Andorra is a small, yet dynamic country in the Pyrenees which is raising its profile in the startup ecosystem. Its business-friendly environment, low taxation, and relaxation of regulations turn it into one of the popular destinations for entrepreneurs. Innovation is stimulated by the government through initiatives like Andorra Startup and encourages the community to collaborate actively between companies and investors. To make it easier, we've put together an extensive list of venture capital investors, and our experts have handpicked the top 10 venture capital firms in Andorra just for you. You can find more details about investment opportunities here.
| VC Firm | Ticket Size | Stages | Founding Year |
|---|---|---|---|
| **RR2 Capital** | Not publicly disclosed | Early to Growth Stage | 2021 |
| **ANDEL S.L.U.** | Not publicly disclosed | Venture Capital, Seed, Private Equity | Not disclosed |
| **Keiretsu Forum Spain** | $5,000 to $1 million | Prototype, Early Revenue | 2008 |
| **Blast.Club** | $500,000 to $5 million | Early Revenue, Scaling | 2020 |
| **Bonsai Partners** | $2 million to $6 million | Early Revenue, Scaling | 2015 |
| **HV Capital** | Not publicly disclosed | Seed, Early Stage Venture, Late Stage Venture, Private Equity | 2000 |
| **BlockGround Capital** | $1 million to $5 million | Seed to Series B | Not disclosed |
| **Systema Capital** | Not publicly disclosed | Early Stage, Growth | 2016 |
| **Earlybird Venture Capital** | €1 million to €3.5 million | Series A | 1997 |
| **Ysios Capital** | €5 million to €10 million | Early and Mid Stage | 2008 |
1. RR2 Capital
RR2 focuses on the transformative power of the 'new internet' driven by Blockchain Technology, AI, Machine Learning, and the Digital Asset revolution. They invest in teams that reimagine traditional business models on these technologies. With resources and driving adoption, RR² aspires to value creation in this fast-evolving landscape.
- Website: rr2.capital
- Founding Year: 2021
- Investment Range: Not publicly disclosed
- Stage: Early to Growth Stage
- Sector: Blockchain Technology, Artificial Intelligence, Machine Learning, Digital Assets
- Geography: Global, including Andorra
- Notable Investments: Not publicly disclosed
2. ANDEL S.L.U.
Andel Venture Capital is an Andorra-based VC firm investing its own capital in startups with occidental roots and global ambitions, as well as real estate projects. Owned by an entrepreneurial family, Andel embraces originality and partners openly with founders. It is focused on Europe and the Americas, and Andel ensures that interests are aligned without raising any funds from external parties; the motto goes like this: keep things simple, and work together.
- Website: andel.vc
- Founding Year: Not publicly disclosed
- Investment Range: Not publicly disclosed
- Stage: Venture Capital, Seed Money, Private Equity
- Sector: Various sectors
- Geography: Global, including Andorra
- Notable Investments: Not publicly disclosed
3. Keiretsu Forum Spain
Keiretsu Forum is the world’s largest network of Business Angel startup investors, with 53 offices across 27 countries, including the USA, Europe, China, and Japan. Since 2000, its 2,000+ members have invested over $200M in startups globally. Providing networking, training, and high-potential investment opportunities, Keiretsu supports entrepreneurs and investors in achieving their goals.
- Website: keiretsuforum.es
- Founding Year: 2008
- Investment Range: $5,000 to $1 million
- Stage: Prototype, Early Revenue
- Sector: B2B SaaS, Deep-Tech, HealthTech, FoodTech
- Geography: Spain, Andorra
- Notable Investments: Not publicly disclosed
4. Blast.Club
Blast Club offers an exclusive platform to invest alongside successful entrepreneurs like Anthony Bourbon and Eric Larcheveque in the startups shaping tomorrow. Starting from €1,000 per project, members join over 4,000 investors across France. The process is fully digital, and investors can access training, exclusive events, and a powerful network of experts. Anthony Bourbon invests in all presented deals, leaving members free to choose their participation.
- Website: blast.club
- Founding Year: 2020
- Investment Range: $500,000 to $5 million
- Stage: Early Revenue, Scaling
- Sector: Marketplaces, SaaS
- Geography: France, Europe, including Andorra
- Notable Investments: Not publicly disclosed
5. Bonsai Partners
Bonsai Partners is an investment management firm led by Andrew Rosenblum, focusing on a concentrated portfolio of high-conviction public equity investments. Exclusively available to Accredited Investors meeting Qualified Client criteria, the firm takes a long-term, research-driven approach, investing boldly where others won’t. Andrew’s experience includes roles at Matrix Capital and Adaptive Biotechnologies.
- Website: bonsaipartners.com
- Founding Year: 2015
- Investment Range: $2 million to $6 million
- Stage: Early Revenue, Scaling
- Sector: Marketplaces, SaaS
- Geography: Spain, Europe, including Andorra
- Notable Investments: Not publicly disclosed
6. HV Capital
HV Capital is a leading European VC with €2.8B in managed assets over nine fund generations. With 23 years of experience, the firm has backed around 225 internet and tech companies, including Zalando, Flixbus, and Sumup. Offering tickets from €0.5M to €60M, HV supports startups through all growth stages with its 40+ expert team.
- Website: hvcapital.com
- Founding Year: 2000
- Investment Range: Not publicly disclosed
- Stage: Seed, Early Stage Venture, Late Stage Venture, Private Equity
- Sector: Internet and Technology Companies
- Geography: Europe, including Andorra
- Notable Investments: Not publicly disclosed
7. BlockGround Capital
Blockground Capital is a leading European investment firm focused on blockchain and digital assets. Committed to a bridge between traditional and emerging financial markets, the firm supports blockchain projects at the right strategic time so that they can reach their full potential. With a responsible approach and strong industry partnerships, Blockground Capital shapes the future of digital asset innovation.
- Website: blockgroundcapital.com
- Founding Year: Not publicly disclosed
- Investment Range: $1 million to $5 million
- Stage: Seed to Series B
- Sector: Fintech, Blockchain/Crypto, Web3
- Geography: North America, South America, Europe, Asia
- Notable Investments: Not publicly disclosed
8. Systema Capital
Systema Capital combines entrepreneurial and financial expertise to provide tailored solutions for law firms and their clients engaged in litigation and arbitration. As pioneers of litigation funding in Spain, the firm leverages global resources and local insights to deliver strategic, innovative support.
- Website: systemacapital.com
- Founding Year: 2016
- Investment Range: Not publicly disclosed
- Stage: Early Stage, Growth
- Sector: Various sectors
- Geography: Andorra and Spain
- Notable Investments: Not publicly disclosed
9. Earlybird Venture Capital
Earlybird is an independent European VC founded by a team of senior professionals in the year 1997\. With over €2.5 billion under active management, Earlybird addresses the ambition for outstanding early-stage companies in the fields of fintech, insurtech, enterprise software, and deep tech, supplemented by a focused healthcare fund. Having led 9 IPOs and 35 trade sales with strategic counseling, financial investment, and global connectivity, Earlybird has been a driving contributor to Europe's innovation ecosystem. **Website**: [earlybird.com](https://earlybird.com/) **Founding Year**: 1997 **Investment Range**: €1 million to €3.5 million **Stage**: Series A **Sector**: FinTech, HealthCare, Robotics, EdTech **Geography**: Europe, including Andorra **Notable Investments**: Atlantic Therapeutics, Alesi Surgical, Lexoo, Orgonostic, Enevo
10. Ysios Capital
Ysios Capital is a leading life sciences venture capital firm dedicated to financing innovative biotech companies globally. With over €400M in assets under management, Ysios backs early and mid-stage ventures developing transformative therapies for unmet medical needs. Founded in 2008, Ysios has driven 19 products to market and supports pioneering science to improve patient outcomes and societal health. **Website**: [ysioscapital.com](https://ysioscapital.com/) **Founding Year**: 2008 **Investment Range**: €5 million to €10 million **Stage**: Early and Mid Stage **Sector**: Life Sciences **Geography**: Global, including Andorra **Notable Investments**: Aura Biosciences, Kynexis, Sanifit, VarmX
FAQ (Frequently Asked Questions)
- Is VC high risk?
Venture capital is a type of investment that can be risky but has the potential for high returns. However, there is no guarantee of success. Investing in startups is always uncertain, and you might lose your money. Even though VC firms try to minimize risks, investing in startups is always uncertain, and you might lose your money. - What is the best country in Europe to set up a VC fund?
Luxembourg is ideal for setting up a VC fund in Europe due to its investor-friendly regulations, diverse investment vehicles, and a strong financial sector that supports local and foreign investors. The country's tax efficiency and stability further make it a preferred choice. - Which European cities have the most VC investments?
The top cities for VC investments in Europe are London, Paris, Berlin, Amsterdam, and Stockholm. London leads with $22.67B in 2023, followed by Paris and Berlin. These cities are known for strong startup ecosystems and significant funding opportunities. - What is the minimum amount for a VC fund?
Venture capital funds usually ask for a minimum investment of $250,000 to $500,000, and sometimes even more. Investing a small amount of money can still cost a lot. These funds are usually only open to wealthy people and big organizations that have a lot of money. - How do I choose a VC fund?
To choose a VC fund, check how much experience and success the venture capital firm has had before. Look at the companies they’ve invested in before to see if they match what your business does. This can help you figure out if they’re a good match for you.
Best of luck with your amazing ventures.
Please note that this list is filtered by various metrics, and all the data are collected through various third-party websites, mostly the VC website. Since data such as ticket size or industry may change, you are requested to visit the official website given in the blog for the latest and updated information.