Frequently Asked Questions

GCO Ventures is the innovation arm of GCO (Grupo Catalana Occidente), through which we drive new businesses with a model that combines venture building, direct investment in startups and investment in venture capital funds.

We create and scale our own ventures, invest in companies with transformational potential and invest in leading funds to broaden our access to trends, learning and investment opportunities.

This approach allows us to combine GCO’s knowledge and experience with an agile way of working that is close to the entrepreneurial ecosystem and focused on generating long-term impact.

Related: [FAQ 2: How we combine the three models]

At GCO Ventures, these three models do not compete with each other; they complement one another strategically.

(1) Venture Building: we create startups from scratch based on opportunities we identify in the market. We design the business, validate the model, build teams and launch ventures with a solid foundation from day one.

(2) Venture Capital (direct investment): we invest in startups that are already operating and have demonstrated potential. As investors, we support teams as they grow, contributing capital, knowledge and access to our network.

(3) Venture Capital Funds: we invest in venture capital funds to expand our access to opportunities, trends and continuous learning across different verticals and geographies, complementing our direct activity.

The combination of these three levers enables us to:

• Identify opportunities: through continuous contact with the ecosystem and thorough market exploration.
• Validate them in the market: by investing or by testing hypotheses with users, professionals and operating companies.
• Build new businesses: when we identify spaces where it makes sense to launch one of our own ventures.
• Scale with a global perspective: by drawing on our network, the wider ecosystem and accumulated learning.

This approach allows us to operate with a more complete view of venture creation and to connect building, investing and learning within a single model.

Related: [FAQ 3: GCO Ventures’ role within GCO] | [FAQ 7: Value beyond capital]

GCO Ventures is the space from which we explore new growth opportunities, build businesses and invest in innovation with the backing of GCO.

Our role within GCO is to connect the experience, sector knowledge and long-term vision of a large corporation with the agility needed to develop new ventures and collaborate with startups and funds across the ecosystem.

In practice, we act as a meeting point between corporate capability and entrepreneurial mindset.

Related: [FAQ 1: What is GCO Ventures]

At GCO Ventures, we do not see venture capital and venture building as mutually exclusive paths, but as two complementary ways to participate in the startup ecosystem.

Through venture capital:

• We invest in external startups that already have a product, a team and signs of traction.
• We look for companies in areas connected to the GCO ecosystem, where we can add value as partners.

This activity keeps us close to the market, allows us to understand new business models and enables us to support teams with strong potential.

Through venture building:

• We build new ventures from scratch when we identify market opportunities that have been sufficiently validated.
• We apply a fast-follower logic, looking for markets where proven models already exist but where there is still room for new players.
• We create propositions adapted to a specific context and rely on GCO’s internal capabilities, including sector knowledge, market access, network and operational experience.

The two lines reinforce each other: investment allows us to observe trends, understand which models are working and expand our network; venture building allows us to turn that learning into new businesses when we see a clear opportunity to build.

The goal is not to choose between investing or building, but to combine both capabilities to identify, validate and scale opportunities with a more complete view of the market.

Related: [FAQ 1: What is GCO Ventures] | [FAQ 6: What makes our model different]

Our support does not end with an investment or a launch. At GCO Ventures, we work actively with startups, adapting our level of involvement to each project.

When we invest as venture capital, we provide:

• Capital: we invest with a long-term view, adapting the structure and pace of investment to the needs of each project.
• Knowledge: we share our experience in strategy, business development, product and operations, bringing an external perspective at key moments.
• Network: we facilitate connections with investment funds, corporate partners, talent, specialised advisors and the GCO ecosystem, accelerating growth and collaboration opportunities.

When we build startups through the venture builder, our support is more operational from the outset:

• Strategic mentoring: we provide ongoing support in key decisions to help focus, prioritise and scale the business.
• Financial support: we help with financial planning, budget control, metrics tracking and reporting preparation.
• Legal and tax support: we support the company from incorporation through day-to-day operations, including contracts, shareholders’ agreements, compliance and accounting.
• Shared technology tools: we provide early access to a stack of tools for management, automation, analytics and operations.
• Design, development and marketing resources: we facilitate access to specialised providers in branding, product and UX/UI.
• Talent and recruitment: we support the identification, selection and hiring of key profiles to build the initial team.

In both cases, the objective is the same: to work hand in hand with the team to scale the business with a long-term vision.

Related: [FAQ 2: Combination of models] | [FAQ 7: Value beyond capital]

Corporate venture capital (CVC) is the investment of a corporation’s own funds in innovative startups with a dual objective: to obtain a financial return and to generate strategic value for the business.

Unlike traditional venture capital, where independent funds mainly seek financial returns, CVC also prioritises access to new technologies, the ability to anticipate market changes and the exploration of growth opportunities connected to the corporation’s activity.

This model has gained relevance in recent years as a way for corporations to stay close to innovation and participate actively in the transformation of their sectors.

At GCO Ventures, we apply this approach from a broad perspective, combining investment in startups with a strategic view linked to the sectors in which GCO operates. This allows us not only to participate in the growth of innovative companies, but also to stay close to relevant trends and generate learning with long-term impact.

Main differences compared with traditional venture capital

CVC has emerged as a corporate response to technological acceleration, and its operating logic differs from traditional venture capital in ways that go beyond the origin of the capital.

• Time horizon: CVC often operates with a more flexible, long-term view, especially when there is a strategic fit with the business. Independent venture capital, by contrast, tends to be more oriented towards investment cycles linked to financial exits.
• Selection criteria: in addition to growth potential, CVC assesses the connection with its sector and the ability to generate strategic value. Traditional funds, on the other hand, tend to prioritise market size and the scalability of the model.
• Relationship with the startup: CVC can facilitate collaborations with the corporate environment, while independent venture capital usually focuses on support through governance and performance monitoring.

To learn more, see: [FAQ 2: Which companies in Spain are investing in corporate venture capital?]

In Spain, a growing number of large corporations have launched CVC initiatives to invest in startups and stay close to innovation in their sectors.

Relevant examples include Telefónica through Wayra, one of the most established programmes in Europe; Enagás Emprende, focused on the energy transition; and financial-sector players such as Santander, which have strengthened their commitment to startup investment in recent years.

In this context, GCO Ventures forms part of a new generation of corporate initiatives, combining investment in startups with a broader approach that also includes the development of new ventures.

The growing participation of corporations in the ecosystem reflects a clear trend: CVC has become a key tool for accessing innovation, anticipating market changes and generating new growth opportunities.

To learn more, see: [FAQ 3: How does a corporate venture capital fund work?]

We are not just a fund that invests, nor only a venture builder that creates startups from scratch. At GCO Ventures, we combine venture building, direct investment and investment in venture capital funds, which allows us to act at different stages of the company creation and growth cycle.

This hybrid approach enables us to bring something more complete to the table: capital, execution capacity, strategic support and connection to the ecosystem. In addition, we operate with the backing of GCO, giving us access to sector knowledge, capabilities, network and market access that can accelerate project development from the early stages.

As a venture builder, we create and launch new businesses from scratch, combining agile execution with these resources to validate, scale and connect each venture with real opportunities from the very beginning.

As investors, we support startups with potential by contributing capital, judgement and access to opportunities. We work as a close partner, becoming involved at key moments of growth and facilitating connections with other funds, partners and talent, always with a long-term view.

In practice, this translates into an integrated way of working: within the same model, we can identify opportunities, validate them in the market, build new businesses when it makes sense and support startups as they grow.

CVC funds operate through a cycle that includes identifying relevant startups, evaluating them, investing and developing potential collaborations with the corporation.

Unlike traditional venture capital, CVC incorporates an additional variable at every stage: strategic relevance to the business. This means analysing not only the startup’s growth potential, but also its ability to generate synergies or create value within the corporate environment.

In the case of GCO Ventures, this approach means bringing a dual lens into the conversation from the outset: on the one hand, the project’s growth potential; on the other, its fit with the ecosystem in which GCO operates, where we can contribute differentiated value.

The CVC investment cycle: from identification to collaboration

What distinguishes CVC from pure VC is the importance of validating organisational fit before investing. Corporations are not only looking for startups with scalable products: they are looking for startups whose solution has real applicability within the business ecosystem.

In practice, this means that the CVC cycle follows its own logic:

• Identification starts from internally detected technology gaps, not only from external deal flow.
• Evaluation is dual: it considers both business potential and strategic fit.
• Investment may take the form of co-leading a round or a secondary participation.
• Collaboration is materialised through proofs of concept or joint initiatives with real operating units.
• Scaling can lead either to full corporate adoption over the long term or to a financial exit, depending on how the relationship evolves.

This approach allows CVC to combine financial investment with the generation of strategic value, connecting external innovation with the capabilities of the corporation.

CVC combines two objectives: competitive financial returns and strategic value in the form of access to innovation, market intelligence and validation of new business models.

In practice, specific objectives include anticipating changes and new competitive dynamics, integrating technologies into operating divisions, accelerating venture clienting (the relationship in which the CVC acts as a paying customer of the startup), accessing specialised talent and developing new revenue lines through co-creation.

Unlike traditional venture capital, CVC also incorporates a strategic dimension linked to fit with the business and the corporate ecosystem.

[H3] What value do corporations seek beyond financial return?

The strategic return of CVC can take different forms when it is clearly defined from the beginning. Beyond financial return, large companies invest in startups to stay close to emerging trends, access new technologies, explore collaboration opportunities and better understand how their sector is evolving.

In practice, this value is usually materialised across several dimensions:

1. Market intelligence: early access to new solutions, business models and competitive dynamics.

2. Applied innovation: the possibility of testing technologies or services with potential fit in the corporate environment.

3. Venture clienting: the corporation can become a customer of the startup, validating its solution in a real environment and generating commercial traction.

4. New growth opportunities: identification of potential partnerships, future investments or complementary business lines.

5. Organisational learning: exposure to more agile ways of working, new talent profiles and methodologies typical of the startup ecosystem.

To ensure this value does not become diluted, it is important to combine financial metrics with strategic indicators, such as collaborations initiated, pilots validated, learning generated or adoption of solutions within the corporate environment.

At GCO Ventures, we see investment as a long-term relationship in which value goes far beyond capital.

We support founders at key moments in the development of their business, making ourselves available as a close partner when it makes sense, particularly in decisions related to growth, product and expansion. Our involvement is designed to bring judgement and experience, while always respecting the autonomy of the founding team and its leadership in day-to-day execution.

We also make a relevant network available to startups, including investment funds, corporate partners, specialised talent, advisors and other ecosystem players. This access can unlock commercial opportunities, strategic alliances and future funding rounds.

We also bring knowledge and experience across different sectors and business models, helping teams make decisions with greater context and reduce friction as they grow.

Overall, our goal is to be a strategic partner that helps build stronger companies, not just a financial investor.

Related: [FAQ 5: Support] | [FAQ 2: Combination of models]

CVC offers startups three layers of value that go beyond capital:

1. Access to corporate funds at early stages, usually Seed or Series A, with a more stable, long-term view.

2. Operational resources such as access to network, market knowledge, corporate capabilities and distribution opportunities.

3. Commercial or strategic validation in real environments, either within the corporation itself or through its network of partners and customers.

As in any strategic relationship, it is important for the startup and the corporation to align expectations from the beginning to ensure that the collaboration supports the project’s growth.

At GCO Ventures, this approach means working with startups where we can bring real value through sector knowledge, network and connection to the ecosystem in which GCO operates.

Corporate value for startups: real opportunities and foreseeable friction points

The relationship between a startup and a CVC can generate value in ways that few independent funds can offer, but it also involves aspects that should be considered before starting the collaboration.

Among the most tangible operational advantages is access to commercial and strategic opportunities. In some cases, the corporation may act as a first customer or facilitate pilots, but the value of CVC can also come from credibility, network, sector knowledge and the opening of conversations with other market players. Corporate distribution can open markets that a startup would take years to reach organically. Access to data, internal talent and co-development opportunities adds further layers of value that do not appear in the term sheet but can have a direct impact on growth speed.

The friction points are just as real. Corporations make decisions through more layers of approval and over longer timeframes than a startup may be comfortable with. If the corporation becomes the startup’s main customer, the startup may reduce its commercial diversification if this is not managed properly. Corporate processes may require more planning and coordination than other investment environments. And CVCs do not always lead later rounds, so startups should maintain a broad and diversified financing strategy.

The startups that tend to benefit most from a CVC are those whose solution is strategically complementary to the corporation’s core business. In these cases, the relationship can provide B2B validation, market access, credibility with large-scale customers and strategic support, provided that the founding team maintains autonomy and agility in execution.

To learn more, see: [FAQ 1: What is corporate venture capital, and how is it different from traditional venture capital?]

At GCO Ventures, we focus on sectors where we see a clear combination of market opportunity, growth potential and the ability to bring differentiated value. We also look for areas connected to the ecosystem in which GCO operates, which allows us to understand the market more deeply and identify opportunities with greater judgement.

We work mainly in areas such as the Silver Economy, Digital Health, Petcare, Proptech, Deathcare, Insurtech and Fintech, among others, where technology and new business models are transforming traditional industries.

These sectors share common characteristics: large markets, real needs and room to improve user experience, operational efficiency or distribution models.

Rather than following short-lived trends, we prioritise verticals where we can contribute actively, either by building new startups or by supporting teams that are already operating, and where access to knowledge, network or capabilities can make a real difference.

To learn more, see: [FAQ 9: How we select verticals]

At GCO Ventures, the verticals in which we operate are not defined solely by market trends, but by their connection to the ecosystem in which GCO operates. We prioritise areas where we can build a deeper understanding of the sector and bring differentiated value through our model.

Within these verticals, opportunity selection combines market analysis, continuous contact with the ecosystem and assessment of strategic fit.

We start by observing trends, speaking with founders, investors and experts, and analysing models that are already working. From there, we assess whether there is a real market need and sufficient validation.

A second key criterion is the value we can bring. We prioritise opportunities where we can contribute in a differentiated way, whether through business building, investor support or access to network, talent and capabilities.

Finally, we analyse the scalability potential and long-term sustainability of the model, looking for projects that can become relevant companies within their sector.

This approach allows us to combine a strategic definition of verticals with disciplined opportunity selection, maintaining consistency in our thesis while preserving flexibility in execution.

Related: [FAQ 8: Verticals where we operate] | [FAQ 4: When we invest]

GCO Ventures operates mainly from Spain, with an open view of the European and international ecosystem.

Our activity combines the creation of our own ventures, investment in startups and investment in venture capital funds with global reach. This allows us to stay connected both to the local ecosystem and to trends and opportunities in other markets.

We work with startups, investors and partners in different contexts, giving us a broader perspective on how sectors evolve and where new opportunities may emerge.

This combination of a local base and international outlook allows us to identify, build and support projects with growth potential beyond a single market.