Draper B1 Research
Overview
Draper B1 (formerly BBooster Ventures) is a seed and early-stage venture capital firm based in Valencia, Spain, founded around 2010. It is the Southern European arm of the Draper Venture Network (DVN), the global alliance of more than 25 independent funds founded by Tim Draper, an early backer of Hotmail, Skype, Baidu, Tesla, SpaceX and Coinbase. The firm describes itself as "Human Venture Capital" and says it backs people first. It reports more than ten years of investing, three funds managed and over 100 startups backed (over 200 founders).
Investment Thesis
The firm backs ambitious, well-balanced founding teams with global ambition, building B2B digital businesses (and some B2B2C). Its site lists software, marketplaces, on-demand services, and AI and blockchain as areas of interest. Its newest vehicle, Draper B1 Frontier Tech, is focused on high-traction frontier technologies such as artificial intelligence, spacetech, cybersecurity and deep tech. A recurring theme is connecting Spanish and European startups to the United States, which the firm says accounts for more than 60% of the global software market.
Stage Focus
Seed and early stage. The FAQ says it is usually the first VC in, and that most portfolio companies came to it as a small team with no capital or only a first seed round. It looks for early traction: first customers or a bit of revenue and signs of product-market fit. It explicitly does not invest in third or fourth rounds.
Check Size
The FAQ states the first ticket is EUR 200,000, with a reserve of EUR 1-2M for follow-ons. Third-party databases cite typical investments of EUR 100,000 to EUR 1.5 million.
Lead Tendency
Not stated on the site. Recent rounds list international co-investors such as Octopus (Dost), Burda (Imperia), Expansion Fund (Arkadia) and Flashpoint (Vidext), plus Bessemer and Draper Associates, which suggests a mix of leading and co-investing. Marked unknown.
Recent Activity
In December 2025 the firm announced the close of Draper B1 Frontier Tech at more than EUR 20 million, with institutional backing from FondICO Global and IVF (Institut Valencia de Finances) plus private investors with a repeat rate above 70%. After a first close in 2024, the fund had made nine initial investments, including Sycai Medical, Acai Travel, Collimate Space, Stowlog and 8layers. A PitchBook snippet lists a later investment in Dimenso in September 2026. The fund is treated as actively deploying.
Portfolio Highlights
- Exits: Signaturit (early divestment at a high multiple), Jeff (near 40x), Traventia (9x), plus roughly ten further exits at 3-5x. The portfolio page also marks Skitude, Unibo, billage and civitfun as exited.
- Active: Fourvenues, Splight, Imperia, Arkadia Space, Vidext, Dost, Collimate Space, Modular DS, Hyperspell, Permisso (formerly Bankflip), Vottun, Reloadly and others.
- The prior fund, of similar size, is reported to be returning 100% in under five years.
Team
- Enrique Penichet: Founding Partner
- Raquel Bernal: Managing Partner, Investment Director
- Luz Adell: Managing Partner, CFO
- Jon Etxeberria: Principal
- Luis Treviño: Associate
- Venture Partners: Tim Draper, Wesley Worth, Jaime Cavero, John Nahm, Juan Leal, Victor Donet
Decision Process
Partnership with three managing and founding partners. The site gives no decision timeline. Founders pitch through a deck form on the website; the FAQ says it is never too early to reach out.
Founder Preferences
Well-balanced founding teams with global ambition, enough energy to power the company for a decade, sector knowledge and early traction. Founders gain access to the Draper Venture Network, an annual CEO Summit, Tier 1 corporate introductions and startup perks.
Geographic Focus
Spain and Southern Europe primarily, with an explicit emphasis on helping portfolio companies scale into the United States through the Draper network. Portfolio companies also include Latin American and other international founders.
Gaps
AUM, exact fund sizes for earlier funds, lead versus follow tendency, and decision timeline are not published. The portfolio page gives no investment stages or dates, so none are recorded.