Kibo in a secondary deal with HarbourVest, sells its Fund I portfolio

Kibo Ventures Partners, a Madrid, Spain-based venture capital firm, announced getting into an agreement for exiting remaining Fund I portfolio to global investor HarbourVest.

Financial details of the transaction were not disclosed.

Following the announcement, HarbourVest becomes Kibo Ventures' largest investor and also committed to anchor Kibo Ventures Opportunity Fund I, which co-invests in growth rounds of existing portfolio companies.

The deal completes full cycle of Kibo's Fund I and allows full liquidity to Fund I’s LP base 9 years since launch. The company says it is generating a TVPI above 3,5x and IRR of 25%+.

Kibo Ventures Partners will remain as the management company of the Continuation Fund, which includes in its portfolio Flywire, the payment platform which recently IPO-ed in Nasdaq, JobandTalent, operator of a workforce-as-a-service marketplace, Carto, the data intelligence SAAS, Blueliv, a threat intelligence cybersecurity company, Qustodio, a parental control app; Worldsensing, the IoT company focused on critical infrastructures and Tappx, an adtech programmatic platform.

HarbourVest Partners, founded in 1992, is an American private equity fund of funds and one of the largest private equity investment managers globally. The transaction represents HarbourVest's first secondary investment in Spanish Venture Capital.

Kibo Ventures was founded in 2012 in Madrid by Aquilino Peña and Javier Torremocha, and handles a portfolio with over €250m in AuM. It has raised a total of €116 million across 2 funds and announced a third fund with a target size of €100m and a first close at the end of 2020.