As we wrap up the first half of 2025, we wanted to reflect on the key moments from the past few months: celebrating new investments, team promotions, and impressive growth stories from our across portfolio.
In March, we announced the successful first close of our fourth flagship fund, AV4, with a target of €100M in capital commitments. This milestone reinforces our commitment to delivering strong returns in high-impact sectors such as cybersecurity, applied AI, digital infrastructure, hardware components, digital health, and space tech.
We are honored to have the support of over 130 limited partners and welcome new anchor investors in this first close, alongside a growing number of Adara portfolio founders choosing to invest as LPs, a true testament to the strength of our value proposition. Learn more about AV4 →
In a sector obsessed with Unicorns, our philosophy has always been to maximize Dragons (companies that return the entire fund) and we are proud to have generated at least one Dragon in each of our previous fund generations.
In an interview with Expansión, we explained how we’re approaching this next chapter. Read more →
In July, we announced the first investments of AV4. We co-lead the €6M seed round in TuringDream, a Madrid-based startup pioneering the development of multi-agent-based applications (MABAs) for enterprise use. Learn more →
We also invested in TandemTrace, a Madrid-based cybersecurity startup empowering modern Security Operations Centers (SOCs) with intelligent, autonomous AI agents. Learn more →
In March, we announced the well-earned promotions of four outstanding team members:
Mónica Navas as Head of Compliance and Investor Relations, María Alonso as Head of Finance, Alessandro Gambarotta as Principal, and Andrea Cabanillas as Senior Analyst.
Thanks to the hard work of these incredible team members, we’re more confident than ever in our ability to create meaningful, long-term value for both our portfolio and our investors. Read more →
In May, we hosted our third meeting of the Industrial Advisory Committee for Adara Ventures Energy, our Pan-European, thematic fund dedicated to technologies enabling the energy transition.
As our first 2025 gathering, we brought together leading voices from across the energy ecosystem to discuss critical topics such as AI, energy grid flexibility, and our growing investment momentum. Check out a full recap →
We also shared progress on the Adara Ventures Energy Fund, highlighting our two new investments in 2025:
In April, we announced our investment in Wirescan, a Norway-based company that has developed a patented solution to assess and monitor the condition of both de-energised and energised cables known as LIRA (Line Impedance Resonance Analysis) Technology. Learn more →
We also announced our investment in Corinex, participating in the $30M funding round led by UK-based Energy Growth Momentum. Corinex is a leader in Broadband over Power Line Communication (BPLC) technology and has become the industry standard, providing advanced grid flexibility solutions to major utility companies. Learn more →
In June, we announced our acceptance into the NVIDIA Inception VC Alliance, strengthening our commitment to accelerating AI adoption and opening new doors for our portfolio companies. Learn more →
In May, we held our Investor Conference 2025, a particularly meaningful edition as it also marked a major milestone: 20 years since the founding of Adara Ventures.
This year's gathering was not just about looking back. It was a moment to thank our investors, founders, and all of our partners for being an essential part of our journey. Check out the full recap of the event →
Acoru, the final investment of our third flagship fund (AV3), officially launched its operations following a successful period in stealth mode and raising a €4M seed round. Acoru is a Spain-based cybersecurity startup specialising in next-generation fraud and scam prevention. Learn more →
Quibim closed $50M in a Series A round to broaden its product pipeline and accelerate its global commercial growth. Quibim’s flagship solution, QP-Prostate®, which uses biopsy data for training, also received FDA Approval for use in the US. Learn more →
IntelexVision secured £5.6M in Series A funding and appointed Will Bruce as the company’s new CEO. Will played an important role in leading IntelexVision’s global expansion over the past year. Learn more →
Caravelo's All-You-Can-Fly solution was celebrated as a major success, with Wizz Air CEO Joseph Varadi praising it as Europe’s first-ever flight subscription program. Caravelo also teamed up with JetSMART to introduce a monthly subscription model across Latin America. Learn more →
Cyber Guru announced its acquisition of Mantra, a leading French startup specializing in employee awareness and protection. Learn more →
SatVu's thermal imaging satellite is winning over customers, with $6M worth of pre-orders for HotSat-2. Learn more → The company was also awarded a contract worth up to €3M by the European Space Agency (ESA) to supply advanced thermal data. Learn more →
We want to thank our ever-growing community of founders, investors, and partners for making this first half of the year truly remarkable. As we reflect on the past few months, we’re filled with optimism and excitement for what lies ahead. So stay tuned — there’s so much more to come!
Have a great summer! ☀️
– The Adara Team
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