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Independent venture debt manager Atempo Growth announces the initial closing of its second fund, with a target to raise EUR 400-500 million by final close in early 2026.
Santander, as strategic partner and with a 30% stake in the Atempo Growth platform, acted as anchor investor and has committed up to EUR 160 million to the fund by final closing.
Raised funds will be used to finance high-growth tech companies in Europe.
Madrid, 3rd April 2025.
Atempo Growth, an independent venture debt manager, has announced the first close of its second fund, Atempo Growth II SCA, SICAV-RAIF, which will finance high-growth tech companies in Europe. In this initial stage, the fund has raised EUR 300 million to take the platform’s assets under management over EUR 700 million. The target for final close of the second fund — earmarked for Q1’26 — is between EUR 400 and 500 million.
Banco Santander, an Atempo Growth strategic partner that holds a 30% stake in the platform, has pledged up to EUR 160 million for the final close of the manager’s second fund. Moreover, the Fund received further investment from the European Investment Fund (EIF) and British Business Investments (BBI).
We’re thrilled with the first close of this second fund by Atempo, which in just four years has become one of Europe’s leading venture debt managers and caught the eye of major investors like the EIF and BBI. These funds will enable us to take our aim to develop high growth European companies a step further.
The company Atempo Growth is led by Co-Founders, Luca Colciago, Jack Diamond, and Matteo Avramov Giulivi, bringing with them a wealth of experience and a proven track record, having financed over 100 European tech companies over the past two decades. The Senior Team grew in 2024 with the addition of Tina Page as COO.
Atempo Growth's first fund closed in 2022 with EUR 272 million, receiving contributions from prominent investors such as the European Investment Bank (EIB) and BBI, and was fully invested within 3 years. In recent years, startups’ financing through venture debt has grown at a rate of knots as an alternative to traditional venture capital in a difficult landscape for securing rounds of capital. This type of funding targets companies classified as “early-stage” or “growth” and that already have the backing of a venture capital fund.
Santander’s continued investment in Atempo Growth is one of the ways in which the bank articulates its funding to companies at varying stages of growth and in different sectors.
These initiatives fall under the strategy of the Investment Platforms Unit (IPU) and Santander Alternative Investments, both of which belong to the Group's Wealth Management and Insurance division. They specialize in investing in alternative growth segments to the bank's traditional activity, such as direct lending (Tresmares, LB Oprent), private equity (Fremman Capital), venture debt (Atempo), special situations lending (Deva Capital), and venture capital (Seaya, Mouro Capital).