Fund profile / Spain

Samaipata Fund III

Geography: Spain
Stage: Seed
Fund size: €110M
Focus: AI/ML, E-Commerce and SaaS
Signals: Published

N°01 / About

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.

N°02 / Thesis

Investment Focus

Location / RegionSpain

Funding StageSeed

Industry Focus

AI/ML

E-Commerce

SaaS

Investor Signals Profile

active

Sweet Spot

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

AI-native B2B

late-seed Europe

data-loop defensibility

AI application layer

10x product speed

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

Think differently ethos attracts bold, non-consensus founderswebsite

High-conviction public stance: cut through noise, back people not hypewebsite

SaaS playbook imploded; 10x product speed now table stakeswebsite

Founder Success platform proven decade-long operational support track recordwebsite

Portfolio conviction deepening: VIVLA re-backed at €8M equity roundwebsite

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

Contrarian edge itself threatened by democratized AI diligence capabilitieswebsite

Founder Do's

Live MVP + €200K–€1M ARR before outreach

Show Series A path within 18 months

AI core to defensibility, not feature layer

Engage The Hive platform & summit community

Think differently; avoid consensus narratives

Founder Don'ts

No pre-product pitches

AI cannot be bolt-on; needs defensible moat

Don't assume Spain-only framing applies

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Facts

Fund Overview

Fund Size€110M

Saves0

Website

People

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)

Backers

Known LPs

KfW CapitalPublic / State institution

SETT (Spain)Public / State institution

N°04 / See also

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