Nauta Capital Research
Investment Thesis
Nauta Capital is a pan-European venture firm that invests in early-stage B2B software. Its homepage states the position plainly: "We invest in early-stage B2B software. We stand by our founders. We talk straight." The firm describes itself as more bullish than ever on the application layer and, in a July 2026 essay, argues that AI will supercharge the B2B software market rather than kill it. A September 2026 essay asks whether AI-native service companies are interesting for VC, which signals active thinking about where the software-versus-services line is moving.
Stage Focus
Nauta backs companies from late seed through Series A, with occasional Series B follow-ons. Its team page describes the investment team as working on Seed+ and Series A companies. Its portfolio news shows a mix of seed leads (Acai Travel, Bird Eats Bug, QueryLayer, Climedo, Treblle, Nhost) and Series A leads (Neurolabs, Unravel, Wegrow, Loyal Guru, Hullabalook, Smart Protection, Talentry, Smarp).
Check Size
Third-party profiles put typical initial checks at roughly EUR 1M to EUR 5M. One profile cites a fifth fund of EUR 190M focused on seed and early Series A, with a cheque range of GBP 2M to GBP 6M. This is not stated on the firm's own site, so confidence is moderate.
Lead Tendency
Nauta leads most of the rounds it announces. The majority of press releases read "led by Nauta" or "co-led by Nauta", for example Neurolabs, Unravel, Acai Travel, Wegrow, ESProfiler, Last.app, Stockagile and Datia. It also follows on in later rounds, such as NetBird's Series A led by Pace Capital and Tangany's Series A led by Baader Bank.
Recent Activity
- October 2026: Nauta Labs portfolio company Universal Quantum raised over $100M in a Series A.
- 2026: Neurolabs raised a $7.8M Series A led by Nauta.
- 2025 to 2026: Unravel ($7M Series A, Nauta led), Zelt ($6M), Acai Travel ($4M seed, Nauta led) and NetBird (EUR 4M seed co-led, later a $10M Series A).
- Exits: airfocus to Lucid Software, BoxyHQ to Ory, Datia to Connect Earth, ForceManager to Sage, Bird Eats Bug to BrowserStack, Onna to Reveal, Zephr to Zuora.
- Conor Scanlan joined as Associate Partner, and Arthur Sbert rejoined as Investment Associate in 2026.
The firm appears to be actively deploying. It runs Nauta Labs, a program for building companies from scratch (NetBird, BoxyHQ and Universal Quantum are described as Labs companies).
Portfolio Highlights
The page lists companies across Telecoms, Consumer, Fintech and Insurtech, G2M and Customer, AI/ML and Data, Security and Privacy, Dev Tools and Infra, Productivity, RetailTech and HealthTech. Notable names include Universal Quantum, NetBird, Tangany, Landbot, Lodgify, Holded, Cledara, ifeel, HappySignals, Spotted Zebra and Neurolabs. Past exits and landmark companies named on the site include Privalia, Social Point, Scytl, Brandwatch, GetApp and Zephr.
Team
- Carles Ferrer, General Partner (London): raised, managed and exited VC funds since 2000; interests in security, SaaS and data-driven companies.
- Jordi Vinas, General Partner (Barcelona): former Cluster Consulting founder and DiamondCluster VP; led Marfeel, ABA English, ForceManager, Geoblink, Landbot, Cledara, ifeel and others.
- Borja Brena, Partner (Barcelona/Madrid): ex-Telefonica corporate VC; focus on Spanish and Portuguese deals.
- Anna Daviau, Partner (Barcelona): runs operations, fundraising and investor relations.
- Conor Scanlan, Associate Partner (London): ex-Octopus Ventures and Frog Capital.
- Daniel Sanchez, Venture Partner (Barcelona): co-founder; involved in the Privalia and Social Point exits.
- Andrea Oliver, Principal (Barcelona) and Theo Wethered, Principal (London).
- Ana Fernandez, Stella Buhalis and Arthur Sbert: Investment Associates.
Decision Process
Nauta is a partnership with two general partners and a multi-partner investment team across London and Barcelona. The site names no single decision maker, and the exact committee structure is not published. Pitches come through a submission form on the site, so a warm introduction does not appear to be required.
Founder Preferences
The firm says it stands by its founders and talks straight. Its associates describe wanting relentless problem solvers who build exceptionally strong teams. The portfolio skews to capital-efficient B2B software founders across Europe, many of them technical.
Geographic Focus
Pan-European, with hubs in London and Barcelona and a third office reported in Berlin by third-party sources. Portfolio locations on the site are the UK, Spain, Germany, France, Ireland, Finland and Sweden, with some US exposure through later-stage rounds. Regulated by the CNMV in Spain and the FCA in the UK.
Anti-Thesis
No explicit anti-thesis is published. The firm states it is focused on B2B software; consumer wellness and edtech bets (Emjoy, World Mastery) appear in older fund vintages.