About ICF
ICF is a venture capital firm founded in 1985. It is primarily based out of Barcelona, Spain. As of Jul 2026, ICF is an active investor, having invested in 42 companies, with 2 new investments in the last 12 months. It primarily invests in Seed round in Spain based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Life Sciences and Real Estate and Construction Tech. Most recently it participated in the $***** Series A round of Kintai Overall, ICF portfolio has seen 3 IPOs and 6 acquisitions including key companies like ForceManager, Piper and Parlem. A lot of funds co-invest with ICF, with names like Caixa Capital Risc sharing a substantial percentage of its portfolio. ICF has team of 32 people including 2 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 7 more
Portfolio IPOs
Portfolio Acquisitions
ICF's List of Top Investments
ICF has a portfolio of 42 companies. Their most notable investments are in Whisbi and Goin.Their portfolio spans across Spain and United States. They have invested in Enterprise Applications, Life Sciences, Real Estate and Construction Tech and 22 other sectors, across stages such as Seed, Series A and 7 more. Here is the list of top investments by ICF:1. Lodgify
Cloud-based end-to-end software solutions for vacation rental management. The company helps vacation rental owners/property managers manage and market their accommodation businesses. The end-to-end solution comprises a template-based website builder pre-integrated with other tools, a channel manager (enables hoteliers to sync & manage various inventory distribution channels/listings), a booking & reservation system (enables hoteliers to take bookings & receive payments directly on their website ), marketing & SEO tools, and management dashboards. The solution covers functionalities such as content management, calendar sync, automated guest communication, loyalty/promotions management, guest feedback & online reputation management, social media management & integrations, and payment processing among others. It is available for a monthly/yearly subscription fee.
Key facts about Lodgify
- Founded Year: 2012
- Location: Barcelona (Spain)
- Annual Revenue: €10M - €50M as on Dec 31, 2024
- Stage: Series B
- Total Funding till date: $37.3M
- Employee Count: 344 as on Jun 30, 2026
- Investors: Seedcamp, Nauta Capital and 10 Others
- Latest Funding Round: Series B, Nov 02, 2022, $*****
- Highlight: Editors' Pick
2. Exoticca
Provider of inclusive vacation packages including airfare, hotels, tours, and transfers. The company offers pre-planned trips to various destinations across multiple continents. These packages cater to different trip styles, such as seasonal, interest-based, and group-focused travel. Support is available through chat, help center, and messaging platforms.
Key facts about Exoticca
- Founded Year: 2013
- Location: Barcelona (Spain)
- Stage: Series D
- Total Funding till date: $117M
- Employee Count: 481 as on Jun 30, 2026
- Investors: 14W, Mangrove Capital Partners and 25 Others
- Latest Funding Round: Venture Debt, Feb 10, 2025, $*****
- Highlight: Editors' Pick
3. Volotea
Volotea is an online platform for travelers to discover flight tickets, hotels & car rentals. Travelers are also allowed to book the services by making an online payment through the platform. Other services include check-in, flight status, onboard entertainment, flight cancellation & more.
Key facts about Volotea
- Founded Year: 2011
- Location: Castrillon (Spain)
- Stage: Series B
- Total Funding till date: $90M
- Employee Count: 1,890 as on Jun 30, 2026
- Investors: Official Credit Institute, Bankinter and 10 Others
- Latest Funding Round: Conventional Debt, Jul 29, 2020, $*****
Developer of implantable neurotechnology for decoding and modulating brain activity. The company focuses on creating bi-directional, high-resolution brain-computer interfaces. These interfaces enable real-time smart neural decoding and modulation in closed loop. The company's platform combines hardware and data analytics to personalize therapy.
Key facts about INBRAIN Neuroelectronics
- Founded Year: 2019
- Location: Barcelona (Spain)
- Stage: Series B
- Total Funding till date: $82.8M
- Employee Count: 124 as on Jun 30, 2026
- Investors: TruVenturo, European Investment Bank and 16 Others
- Latest Funding Round: Grant (prize money), May 09, 2025, $*****
- Highlight: Editors' Pick
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5. Housfy
Online brokers of residential properties. It facilitates potential sellers to register online and avail services such as home valuation, listing creation property publication on multiple online platforms, and legal assistance during the closure of the deal from the company. Registered sellers are also provided with a platform for managing leads for their properties, scheduling, and undertaking viewings, and managing offers.
Key facts about Housfy
- Founded Year: 2016
- Location: Barcelona (Spain)
- Stage: Series B
- Total Funding till date: $57.2M
- Employee Count: 331 as on May 31, 2026
- Investors: Cathay Innovation, Seaya and 18 Others
- Latest Funding Round: Series B, May 11, 2022, $*****
- Highlight: Editors' Pick
ICF's Year-on-Year Investment Trends
ICF has invested in 42 companies over the last 14 years, with an average of 3 new investments annually in the last 10 years. In 2025, it made 3 investments, while as of Jul 2026, it has made 1 investment in this year. Its most recent first time investment was in Qida and most recent follow-on round was in Kintai.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 1 | 1 |
2025 | 3 | 0 | 3 |
2024 | 2 | 1 | 3 |
2023 | 5 | 1 | 6 |
2022 | 2 | 0 | 2 |
2021 | 3 | 1 | 4 |
2020 | 4 | 0 | 4 |
2019 | 4 | 0 | 4 |
2018 | 2 | 0 | 2 |
2017 | 4 | 0 | 4 |
ICF's Investments by Stage
ICF has made 12 investments in Seed stage with an average round size of $1.3M, 9 investments in Series A stage with an average round size of $3.48M and 5 investments in Series B stage with an average round size of $18M.Stage of entry | No. of Investments |
|---|---|
Seed | 12 |
Series A | 9 |
Series B | 5 |
Conventional Debt | 3 |
Post IPO | 2 |
Others | 4 |
Note: We have considered here, only first round of investments
ICF's Investments by Sector
ICF has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, FinTech, High Tech and Sustainability Tech. Notably, it has invested in 28 Tech companies, 24 Enterprise (B2B) companies, 16 Software companies and at least 11 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 12 |
Consumer | 4 |
FinTech | 4 |
High Tech | 4 |
Sustainability Tech | 4 |
Others | 42 |
Note: We have considered here, only first round of investments
ICF's Investments by Geography
ICF has made most investments in Spain (33), followed by United States where it has made 1 investment.Country | No. of Investments |
|---|---|
Spain | 33 |
United States | 1 |
Note: We have considered here, only first round of investments
ICF's recent investments
ICF has made 1 investments in 2026 so far - Kintai.Here are the most recent investments by ICF:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 14, 2026 | Spain | Series A | 9437 | [+1] | |
Nov 04, 2025 | Spain | Series C | 8633 | [+6] | |
Oct 16, 2025 | Spain | Post IPO | 4882 | - | |
Mar 03, 2025 | Spain | Seed | 4620 | [+1] | |
Dec 09, 2024 | - | Seed | 3415 | [+3] |
IPOs and Publicly Listed companies in ICF's Portfolio
3 of ICF's portfolio companies have become public. Kompuestos got listed on the Euronext Exchange (Euronext), in Jul 2021 at marketcap of $34.8M and Parlem got listed on the Madrid Stock Exchange (BME) at marketcap of $78.7M.Here are ICF's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 19, 2021 | May 25, 2015 | Series A | 9964 | |
Jun 25, 2021 | Oct 16, 2025 | Post IPO | 6596 | |
Mar 12, 2015 | - | - | 9199 |
Acquired companies in ICF's Portfolio
6 companies from ICF's portfolio have been acquired. The most recent acquisition was Piper in Jun 2026 by Aircall for $*****.Here are ICF's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 03, 2026 | Oct 25, 2023 | Series A | 9961 | |
Jul 12, 2025 | Feb 02, 2023 | Seed | 5910 | |
Nov 04, 2024 | - | - | 2966 | |
Jul 13, 2022 | Nov 06, 2017 | Seed | 5378 | |
Nov 12, 2020 | Jun 09, 2019 | Seed | 4439 |
Team profile of ICF
ICF has a team of 32 members including 2 Partners and 8 Principals located in Spain. ICF's team does not sit on the board of any company as of now.Here is a list of top team members in ICF:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Barcelona | - | ||
Partner | Barcelona | - | ||
Principal | Barcelona | - | - | |
Principal | Barcelona | - | - | |
Principal | Barcelona | - | ||
Principal | Barcelona | - | - | |
Principal | Barcelona | - | - | |
Principal | Barcelona | - | - | |
Principal | Barcelona | - | ||
Principal | Terrassa | - |
Co-investors of ICF
Over the past 14 years, 155 investors have co-invested in ICF's portfolio companies. This includes funds and angels.
- Invested before ICF: K Fund, Bstartup Banco Sabadell and 66 others have invested in rounds before ICF. There are 3 companies where K Fund has invested before ICF and 3 companies where Bstartup Banco Sabadell has invested before ICF.
- Top Co-investors of ICF: 59 investors entered a company along with ICF. These include investors like Caixa Capital Risc (4 companies).
- Invested after ICF: A total of 28 investors have invested in ICF's portfolio after their investments. Top Investors include CDTI (2 companies), EIC Fund (2 companies) and Europa (2 companies).
Recent News related to ICF
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Kintai raises ten million in a round led by Barlon CapitalExpansion•Jul 13, 2026•Kintai, Prosegur, ICF, TQ Eurocredit
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CAT signs a €9.6M loan with ICF to build a new reservoir in TarragonaAguasresiduales•Feb 24, 2026•Ccaait, ICF
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ICF exits Semillas Batlle, selling 30% to R&D Bcna holdingExpansion•Feb 06, 2026•Semillas Batlle, ICF
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Vytrus Biotech obtains a two million euro loan for its new plantExpansion•Jan 15, 2026•Vytrus Biotech, ICF
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Ship2B Ventures launches an 80 million fund for impact 'start-ups'Expansion•Nov 18, 2025•Ship2B Ventures, Fédération Equestre Internationale, Vida Caixa, BIF Partners and 4 others
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Qida, Spain’s ‘Amazon for aging care,’ lands €37M to expand its digital home care networkTech Funding News•Nov 05, 2025•Endeavor, Asabys Partners, Qida, COFIDES and 4 others
