Triunfo Capital raised its traditional Spanish SF in record time

Fernando Reche and Alfonso Sierra met during their MBA at IESE Business School, where they developed a close personal relationship through academic projects, extracurricular involvement in the SF ecosystem, and a shared interest in ETA. They raised €600k in less than three weeks, attracting the support of Spanish and international investors including Alza Capital, Vonzeo Capital, Aurica Search Fund, Evolutiq, Ruiz family, Beka Finance, JB46, Marc Bartomeus and José María Clotet, Asta Capital, León Bartolomé, Dellin Investments, Luis Camilleri, and a family office.

Fernando has over eight years of experience across sales, marketing, strategy, operations, and management, spanning industries including healthcare, strategy consulting, aerospace, and logistics. He began his career at A.T. Kearney as a strategy and operations consultant before joining EY-Parthenon. During his MBA, he served as Co-President of the IESE SFs Club and completed a SF internship at ARETÊ Management and Capital Partners, while also gaining experience at Amazon and Eli Lilly. His last position was based in Madrid, where he served as a Brand Manager at Lilly, leading the launch and commercial strategy for an Alzheimer’s drug in Spain. Fernando holds an MSc in Engineering from École Centrale de Nantes and a BSc in Aerospace Engineering from Universidad Politécnica de Madrid, including an exchange year at the University of São Paulo.

Alfonso brings over ten years of experience in financial and management consulting, corporate transformation, and technology implementation, across industries including insurance, financial services, technology, and consumer goods. He began his career at KPMG Spain in the Financial Consulting and Transfer Pricing practice, progressing to Manager and advising multinational and owner-led businesses on financial analysis, valuation, and transaction-related matters. Following his MBA, he joined Allianz Group’s in-house management consulting team, where he worked on cross-functional transformation and performance improvement initiatives. Before launching Triunfo Capital, he served as a Project Manager at Allianz Partners, leading Salesforce-related projects involving complex technology implementations, process redesign, and coordination across business, IT, and external vendors. Alfonso holds a Bachelor’s degree in Law and a Diploma in Business Administration from ICADE, as well as a Master’s degree in Taxation from Instituto de Empresa. His experience has given him strong expertise in company analysis and valuation, financial performance assessment, capital structures, and debt capacity, combined with a proven ability to lead complex projects and translate strategic objectives into operational results.

They are looking for a Spain-based B2B services or manufacturing business with an EV of €6–30M, ideally operating in a fast-growing, fragmented, profitable, and low-cyclicality market with strong barriers to entry. The target should have high margins, low capital intensity, efficient cash conversion, simple operations, a strong middle-management team, and a proven track record of growth. They have a generalist approach but a particular interest in healthcare-related B2B marketing, digital, and consulting services, as well as B2B insurance brokers.