Deep-tech VC, Madrid

Bullnet Capital

Venture capital firm · Madrid · Founded 2001

Quick read

Bullnet Capital is a deep-tech VC founded in 2001, headquartered in Pozuelo de Alarcón (Madrid), Spain. Founded by former research professors Miguel del Cañizo and Javier Ulecia, the firm has spent over two decades backing university and research-centre spinouts in photonics, microelectronics, enterprise software, and medical devices. Its fourth fund, backed by a €28M EIF commitment, now manages a cumulative ~€140M across four vehicles.

Key facts

Founded
2001
Founders
Javier Ulecia, Miguel del Cañizo
Employees
1-10
Sectors
enterprise, hardware, ai, healthcare
Website
bullnetcapital.com

Investment thesis

Bullnet Capital backs early-stage deep-tech spinouts from Spanish universities and research centres, focusing on companies with proprietary technologies in enterprise software, photonics, microelectronics, medical devices, and scientific instrumentation. The firm takes a hands-on role in portfolio management, acting as a strategic partner from day one rather than a passive capital provider.

Recent activity

  • May 2025fundraise
    Bullnet Capital launched its fourth fund, Bullnet Capital IV, with seven portfolio companies already committed under it. linkedin.com
  • Nov 2024fundraise
    European Investment Fund invested €28M in Bullnet Capital IV, earmarked for deep-tech and technology-transfer projects in Spain. eif.org
  • Sep 2024investment
    Bullnet Capital led an investment round in an undisclosed portfolio company (reported on LinkedIn as a new round lead). linkedin.com
  • May 2024investment
    Bullnet Capital invested in MLCode, a Barcelona-based AI data-management and LLM security startup founded by Joan Raventós and Sergi Zapater. mlcode.io
  • 2024investment
    Bullnet Capital invested in Mapsi Photonics, a €1.5M round for the infrared filter startup spun out of doctoral research on macroporous silicon. mapsiphotonics.com
  • 2024press
    Portfolio company AGPhotonics presented its Free Space Optics demo at the Optica Global Photonics Economic Forum in Málaga, with a 2026 commercial launch on the roadmap. es.linkedin.com
  • 2024press
    MIT and Bullnet Capital announced a joint initiative with Málaga to develop a strategic microelectronics hub. crunchbase.com

Notable investments

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

  • Javier Ulecia · Founding Partner
  • Miguel del Cañizo · Founding Partner
  • Jorge Fernandez Quesada · Partner
  • Pedro Sainz de Baranda · Founder & Managing Partner
  • Javier Rubio · Founding Partner

Sources

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Frequently asked

What is Bullnet Capital?+

Bullnet Capital is a deep-tech VC founded in 2001, headquartered in Pozuelo de Alarcón (Madrid), Spain. Founded by former research professors Miguel del Cañizo and Javier Ulecia, the firm has spent over two decades backing university and research-centre spinouts in photonics, microelectronics, enterprise software, and medical devices.

Where is Bullnet Capital headquartered?+

Bullnet Capital is headquartered in Madrid, Spain.

When was Bullnet Capital founded?+

Bullnet Capital was founded in 2001 by Javier Ulecia, Miguel del Cañizo.

What sectors does Bullnet Capital invest in?+

Bullnet Capital focuses on enterprise, hardware, ai, healthcare. They primarily invest in these sectors.

How do I prepare for a meeting with Bullnet Capital?+

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Generated by briefthecall.com from public web sources on May 27, 2026. Each claim is linked to its source above.