Compared with other countries in Europe, Andorra has a low startup culture but is still ranked among the 100 startup ecosystems globally. Its startup ecosystem is well-known for tech, leisure, software, and digitization.

Although Andorra doesn’t have a huge number of VC firms located within the country, there are several networks that are willing to fund startups and boost their growth.

Thinking about who these VC firms might be?

Well, no need to stress over it. Here is the list of the top 7 venture capital firms in Andorra with some additional tips on how to pitch to angel investors.

Top 7 Venture Capital Firms in Andorra

Following is the list of some of the top-ranking venture capital firms that fund startups in Andorra. While there are some firms in the country as well, many venture capitalists provide funding to Andorra as a part of their external funding campaigns. 

Neo Capital Ventures

Website: Neocapital

Investor Type: Venture Capital Firm

Investment Interests: Fintech and Food

Investment Stage: Early

Founded in 2017, Neo Capital Ventures is a venture capital firm that provides additional services such as financial advisory, foreign exchange execution, and international payment solutions. The network consists of many angel investors who provide funding to startups that are based in Andorra and Spain.

During the screening tests, Neo Capital Ventures looks for promising businesses that have strong growth potential and huge chances of profitability. They also value businesses that are providing innovative solutions in the form of a product or service.

The investment range of Neo Capital Ventures is around €200,000. Among many of their investments, some portfolio companies are:

Bigspoon: Bigspoon is a multi-brand omnichannel cloud kitchen startup. Their cloud kitchens offer a variety of cuisines through their own brands and white-label brands. Bigspoon has raised a total of €16.8 million in funding.

Medkart: Medkart is a non-banking financial company (NBFC) compliant with RBI’s digital lending guidelines. Medkart has grown significantly in 2022, with over 300 D2C brands adopting its installment payment solutions. Medkart has raised a total of €29.9 million in funding.

Snapmint: Snapmint is a buy-now-pay-later focused firm. It aims to help consumers by providing installment payment solutions for online and offline purchases. Snapmint has raised a total of €21 million.

Ysios Capital

Website: Leading life sciences investor - Ysios Capital –

Investor Type: Venture Capital Firm

Investment Interests: Life Sciences

Investment Stage: Early and Mid Stage

Founded in 2008, Ysios Capital is also a well-recognized VC firm that invests in Andorra-based startups. The firm consists of around 10 startup investors and has funded many companies.

Talking about their investments, Ysios Capital finances highly innovative life sciences companies worldwide. They focus on biotech ventures developing novel therapies for indications.

Once a startup has been funded, Ysios Capital also helps the startup by offering additional services such as mentorship and strategic growth. The firm has an investment range of €5M to €10M. Notable portfolio companies are:

Aura Biosciences: Aura Biosciences is a clinical-stage biopharmaceutical company developing targeted therapies for ocular cancers.

Kynexis: Kynexis focuses on developing novel therapeutics for neurodegenerative diseases.

Sanifit: Sanifit is a clinical-stage biopharmaceutical company working on treatments for calcification disorders.

VarmX: VarmX is developing an innovative anticoagulant therapy.

UNIQ Ventures

Website: UNIQ | The venture studio for fintech & blockchain champions (joinuniq.com)

Investor Type: Venture Capital Firm

Investment Interests: Fintech, Sports, Healthcare, and Automobile. 

Investment Stage: Seed

UNIQ Ventures is a return-driven, independent venture capital investor. It operates as the venture capital arm of UNIQA Insurance Group and provides funding to Andorra based startups.

Even though UNIQ Ventures has been recently found, the investors have already funded many startups and are searching for more profitable startups. They strongly focus on businesses that can drive growth, have sustainable business models, and have low market competition.

Moreover, UNIQ Ventures also provides their portfolio companies with access to expert mentors. They have a panel of well-qualified mentors who guide startups when things don't go in their favor.

The investment range of UNIQ Ventures can extend up to €6M. Some of their portfolio companies are:

Spotawheel: Spotawheel is the fastest-growing used cars platform in Europe.

EM Flow: Allows businesses to get cash today for their revenues.

Eversports: SaaS solution and marketplace for sports venues. Enables booking sports activities online.

Smart Dental Care: Makes brushing teeth more enjoyable through smart dental care solutions.

HV Capital

Website: HV CAPITAL I Backing those who dare

Investor Type: Venture Capital Firm

Investment Interests: Mobility, Fintech, Consumer, Enterprise, Retail, Healthcare, Education.

Investment Stage: Early Stage Venture, Late Stage Venture, Private Equity, Seed

HV Capital, previously known as HV Holtzbrinck Ventures, is a venture capital firm that has been investing in internet and technology companies since 2000. The network consists of more than 50 angel investors and invests in Andorra and many other countries in Europe. 

HV Capital supports exceptional founders in building market-leading digital companies. The firm invests in various sectors, including fintech, B2B, e-commerce, enterprise, travel, education, mobility, healthcare, and retail.

Aside from funding activities, HV Capital also conducts many networking events, accelerator, and mentorship programs. The investment range of HV Capital lies between €500,0000 to €5M. Some of their portfolio companies are:

Rabot Charge: A startup that provides dynamic electricity tariffs. They have recently raised €17.5 million in funding.

Ceezer: Ceezer helps companies plan, buy, and manage their carbon credit portfolio. It secured €10.3 million in funding.

Finn: A flexible car subscription platform that has received a €100 million in funding.

Kipu Quantum: A quantum software company. Attracted major industrial clients and secured €10.5 million

Earlybird Venture Capital

Website: Earlybird

Investor Type: Venture Capital Firm

Investment Interests: FinTech, HealthCare, Robotics, EdTech

Investment Stage: Series A

Earlybird Venture Capital is one of the most prominent VC firms in Europe with EUR 2 Billion under management. The network was founded in 1997 and has many angel investors working with them. 

As for startup preference, the investors at Earlybird Venture Capital prefer startups that have proven growth and can generate at least 5x ROI within 36 months of investment. Startups must be led by experienced individuals (at least 5-6 years) and have a qualified team.

The investment range of Earlybird Venture Capital can range up to several million euros. The firm has built a strong portfolio with exceptional founders and is well-connected to major European VC players and exit partners. Some notable names are:

Hazelcast: Hazelcast provides an in-memory computing platform that enables businesses to accelerate data processing and improve application performance. 

UiPath: UiPath is a global leader in robotic process automation (RPA). Their platform allows organizations to automate repetitive tasks using software robots. 

Spotawheel: Spotawheel is a multi-brand omnichannel cloud kitchen startup. They operate virtual kitchens that prepare and deliver food from various cuisines.

Ventech VC

Website: Ventech VC

Investor Type: Venture Capital Firm

Investment Interests: Sector Agnostic

Investment Stage: Seed Stage to Growth stage

Ventech VC is a global venture capital firm with a strong digital focus. It was founded in 1998 in France and has provided funding to hundreds of startups since then. The firm has a dual structure platform with dedicated funds for Europe (Paris, Munich, Berlin, Helsinki, Stockholm, Andorra) and Asia (Shanghai and Hong Kong).

Startups are usually selected through online portals and provided with funding once startup leaders have passed the physical screening tests. Similarly, investors look for startups that are led by experienced individuals and can generate 6-10x ROI within 5 years of investment. 

The investment range of Ventech VC lies between €100,000 to €5M, as they invest in early and seed-staged companies. Some portfolio companies are:

Prolong: The startup focuses on extending the life of consumer electronics. Prolong raised €1.5 million from AFI Ventures.

Launchmetrics: Launchmetrics provides data analytics and marketing solutions for the fashion, luxury, and beauty industries.

Maddyness: Maddyness is a French media platform covering startups, innovation, and entrepreneurship.

BMW i Ventures

Website: BMW i Ventures - Agile Precision

Investor Type: Venture Capital Firm

Investment Interests: Automobile

Investment Stage: Early Stage

BMW i Ventures is the venture capital fund of the BMW Group and supports innovative startups in the automotive and mobility sectors. The network was founded in 2011 and has offices in San Fransisco, Silicon Valley, and Munich. 

Even though they aren't located in Andorra, the network still provides funding to startups that are related to the automobile industry and provide innovative solutions. While BMW i Ventures generally invests in a huge list of sectors, they are only providing funding to automobile-related startups in Andorra.

Moreover, BMW i Ventures has also been organizing dozens of startup events in California and Munich. However, it is not confirmed whether they will announce such events in Andorra this year.

The investment range of BMW i Ventures lies around €500,0000. Among many of their investments, some well known startups are:

AMPECO: Provides electric vehicle charging management software to operators in public, private, and residential charging scenarios. BMW i Ventures led the Series A round for AMPECO.

MacroFab: Offers a cloud manufacturing platform for building electronics from prototype to high-scale production. 

DeepDrive: Specializes in highly efficient electric motor technology. BMW i Ventures led an investment in DeepDrive.

Wrap-Up:

Ending things on a lighter note, even when Andorra isn’t a hub for VC firms, you can still secure funding by pitching the right way. Research well about the investors you’re pitching to, have faith in your startup, and the investors will surely fund your startup. 

Good Luck!

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