Spain-based venture capital firm Kibo Ventures has raised €71m ($79m) from limited partners including telecommunications firm Telefónica for the first close of its second fund, Tech.eu has reported.

Kibo initially invests between €500,000 and €1m in each portfolio company at early but not seed stage, providing up to €5m in total and taking a stake of up to 20%. Its portfolio companies include location data software provider Carto and online freight service iContainers.

Telefónica, which contributed through its…

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