Addendum Capital Research
Investment Thesis
Addendum Capital is an early-stage investment firm focused on enterprise B2B SaaS. Its website says it backs outstanding founders with unique ideas who think out of the box, and that it prefers a hands-on approach, growing the business with founders from the very early days. It says it invests time to build a trusted, value-added relationship with each founder. The firm is based in Madrid, Spain, and tracking sites date its founding to 2020.
What The Firm Looks For
The About page lists six criteria:
- SaaS enterprise B2B companies with a clear recurring-revenue sales model.
- Early-revenue companies with some sales, an MVP and clear product-market fit.
- Deep-technology solutions. The firm notes that most software is relatively easy to copy, so it wants a technology edge or unique advantage that keeps competitors out.
- High potential growth and solutions that scale worldwide.
- Focus on five verticals: cybersecurity, health tech, data and analytics, agrotech and logistics, while watching new market trends.
- Geography: EU-based companies.
Stage Focus
The firm describes itself as early stage and wants companies with an MVP, some early revenue and product-market fit. That points to pre-seed and seed. Third-party profiles (OpenVC, AngelsPartners) list a first check of roughly $50K to $300K, and OpenVC lists the firm as a lead investor. These are third-party figures, not stated on the firm's own site, so confidence is moderate.
Check Size And Lead Tendency
Third-party directories give a $50K to $300K range. The firm also co-invests in rounds led by others, for example the CyberKord pre-seed round led by 360 Capital with Plus Partners. Lead tendency is therefore recorded as both.
Recent Activity
In November 2026 trade press reported that Addendum Capital and Plus Partners co-invested in CyberKord's 2.7M euro pre-seed round, led by 360 Capital. Tracxn (April 2026) counted 7 investments, one of them in the prior twelve months. The firm's site lists TandemTrace, an AI investigation platform for security teams based in Spain and Israel, as its newest listed company. No fund size or AUM is disclosed.
Portfolio Highlights
The portfolio page shows nine companies. Six are current: ADNtro (health tech, genetics insights, Spain), BforeAI (cybersecurity, predictive threat blocking, USA), GuruSup (agentic AI customer support, Spain), Kimera (computer vision data extraction, Spain), Kymatio (cybersecurity, AI and neuropsychology for risk assessment, Spain) and TandemTrace (cybersecurity, AI root-cause investigation, Spain and Israel). Three are shown without a detail link and with exit-style logos: Auravant (agrotech, Spain and Argentina), Hornet Security (email cloud security, Spain and Germany) and Spamina (cloud email security, Spain). Hornetsecurity took over Spamina in January 2019 and was itself acquired by Proofpoint in a deal reported at USD 1.8 billion in late 2025, which suggests these three are earlier exits or legacy holdings. The firm's own site does not label them as exits, so they are recorded as portfolio companies only.
Team
- Enrico Raggini: Founder and CEO of Addendum Capital, Madrid. Studied at the University of Bologna. Listed as the only team member on the site. Some directories list him as Managing Director.
Decision Process
The site gives no description of the decision process. With a single named principal, it is likely a solo or near-solo GP model, but that is an inference and is left unset.
Founder Preferences
Founders with unique, out-of-the-box ideas, a technology edge that is hard to copy, early revenue, and global ambition. The firm wants a hands-on, long-term working relationship.
Geographic Focus
EU-based companies. The portfolio is mostly Spanish, with Israeli, German, Argentinian and US links. The Slush 2026 Spain delegation brochure describes the firm as a European B2B SaaS venture firm.
Gaps
No fund size, AUM, decision timeline, or full team list is public. Check sizes come from third-party directories only. The pitch-us page takes deck submissions.