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VC FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

THCAP (Telegraph Hill Capital)

Also known as Telegraph Hill Capital, THCap, Telegraph Hill Capital Partners, SGEIC, S.A., Telegraph Hill Group

Barcelona VC manager (founded 2008) led by Luis Gutiérrez Roy; leads or co-leads early-stage tech rounds and joins larger rounds through its Growth Opportunities fund.

HEADQUARTERS
Barcelona, Spain
FOUNDED
2008
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
3 people

Focus

STAGES
SeedGrowth
SECTORS
Software & SaaSFintechHealthTechEducation
ASSET MIX
Venture capital
GEOGRAPHY
EuropeNorth America

Overview

Telegraph Hill Capital (THCAP) was set up in Barcelona at the end of 2008 as Telegraph Hill Group to take stakes in startups, at first mainly in California, and later formed a CNMV-regulated manager, Telegraph Hill Capital Partners, SGEIC, registered in 2020. Its Telegraph Hill Capital 2020 fund leads or co-leads early-stage rounds in tech startups with up to €2M per deal; Telegraph Hill Capital Growth Opportunities I (2022) takes minority stakes of up to €1M in rounds of €10M–€100M. Capital for both funds came from Spanish family offices and private investors.

Investment thesis

Leads or co-leads early-stage rounds in tech startups (up to €2M per deal) and joins larger rounds (€10M–€100M) with minority tickets of up to €1M; earlier vehicles focused on seed rounds in cybersecurity, education technology, medical technology and fintech, about two-thirds in the US and Canada and one-third in Europe and Israel.

PORTFOLIO (7)

  • Loyal Guru
    Software & SaaS
  • Taclia
    Software & SaaS
  • Bigle Legal
    Software & SaaS
  • Payflow
    Fintech
  • Undostres
    Fintech
  • Talent.com
    Software & SaaS
  • Tacmind
    Artificial Intelligence · since 2025

People

  • Luis Gutiérrez Roy
    Chairman, CEO (consejero delegado) and general manager, Telegraph Hill Capital Partners SGEIC · source
  • Alejandro Quintanilla Cornudella
    Board member · source
  • Carlos Soria Sendra
    Board member · source

Frequently asked questions

THCAP (Telegraph Hill Capital) is a VC fund based in Barcelona, Spain, founded in 2008.

Yes. THCAP (Telegraph Hill Capital) invests its own capital in private companies.

THCAP (Telegraph Hill Capital) invests at Seed and Growth stages in Software & SaaS, Fintech, HealthTech and Education.

Key people at THCAP (Telegraph Hill Capital) include Luis Gutiérrez Roy (Chairman, CEO (consejero delegado) and general manager, Telegraph Hill Capital Partners SGEIC), Alejandro Quintanilla Cornudella (Board member) and Carlos Soria Sendra (Board member).

THCAP (Telegraph Hill Capital)'s investments include Loyal Guru, Taclia, Bigle Legal, Payflow, Undostres, Talent.com and Tacmind.

The most recent publicly reported investment by THCAP (Telegraph Hill Capital) is Tacmind (€2.4M round), announced in Nov 2025.

Yes. THCAP (Telegraph Hill Capital) manages capital from outside investors.