AAlter Capital
Independent venture capital fund manager based in Sevilla, Spain, specializing in growth capital and buyout investments in the Spanish lower middle market. It backs consolidated SMEs with proven track records (typically €1-15M EBITDA) across all sectors except financial services and real estate, supporting internationalization, consolidation, and operational improvement. Founded in 2000, it is the only venture capital manager headquartered in Andalusia, with additional offices in Madrid and Málaga.
SectorsSector-agnostic (excludes financial services and real estate)
VC MapSeries C+
Team
Á
Ángel González
Partner
J
Juan Martínez de Tejada
Partner
Portfolio companies 5
Open 4 as list → On map →
WWifit Gyms
led a round, 2024
TTrending Corporate
led a round, 2023
KKampaoh
led Venture Debt, 2023
WWuolah
entered at Series A (estimated), 2022
Exited or sunsetted (1)
CClever Global
per company site
Funding rounds 5
Open as list →| Date | Company | Round | Amount | Lead |
|---|---|---|---|---|
| 2026-06-06 | Kampaoh | Buyout | €4M | Alter Capital, Axon Partners Group |
| 2025-06-24 | Wifit Gyms | Buyout | €2.5M | Alter Capital Desarrollo |
| 2025-06 | Ecofruits Guadalquivir | No stage disclosed | — | Alter Capital |
| 2024-07-31 | Dawn Energy | Buyout | €2M | Alter Capital |
| 2024-06-12 | Wifit Gyms | No stage disclosed | €2.5M | Alter Capital Desarrollo |
| 2024-01-29 | Ecofruits Guadalquivir | No stage disclosed | — | Alter Capital (Alter Cap III Ventures FCR) (estimated lead) |
| 2023-11 | Trending Corporate | No stage disclosed | approximately €3M | Alter Capital |
| 2023-01-13 | Kampaoh | Venture Debt | — | Alter Capital, Zenon Asset Management |
| 2022-02-24 | Wuolah | Series A (estimated) | €5M |
Seaya Ventures
+2 more
|
| 2021-12-23 | Kampaoh | Series A (estimated) | approximately €5M |
Lead not disclosed
+4 more
|
News 7
Open as list →| Published | Article |
|---|---|
| 2026-06-25 |
Metric Capital Partners takes control of Dental Company alongside Alter Capital and its CEO ↗
El Democrata (English)
2026-06-25 |
| 2026-06-10 |
Alter Capital and Quadriga achieve the highest score in the proposed award of Andalucía TRADE's new venture capital funds for expanding companies ↗
Capital-Riesgo.es
2026-06-10 |
| 2025-07-08 |
El fondo andaluz Alter compra la mayoría de Vilagallo y el resto se lo reparten el futbolista Marcos Alonso y sus directivas ↗
El Español (Invertia)
2025-07-08 |
| 2025-07-05 |
Alter Capital busca empresas sin relevo generacional para invertir hasta 35 millones en cada operación ↗
El Conciso
2025-07-05 |
| 2025-06-25 |
Alter Capital toma el control de los gimnasios Wifit Gyms ↗
El Economista
2025-06-25 |
| 2025-04-23 |
La gestora de fondos andaluza Alter Capital cumple 10 años con 80 millones de euros invertidos en pymes ↗
El Conciso
2025-04-23 |
| 2024-06-08 |
Alter Capital entra en Wifit Gyms en plena fiebre del 'fitness' ↗
El Economista
2024-06-08 |