FOCO invests 80 million euros in the Cathay Innovation III fund to support digital transformation and foster AI startups in Spain.
Target Information
On July 28, 2025, the Coinvestment Fund (FOCO), managed by COFIDES, announced an investment of 80 million euros in the Cathay Innovation III fund, managed by Cathay Innovation SAS. Cathay Innovation III is a venture capital fund with a total capitalization of 1 billion euros, making it the largest of its kind outside the European Union. This fund focuses on artificial intelligence and has already completed 16 global investments, half of which are in European startups.
The fund targets four key industrial sectors: consumer goods, health, financial services, and energy/mobility. Its goal is to support digital companies with strong growth potential, significant value creation capacity, and international scalability, thereby contributing to the transformation of the Spanish industry. A considerable portion of the European allocation will be directed towards Spanish companies exhibiting robust digital and growth prospects.
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Industry Overview in Spain
The Spanish artificial intelligence industry is experiencing rapid growth, reflected in the increasing amount of investment in AI startups. The government and private stakeholders are keen on fostering a
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Disclosed details
Transaction Size: $80M
Enterprise Value: $1,000M