Most first-time funds apologise for their debut vintage. Masia went the other way, closing €18M and pairing it with a building. The Barcelona firm opened Masia House, 1,000 sq m over four floors in Gracia with work areas, meeting rooms and rooms for visiting investors.
The fund writes early cheques into AI and frontier technology with a Barcelona connection. Since launching in 2025 it has backed 46 companies representing 60 founders, co-investing alongside roughly 60 specialist firms – a striking rate for a vehicle this young and small.
Seventy LPs and a thesis about proximity
More than 70 limited partners are in, mostly founders, operators and angels, plus two institutions. Carlos Trenchs, co-founder and chairman, argues capital alone does not create innovation, and the house exists to make ambitious people repeatedly encounter each other.
The portfolio offers evidence. Biorce, applying AI to clinical trials, raised a $52M Series A this year; Prosper took $30M led by Andreessen Horowitz; Didit came out of Y Combinator.
The numbers Barcelona is leaning on
City startups drew €1.175B in the first nine months of 2026, up 14% year on year, and Barcelona ranks as the EU’s sixth-largest deeptech hub with €610M since 2020. Both figures come from the firm itself, so read them as marketing with facts attached.
The harder question is whether a €18M fund can hold through the rounds its best companies need. Masia outsources that to its co-investor network: 60 firms already write alongside it, a more credible route to Series A than a larger fund would offer.
