VC | E524 | Carlos Trenchs on Spain’s Emerging Fund Manager Wave & The Return of the Founder-Backer

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7d ago 34:03

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In this episode, Andreas Munk Holm talks with Carlos Trenchs — early-stage investor — about the new wave of entrepreneurs in Spain: those who’ve exited, raised again, and are now backing the next wave. They dive into the rise of Spain’s emerging managers, the structural limitations new fund managers face when fundraising, and how institutional platforms can solve them.
Carlos shares insights on how his team is designing a new type of investment structure — one that serves both fund-of-fund limited partners (LPs) and those deeply committed to ecosystem development. From syndicate-style collaboration to collective capital and US micro-fund inspiration, Carlos unpacks the anatomy of the new European seed scene.
Whether you’re building a micro fund, exploring Spain’s founder-led evolution, or curious about how fund design is adapting to new LP profiles — this one’s for you.
Here’s what’s covered:

00:00 The Rise of Repeat Founders: From Glovo to Preval and beyond
03:15 Why Founders Become Emerging Managers
05:42 The Fundraising Gap for New Managers
08:10 Co-investing and Scouting for Ecosystem Development
11:35 Challenges of Hybrid Investment Models
14:00 Case Study: Transcend — A $1.5M EdTech Concept Fund
17:20 Collective Capital: When LPs Roll Up Their Sleeves
19:45 Closing Thoughts & Invitation to Meet in Barcelona

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