Samaipata Fund III

Spain
Seed
Share

About Samaipata Fund III

Madrid-based pan-European VC targeting €110M for Fund III with €70M first close. Backs 25-30 European tech companies at late seed and pre-Series A building AI-native products. Anchor LPs include KfW and SETT.

Investment Focus

Location / RegionSpain
Funding StageSeed
Industry Focus
Ai Ml
Ecommerce
Saas

Investor Signals Profile

active

Sweet Spot

European AI-native B2B founder, MVP live, €200K–€1M ARR, contrarian thinking, Series A trajectory

AI-native B2B
late-seed Europe
data-loop defensibility
AI application layer
SMB SaaS enablement
contrarian AI ideas
high-conviction bets
10x product speed
empower not mandate

Bullish Signals

First close at €70M (64% of target) signals strong LP demandblog
KfW and SETT anchoring signals government-level conviction in the fund strategyblog
80% Series A conversion rate on Fund I validates sourcing and graduation capabilityblog
Anthropic and Nvidia partnerships offer rare enterprise distribution access for portfolioblog
25-30 company target means active dealmaking through 2027–2028blog
€110M Fund III publicly launched; Europe AI mandatewebsite
Repeat backing of VIVLA signals portfolio conviction depthwebsite
Backing since 2016; decade of hands-on operator platformwebsite
SMB SaaS + AI thesis: 23M European SMBs as addressable basewebsite
Annual Hive Summit 2026 topic (AI or Die) reflects market-defining convictionwebsite
Actively publishing contrarian market perspectives on SaaS playbook collapsewebsite
Self-aware risk flagging on AI diligence tools shows intellectual honestywebsite
Ethos-driven: empower founders, don't mandate or overpromise capitalwebsite
The Hive platform explicitly includes operational support beyond capitalwebsite
Three-day founder retreat surfaces real challenges and big bets annuallywebsite

Contrarian Signals

Geography expansion into DE, FR, UK unproven against entrenched local specialistsblog
Founder Success platform value in new markets yet to be testedblog
Fund III portfolio companies not yet publicly disclosed — no new proof pointsblog
AI diligence tools may erode contrarian edge — own thesis riskwebsite
Self-flagging: AI sourcing tools kill contrarian ideas earlywebsite
Pricing as moat claim contradicted by proprietary concern in latest blog postwebsite
Software-service boundary blurring creates pricing transparency riskwebsite

Founder Do's

Come with a live MVP and early ARR between €200K–€1M (SaaS) before reaching out
Show a clear path to Series A within 18 months from the round
Demonstrate AI is core to defensibility, not a feature layer on top of the product
Engage with the Founder Success platform — Anthropic and Nvidia intros are real value
Apply directly via their Typeform and highlight geography (DE, FR, UK now equal priority to ES)
Bring contrarian thinking; avoid crowded "Claude Code" narratives
Join The Hive community for hands-on operational support beyond capital

Founder Don'ts

Don't pitch pre-product — they rarely invest before MVP is live
Don't frame AI as a bolt-on feature; defensibility must come from data loops or workflow integration
Don't assume they are Spain-only — that framing is outdated for Fund III
Don't rely on standard SaaS playbook; 10x product improvement needed

Key GPs & Partners

JB
José del Barrio
Co-Founder & General Partner
ex-founderthesis-drivencommunity-builder
ED
Eduardo Díez-Hochleitner
Co-Founder & General Partner
thesis-drivenpatient-capitalmetrics-driven
LG
Luis Garay
Partner (Investment)
thesis-drivenopinionated
AC
Alberto Cuevas
Partner (Founder Success)
hands-oncommunity-builder

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Fund Overview

Fund Size€110M
Saves0

Key People

José del Barrio, Eduardo Díez-Hochleitner

José del BarrioCo-Founder & General Partner
Eduardo Díez-HochleitnerCo-Founder & General Partner
Luis GarayPartner (Investment)
Alberto CuevasPartner (Founder Success)

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