Miguel Canizo

Miguel del Cañizo (born 1964) is a co-founder and Founding Partner of Bullnet Capital, an independent Spanish venture capital firm he launched in September 2001 alongside his long-time partner Javier Ulecia. He trained as a Telecommunications Engineer at the Universidad Politécnica de Madrid, and has since pursued further graduate study — an MSc in Advanced Materials, Nanotechnology and Photonics at the Universidad Autónoma de Madrid (UAM) and a PhD program in Condensed Matter Physics, Nanoscience and Biophysics at UAM — an unusually deep technical grounding that aligns with the firm's hard-science investment focus.

Before founding Bullnet, del Cañizo built his career across large technology organizations. He worked in the IT division of Renault in France, where he first met Javier Ulecia in 1990, and later served as Director of Hewlett-Packard's Spanish Telecom and Service Provider unit. Around 2000–2001, he and Ulecia reunited to co-found and run Doing, a broadband-focused Internet incubator, where del Cañizo acted as CTO. That venture's wind-down (March 2001) led directly into the creation of Bullnet Capital.

Since 2001, del Cañizo has devoted himself full-time to managing Bullnet Capital and sits on the board of the firm's portfolio companies, reflecting the firm's hands-on, operationally involved investment style. Over more than two decades, Bullnet has raised four successive funds (Bullnet Capital I through IV) and invested in roughly 28 early-stage Spanish deep-tech companies, managing on the order of €140 million across its vehicles. He speaks Spanish (native), English and French.

• Invests in Spanish startups with proprietary, "breakthrough" deep-tech and defensible IP — enterprise software, electronics, semiconductors, photonics, lasers, quantum, medical devices, and scientific instrumentation.
• Targets companies combining differentiated technology with "top of the class teams" and entrepreneurial drive; the firm states it looks for "sustainable competitive advantages."
• Typical check size of €1M–€2.5M, with flexibility to go smaller or larger; invests at early/seed stage and follows on through growth.
• Practices a concentrated, hands-on model — "relatively few initiatives, wisely selected" — with partners taking board seats and contributing to day-to-day operations rather than passive capital.
• Backed by institutional LPs including the European Investment Fund (EIF), Spain's CDTI (Innvierte program, Ministry of Science), and EU instruments (InvestEU, InnovFin Equity, NextGenerationEU).