Last week we announced something that we'd been working on for a few months. We've called it K Founders and it's a pre-seed investment program to write checks of up to €100k in very early stage Spanish startups. We'll do a few investments of this size through the life of K Fund II, but our main focus will continue to be on our usual €200k to €2m investments.
Why do this now? This has nothing to do with covid-19 as some people might think, and it's a program that my colleague Marc Clemente thought about a few months ago, before the pandemic. We thought it would be a good idea to offer founders the possibility of accessing pre-seed funding, in order to have sufficient resources to make the decision of leaving their full time jobs (if they, for example, are currently working at a company) and tackle the idea they have head-on.
Despite the evolution of the Spanish startup ecosystem, I still believe that one of the bigger challenges for founders who do not have a strong network is to find the first €100k (or so) that allows them to go full time on their projects. With K Founders, we're trying to help these kind of founders find the resources they need.
By no means we're trying to replace the super important activity and role business angels play in the market. In fact, our goal with this program is to actually share the dealflow that we get with them, since we're happy to co-invest and set the terms of the investments in conjunction with them.
All in all, we're just trying to help more non-founders become founders 😊
The current batch is open until September 15th. If you think you fit with what we're looking for, send us your info through the form you'll find here.