Bullnet is a Spanish independent Venture Capital firm, specialised in high technology start-ups. Bullnet Capital led by Javier Ulecia, has already raised €40 million in the first closing of its fourth venture capital fund, which was named Bullnet Capital IV.
The vehicle is focused on technology projects in software, electronics, semiconductors and photonics, with applications in medical equipment, automotive, aeronautics, cybersecurity and artificial intelligence. The fund, which is aimed at institutional investors, has already received commitments of €40 million, of which €30 million come from the Neotec Fund of Funds programme of the CDTI (Centre for the Development of Industrial Technology) and the remaining €10 million from Bruno Entrecanales, brother of Acciona’s chairman.
The CDTI has committed to provide a further €10 million, but will do so at the close of the fund, which is scheduled for the third quarter of the year. Bullnet has also requested resources from the European Investment Fund (EIF), which is expected to confirm its commitment to invest around €24 million in the vehicle before the end of the first quarter, according to Javier Ulecia’s forecasts.
The rest, up to a target of €80 million, will come from private investors.
Miguel Prado, partner and head of the Financial Regulation & Fintech practice, led the advice on the transaction, together with senior associate María Cabanillas and associate Patricia Serna, of the same department, along with Corporate/M&A associate Mauricia Silva.
