About us

Who We Are

Spanish independent Venture Capital Firm, specialized in high technology start-ups.

Javier Ulecia and Miguel del Cañizo have known each other since 1990 when they started working together at Renault in France just after they finished their engineering degrees.

Ten years afterwards, Javier and Miguel collaborated in the launching, management and posterior closing of an Internet Incubator named Doing, focused on broadband products and services (May 2000-March 2001).

After closing Doing, and around the middle of 2001, they started, with the strategic and financial support of Bruno Entrecanales, a new fund (Bullnet Capital I), with the aim of eventually becoming one of the reference players in the incipient Spanish technology VC market.

At that moment, given the very little interest of the investment community in technological projects, we decided to swim against the current and establish our fund on several, basic arguments:

  • Focus on projects related to information technology.
  • Product positioning (vs. services).
  • Project selection with a technological differential value sustainable over time.
  • Instinctive drive to “exit” even before investing.
  • Every caution taken during the “Due Dilligence” process, knowing how to combine technological and strategic analysis.
  • Add value and contribute to day-to-day running of participating companies.
about-us

Helped to a great extent by the initial support of Bruno Entrecanales, financial sponsor of the Project, we managed to convince a series of private investors as well as an institutional investor, the European Investment Fund, to, at last, put together in March, 2003 an initial fund of 18 million euros to support the launch of technological start-ups in Spain. Our initial objective was to invest over the following five years in five or six companies around 2 million euros in each one.

Since going into action, Bullnet Capital I invested in five technological companies, all in very early stages of development when investment was made.

During these years the only full time employees were Javier and Miguel, counting on Carmen Arenzana for all the administrative tasks. At that time Carmen was Financial Director of Bruno Entrecanales’ investment company.

In 2007 we started to think of a new fund, Bullnet Capital II, and we concluded that we needed to strengthen the structure of the team. Carmen started to spend more and more time at Bullnet until she became a full time dedicated member in 2009, when the fund rising had just finished. With a short period of time thereafter, we started the recruiting process of a new investment professional resulting in José Luis Gómez joining the team in December 2009.

Since then we have worked closely together.

Principles Of Our Work

Focus on technology

There are plenty of investment opportunities out there, in companies that fall under the “technology” umbrella. Even if we limit ourselves to the Spanish ecosystem, we see hundreds of projects every year. However, many of them offer just incremental improvements from the technical side, or leverage on existing products to innovate only  the business model. We discard all of these to focus only on companies with underlying breakthrough technology.

Sustainable competitive advantage

Some companies are highly dependent on gaining traction quickly, to capture a relevant stake of the market before another competitor pushes them out. If another player with more money enters their market, they may be easily surpassed. Instead of relying on market timing and gaining traction quickly, we focus on companies with sustainable competitive advantages based on the company’s IP and know-how, that stands its gound 5 to 10 years into the future.
principios-trabajo

Hands-on approach

Instead of diversifying too much and carry out an unattended management of our portfolio, we prefer to concentrate our efforts on relatively few initiatives, wisely selected, and commit a lot of effort in them (not only in the amount of money invested but also in management time). In this way, we follow a hands-on approach, helping the companies in their day to day operations, and become aware of potential problems before they happen.

Our team

Javier Ulecia

Founding partner

Biography

Javier  Ulecia  (1962),  graduated  from  the  Universidad  Politécnica,  Madrid, as  an  Aeronautical Engineer. He holds an MBA from the H.E.C. School of Management, Paris.

In 2001 he co-founded Bullnet Capital. Javier Ulecia is a member of the Board of Bullnet Capital’s portfolio companies as well as of other non-technology companies.

Before  Bullnet  Capital,  he  was  co-founder  and  CEO  of  Doing  (an  Incubator  specialized  in broadband  technology)  and  prior  to that  he  was  Senior  Manager  at  Bain  &  Company.

Mr.  Ulecia  worked  at  Renault  in  Paris-France  since  1990  to 1994  and prior to that he served as After  Sales Engineer at EADS-CASA in Madrid.

He  has  been  an  associated  teacher  at  Instituto  de  Empresa  during  several  years  and  also participates on a regular basis as a speaker or jury in Venture Capital forums and conferences.

He has been President of ASCRI (2015-2016) and previously Vice-President and responsible of its Venture Capital Committee (2013-2014).

He speaks fluently Spanish (mother tongue), English and French.

Miguel del Cañizo

Founding partner

Biography

Miguel del Cañizo (1964) graduated from the Universidad Politécnica, Madrid, as a Telecom Engineer.

He cofounded with his partner Javier Ulecia in 2001 Bullnet Capital. Since then, Mr. del Cañizo is devoted to the management of Bullnet. He is a member of the Board of all the portfolio companies.

Before, he was co-founder and CTO of Doing, an incubator specialized in broadband technology.
Prior to joining Doing, Mr. del Cañizo worked for Hewlett Packard as Director of its Spanish Telecom and Service Provider unit.

In particular, he managed the conception, design and development of several software products that have become part of HP Openview product standard catalogue.

Before HP, Mr. del Cañizo worked in the IT Division of Renault in France.

He participates on a regular basis as a speaker or jury in
Venture Capital forums and conferences.

He speaks fluently Spanish (mother tongue), English and French

Carmen Arenzana

Financial Director

Biography

Carmen Arenzana (1968), graduated from the Universidad Complutense, Madrid, as Economist, with emphasis in finance, and holds an Executive Management Program at IESE Business School.

Since she joined Bullnet Gestión as CFO in 2001, Carmen Arenzana has been responsible for financial and legal reporting to the CNMV, financial reporting to shareholders, the supervision of fund accounting, and assisting portfolio companies in legal and financial matters.

Since 1998 and until 2009, Mrs. Arenzana worked as CFO at ACE 53 (since 2005 only part time), a Spanish Investment Company, being responsible for financial reporting, follow up portfolio companies, track and supervision of accounting, taxation policy and legal matters.

Prior to joining Bullnet, Mrs. Arenzana held different management positions, at KA International (International Business Development Department), Schering and Plough Group (Finance Department) and IDAE (International Relations Department).

She speaks fluently Spanish (mother tongue), English and French.

José Luis Gómez

Investment Analyst

Biography

José Luis Gómez (1980), graduated from the Universidad Complutense, Madrid, as Computer Engineer, first in his class, and holds a Master’s Degree in Finance.

In December 2009, he joined Bullnet as an investment analyst, collaborating in the identification of new investment opportunities and in the management of the portfolio companies from an operational and financial standpoint.

Prior to joining Bullnet, Mr. Gómez worked at Hewlett Packard in different roles both in Consulting & Integration and Finance, where he joined the finance department with an internship in June 2002.

During his time at Consulting & Integration, he worked in the deployment and customization of HP software products for telco operators, mainly in the BSS (Business Support Systems) area (fraud detection, revenue assurance and data retention). His duties during this period included, among others, acting as project manager and software architect in several engagements, customer interfacing, hiring of external contractors, and 24×7 support to the deployed solutions.

In the roles he held in different Finance departments, he acted as an IT support and data analyst for different departments (mainly Controllership and Enterprise Storage and Servers) developing and maintaining internal web applications, and improving the existing financial processes.

He also participates on a regular basis as a speaker or jury in Venture Capital forums and events.

He speaks fluently Spanish (mother tongue) and English.

Advisory board

Francisco Román

Advisor

Biography

Telecommunications Engineer, Francisco Román began his professional career in Sainco and in 1983 he joined the Spanish subsidiary of Hewlett Packard, where he was appointed Sales Director.

At the beginning of 1992 he was the Director for Spain of Pacific Telesis, later known as AirTouch International, one of the founding companies of Airtel Móvil S.A.

He was the Managing Director of Microsoft Ibérica between 1998 and 2002. In July 2002 he joined Vodafone again as Vice President of Operations, and was appointed Managing Director in February 2003 and Chief Executive Officer in January of 2008. In April 2012 he left the CEO position, but remained as President both of Vodafone Spain and The Vodafone Foundation in Spain, as well as member of the Vodafone Group Foundation Board of Trustees (present in 40 countries).

Javier Cabrerizo

Advisor

Biography

Javier Cabrerizo started his career at Meta4 in 1998, where he was appointed as director of the KM (Knowledge Management) Business Line.

He then became co-founder of Newknow, a company that pioneered the concept of social networking applied to the corporate world, back in 2000. As VP of marketing, he was responsible for worldwide sales, business development, partner development, and corporate strategy.

After Newknow, he worked at Oracle for several years and became the Global Business Development responsible for the Exadata product line.

Since September 2014 and until October 2017, he has been the General Manager and board member of Unidad Editorial, a Spanish publishing company, where he has led the digital transformation of the group.

Javier holds a degree in Economics and Business Administration by CUNEF, a Master in Corporate Finance from IE and an Executive MBA from INSEAD.

We're looking forward to start a project with you!