Zubi Capital Asset Management has officially launched Zubi Capital Diversity Catalyst FCRE, Spain’s first venture capital fund dedicated to promoting diversity and inclusion. Approved by Spain’s National Securities Market Commission (CNMV), this fund supports early-stage startups committed to fostering equity and representation in business.
This is Zubi Capital’s second fund, targeting approximately €20 million, with a first close expected soon. It is backed by leading entrepreneurs and investors, and will make investments between €150,000 and €500,000.
Led by José Nistal and Carmen Pumariño, the fund focuses on early-stage tech startups building diverse teams and inclusive models, aiming to break systemic barriers in the startup ecosystem.
“Diversity-focused funds are gaining momentum globally, reflecting a more inclusive and conscious approach to investing,” said José Nistal, CEO of Zubi Capital. “Diverse teams deliver better financial and social outcomes. By investing in diversity, we aim for strong returns and a more equitable business landscape.”
Carmen Pumariño, Investment Director, added:
“We want to help shift the narrative by backing founders embedding diversity, equity, and inclusion from day one.”
Early-stage funding provides not only capital but also strategic support to build inclusive organizations. Studies show that diverse teams outperform, which is why this fund targets double-digit returns while pursuing social and environmental goals—balancing risk, reward, and impact.
The fund applies global impact measurement and DEI metrics. Portfolio companies must report on these KPIs as agreed upon during investment.
Zubi Capital Diversity Catalyst complements Zubi Capital’s Venture Debt Fund, launched in 2021, broadening its strategy to maximize positive societal and financial outcomes.
About Zubi Capital
Zubi Capital Asset Management is an impact-focused asset manager committed to generating both strong financial returns and lasting social and environmental benefits. As part of Zubi Group, it integrates ESG metrics into investment decisions—aligning capital with purpose and reducing risk for values-driven investors.
