Great operation in the venture capital sector and with a Spanish one as the protagonist. Kibo Ventures has sold its entire portfolio of companies in the first fund who raised the american HarbourVest. Inside there are companies as famous as Flywire o JobandTalent.
Kibo Ventures Partners – led by the founding partners Aquilino Peña (current president of Ascri), Javier Torremocha and José María Amusáteguii- has announced the sale of portfolio existing Fund I to a continuation fund. The secondary operation has been led by HarbourVest, a global unlisted asset manager with more than $ 80 billion under management, through its secondary and liquidity solutions team.
The transaction represents HarbourVest’s first secondary operation in the Spanish market of venture capital, and positions Kibo Ventures as one of the main emerging managers at the European level. What’s more, Kibo Ventures will remain the manager of the continuation fund.
This operation has also allowed Kibo Ventures to comply with the commitment with its investors to liquidate Fund I within the agreed term, generating first quartile net returns, both in terms of TVPI (theoretical multiple of the investment) and IPR (multiple realized from the investment). Currently, Fund I has a TVPI close to 3.5 times and an IRR greater than 25%, making it one of the best European funds in the vintage 2012.
“We are delighted to have concluded this agreement with HarbourVest. Be supported by a global investor tier-1 greatly reinforces everything we have built with Kibo Ventures since we launched the first fund in 2012. We are also very grateful to our entire investor base, who supported us in the beginning and to whom we have been able to offer relevant returns in less than nine years “, says Torremocha, co-founder and managing partner de Kibo Ventures.
Also, HarbourVest becomes the Main investor of the Kibo Ventures Opportunity Fund I. This fund will continue to support some of the main companies in the portfolio, having closed rounds for the time being growth from scale-ups like JobandTalent, Clarity, Paack, Devo or Exoticca.
Alantra and Cuatrecasas They have acted as financial and legal advisors to Kibo Ventures in this transaction, for which the price has not been disclosed.
The portfolio of continuation fund It includes companies such as Flywire, a payment platform that recently went public on the Nasdaq and has a market capitalization of $ 5 billion; JobandTalent, the marketplace job that recently announced a round growth led by Softbank; the Money, company of software invested by Accel, Salesforce Ventures, Hearst and Earlybird.
Also Blueliv, a cybersecurity company that recently announced its sale to the Outpost group; Qustodio, app parental control; Worldsensing, an internet of things platform focused on critical infrastructures; and Tappx, platform adtech programmatic.
“We were very impressed with the excellent reputation of the Kibo Ventures team in the market, as well as the tremendous quality of the portfolio“Afirma Greg Ciesielski, managing director from HarbourVest Partners. “The Kibo Ventures team has maintained a positive attitude, adding the value expected of a partner throughout the entire process. We are happy to be able to partner with Kibo Ventures and support them in their expansion process in the space of the venture capital European ”, he adds.
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