Zubi Capital Asset Management has launched Zubi Capital Diversity Catalyst FCRE, Spain’s first venture capital fund focused on diversity and inclusion. Approved by the CNMV, the fund supports early-stage startups committed to equity and representation.
This is Zubi Capital’s second fund, targeting around €20 million, with a first close expected soon. Backed by leading investors, it offers investments between €150,000 and €500,000.
Led by José Nistal and Carmen Pumariño, the fund targets early-stage tech startups with inclusive teams and models, aiming to break systemic barriers in the startup ecosystem.
“Diversity-focused funds are gaining global momentum,” said José Nistal, CEO. “Diverse teams deliver better outcomes. We aim for returns while creating a fairer business landscape.”
Carmen Pumariño, Investment Director, added:
“We back founders who embed diversity, equity, and inclusion from day one.”
Beyond capital, early-stage funding provides strategic support to build inclusive organizations. With proven outperformance of diverse teams, the fund targets double-digit returns while delivering social and environmental impact.
The fund uses global impact and DEI metrics. Portfolio companies must report on these KPIs.
Zubi Capital Diversity Catalyst complements the Venture Debt Fund launched in 2021, expanding the firm’s strategy to drive both social impact and financial results.
Background
Zubi Capital is the independent impact investment arm of Zubi Group, launched in 2020 to back businesses tackling social and environmental challenges.
The InvestEU programme provides long-term financing across the EU, mobilising public and private capital to support a sustainable recovery aligned with EU policy goals like the Green Deal and digital transition.
InvestEU unifies various EU financial tools, streamlining access to funding via the InvestEU Fund, Advisory Hub, and Portal. Backed by a €26.2 billion EU budget guarantee, it aims to mobilise at least €372 billion in additional investments.
