First Drop
Also known as First Drop VC, First Drop, FCRE, First Drop Opportunity FCRE, S.A., CREAND-First Drop-SIF
Valencia-born pre-seed impact VC founded by Manu Nieto and Alejandro Valero; invests €100k–€500k in social and environmental startups, with a 90-day support programme; over €19m after SETT's €8.3m.
- HEADQUARTERS
- Valencia, Spain
- FOUNDED
- —
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 4 people
FOCUS
- STAGES
- Pre-SeedSeed
- ASSET MIX
- Venture capitalImpact
- GEOGRAPHY
- Spain
WHAT IT IS
VC Fund. A fund manager investing capital raised from limited partners into startups.
ABOUT
First Drop is an impact venture capital fund founded in Valencia by Manuel (Manu) Nieto and Alejandro Valero, presenting itself as a hybrid of a traditional VC and an accelerator for startups whose business models address the Sustainable Development Goals. It began with €350,000 invested in four Spanish startups (Motoreto, Colibid, Banbu and ReHand) and in 2023 set up a Luxembourg SIF, CREAND-First Drop-SIF. Its Spanish vehicles are FCREs managed by third-party SGEICs, and in February 2026 SETT's €8.3m commitment took it past €19m. It invests €100k–€500k initially, with follow-on capacity above €1m, and runs a 90-day support programme after investing.
INVESTMENT THESIS
Pre-seed and early-stage startups with measurable social or environmental impact and financial return; initial tickets €100k–€500k, follow-ons of more than €1m, plus a 90-day post-investment support programme on priorities, network and impact measurement.
PORTFOLIO (12)
- Mobility & Logistics
- Fintech
- Consumer & E-commerce
- HealthTech
- HealthTech · since 2025
- Artificial Intelligence · since 2026
- Real Estate & PropTech · since 2026
- Climate & Energy
- Food & Agriculture
- Industrial & Manufacturing
- Consumer & E-commerce
- Artificial Intelligence
TEAM
LINKS
FAQ
First Drop is a VC fund based in Valencia, Spain.
Yes. First Drop invests directly in private companies.
First Drop invests at Pre-Seed and Seed stages in Climate & Energy, Artificial Intelligence, Software & SaaS, HealthTech and Consumer & E-commerce.
First Drop's stated ticket size is €100K–€500K.
Key people at First Drop include Manuel Nieto (Co-Founder & Managing Partner), Alejandro Valero (Co-Founder & General Partner), Orfeo Balboa (Partner & Investment Manager) and Irene González (Investment Analyst).
First Drop's investments include Motoreto, Colibid, Banbu, ReHand, Ovianta, Golden Owl, eVoost AI and Recovo, among others.
The most recent publicly reported investment by First Drop is eVoost AI (€1m investment (First Drop's largest to date)), announced in May 2026.
First Drop states that it accepts submissions through its official contact page.
Yes. First Drop manages capital from outside investors.