All Iron Ventures

High-Level Overview

All Iron Ventures, now rebranded as Acurio Ventures, is a European venture capital firm focused on early-stage investments in technology startups across Europe. Its mission is to collaborate with ambitious founders to transform consumer and enterprise experiences through innovative technologies. The firm adopts a generalist investment philosophy, backing startups across various sectors without strict vertical focus, aiming to support around 50 companies per fund with equity stakes typically between 3% and 10%. By leveraging the entrepreneurial experience of its founding team, All Iron Ventures provides not only capital but also strategic guidance to help startups scale and succeed. The firm has a strong track record, having invested in notable European tech companies like Seedtag, Jobandtalent, Lingokids, Preply, Refurbed, and Lookiero, thus significantly impacting the European startup ecosystem by fueling innovation and growth[1][2][3][5].

Origin Story

Founded in 2017 and based in Bilbao, Spain, All Iron Ventures was co-founded by Ander Michelena, an entrepreneur who previously sold his startup Ticketbis to eBay for €16.5 million in 2016. The founding team’s background as successful entrepreneurs deeply informs their approach to venture capital, emphasizing founder support and operational expertise. Over time, the firm evolved from its original name to Acurio Ventures in 2024, coinciding with the closing of its third fund of €150 million. This evolution reflects the firm’s growth and ambition to become a leading European VC manager. The firm’s focus has broadened to a generalist sector approach, investing across Europe and maintaining a diversified portfolio[1][2][3][5].

Core Differentiators

• Unique Investment Model: Operates primarily as a co-investor with flexible equity stakes (3%-10%), allowing for active portfolio management and follow-on investments.
• Network Strength: Backed by a diverse group of LPs including a major US university endowment, pension funds, corporates, family offices, and tech entrepreneurs.
• Track Record: Demonstrated strong returns with the first fund returning capital and an IRR above 40%, and the second fund ranking in the top quartile.
• Operating Support: Founders-turned-investors provide hands-on guidance, leveraging their experience in scaling and exiting startups.
• Generalist Sector Approach: Invests across multiple sectors, enabling diversification and adaptability to emerging tech trends[1][3][5].

Role in the Broader Tech Landscape

All Iron Ventures/Acurio Ventures is riding the wave of increasing European tech startup activity, particularly in Spain and Portugal, regions gaining momentum as vibrant innovation hubs. The timing is critical as valuations have bottomed out after market corrections, presenting attractive entry points for early-stage investments. The firm’s approach aligns with broader market forces such as growing institutional interest in European tech, the rise of successful local founders reinvesting in the ecosystem, and increased venture capital inflows from diverse sources. By supporting a broad range of startups, Acurio Ventures contributes to strengthening the European tech ecosystem, fostering innovation, and helping scale companies that can compete globally[1][3][5].

Quick Take & Future Outlook

Looking ahead, Acurio Ventures is poised to continue its active investment pace, leveraging its strong track record and deep founder experience to capitalize on the anticipated slow recovery in startup valuations. Trends such as digital transformation, AI adoption, and sustainability will likely shape its portfolio focus, even within a generalist framework. The firm’s growing assets under management (close to €300 million) and diversified LP base position it well to influence the European tech landscape further, potentially expanding its role as a key enabler of innovation and growth. Its evolution from All Iron Ventures to Acurio Ventures symbolizes a maturation that aligns with its ambition to be a leading European VC firm supporting transformative technology startups[1][3][5].