VC FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 8 SOURCES

Bullnet Capital

Also known as Bullnet Gestión, SGEIC, S.A., Bullnet Gestion

Madrid deep-tech VC founded in 2001 by Javier Ulecia and Miguel del Cañizo; four funds, the latest Innvierte ScienceTech Bullnet Capital IV (about €80M, 2024) for Spanish tech-transfer start-ups.

HEADQUARTERS: Pozuelo de Alarcón (Madrid), Spain
FOUNDED: 2001
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 6 people

Focus

STAGES: SeedSeries A
SECTORS: Deep Tech Software & SaaS HealthTech
ASSET MIX: Venture capital
GEOGRAPHY: Spain

Overview

Bullnet Capital is an independent Spanish venture capital firm founded in 2001 by Javier Ulecia and Miguel del Cañizo, with the strategic and financial support of Bruno Entrecanales. It invests in Spanish start-ups with breakthrough technology in software, electronic systems, microelectronics, photonics and medical devices, usually as lead investor taking minority stakes. Bullnet Capital I (€20M, 2002/2003), II (€30M, 2007) and III (about €43M, 2015) have been followed by Innvierte ScienceTech Bullnet Capital IV, which announced a €40M first close in March 2023 and reached just over €80M after a €28M EIF commitment in November 2024.

Investment thesis

Spanish companies with proprietary breakthrough technology resulting from prior R&D, sustainable IP-based advantages and technical founders; no consumer internet, biotech drug discovery or content businesses; lead investor with a hands-on approach.

PORTFOLIO (12)

KDPOFNOTABLE
Deep Tech
Quside
Deep Tech
Inspiration-Q
Deep Tech
Mapsi Photonics
Deep Tech
Deep Detection
Deep Tech
AGPhotonics
Deep Tech
MLCode
Artificial Intelligence
Enthec
Software & SaaS
Leapwave
Deep Tech
Wooptix
Deep Tech
LeanXcale
Software & SaaS
Oncovision
HealthTech

People

Javier Ulecia
Founding Partner · source
Miguel del Cañizo
Founding Partner · source
Isaac Mendoza
General Partner · source
Carmen Arenzana
Financial Director · source
José Luis Gómez
Investment Manager · source
Jorge Fernández
Investment Associate · source

Frequently asked questions

Bullnet Capital is a VC fund based in Pozuelo de Alarcón (Madrid), Spain, founded in 2001.

Yes. Bullnet Capital invests its own capital in private companies.

Bullnet Capital invests at Seed and Series A stages in Deep Tech, Software & SaaS and HealthTech.

Key people at Bullnet Capital include Javier Ulecia (Founding Partner), Miguel del Cañizo (Founding Partner), Isaac Mendoza (General Partner) and Carmen Arenzana (Financial Director).

Bullnet Capital's investments include KDPOF, Quside, Inspiration-Q, Mapsi Photonics, Deep Detection, AGPhotonics, MLCode and Enthec, among others.

Yes. Bullnet Capital manages capital from outside investors.