VC | E524 | Carlos Trenchs on Spain’s Emerging Fund Manager Wave & The Return of the Founder-Backer

In this episode, Andreas Munk Holm talks with Carlos Trenchs — early-stage investor — about the new wave of entrepreneurs in Spain: those who’ve exited, raised again, and are now backing the next wave. They dive into the rise of Spain’s emerging managers, the structural limitations new fund managers face when fundraising, and how institutional platforms can solve them.

Carlos shares insights on how his team is designing a new type of investment structure — one that serves both fund-of-fund limited partners (LPs) and those deeply committed to ecosystem development. From syndicate-style collaboration to collective capital and US micro-fund inspiration, Carlos unpacks the anatomy of the new European seed scene.

Whether you’re building a micro fund, exploring Spain’s founder-led evolution, or curious about how fund design is adapting to new LP profiles — this one’s for you.

Here’s what’s covered:

• 00:00 The Rise of Repeat Founders: From Glovo to Preval and beyond
• 03:15 Why Founders Become Emerging Managers
• 05:42 The Fundraising Gap for New Managers
• 08:10 Co-investing and Scouting for Ecosystem Development
• 11:35 Challenges of Hybrid Investment Models
• 14:00 Case Study: Transcend — A $1.5M EdTech Concept Fund
• 17:20 Collective Capital: When LPs Roll Up Their Sleeves
• 19:45 Closing Thoughts & Invitation to Meet in Barcelona