Indra

Indra has launched Indraventures I, a venture capital fund of up to €200 million aimed at investing in technology companies operating in the aerospace, cybersecurity, defense and emerging technologies sectors. 

The fund will have a minimum duration of 10 years and a maximum of 12, and will take temporary stakes in non-financial and non-real-estate companies. Its strategy will focus on businesses with dual-use technology and strong growth potential.

Dual-use technologies are those that can be applied in both civilian and military contexts, such as developments in artificial intelligence, cybersecurity, communications systems, advanced sensors, or aerospace platforms.

According to the prospectus, Indraventures I will mainly invest in companies in their expansion phase, with already consolidated business models. At least 60% of the fund’s resources will be allocated to these types of projects, while up to 40% may be invested in early-stage companies—those still in initial phases, with products or services under validation and markets yet to be developed—or in growth capital firms, which have moved beyond the early phase but require additional financing to grow, expand their offering or accelerate their market position.

The strategy also requires that at least 51% of the capital be invested in companies with registered offices in Spain or whose strategic activity is carried out in the country. The remaining funds may be allocated to companies based in other EU member states and NATO countries.

The fund is aimed at companies, start-ups and SMEs developing technologies that address the challenges of the defense sector and that can later also be applied in civilian contexts. Indra notes that the launch of the fund is aligned with its commitment to “strengthening the Spanish industrial ecosystem, boosting innovation and fostering specialized and technology-driven employment.”

The prospectus also sets diversification limits: the fund may not invest more than 25% of its investable assets in a single company, nor more than 35% in companies belonging to the same group. Participated companies may not be listed on the main market of stock exchanges or on any other equivalent regulated market in OECD countries.

With the fund’s registration, a subscription period will open for 18 months, extendable by an additional six. During this time, new investment commitments may be accepted both from potential investors and from existing participants wishing to increase their contributions. The offering will be carried out through private placement, meaning it will be directed exclusively at professional investors.

The minimum investment commitment will be €1 million, although the management company, Gaesco Alternative Investments, may at its discretion accept contributions below that amount. The fund will begin operations on the date it is registered with the CNMV.