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A new Adara Ventures is coming soon.
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Ventures
The brightest star in the sky is one you have never seen. Adhara pours out more light than almost any star we know, but nearly all of it in the ultraviolet, beyond what the human eye can see.

To the casual observer, it is ordinary. To the right instrument, it is extraordinary. We have spent two decades becoming that instrument. The companies that will define the next era are already kindled, in places only patience and depth can reach.

Our work is to find and back them early, and stay until the world can see what we saw all along.
through the years
Milestones
2005
Founded in Madrid
2006
First fund closes (AV1)
2008
First cheque in AlienVault
2013
AV2 closes
2015
First cheque in Seedtag
2018
AlienVault exits to AT&T
2019
AV3 closes · PlayGiga exits to Facebook
2022
Seedtag raises €250M · Hdiv exits to Datadog
Opportunity Fund launches
2023
Ross Strachan & Alberto Echeverri join the Partnership
2025
AV4 & AVE close
2025
Cyber Guru exits to Libraesva
2026
Same thesis, fourth cycle
INVESTMENT FOCUS

As AI transforms technology, hard problems become more valuable

The cost of building software has collapsed. Incumbents across every industry are exposed, and new markets form faster than capital can map them. Durable value now sits in the layers AI cannot commoditise: proprietary data, earned trust, deep domain expertise and physical systems.

Software cost → 0.
AI commoditises building; a strong demo proves little.
Everyone ships fast.
Output no longer signals company quality.
Moats leave the code.
Defensibility relocates beneath the surface.
The defensibility scale
Decaying moats

commoditising · compounding
Reinforcing moats · hard to replicate
Workflow
agents rewrite it
Distribution
rebuilt around agents
Ecosystem
lock-ins loosen
Data
compounding wins
Scale
capex still matters
Network
trust intensifies
Regulatory
licenses hold
Physical
hardest to replicate
INVESTMENT Verticals

Four layers to build durable advantage

We invest where AI is creating new forms of defensibility. The source of that advantage differs by sector/ territory: it may come from proprietary data, trusted deployment, deep domain expertise, or a connection to the physical world.

02 / THE TERRITORIES
CAPTURE
New Data Frontiers
SECURE
Trusted AI Infrastructure
COMPUTE
Deep Domain Computation
CONNECT
Real-World Systems
We back companies that capture data that did not exist before, turning inaccessible environments into proprietary, high-value signal.

FOCUS

Space & Earth observation, sensing, telemetry, fibre-optic networks and web-scale extraction.
SatVu
We back the security and trust systems that let organisations deploy AI in sensitive, mission-critical settings.

FOCUS

Cybersecurity, compliance, sovereignty, governance, and model and data trust.
Acoru
We back platforms that turn existing data into expert-grade intelligence, fusing AI with deep domain knowledge and workflow.

FOCUS

Domain-specific models, scientific and engineering AI, and expert workflow platforms.
Zymvol
We back the software and sensing that connect physical systems to intelligence, letting them sense, respond and act.

FOCUS

Industrial automation, energy grids, manufacturing, mobility, and embedded hardware.
Corinex
03 / The filter
Our territories focus where we look. The founder determines who we back. Because the right founder can redefine the opportunity, whatever the territory.
PLATFORM
What partnership looks like in practice
Real commitment. Having taken companies from idea to exit, our team combines seed specialism with operational know-how to carry you from seed to exit.
Winning New Markets
Established US presence, then restructured for scale.
Attracted investment from eCapital, In-Q-Tel, and Evolution Equity. Led board dynamics. Established initial US presence, then restructured. Placed the COO and CRO.
CounterCraft
Winning New Markets
Relocated the company to Silicon Valley, and built the syndicate there.
Funded and rallied the founders to relocate. Supported the integration of a new CEO with the existing team. Participated in every round from Seed to Series D.
AlienVault
Building the Team
Recruited a CRO/CEO to evolve the GTM.
Helped the Founders reduce geographical and product complexity to streamline GTM.
Eluviant
Backing through the Rounds
Attracted the follow-on investors who made scale possible.
Invested in the Series A3 and provided the signalling to bring SparX Capital, Presto Ventures, NIF, and BBB into the round. Continued CEO support at the board.
SatVu
Exiting the Right Way
Guided the Board on early M&A offers, to hold out for the bigger outcome.
Strategic and corporate development across secondaries, financings, inbound M&A, and the acquisition of a competitor. Institutional readiness, at the moment it counted.
Cyber Guru
Winning New Markets
Opened the doors that unlocked European and Latam enterprise revenue.
Introductions to our network of large European industrial organisations generated a significant pipeline of qualified leads in a region where the company had previously low penetration.
Articul8
Exiting the Right Way
From Seed to Exit, partnering to maximise valuation.
Lead investor from the earliest days. Helped drive the product and company positioning in a competitive category, leading to an acquisition by Datadog.
HDIV
Building the Team
Introduced the CFO and CRO who navigated Series B.
Support through the toughest moments. Helped navigate venture debt. Focus on international expansion. The right hires at the moment they were needed.
Plenit
Backing through the Rounds
Led the seed and assembled the Series A syndicate.
Led the seed round. Helped bring in the follow-on syndicate for Series A. The kind of lead investor that makes the next round possible.
Acoru
Exiting the Right Way
Led the Board through M&A negotiations, leading to an acquisition by Meta.
Long-term lead investor through multiple rounds, shaping the investor syndicate and equity story.
PlayGiga
Backing through the Rounds
Followed on through every round, as the company repositioned.
Provided follow-on funding at critical turn-around points. Supported reorganization. Stayed in the round when others wouldn't.
XYZ Reality
Building the Team
Rebuilt the leadership team to unlock global expansion
Established the operating mechanisms, commercial intensity, and geographic ambition to enable the company to open new markets concurrently.
Wirescan
INVESTMENT criteria
View all portfolio
What we look for
in founders
01
Big Vision
We back founders with the ambition to shape a category. The scale of that ambition must match the scale of the problem. We listen for the moment a founder describes a future that does not yet exist, and makes us realise we’ve been waiting for someone to build it.
02
Execution
Vision without execution is decoration. We look hard at what a founder has already shipped, not just in their current company, but across their career: the teams they’ve built, the products they’ve shipped, the decisions they’ve made under pressure, and the constraints they’ve turned into compounding advantage. Execution isn’t speed; it’s the rate at which a founder learns. We invest in founders who want to run a better company tomorrow than they run today.
03
Technical Conviction
We invest in founders who have made deliberate, difficult choices about how to build their technology, and can explain precisely why those choices create structural advantage. Not a demo. Not a general story about AI or the market. This matters more than ever. The technical decisions a founder makes determine whether the company can build a position competitors cannot easily reach.
04
Courage
Building a category-defining company requires the conviction to take risks before the market is ready. It means persuading customers to see a future they do not yet recognise, and staying the course when the work takes longer than the market wants. We look for founders with the courage to step away from the beaten path in order to build something truly significant.
Testimonials
First company or fourth, we've walked the road
First time
Repeat
"When it's your first company, every problem looks like a fire. Adara has seen enough to know which ones actually are. From the first ticket, they've been in the work with us, not watching from the cap table.”
Manu Ferreira
Founder of Adcities
Adcities
“If you are building your third or fourth company, you've earned the right to choose your investors. I'd seen how Adara thinks about complex problems when they were investors in my previous company, Scalefast. For Goodweek, I wanted that thinking on my side again."
Nic Stehle
Founder of Goodweek
Scalefast
Our Values
Values aren’t what we say
they’re what we do
You can expect us to show up throughout your journey, bringing energy when momentum is high, perspective when decisions are hard, and practical support where it makes the greatest difference.
Committed
Transparent
We tell founders what we think they need to hear, not what they want to hear. No sugarcoating, no politics. If we see a problem, we say it. That's how trust is built.
We don't try to be everything to everyone, we focus on the things where twenty years of doing this actually makes a difference.
Focused
Reliable
We do what we say. No empty promises, no saying one thing and doing another. True to our word  when things are good, and especially when they're not.
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