Welcome to a new episode of the EUVC podcast, where Andreas Munk Holm and Jeppe Høier explore the cutting edge of European venture capital. Today’s guest is Nacho Tovar, who is the Group Innovation Director at IAG. IAG—the airline group behind British Airways, Iberia, and Vueling.
Together, they unpack how one of the world’s most complex legacy industries is retooling itself through deep tech, startup collaboration, and CVC-backed transformation—from synthetic fuels to quantum AI.
This is the CVC playbook for aviation, straight from the cockpit.
🎧 Here's what's covered:
02:02 How Childhood Dreams of Flight Became a CVC Career
05:12 IAG’s Six Investment Themes: AI, Automation, SAF, CX, Connectivity & Quantum
10:01 No Fund Yet—But €200M in Committed Capital Through the Balance Sheet
14:30 Why IAG Doesn’t Invest at Concept Stage (And Doesn’t Take Equity in Accelerator)
18:32 Nacho’s Career Path: Why Engineering + Accenture + VC = Ideal CVC Operator
24:34 Inside Iberia’s Turnaround: From €1M/day Losses to €1B Profit
28:47 Co-Investing over Leading: IAG’s Approach to Rounds
30:29 What Nacho Brings to the Cap Table: Commercial Scale, Access & Global Brand
32:54 The Secret Sauce: Airline Autonomy + Strategic Collaboration
34:08 How IAG Unlocks Strategic Value Post-Investment
39:23 Why Punctuality, Cost & CX Are All Linked in Aviation
44:59 The Airline-Customer Relationship: From Booking to Destination
You can watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation are available on the Spotify/Apple episode.
✍️ Show Notes
A €200M Bet on the Future of Flight
Nacho Tovar outlines how IAG is investing €200M over five years into deep tech and operational innovation—backing startups from seed to scale-up across AI, automation, SAF, quantum, and more. But unlike traditional VCs, IAG is driven by strategic outcomes: improving cost efficiency, enhancing customer experience, and reducing emissions.
The Corporate Venturing Stack
From Hangar 51 to IAGi, the airline group has revamped its innovation engine with a dual-track accelerator: “Discovery” for earlier tech, and “Delivery” for market-ready pilots. Startups gain direct access to real operational assets—and the chance to become long-term partners or investment targets.
CVC Done Right: Lessons from a Triple-Threat Operator
Nacho’s path—from engineer at Airbus to consultant at Accenture to VC at Samaipata—has shaped how he builds IAG’s innovation arm. His key advice: “You must speak the language of both founders and corporates. And you need to be obsessed with delivering actual business value.”
AI at the Airport
One standout startup in IAG’s portfolio? Assaia, which uses computer vision to monitor turnaround operations in real-time. From fuel trucks to bag handlers, this technology is now being rolled out across Heathrow—improving both punctuality and cost efficiency.
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