Luis Martin Cabiedes has closed a €25m angel fund in Spain, the first of its kind in the country. 

Cabiedes is a former chief executive of Europa Press and a serial business angel. Recent investments include MyAlert, Privalia and Trovit. 

The final close completes the debut fundraising for Cabiedes's new firm Cabiedes and Partners and will address the "equity gap" between initial investments from family and friends and institutional funding rounds. Contributors to the fund include Neotec Capial Riesgo, Europa Press Group, the FESpyme fund managed by Axis, Itzarri EPSV, Bertelsmann Digital Media and Corpfin Capital. 

The fund expects to make ten seed investments a year and has already invested in 11 companies including Habitissimo, Comuto, Zyncro and Rockola. 

Picture: Source