On Why Execution-First Models Beat Capex-Heavy Tech - Alberto Criado, Cardumen Capital

## **Episode 107: Cardumen Capital: Alberto Criado on Why Execution-First Models Beat Capex-Heavy Tech and the Rise of "Coffee-as-a-Service"** In this episode, I sit down with **Alberto Criado**, Principal at **Cardumen Capital**, an elite European venture capital firm that has rapidly scaled its assets under management from €50M to nearly €400M. Alberto walks us through Cardumen's highly opportunistic and execution-driven approach to the AgriFoodTech sector. He reveals the math behind their recent investment in Barcelona-based **Incapto**, explaining how they are completely dismantling the single-use coffee capsule market through an innovative "Coffee-as-a-Service" subscription model. Alberto also pulls back the curtain on portfolio risk management in a capital-scarce environment, discussing why clear exit viability, predictable recurrence, and fast tracks to profitability rule the market today over purely binary technology risks. 🎧 **Listen to the full episode** to hear Alberto break down why Starbucks isn’t specialty coffee, how they reverse-engineer target exit valuations between €250M and €500M, and how Cardumen uses its dedicated M&A and value-creation teams to act as a true service company for its entrepreneurs. ### **Key Facts: Cardumen Capital** - **Alberto Criado:** https://www.linkedin.com/in/albertocriadom/?locale=en - **Website:** cardumencapital.com - **Headquarters:** Madrid, Spain and Tel Aviv, Israel. - **Goal:** Investing in deep tech, cybersecurity, AI, and AgriFoodTech pioneers across Europe and Israel, actively managing a high-performing portfolio of over 40 companies (including alternative protein leaders like *Oshi*). - **Ticket Size & Strategy:** Deploying **€500k to €1M initial tickets** across Europe and the entire food value chain. Structurally flexible, acting primarily as an intensely supportive follow-on investor that strives to be the most active partner on the cap table.. ### **Blurb** **CARDUMEN CAPITAL** is an active, cross-border European venture capital firm that avoids rigid, immovable investment theses in favor of agile, opportunistic execution. Recognizing the harsh funding climate facing capital-intensive food tech sectors like precision fermentation, Cardumen strategically balances its portfolio with high-margin, highly recurrent, and low-capex businesses that solve concrete bottleneck inefficiencies for modern enterprises.