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Cardumen Capital

Cardumen Capital

Madrid, Spain·Founded 2017··cardumencapital.com

Cardumen Capital is a Spanish-Israeli early-stage venture capital firm founded in 2017 by Gonzalo Martinez de Azagra and Igor de la Sota, headquartered in Madrid with a second office in Tel Aviv. It invests at pre-seed and seed stage in B2B deep-tech startups across artificial intelligence, cybersecurity, big data and Industry 4.0, and through a later AgriFoodTech fund in food and agriculture technology. The firm manages more than USD 300m across its two Deep Tech funds, an AgriFoodTech fund and a fund-of-funds, and has backed over 40 companies that are predominantly Israel-based, with notable exits including the 2026 sale of Illumex to NVIDIA.

AUM
€280M
Funds
3
vintages 2017–2024
Portfolio
12
Exits
2

Key facts

HQMadrid, Spain
Founded2017
Employees20+

Recent exits

Illumex
Data & Analytics2026 · 5yr hold
Reshuffle
Reshuffle
DevTools2021 · 1yr hold

Coverage notes

3 funds tracked, 14 portfolio companies (12 active · 2 realized). Verified weekly from public filings and deal announcements.

Sector breakdown

14 companies
Data & Analytics
3 · 21%
AI/ML
3 · 21%
FoodTech
2 · 14%
Deep Tech
2 · 14%
AdTech
1 · 7%
Fintech
1 · 7%
Cybersecurity
1 · 7%
DevTools
1 · 7%

Funds & portfolio

Every fund Cardumen Capital has raised, with its portfolio companies. Hand-checked from public filings.

3 funds
Cardumen AgriFoodTech FundVCHarvesting
2024 · 2yr2 active

Unrealized

2 held
IncaptoActive
FoodTechSpain· Entry 2026
OshiActive
FoodTechUnited States· Entry 2024
Cardumen Deep Tech Fund IIVC
2022 · 4yr€110M3 active

Unrealized

3 held
Alison.ai
Alison.aiActive
AdTechIsrael· Entry 2024
Kahoona
KahoonaActive
Data & AnalyticsIsrael· Entry 2022
Lendai
LendaiActive
FintechIsrael· Entry 2022
Cardumen Deep Tech Fund IVCHarvesting
2017 · 9yr€55M7 active · 2 realized

Unrealized

7 held
CoreTigo
CoreTigoActive
Deep TechIsrael· Entry 2019
DoControl
DoControlActive
CybersecurityIsrael· Entry 2020
HumavoxActive
Deep TechIsrael· Entry 2018
IVIX
IVIXActive
Data & AnalyticsIsrael· Entry 2021
AI/MLIsrael· Entry 2019
NeuReality
NeuRealityActive
AI/MLIsrael· Entry 2021
AI/MLIsrael· Entry 2019

Realized

2 exits
IllumexExited 2026
Data & AnalyticsIsrael· Entry 2021
Trade Saleto
Reshuffle
ReshuffleExited 2021
DevToolsIsrael· Entry 2020
Trade Saleto
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Last updated August 2026 · Sourced from public filings · Report an issue