Nzyme Closes €160M Private Equity Fund to Transform Spanish SMEs with Technology

Nzyme, the private equity fund backed by Kibo Ventures, has successfully closed with a capital raise of €160 million. The fund is designed to invest in profitable Spanish SMEs in fragmented B2B sectors, especially those poised for growth through digital transformation and strategic consolidation.

Nzyme’s mission focuses on scaling traditional businesses, often located outside major metropolitan areas, that have established credibility in their local markets. The fund targets companies with EBITDA starting from €1 million or teams of at least 20 employees, aiming to build 8 to 10 strong platforms through strategic acquisition and integration.

A key area of support offered by Nzyme is guiding companies through the complex transition from small-to-medium organizations (20–40 employees) to scalable enterprises with 150+ staff, by implementing robust structures, integrated technologies, and international ambitions. Investments typically range from €15 to €20 million per platform.

The fund’s investment strategy is hands-on and prudent, led by a management team with deep expertise in private equity and tech-driven business transformation. The leadership includes Fernando Díaz Solís, Vicente Vázquez Bouza, José Manuel Gasalla, Juan López Santamaría, and Pablo Campos, supported by the Kibo Ventures network and strategic advisor Oliver Wyman.

Nzyme leverages advanced technologies such as AI, big data, IoT, machine learning, edge computing, and cloud platforms to accelerate operational scalability and boost competitive advantage across portfolio companies.

Initial investments have already been made, including in healthcare distribution, now integrated into Kuma Group, as well as several professional services firms. Notably, Nzyme completed the divestment of Kuma’s dental division in April 2025 — less than two years after acquisition — showcasing its active portfolio management and exit execution.

The fund has attracted a strong and diverse investor base, including CDTI (through its SICC Innvierte), prominent Spanish entrepreneurial families, successful founders, financial institutions, and international family offices with an eye on Spain’s growth potential.

According to Vicente Vázquez, Managing Director at Nzyme, the successful closing reflects confidence in the team’s strategy and the transformational potential of Spain’s SME sector. By marrying business consolidation with technological innovation, Nzyme seeks to build national champions that drive both economic growth and digital evolution.