In this DeepDive CleanTech episode, David Wortmann speaks with Toni Villuendas, Investment Manager at Angels Capital, one of Spain’s most active early-stage investors. Angels Capital follows a distinctive philosophy: instead of chasing maximum returns, the fund focuses on supporting founders, helping companies grow and creating meaningful jobs.

Toni shares how his team invests in around 20 startups per year, why the founder often matters more than the product and which types of ventures they intentionally avoid. He also provides a snapshot of the Spanish startup and VC ecosystem, which has matured quickly in recent years and is drawing increasing attention from international investors — particularly in mobility, energy, agritech and education technologies.

He also talks about Lanzadera in Valencia, the equity-free accelerator connected to Angels Capital, and how it has helped turn the city into one of Europe’s most dynamic emerging startup hubs.