Big Sur Ventures launches €100m fund to back Europe’s next deeptech companies

Spanish venture capital firm Big Sur Ventures has launched a €100 million fund focused on deeptech startups, strengthening the flow of early-stage capital into technologies increasingly viewed as strategic for Europe’s industrial and technological autonomy.

The vehicle, Big Sur Ventures’ fourth fund, will target a portfolio of between 20 and 25 companies, primarily at seed stage, with initial investments starting at around €1 million.

Half of the capital will be deployed in Spain, while the remaining 50% will target opportunities across other European markets.

The strategy covers areas where scientific research and complex engineering are translated into commercially scalable technologies, including semiconductors, artificial intelligence, biotechnology, nanotechnology, photonics, quantum communications, new materials and advanced industrial hardware.

Those technologies can ultimately be applied across sectors ranging from energy and mobility to cybersecurity, logistics, healthcare and financial services.

The launch comes as European policymakers and investors increasingly seek to reduce technological dependencies and rebuild industrial capacity in strategic sectors.

José Miguel Herrero, founder and CEO of Big Sur Ventures, argues that the current deeptech cycle represents an opportunity Europe cannot afford to miss.

“We cannot fall behind and miss the wave of reindustrialisation and development again,” Herrero said.

According to the executive, roughly 85% of deeptech activity has an impact on industry, making investment in these companies increasingly relevant to Europe’s broader reindustrialisation ambitions.

The Covid-19 pandemic exposed vulnerabilities created by dependence on Asian supply chains, particularly China, while Russia’s invasion of Ukraine subsequently accelerated European investment in areas such as defence, resilience and dual-use technologies.

Herrero believes challenges involving energy, mobility, industrial production and supply chains cannot be solved by software alone, creating opportunities for startups developing proprietary hardware, materials and scientific technologies.

From software investment to strategic technology

Deeptech companies typically require longer development periods, greater technical validation and more capital than conventional software startups.

That makes specialist investors increasingly important, particularly during seed rounds when companies must demonstrate that scientific or engineering breakthroughs can become viable businesses.

Big Sur Ventures says it evaluates more than 6,000 companies every year, applying due diligence not only to the commercial opportunity but also to the underlying technology, market potential and execution capabilities.

Founded in 2012, the Madrid-based firm specialises in pre-seed and seed investing and has completed more than 50 investments and 10 exits across its previous funds.

Over the past 12 years, its portfolio companies have attracted more than €1 billion in additional investment through follow-on rounds, according to the firm.

Its portfolio illustrates the breadth of the European deeptech opportunity.

Among its investments is Nanopower Semiconductor, developer of the nPZero chip, a technology designed to significantly reduce power consumption in battery-operated electronic devices.

Barcelona-based LuxQuanta develops quantum cryptography technology designed to protect digital communications against emerging security threats, while Supernova works on proprietary advanced 3D manufacturing technology.

Big Sur Ventures has also backed Axiomatic AI, an MIT-born company developing artificial intelligence specifically for science and engineering; authentication technology company Distinkt; and Tolemy, whose AI-native Orbit platform is designed for cell biology research.

Europe’s deeptech race accelerates

The €100 million fund also arrives amid growing competition among European venture capital firms for companies capable of building defensible intellectual property and strategic technologies.

Spain has become an increasingly active part of that market. The Big Sur Ventures announcement comes as other Spanish investors increase their exposure to deeptech and early-stage technology companies, reflecting stronger investor interest in areas beyond traditional SaaS and consumer platforms.

For Big Sur Ventures, Europe retains an important structural advantage: highly qualified scientific and engineering talent combined with public programmes capable of supporting technically complex companies during their early development.

The challenge is converting that research base into companies able to scale internationally without moving their intellectual property, production or strategic capabilities outside the continent.

With its fourth fund, Big Sur Ventures is betting that the next generation of European technology champions will increasingly emerge not simply from software, but from semiconductors, quantum systems, biotechnology, advanced manufacturing and the scientific breakthroughs underpinning a new industrial cycle.