As 2025 comes to a close, we wanted to take a moment to reflect on an especially meaningful year at Adara Ventures.

This year, we celebrated major milestones, including the first close of our fourth flagship fund (AV4) and a special Investor Conference marking 20 years since Adara Ventures was founded. 

Along the way, we deepened our commitment to backing Europe’s most ambitious enterprise and deep tech founders, expanded key partnerships to accelerate innovation across our portfolio, and gained momentum with the Adara Ventures Energy Fund as we continued investing in technologies driving the energy transition.

To our founders, investors, and partners: thank you for your trust, collaboration, and continued support. We’re grateful to be on this journey with you and excited about what we’ll build together next.

Wishing you a wonderful holiday season!

– The Adara Ventures team

Highlights from 2025

Launching AV4: Our fourth flagship fund

This year, we announced the successful first close of our fourth flagship fund, AV4, which has now reached 95% of the €100M target in capital commitments.

This milestone reinforces our commitment to delivering strong returns by backing exceptional early-stage teams building in high-impact sectors, including cybersecurity, applied AI, digital infrastructure, hardware components, digital health, and space tech.

We are honored to have the support of over 150 limited partners and to welcome new anchor investors in this first close. We’re also proud to see a growing number of Adara portfolio founders choosing to invest as LPs, a true testament to the strength of our value proposition and the long-term relationships we build with the people we back.

In a sector obsessed with Unicorns, our philosophy has always been to maximize Dragons: companies that return the entire fund. We are proud to have generated at least one Dragon in each of our previous fund generations, and we’re energized to build on that track record in AV4.

First investments from AV4

We also completed the first investments of AV4, backing ambitious teams building breakthrough solutions for the modern enterprise.

• TuringDream – We co-led the €6M seed round in the Spain-based startup pioneering the development of multi-agent-based applications (MABAs) for enterprise use.
  
• TandemTrace – We co-led the seed round in the Spain-based cybersecurity company empowering modern Security Operations Centers (SOCs) with intelligent, autonomous AI agents.
  
• Adcities – We led the €3M+ seed round in the Spain-based AdTech company transforming Out-of-Home (OOH) advertising into a measurable, data-driven digital channel.
  
• Area2 - We invested in the Spain and US-based startup pioneering Neuroconnective AI.
• Wodan AI -  We co-led the €2M pre-seed round in the Spanish-Belgian deep-tech company building the infrastructure layer for secure and private AI operations. 

We’re excited to support these teams as they scale, and proud to continue backing founders tackling complex challenges.

Our 20th Anniversary and Investor Conference 2025

This year’s Investor Conference was a particularly meaningful edition, as it marked a major milestone: 20 years since the founding of Adara Ventures.

Over the past two decades, we’ve had the privilege of partnering with exceptional entrepreneurs, backing visionary ideas, and building enduring relationships with our investors and broader community. This year’s conference was not just about looking back, it was a moment to thank our investors for being an essential part of our journey, and to look forward to what lies ahead.

Joining the NVIDIA Inception VC Alliance

In 2025, we proudly announced our acceptance into the NVIDIA Inception VC Alliance — a program that connects global investors with NVIDIA’s expansive network.

By joining the VC Alliance, we’re working to accelerate AI adoption and open new doors for our portfolio companies. 

Momentum in the Adara Ventures Energy Fund

The Adara Ventures Energy Fund gained momentum this year, including the exciting milestone of completing more investments in companies building the deep-tech infrastructure needed for a more resilient, sustainable energy future.

• Wirescan – Providers of advanced monitoring and protection of power cables.
  
• Corinex – A leader in Broadband over Power Line Communication (BPLC) technology.
  
• Prisma Photonics – A deep-tech company transforming existing optical fibre infrastructure into the world’s most advanced power grid monitoring platform.

These companies represent the high-impact innovation critical for advancing energy resilience and sustainability.

Portfolio highlights

Several portfolio companies strengthened leadership to support their next growth phase.
Seedtag appointed former Criteo executive Brian Gleason as CEO to lead global expansion. IntelexVision named Will Bruce as CEO, while Constella appointed cybersecurity veteran Andrés Andreu (previously COO and CISO) as CEO.

2025 was a strong year for capital raised and growth.
Acoru, our final investment from AV3, launched from stealth with a €4M seed round and later raised €10M to scale its fraud and scam prevention platform. Quibim closed a $50M Series A to expand its product pipeline and accelerate global growth, while IntelexVision secured £5.6M in Series A funding. Jotelulu continued to benefit from accelerating cloud adoption, reaching 9,000 clients and over 70,000 users.

Portfolio companies continued to scale internationally.
FLUZO expanded beyond Spain with launches in the UK and growing traction across the Nordics and the Netherlands, earning recognition from Deloitte as Spain’s fourth fastest-growing tech startup. Quibim also achieved major milestones, including FDA approval for QP-Prostate® in the US, trials across UK hospitals, and recognition as the European Scale-up Winner 2025 at the European Artificial Intelligence Forum.

It was also a strong year for strategic partnerships and institutional adoption.
SatVu delivered strong market validation, securing $6M in pre-orders for HotSat-2 and winning an ESA contract. The company also expanded through partnerships, joined NATO’s Alliance Persistent Surveillance from Space initiative, and began supporting the US National Geospatial-Intelligence Agency’s Luno programs.

Looking ahead

As we head into 2026, we want to thank our investors, founders, partners, and broader community for your continued support. We’re excited for what’s next, and we can’t wait to share more big news in the new year.

Happy Holidays from all of us at Adara Ventures! 🎊