 | 2013 | – | – | – | |
| Telecom | Spain | 2002 | 2005 | Trade Sale | – |
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