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K Fund

Calle Juan Bravo 10, 2, Madrid, 28006, Spain

Overview

K Fund is a multi-stage venture capital firm that provides early-stage venture investments to startups across Spain, Portugal, and Latin America. It promotes the evolution of the Spanish ecosystem by investing in digital-first companies. K fund was founded in 2016 by Inaki Arolla, Carina Szpilka, and Ian Noel and is based in Madrid, with offices in Barcelona and Lisbon.

Total investments
101
Lead investments
39
Investments · 12mo
23
Active investors
10

Sector focus

  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • HappyRobot

    Participated · Series C · Aug 2026

    HappyRobot builds a vertical AI platform of production-ready agents that automate operational tasks across logistics, freight, and customer support. Its agents handle end-to-end work across phone, email, chat, document parsing, web browsing, and backend data entry, combining transcription, LLMs, voice generation, OCR, and browser automation. The platform integrates with TMS, ERP, CRM and other enterprise systems and is already used in production to negotiate shipping rates, book appointments, collect payments, recruit staff, and provide stakeholder updates. Founded in 2023 in Spain, the company emphasizes domain-specific agents tailored to messy, fragmented operational workflows rather than general-purpose copilots. HappyRobot plans to use new funding to expand hiring across engineering, go-to-market, and forward-deployed engineering teams who work on-site with clients to tailor and maintain AI workflows. Its rise is driven by labour shortages, rising operational complexity, and the inefficiencies of fragmented software stacks. HappyRobot builds an agentic AI conversational platform that automates complex logistics communications—handling inbound and outbound calls, carrier negotiations, data capture, load updates, scheduling, and payment-status inquiries. The platform integrates with existing systems to provide real-time analytics, intent detection, and 24/7 operational support. Customers report the AI agents have halved call times and reduced operational costs by roughly one third; by August the system had completed over 100,000 AI-driven calls and the company expects ten times that next year. HappyRobot’s agents answer calls 24/7 with no hold time, enabling human staff to focus on higher-value work. Notable customers include Flexport, Job&Talent, Spot Inc., Syfan Logistics, Best Bay Logistics, and Circle Logistics. The company says it will use new funding to accelerate product development and expand and support its customer base to transform logistics operations.

  • Coverwatch

    Participated · Seed · Jul 2026

    Coverwatch offers an AI-native insurance platform whose core IP is an information extraction and summarization pipeline that agentically maps each client’s business to the right underwriting questions. The platform provides proactive recommendations to reduce risk, supports contract reviews and insurance planning, and offers hands-on claims management and assistance. Its target clients span homeowner associations, venture-backed technology companies, and consumer brands in ecommerce and CPG. The company is licensed in 17 states and aims to be licensed across the 48 continental U.S. states by Q3 2026. Coverwatch reports that revenue has been doubling each month on average since Q2 2026. It was founded by Miquel Llobet (CEO), Kevin Wu (COO) and Wilmer Yan (CTO) and is headquartered in San Francisco.

  • Flyboard

    Participated · Seed · Jul 2026

    Flyboard develops voice agents powered by artificial intelligence aimed at mid-market customers. Its platform includes automatic monitoring systems that detect incidents, generate corrective actions and help iteratively improve agent behavior with AI. The company currently operates in Spain, Germany and Latin America and works with customers such as Grupo Planeta, Dominion, EAE, Elha and Barbiku. Flyboard plans to prioritize growth in the Spanish market before accelerating expansion into other European countries. Following its €1.9 million pre-seed round, the company will invest in sales, operations and engineering hires and accelerate product and architecture development to scale deployments. The funding is intended to increase the company's commercial capacity and enhance its technological and operational architecture for deploying agents.

  • Causa Prima

    Participated · Seed · Jun 2026

    Causa Prima operates a shared network that enables AI agents on both buyer and supplier sides to automatically process invoices, resolve disputes, and negotiate payment terms. The company says it already serves more than 3,000 active accounts. Its founders include Maex Ament, who co-founded Taulia (acquired by SAP) and helped build systems that processed $50 billion per quarter, Henrik Gebbing, who scaled Finoa to €10 billion in assets under custody, and Philip Stanislaus, who led hundreds of enterprise security audits. Causa Prima positions its two-sided network as different from single-sided AP or AR automation platforms and competes with incumbents such as SAP Taulia, Coupa, and AvidXchange. The company plans to expand engineering and product teams in Madrid and Munich and aims to eliminate fixed payment terms by enabling real-time agent-to-agent settlements. Its approach targets the space between buyer and supplier systems where the firm says most B2B payment friction originates.

  • Theker

    Participated · Series A · Jun 2026

    Theker develops AI-native generalist robots designed to operate autonomously and adapt in real time to changing industrial environments. Its technology targets industries such as logistics, retail, food and beverage, and waste management and is being deployed to address labour shortages in manufacturing and retail. The company positions its robots as a new category compared with traditional rigid, task-specific industrial robots. Founded in 2022 and based in Barcelona, Theker has raised €18 million in seed funding and an $85 million Series A. The firm plans to use the new capital to accelerate deployments with industrial operators, deepen its proprietary AI and robotics stack, and expand engineering and deployment teams.

Team

  • Iñaki Arrola

    Cofounder and Managing Partner

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  • Carina Szpilka

    Co-founder & General Partner

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  • Sergio Álvarez-Leiva

    General Partner

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  • Cristina García-Margallo

    Legal

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