Mouro Capital Fund III

About Mouro Capital Fund III

Mouro Capital Fund III is a $400M fund fully backed by Banco Santander, taking the London and Madrid-based fintech specialist past $1B in total commitments. High-conviction model of 30-35 portfolio companies with $8-12M initial checks and up to $70M follow-on. 4x average return across 26 exits including iZettle's $2.2B sale to PayPal. Fund III has already invested in ElevenLabs and Sakana AI, signaling expansion into AI-native financial infrastructure.

Investment Focus

Location / RegionUnited Kingdom

Funding StageSeed

Industry Focus

Ai Ml

Fintech

Insur Tech

Payments Embedded Finance

Investor Signals Profile

active

Sweet Spot

Fintech or AI-native financial infra founder, seed to Series C

fintech

AI-infrastructure

insurtech

payments

governance

Bullish Signals

4x return across 26 exits, top-decileblog

Santander sole LP, $1B+ total commitmentsblog

ElevenLabs and Sakana AI in Fund IIIblog

Contrarian Signals

Single-LP concentration (Santander)blog

Bank LP may create governance constraintsblog

Founder Do's

Build fintech or AI-native financial infra

Target seed to Series C with $8-12M need

Show path to follow-on up to $70M

Operate in Europe, North America, or LatAm

Demonstrate clear unit economics and moat

Founder Don'ts

Expect multi-LP syndicate dynamics

Pitch outside fintech or AI-finance thesis

Ignore the 66% follow-on rate advantage

Key GPs & Partners

MSM

Manuel Silva Martínez

General Partner

fintech-veteranthesis-drivendisciplined

Christopher Gottschalk

General Partner

fintech-specialistdisciplinedpatient-capital

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Fund Overview

Fund Size$400M

Saves0

Website

Key People

Manuel Silva Martínez, Christopher Gottschalk

Manuel Silva MartínezGeneral Partner

Christopher GottschalkGeneral Partner