Barcelona-based venture capital firm Masia has closed its first fund, raising €18 million to invest in early-stage startups working in artificial intelligence (AI) and other advanced technologies. The fund will focus on companies with a connection to Barcelona.
Masia has attracted more than 70 investors, including successful technology founders, business executives, and experienced investors. Two institutional investors have also backed the fund.
“We launched Masia’s first fund last year because we saw Barcelona’s tech ecosystem was nearing a tipping point, and we wanted to connect successful LPs and international VCs in the city with talent choosing to build and scale global frontier tech businesses from here,” said Carlos Trenchs, co-founder and Chairman at Masia.
Founded in 2025 by Trenchs and Pepe Borrell, Masia is a super angel fund that invests in early-stage startups at the pre-seed and seed stages. It typically invests between €125,000 and €250,000 in each company.
In May 2025, Masia announced its launch with plans to invest €20 million in around 60 startups. The fund focuses on local and international founders building technology companies in Barcelona with the potential to grow globally.
Masia does not lead funding rounds or take board seats. Instead, it works closely with founders and connects its portfolio companies with a wide network of experienced business leaders, operators and investors.
“We’re already seeing companies we backed last year raise Series A rounds and expand into the US. Our focus is on founders using AI and frontier technology to address significant market opportunities, with international ambition from the outset. We want to support that growth through both investment and access to people who can help them scale,” said Pepe Borrell, Founding Partner at Masia Fund.
Masia’s first fund comes at a time when Barcelona’s startup scene is attracting more investment. According to Fundación Bankinter, startups in the city raised €1.175 billion in the first nine months of 2026, up 14% from the same period in 2025.
Barcelona is also becoming an important hub for deep tech startups in Europe. According to data from Acció, the city ranked sixth in Europe for deep tech startup funding, raising €610 million between 2020 and 2024.
Following the fund’s close and the opening of Masia House, the firm’s team has grown to seven members. Gemma Torruella has joined to lead operations, bringing more than 20 years of experience in Spain’s finance and startup sectors. Cathy White, who has over 15 years of experience in Europe’s technology and venture capital industry, has also joined as a fractional Chief Marketing Officer (CMO). She previously worked at Seedcamp.
