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VC FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 24 SOURCES

Cardumen Capital

Also known as Cardumen Capital, SGEIC, S.A.

Spanish-Israeli VC manager (CNMV-registered SGEIC, Bilbao) running DeepTech, AgriFoodTech, Opportunity and fund-of-funds vehicles; invests $750K–$4M from pre-seed to Series A.

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

Focus

STAGES
Pre-SeedSeedSeries A
SECTORS
Artificial IntelligenceSoftware & SaaSDeep TechFood & Agriculture
ASSET MIX
Venture capitalFunds (as LP)
GEOGRAPHY
IsraelEuropeNorth America

Overview

Cardumen Capital, SGEIC, S.A. is registered with the CNMV (no. 122, January 2017) with its registered office in Bilbao; the firm lists offices in Madrid and Tel Aviv. It runs a DeepTech strategy investing mainly in Israeli AI, cybersecurity and big-data companies, an AgriFoodTech fund for European seed-stage companies, the €20M Cardumen Opportunity Fund I for later-stage Israeli tech companies, and a fund-of-funds programme. The website reports 40+ current portfolio companies; its fund pages say most of its investors are institutions and corporations, with the rest from family offices and high-net-worth individuals.

Investment thesis

DeepTech: AI, cybersecurity and big data, software and hardware, mainly early-stage Israeli companies, first tickets $750K–$4M at pre-seed, seed and occasionally Series A. AgriFoodTech: European B2B agritech, food science and circular-economy companies at seed, $750K–$1.5M. Fund of funds: $2M–$5M commitments to PE, VC, private-debt and real-asset funds with social or environmental themes.

PORTFOLIO (12)

  • illumexNOTABLE
    Artificial Intelligence · Acquired (by NVIDIA)
  • NeuRealityNOTABLE
    Deep Tech · since 2019
  • IVIX
    Software & SaaS · since 2019
  • DoControl
    Software & SaaS · since 2020
  • Coretigo
    Industrial & Manufacturing · since 2017
  • Rylo
    Artificial Intelligence · since 2021
  • Spinach
    Artificial Intelligence · since 2021
  • Brandlight
    Artificial Intelligence · since 2025
  • Malanta
    Software & SaaS
  • Incapto
    Consumer & E-commerce
  • Oshi
    Food & Agriculture · since 2024
  • Constellr
    Space

People

  • Gonzalo Martínez de Azagra
    Founder and General Partner · source
  • Igor de la Sota
    Founder and General Partner · source
  • Enrique Burguillos
    CFO · source
  • Jorge Rodríguez
    Head of M&A · source
  • Alberto Criado
    Principal · source
  • Juan Vidri
    Principal · source
  • Noa Shamay
    Principal (MEA) · source
  • Stan Yu
    Venture Partner (APAC, Taipei) · source

Links

Frequently asked questions

Cardumen Capital is a VC fund based in Madrid, Spain.

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

Cardumen Capital invests at Pre-Seed, Seed and Series A stages in Artificial Intelligence, Software & SaaS, Deep Tech and Food & Agriculture.

Cardumen Capital's stated ticket size is $750K–$4M.

Key people at Cardumen Capital include Gonzalo Martínez de Azagra (Founder and General Partner), Igor de la Sota (Founder and General Partner), Enrique Burguillos (CFO) and Jorge Rodríguez (Head of M&A).

Cardumen Capital's investments include illumex, NeuReality, IVIX, DoControl, Coretigo, Rylo, Spinach and Brandlight, among others.

Yes. Cardumen Capital manages capital from outside investors.