E534 | Nacho Tovar, IAG: Reinventing Aviation: CVC Strategy at 30,000 Feet

Welcome to a new episode of the EUVC podcast, where Andreas Munk Holm and Jeppe Høier explore the cutting edge of European venture capital. Today’s guest is Nacho Tovar, who is the Group Innovation Director at IAG. IAG—the airline group behind British Airways, Iberia, and Vueling.

Together, they unpack how one of the world’s most complex legacy industries is retooling itself through deep tech, startup collaboration, and CVC-backed transformation—from synthetic fuels to quantum AI.

This is the CVC playbook for aviation, straight from the cockpit.

🎧 Here's what's covered:

• 02:02 How Childhood Dreams of Flight Became a CVC Career

• 05:12 IAG’s Six Investment Themes: AI, Automation, SAF, CX, Connectivity & Quantum

• 10:01 No Fund Yet—But €200M in Committed Capital Through the Balance Sheet

• 14:30 Why IAG Doesn’t Invest at Concept Stage (And Doesn’t Take Equity in Accelerator)

• 18:32 Nacho’s Career Path: Why Engineering + Accenture + VC = Ideal CVC Operator

• 24:34 Inside Iberia’s Turnaround: From €1M/day Losses to €1B Profit

• 28:47 Co-Investing over Leading: IAG’s Approach to Rounds

• 30:29 What Nacho Brings to the Cap Table: Commercial Scale, Access & Global Brand

• 32:54 The Secret Sauce: Airline Autonomy + Strategic Collaboration

• 34:08 How IAG Unlocks Strategic Value Post-Investment

• 39:23 Why Punctuality, Cost & CX Are All Linked in Aviation

• 44:59 The Airline-Customer Relationship: From Booking to Destination