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

  • Apr 2026investment
    Bullnet Capital led an investment round in Impetux Optics, a University of Barcelona spin-off focused on advanced microscopy technology. ecosistemastartup.com
  • Apr 2025fundraise
    Bullnet Capital launched the Bullnet Opportunity Fund, targeting 20–25 million euros. The vehicle is earmarked exclusively for follow-on investments in existing portfolio companies originally backed by Bullnet Capital II and III, with a focus on university and research-centre spin-offs. elreferente.es
  • Jan 2025press
    Capital & Corporate published an interview with founding partners Javier Ulecia and Miguel del Cañizo, covering Bullnet Capital's nearly 25-year history in deep tech and the current status of Bullnet Capital IV, which is in its final investment phase. es.linkedin.com
  • May 2024investment
    Bullnet Capital made a follow-on investment in MLCode, a Barcelona-based startup building a software platform for AI data management and LLM risk monitoring. MLCode had received its first Bullnet investment in June 2023. mlcode.io
  • Jul 2023investment
    Bullnet Capital led a funding round in Deep Detection, an IFAE spin-off developing X-ray inspection technology for food safety. TTAF, Vigo Ventures, and Intempo Ventures co-invested. ifae.es
  • May 2026investment
    EJASO advised Bullnet Capital on a €2.5M investment in Impetux Optics, a Universitat de Barcelona spin-off specialising in advanced photonic instrumentation for life sciences. The round is backed by the EU's InnovFin SME Guarantee under Horizon 2020. ejaso.com
  • May 2026investment
    Bullnet Capital led a €2M seed round in FlexiIC (also referred to as FlexilC), a CSIC/IMB-CNM spin-off developing flexible organic integrated circuits using thin-film transistor technology. The capital will accelerate industrialisation, engineering hires, and OEM commercial agreements. europapress.es
  • Apr 2026investment
    Bullnet Capital led a round in Impetux, a Universitat de Barcelona spin-off building advanced photonic instrumentation for life sciences. Funding targets commercial launch of its confocal system and scaling of its optical tweezers systems, with an exit via acquisition in the microscopy sector as the stated goal. europapress.es
  • Apr 2025fundraise
    Bullnet Capital launched the Bullnet Opportunity Fund, sized at €20–25M, targeting follow-on investments in portfolio companies originally backed by Bullnet Capital II and III. The firm is in discussions with existing LPs, new private investors, the European Investment Fund, and Next Tech. elreferente.es
  • May 2024investment
    Bullnet Capital made a follow-on investment in MLCode, a Barcelona-based AI data management and security startup founded in early 2023. MLCode's platform monitors LLM usage and mitigates emerging data risks. mlcode.io
  • 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

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

Other VCs in Spain

Explore VCs by sector

Globally

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?+

Brief generates a structured pre-meeting briefing on any person at Bullnet Capital — quick read, recent activity, points of view, and conversation openers tailored to what you sell. Sign in to get personalised openers for your product.

Meeting with someone at Bullnet Capital?

Brief generates a structured pre-meeting briefing on any person in seconds.

Try Brief →

Generated by briefthecall.com from public web sources. Last updated July 9, 2026. Each claim is linked to its source above.

Automatically generated by AI from public sources. May be inaccurate or out of date. Remove or correct this profile →