Bullnet Capital

Bullnet Capital is an independent venture capital firm, a pioneer in Deep Tech investments in Spain. Founded in 2001, it specializes in investing in early-stage startups with products based on unique and cutting-edge technologies (Deep Tech), spanning both software and hardware. Its primary geographic focus is Spain, within ICT technologies and adjacent fields such as semiconductors, photonics, artificial intelligence, enterprise software platforms, telecommunications, microelectronics, quantum technologies, robotics, cybersecurity, diagnostic devices, etc. Bullnet Capital manages assets worth over 180 million euros through four investment vehicles and has invested in more than 30 early-stage technology companies since its inception. We follow a hands-on approach to the management of the investee companies, becoming a value partner for the founders since the very beginning, and not only a mere provider of funding. If you have a scientifically innovative project and are looking for funding, or you possess a scientific or engineering background and would like to work in highly disruptive companies, don't hesitate to contact us.

Bullnet Capital focuses on sectors such as software, electronic systems, microelectronics, photonics, and medical devices. The most relevant competitive advantage of our investees is having breakthrough technology which is the result of a previous R&D effort (years or even decades), and profound expertise in their industry. This know-how is difficult to achieve by third parties (even big players with plenty of resources and access to human capital), sustainable over time and (desirably) legally protectable through patents.

Bullnet Capital has made 49 investments. Their most recent investment was on July 17, 2025, when Bioherent raised a new funding round. Bullnet Capital has raised 4 funds, their latest being Bullnet Capital IV. This fund was announced on March 21, 2023 and raised a total of over 80 million euros. Bullnet Capital has had several exits. Bullnet Capital's most notable exits include Oncovision, Zhilabs, and Códice Software. Lead Investments 18 Investments 49 Exits 3 Funds 4 Number of Portfolio Organizations 27