Catalonian financial group GVC Gaesco and venture capital firm Next Tier Ventures said they have teamed up to give a lift a number of venture capital funds aimed at investing in technology startups.

The first fund of this group will invest up to €50 million in startups linked to Artificial Intelligence (AI) and will support selected companies from their start to mature stage.

A fundraising process will be carried out in the coming months targeted to family offices and Spanish and international private investors.   

This first fund — Next Tier GVC Gaesco S.C.R. S.A. — hopes to achieve around 30-35 operations in B2B startups of Artificial Intelligence.

Opportunities will be sought in Europe, the US and Latin America.

The new investment vehicle is led by Patricia Pastor and Ruben Colomer, co-founders of Next Tier Ventures.

“Our goal is to create the longest Artificial Intelligence funds line from Spain,” said Pastor.

“This technology will change our work styles and communication towards a faster and better world. Countries that invest in AI will become more competitive and grow faster.”

Paco Illueca, investment director of GVC Gaesco, said: “Our partnership with Next Tier Ventures stands for a further step in GVC Gaesco’s commitment to venture capital, thereby completing our range of investment products and meeting the growing demands from our customers.

“The birth of this first AI-focused investment fund is only the very first of many to be released as a result of our collaboration with Next Tier Ventures.”

GVC Gaesco is a member of the Barcelona and Madrid Stock Exchanges.