VC fund by Carmen Rico and Anthony Danon
Cocoa Ventures is a $17 million VC fund launched by Carmen Rico, a former partner at Blossom Capital, Samaipata and early investor in Hopin, and Anthony Danon, previously of Speedinvest. The fund is designed to operate like an angel investor, offering smaller, pre-seed and seed-stage investments of $150k-$500k in Europe-based startups across all sectors. Cocoa’s approach is unique in that it doesn't lead rounds or take board seats, focusing instead on helping founders build their ideal cap tables and providing support through connections, advice, and emotional backing.
The fund was created during the competitive 2021 market, aiming to avoid the typical "war for stakes." Cocoa Ventures isn't concerned with ownership percentages, allowing them to gain early access to top deals without competing for large equity shares. Their goal is to maintain a 0.6-1% stake at exit, enough to return the fund with successful outcomes. By avoiding ownership sensitivity, Cocoa positions itself as a founder-friendly fund, assisting with critical tasks like term sheet negotiations and establishing ESOPs.
Most of Cocoa's capital comes from founders and scaleup operators, with only a small portion raised from traditional fund of funds, ensuring flexibility and independence.
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