As Europe seeks to bridge a critical funding gap in commercialising its artificial intelligence research, one homegrown venture capital firm is making a significant bet on the continent’s ability to build globally competitive AI companies. Samaipata, a pan-European VC founded by entrepreneurs José del Barrio and Eduardo Díez-Hochleitner, has announced the launch of its third fund, targeting €110 million specifically for early-stage AI-native startups.
The new vehicle, Samaipata III, has already secured €70 million from institutional anchor investors including Spain’s SETT (Spanish Society for Technological Transformation) and Germany’s KfW, alongside several Spanish family offices. The firm aims to close fundraising at its €110 million target later this year.
A Strategy Focused on AI Applications, Not Just Models
While massive investment continues to flow into foundational AI models, primarily in the US and China, Samaipata’s strategy is deliberately focused on the application layer. The fund plans to back 25 to 30 early-stage companies across Europe that are building B2B tools, abstracting the complexity of AI deployment into real-world use cases.
“We are concentrating on AI applications rather than competing with large-scale model builders,” a statement from the firm indicated. Their thesis targets teams capable of applying AI technology in complex markets and navigating the “last-mile” challenges of nuanced implementation and process re-engineering.
Geographically, the fund maintains a pan-European mandate but with a slight emphasis on Southern Europe, aiming to further develop the tech ecosystem in Spain and neighbouring countries. Key markets include the UK, Spain, France, and Germany. Samaipata commits to investing up to €10 million per startup over time, supporting founders from initial investment through subsequent funding rounds.
Beyond Capital: Alliances and Hands-On Support
Distinguishing its offer from mere cheque-writing, Samaipata emphasises a robust operational support system for founders. This includes its “Founder Success platform” and “The Hive,” which connect portfolio companies to a network of Operating Partners with experience at firms like Anthropic, Google, Airbnb, Spotify, and the digital bank N26.
Perhaps more strategically, the VC has forged alliances with major technology companies to fast-track its startups’ development. Partnerships with Nvidia, Anthropic, Microsoft Azure, and Google Gemini are designed to provide portfolio companies with preferential access to cutting-edge AI infrastructure, services, and commercial opportunities.
Notably, Samaipata is the first Spanish fund to partner with AI safety and research company Anthropic, securing its portfolio credits valued at approximately €500,000 for integrating Anthropic’s generative AI models.
Founders with a Track Record of Building and Exiting
The firm’s confidence stems from its founding team’s deep operational and investment experience. José del Barrio co-founded La Nevera Roja, a leading Spanish food delivery platform sold to Rocket Internet for $100 million in 2015. Eduardo Díez-Hochleitner, a former Partner at Apax Partners and Chairman of Másmóvil Group, also founded 3D audio technology company IMM Sound, which was sold to Dolby.
Since its 2016 launch, Samaipata has built a portfolio of 44 startups across its first two funds, which collectively manage €250 million in assets. Its track record shows 80% of companies from Fund I and 60% from Fund II reached Series A funding. Notable exits include Deporvillage, which achieved a 25-fold valuation increase before its sale to JD Sports. Other portfolio companies include Matera, Nory, Bigblue, and Legl.
This activity has accelerated recently. In 2025 alone, Samaipata invested €17 million across 13 deals, primarily in the European AI sector. Key investments included leading rounds for Enginy AI (formerly Genesy AI, focusing on sales process automation), Konvo AI (conversational AI for e-commerce), and Vivla, with check sizes between €2-3 million.
The launch of Fund III signals Samaipata’s conviction that Europe is now positioned to scale globally competitive technology champions, particularly in the application layer where AI integrates as a transversal technology. The firm aims to be a central catalyst in that process, providing not just capital but the strategic partnerships and operational expertise required to navigate the rapidly evolving AI landscape.
