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VC FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 11 SOURCES

Bewater Funds

Sole shareholder of the SGEIC (100%, CNMV shareholder tab); the site calls Indexa Capital Group S.L. the parent (sociedad matriz) Indexa Capital Group

Also known as Bewater Asset Management, SGEIC, S.A., Bewater AM, Bewa7er

Madrid SGEIC (2018, Indexa Capital group) that sets up one closed-end fund per unlisted company it backs, plus diversified funds, incl. a private-markets fund of funds.

HEADQUARTERS
Madrid, Spain
FOUNDED
2018
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
5 people

Focus

STAGES
—
SECTORS
Software & SaaSConsumer & E-commerceFood & Agriculture
ASSET MIX
Venture capitalFunds (as LP)
GEOGRAPHY
SpainPortugal

Overview

Bewater Funds is the trade name of Bewater Asset Management SGEIC, authorised by the CNMV in 2018. It creates a closed-end fund (FICC or FCRE) for each unlisted company it invests in, letting investors subscribe and later sell units through the manager, and also runs diversified funds: Bewater II FCRE (unlisted tech companies in Spain and Portugal, including secondaries), Renta 4 Bewater I FCR and, since February 2026, Indexa Mercados Privados 2026 FCR, a fund of funds of up to €40M. It invests in companies with at least €400,000 of trailing sales, taking 5–49% stakes with a €300,000 minimum.

Investment thesis

Unlisted, fast-growing companies with at least €400K of sales in the last twelve months, generally cash-flow positive or funded to break-even, valued below 10x sales, with a shareholders’ agreement protecting minority investors; 5–49% stakes.

PORTFOLIO (12)

  • Mailtrack
    Software & SaaS
  • Sheetgo
    Software & SaaS
  • Wetaca
    Food & Agriculture
  • We Are Knitters
    Consumer & E-commerce
  • Zacatrus
    Consumer & E-commerce
  • Dentaltix
    HealthTech
  • MESbook
    Software & SaaS
  • DocDigitizer
    Artificial Intelligence
  • Product Hackers
  • Lico Cosmetics
    Consumer & E-commerce
  • Cuidum
    HealthTech
  • Gana Energía
    Climate & Energy · Exited (sold)

People

  • Ramón Blanco
    Co-founder and CEO (Consejero Delegado) · source
  • François Derbaix
    Co-founder and Director · source
  • Unai Ansejo
    Co-founder and Director · source
  • Edgar Couto
    Head of Investments · source
  • Miriam Vegas
    Finance and Compliance · source

Links

Frequently asked questions

Bewater Funds is a VC fund based in Madrid, Spain, founded in 2018.

Yes. Bewater Funds invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Bewater Funds invests in Software & SaaS, Consumer & E-commerce and Food & Agriculture.

Bewater Funds's stated ticket size is From €300K.

Key people at Bewater Funds include Ramón Blanco (Co-founder and CEO (Consejero Delegado)), François Derbaix (Co-founder and Director), Unai Ansejo (Co-founder and Director) and Edgar Couto (Head of Investments).

Bewater Funds's investments include Mailtrack, Sheetgo, Wetaca, We Are Knitters, Zacatrus, Dentaltix, MESbook and DocDigitizer, among others.

Yes. Bewater Funds manages capital from outside investors.