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jaime novoa

T3 · host / generalist

GP at KFund managing ~650M AUM across three funds (11M pre-seed, 70M seed, larger growth) plus fund-of-funds and energy transition vehicles; invests 50% Spain, 25% Europe, 25% LatAm; backed Factorial, TravelPerk, Abacum, Hotel Networks.

4 calls·4 names·100% bull·last heard 4 months ago·SeedRocket TV
track record

no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY

top calls

highest conviction · one per company
1sthigh conviction
$ABACUMAbacumposition

KFund flags Abacum as top performer in Fund II: FP&A software for CFOs

Invested pre-product/pre-revenue at COVID onset despite no CTO; now best performer in Fund II with strong traction in CFO software category.

SeedRocket TV2026-05episode →
2ndhigh conviction
$FACTORIALFactorialposition

KFund realizes 10M from 1% secondary in Factorial at unicorn valuation

Entered at 12-14M valuation in 2018, invested 4.5M total across fund life; recent secondary at 1B valuation returned 10M while retaining 5%+ ownership.

SeedRocket TV2026-05episode →
3rdmedium conviction
$HOTEL-NETWORKSHotel Networksposition

KFund sells Hotel Networks secondary above 100M valuation

Achieved >100M exit via secondary transaction, returning meaningful capital to LPs.

SeedRocket TV2026-05episode →

most discussed · click a bar to filter

  • $HOTEL-NETWORKS
  • $ABACUM
  • $Y-COMBINATOR
  • $FACTORIAL

recurring themes

  • AI Bubble / Capex Debate1
  • Venture Capital1
4 total
$HOTEL-NETWORKS
Hotel Networks
MEDjaime novoa·SeedRocket TV·4 months ago·How Investors Really Think (What They Never Say in Public) | Live Panel Discussion· position
KFund sells Hotel Networks secondary above 100M valuation
Achieved >100M exit via secondary transaction, returning meaningful capital to LPs.
"El año pasado vendimos de Hotel Networks... por encima de los 100 millones."
47:03
$ABACUM
Abacum
HIGHjaime novoa·SeedRocket TV·4 months ago·How Investors Really Think (What They Never Say in Public) | Live Panel Discussion· position
KFund flags Abacum as top performer in Fund II: FP&A software for CFOs
Invested pre-product/pre-revenue at COVID onset despite no CTO; now best performer in Fund II with strong traction in CFO software category.
"Del fondo dos la que mejor va es Abacum con diferencia. Éramos inversores en Abacum... invertimos pre-producto pre-revenue casi al principio del COVID y no tenían CTO... y es soft…"
35:26
$Y-COMBINATOR
Y Combinator
HIGHjaime novoa·SeedRocket TV·4 months ago·How Investors Really Think (What They Never Say in Public) | Live Panel Discussion
Y Combinator application triggers FOMO-driven pre-emption among Spanish VCs
YC brand creates immediate competitive tension; Spanish VCs rush to invest before YC batch entry to avoid adverse selection and valuation step-up.
"Acabo de enviar la aplicación a YC... 3000 más... espérate un momento a ver que entre yo antes de que entre el de Y Combinator."
70:30
$FACTORIAL
Factorial
HIGHjaime novoa·SeedRocket TV·4 months ago·How Investors Really Think (What They Never Say in Public) | Live Panel Discussion· position
KFund realizes 10M from 1% secondary in Factorial at unicorn valuation
Entered at 12-14M valuation in 2018, invested 4.5M total across fund life; recent secondary at 1B valuation returned 10M while retaining 5%+ ownership.
"Factorial con diferencia. Sí, sí, porque Factorial entramos en 2018, yo creo que debía ser a 12 o a 14 de valoración y hoy en día pues está mucho más. La última ronda fue a 1000..…"
27:07
9
AI Bubble / Capex Debateheadwind
Valuation discipline collapses as capital deployment pressure meets scarce quality deals
Too much capital (public-funded micro-VCs, international funds) chasing too few fundable Spanish startups; pre-seed rounds now 1-3M without product, forcing VCs to either overpay or miss deals, while ownership targets become unattainable.
8
Venture Capitalmixed
Follow-on strategies diverge: spray-and-pray vs concentration as ownership math breaks
Funds split between KFund's diversified no-follow-on micro-fund (40-50 bets) and concentration strategies requiring 10-15% ownership; consensus emerges that initial ownership is max achievable — follow-ons rarely increase stake — making entry price and portfolio construction critical.