Wayra
UnclaimedAt a Glance
- Check Size
- $150 – $5
- Stage
- Seed, Series A, Series B+
- Sectors
- AI, Cybersecurity, Deeptech
- Founded
- 2011
- HQ
- Madrid, Spain
About Wayra
Wayra was founded by Telefonica in 2011, starting in Colombia under José María Álvarez-Pallete, then Telefonica's chief executive for Europe, as a startup accelerator. In 2018 it became Telefonica's corporate venture capital vehicle, bringing the group's investment and open innovation work under one brand. It plays two roles: it invests in startups, and it runs innovation services and challenge programs that connect startups with Telefonica and with outside corporates such as Pfizer and AstraZeneca. Today it focuses on Spain, Germany, the United Kingdom and Brazil, with spaces in Madrid (Gran Vía 28), Barcelona, Munich and London.
On investment, Wayra writes tickets of €150K to €5M into qualified rounds alongside lead venture firms, taking minority stakes in companies with pre-money valuations up to €250M. Its stated sectors are artificial intelligence, cybersecurity and advanced connectivity. Recent deals include Perplexity (October 2024, paired with a Telefonica customer partnership), Nearby Computing (a $7 million Series A in edge computing, July 2024), Clevergy and LuxQuanta (October 2025) and MITO AI (July 2026). Wayra also manages Vivo Ventures, a growth fund for Brazilian startups, and Íope Ventures for Telefonica Seguros, and is a limited partner in more than 15 venture funds including Leadwind, the deep tech fund co-launched with Kfund in 2021.
The distinctive element is the venture-client model: Wayra backs startups whose products Telefonica business units will buy or distribute. In its February 2026 15th-anniversary release Telefonica reported more than 200 portfolio companies collaborating with the group and more than €700 million in combined revenue generated from that work. The Perplexity deal shows the pattern, with a Movistar Plus+ app and preferential access for Telefonica customers in Brazil, the UK and Spain.
Investment Thesis
“Wayra says it looks for startups with the potential to generate real impact within Telefonica, then helps them scale by collaborating directly with Telefonica's business units through a venture-client model. Investments target artificial intelligence, cybersecurity and advanced connectivity, with emphasis on solutions that can be integrated into Telefonica operations. It invests as a minority strategic investor in qualified rounds led by other venture firms, at pre-money valuations up to €250M. Paloma Castellano described the bar in July 2026 as startups capable of anticipating new technological categories and generating real collaboration opportunities with Telefonica. Telefonica's Chema Alonso has also cited leading US technology markets as a newer part of the strategy.”
Sector Focus
Investment Stage
Notable Portfolio Companies
Key Team (7)
Andrés Saborido
CEO
Santiago García Aguirre
CFO
Pablo Moro
Funds and Venture Growth Managing Director
Paloma Castellano
Investment Managing Director
Agustín Moro
Innovation Partnerships and Services Managing Director
Philipp Trauer
Brazil Managing Director
Bruno Moraes
Managing Director, Wayra Capital
Fund History
Wayra invests Telefonica capital rather than a separately raised fund, and no Form D filings appear under its name. Telefonica reports cumulative investment of €260 million across more than 1,200 startups since 2011, with an active portfolio of more than 520 companies, which works out to an average direct ticket of roughly €200,000 across its history. Beyond direct deals, Wayra manages Vivo Ventures and Íope Ventures and holds LP positions in more than 15 venture funds, among them Leadwind ($250M, with Kfund), Alter VP, Redpoint Ventures and Borderless Capital.
Frequently Asked Questions
What stage does Wayra invest at?
Wayra primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is Wayra located?
Wayra is headquartered in Madrid, Spain. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Wayra focus on?
Wayra focuses on investments in AI, Cybersecurity, Deeptech. Their portfolio reflects deep expertise and networks within these sectors.
What is Wayra's typical check size?
Wayra's typical investment check size ranges from €150K to €5M. Actual amounts may vary based on the stage, sector, and specific opportunity.
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