First Drop VC Research
Investment Thesis
First Drop is an impact venture capital fund based in Valencia, Spain. It invests in early-stage startups that address social and environmental challenges and can show measurable impact alongside financial return. Its pitch to founders is "Your startup can change the world. You don't have to do it alone." The firm treats impact measurement as part of the business: it helps portfolio companies define, measure and communicate their impact, and ties its own theory of change to the UN Sustainable Development Goals. Impact areas it names are quality of life (education, health, reduced inequality, decent work), environment (carbon footprint, water savings, biodiversity) and systemic change (replicable, scalable models).
Sector Focus
The impact page lists the sectors it backs:
- Health
- Food
- Transport
- Energy
- Agriculture
- Education
- Circular economy
- Deeptech
It looks for technology-based startups with their own technology, a clear purpose, a solid culture and the ability to execute in complex markets. Its manifesto says it is not looking for "the next fashionable app" but for companies that build a lasting legacy.
Stage Focus
Pre-seed and early-stage. The fund describes itself as investing in pre-seed and early-stage companies, and its first cohort in 2023 was a pre-seed program with Spanish startups.
Check Size
The homepage states initial tickets of EUR 100,000 to EUR 500,000. The Support Program page states EUR 100,000 to EUR 300,000 of initial investment, and says the fund can invest more than EUR 1,000,000 in follow-on rounds for the best portfolio companies. Press coverage reports an average ticket of about EUR 340,000 in 2025.
Lead Tendency
Not stated on the site. Press shows it as a participant in syndicated rounds, for example a EUR 1M round in Ziknes alongside Akka and Demium VC. Lead tendency is recorded as unknown.
Recent Activity
- Fund capitalised in part by SETT (Sociedad Española para la Transformación Tecnológica), which committed EUR 8.3M; assets under management were reported above EUR 19M in February 2026, with a target of EUR 25M.
- In 2025 the fund made 12 new investments and 23 operations in total, investing about EUR 7.4M, per capital-riesgo.es (January 2026).
- The fund launched in 2022 with EUR 5.25M and has grown across successive closes.
Portfolio Highlights
The portfolio page shows about 25 companies, including Agrow, Banbu, Bleta, CivitPhone, Ealyx, Emendu, EvoostAI, Hercules, GDV, Golden Owl, Hairup, Hirint, Torguet, Minitales, Nominis, Ovianta, Vantelis Cyber OT, Ploid, Pragmatech, Recovo, ReHand, Stowlog, Ziknes and Colibid. The page gives no stages, dates or exits.
Team
- Manuel Nieto, Co-Founder & Managing Partner
- Alejandro Valero, Co-Founder & General Partner
- Orfeo Balboa, Partner & Investment Manager
- Irene González, Investment Analyst
- Advisory board: Alicia Rubí (EY Sustainability, Strategy & Transactions), María Ángeles León (Global Social Impact Investments, Open Value Foundation), Agustín Vitórica (GAWA Capital), Gorka Goikoetxea (GAUDE)
- Mentors include founders of Creditas, Clicars, Bit2Me, Homa Games, Swipcar, Bluebull, Declarando and Tuvalum
Decision Process
Not published. The team is a small partnership of two co-founders plus a partner. The manifesto promises a diligence process that is honest and respectful of founders' time.
Founder Preferences
Founders with ambition, integrity and a moral compass aligned with their impact, who have their own technology and a team able to build a company with global reach. The fund says it invests in people before presentations.
Support Program
After investing, First Drop runs a 90-day Support Program covering financing and capital access, sales and growth, strategy and operations, and impact measurement, plus masterclasses, one-to-one mentoring and a founder community.
Geographic Focus
Based in Valencia and centred on Spain. Its LinkedIn page says it operates across Europe. The fund is publicly capitalised by SETT under the EU recovery and resilience plan.