NewMedia SPARK has launched SPARK Inversiones. SPARK Inversiones is a Madrid-based joint venture company that has been established by Kiriako Vergos and NewMedia SPARK to invest in early stage technology companies in Spain, Portugal and Latin America.
Vergos is an experienced entrepreneur who has gained much of his experience in the telecoms industry where he has established a number of leading companies including Munditelecom, one of the leading telecoms operators in Spain. Munditelecom was taken over by United Pan-European Communications, the leading cable operator in Europe, in December 1999.
Prior to that Kirako founded Transcom, a telecoms operator in Spain and Greece, and Gammatel Inc, a US telecoms operator focused on the Latin market.
Like NewMedia SPARK, SPARK Inversiones will make investments across the telecoms, media and technology sectors and will offer full incubation services through a team of 10 people, similar to those provided in the London office.
NewMedia SPARK, which floated on the AIM in October 1999, has a market capitalisation of circa GBP150 million. Despite recent write downs on its investments it is one of the few technology and Internet focused incubators expanding rather than contracting. It announced that it would open an office in Spain in December last year.