Masia Research
Investment Thesis
Masia is a Barcelona-based "super angel" fund that invests in GenAI and frontier technologies. It was founded in 2024 by Carlos Trenchs (co-founder of Aldea Ventures, a European fund of funds that backs emerging micro VCs) and Pepe Borrell (co-founder of Crowdcube Spain and former Managing Director Europe at Crowdcube). The fund's pitch is that Barcelona is a maturing tech hub that most international VCs and micro VCs underweight in favor of London or Berlin, so they need a local co-investor who understands the city. Masia positions itself as that connector between Barcelona founders and European investors. Masia Capital SL operates as an appointed advisory representative of Aldea Ventures SGEIC SA, which is regulated by the CNMV, and the site says the fund moves "with the rigor of a regulated fund".
Stage Focus
Masia invests at pre-seed and seed only. The firm says it is early-stage only and is there "from day one". It does not lead rounds and does not take board seats, so it works as a supportive co-investor in rounds led by others.
Check Size
The typical check is EUR 125K to EUR 250K. The fund is EUR 20M and plans roughly 60 pre-seed and seed investments, which implies small average positions and a portfolio-style approach.
Lead Tendency
Masia states that it does not lead and does not join boards. It co-invests alongside more than 20 international micro VCs and emerging managers, among them Moonfire, Outsized Ventures, Ubermorgen Ventures, Sarah Drinkwater, Lunar Ventures, Mustard Seed Maze, YZR Capital, Nina Capital and Concept Ventures. In six of its first nine rounds it was the only local VC involved.
Sector Focus
The stated focus is frontier tech: GenAI, health, biotech, fintech, blockchain, defense, climate and hardware. The portfolio descriptions skew heavily to applied AI (enterprise agents, AI evaluation, workflow automation, voice agents for hospitals, market research), with a second cluster in biotech and health (enzyme discovery, clinical-trial software, stroke diagnosis, medication management) and a smaller group in defense, space, energy and robotics hardware.
Recent Activity
Masia operated in stealth from September 2024, then announced a EUR 20M fund on 26 May 2025 after backing nine startups. The portfolio page lists roughly 45 companies, many still unannounced. Third-party data sites report a seed investment in Didit around May 2026, which this research did not verify from a primary source. The fund appears to be actively deploying.
Portfolio Highlights
The announced early companies are Fermat (multiplayer AI workflow canvas), Biorce (AI for clinical trials), Zymvol (AI enzyme discovery), Capably (no-code AI workflows), CareerOS, Galtea (GenAI evaluation and compliance), IMA Health (robotic pre-sorting of medication for polypharmacy patients), Oliva (on-demand employee mental health), and Spock (collective energy purchasing). The portfolio page also shows Enera, Pit, Methinks, Rebolt and Cala AI, along with many unannounced companies described only by a one-line pitch.
Team
- Carlos Trenchs, Co-founder and Chairman: 25+ years in VC, co-founder of Aldea Ventures, built and led Caixa Capital Risc, early investor in Factorial, Glovo, Wallapop, Privalia, Vlex and TradeInn, and teaches venture capital at ESADE.
- Pepe Borrell, Co-founder and Partner: co-founded Crowdcube Spain in 2014, rose to MD Europe, originated 200+ equity deals (Cowboy, Qonto, Finary, Heura), and is a former Spanish national field hockey player.
- Advisory board (also LPs): Albert Castells (Doctor i), Albert Nieto (Seedtag), Elisenda Bou (Cala AI, formerly Vilynx), Philippe Gelis (Kantox), and Didac Lee (Galdana, TradeInn).
Decision Process
Founders speak directly with the Masia GPs, and the fund describes itself as fast and direct. It has two partners, so decisions are most likely made by the partnership. No formal committee or timeline is published.
Founder Preferences
Masia backs local and international founders who are born in or building in Barcelona, including international founders based there. It values founders who can use its LP network (operators with exits) for go-to-market, hiring, sales and fundraising help, and its co-investor network for the next round.
Geographic Focus
Barcelona and Spain first. The fund backs Barcelona-born and Barcelona-based startups, including international founders who relocated there, and co-invests with funds across Europe.
Gaps
AUM is stated only as a EUR 20M fund and is not set as a USD AUM. Most portfolio companies are unannounced and carry no stage, date or domain on the site. Individual LinkedIn URLs were not published.