Jordi Martín del Val, CEO and co-founder of Bcombinator

In this conversation, we explore, with Jordi’s guidance, how the investor profile has changed in recent years: from a less rigorous context, where a good story was often enough, to a moment of greater professionalisation, where technology, early validation and the strength of the founding team carry more weight.

Jordi explains which indicators generate the most confidence in pre-seed and seed stages, when a startup can be considered ready to raise capital, and why asking for too much money too early can become a strategic error. Throughout the interview, he repeatedly insists on one idea: success isn’t about raising capital, but about validating, executing, and generating customers.

He also offers a very human view of entrepreneurship: resilience, consistency and the ability to “hold the wheel in the curves” are traits he detects within minutes, and for him, they determine who truly has the potential to move forward.

Keep reading and watch the video at the end of the page to learn in detail about the experience and perspective of Jordi Martín del Val, CEO and co-founder of Bcombinator.

How has the investor profile evolved in recent years, and what are investors valuing today beyond the pitch and the metrics?

In recent years, I’ve observed a profound shift in investor behaviour in pre-seed and seed stages. The ecosystem has grown, become more sophisticated, and now offers many more spaces and events connecting entrepreneurs, investors, and corporations. This density of interaction has raised expectations: it’s no longer just about finding good ideas, but understanding how they fit into a real market and whether the team is capable of executing them.

Many business angels have also realised that managing dozens of investments individually is not sustainable. They seek actors like Bcombinator to diversify, professionalise their decision-making and rely on structured processes. In our case, we now carry out much more thorough technical, financial and strategic analysis than a few years ago.

Over the years, I’ve seen hundreds of pitches. Some are so polished they feel like theatrical performances, but that doesn’t guarantee the project will evolve. That’s why I’ve learned to look beyond the presentation. What truly matters is the solidity of the team, their knowledge of the market, the real validation they’ve achieved, and their ability to sustain the project through uncertainty. That’s the real sign of maturity in an environment where capital is allocated with increasing criteria.

How can a startup know whether it is ready to raise investment or if it should still be validating its business model?

I believe a startup is ready to raise capital when it has already travelled an initial stretch on its own. Before seeking investment, you must deeply understand the sector, master the technical side of your solution, and have performed early validations that confirm a real problem and a meaningful proposal. Today, it’s no longer reasonable to ask for funding to run first tests: those validations must come from home, even in the earliest stages.

In my experience, in three or four months an efficient entrepreneur can explore the market, build a prototype, test hypotheses and learn enough to know whether their idea deserves to move forward. That’s the right moment to consider a small round, aimed at accelerating —not exploring from scratch.

I also value the team’s background. If you’re young, you must balance it with deep sector knowledge, rigorous preparation and an analytical mindset. If you come from a professional career, that experience also adds value. What matters is showing you come with a solid base, have done your homework and aren’t seeking capital to solve fundamental doubts.

Which indicators or metrics are key for inspiring confidence in investors at early stage?

When evaluating early-stage projects, we always look at two major components. The first is the technology: its quality, depth and its potential to become a real competitive advantage. I’ve seen companies that didn’t yet have significant revenue but whose technology was so strong that its future value was clear. Well-developed technology is a powerful asset in early stages.

The second component is real use cases. Here, paying customers play a fundamental role. We don’t expect massive traction from day one, but we do look for verifiable signs that there is a market, that the solution fits, and that early sales confirm a pattern that can scale. When a startup comes to us with strong technology and its first active customers, we know that, with the right support, growth can accelerate significantly.

These two elements —technology and initial commercial validation— form the core of investor confidence in early stages.

Beyond capital, what should a startup look for in an investor or fund?

A startup shouldn’t focus only on who can provide capital, but —above all— on who can truly support it through daily challenges. I always say the best money is customer money, because it validates your product and forces you to build with discipline. But when seeking a fund, you must think about who can help you move faster, make better decisions and open doors you couldn’t open alone.

At Bcombinator, we aim to be that first call when a key question arises: hiring decisions, team restructuring, non-dilutive funding opportunities, strategic doubts or moments when it’s unclear whether to iterate or pivot. We offer close, personalised support because at early stages, direct guidance makes the difference.

And beyond the support, there’s market access. One of our most valuable initiatives is the BCorporate Day, an event where we bring together our startups with major corporations —including IBEX 35 companies— so they can present their solutions directly to potential clients. In a few hours, teams can have conversations that would normally take months just to secure a meeting.

That’s why I always insist: a fund shouldn’t be only a financial actor, but a strategic partner that brings network, judgement, guidance and real business access.

From your experience, what is the biggest mistake startups make when they begin seeking funding?

The most common mistake is seeking funding too early. Many startups try to raise money without having validated their product, proposal or market enough, which complicates everything. It’s also common to ask for excessive amounts in pre-seed, which usually comes paired with unrealistic valuations and expectations. We often work with teams to help them adjust this outlook.

There is also significant lack of financial understanding. Many entrepreneurs don’t fully grasp how expensive raising money is, how much time it takes and how much responsibility it brings. And something key happens: when you raise too much, you tend to spend too much. With less capital, you sharpen your creativity, innovate more and make more efficient decisions.

That’s why I always emphasise the need for financial clarity, strategic prudence and discipline in spending, especially in the early steps.

Raising capital is often treated as a synonym for success. When can it actually be a bad decision?

There’s a tendency to celebrate funding rounds as milestones, but rarely do we talk about revenue generated, technological evolution or real customer growth. Raising capital isn’t the goal: it’s merely a tool to accelerate something that is already working.

When fundraising becomes the main focus, you lose time and energy that should be invested in product, market and sales. Each round opens internal discussions, consumes resources and shifts attention away from what truly matters. That’s why, when possible, generating revenue through customers is often healthier and more efficient. And if you must raise capital, it’s better to do so in smaller rounds and at the right moments.

Which trends or sectors are attracting the most investor interest, and are there untapped opportunities?

In our case, we are fully focused on artificial intelligence applied to the B2B environment, a space evolving so quickly that it’s hard to predict where it will go in the coming months. Technology is advancing at hyper-accelerated speed, ranging from productivity-oriented tools to deeper developments related to models and infrastructure.

Still, this evolution generates a curious phenomenon: highly technical profiles can build models almost for personal use, but that doesn’t mean there’s automatically a startup behind them. Going from building something for yourself to turning it into a real product requires strategy, sales, production, marketing and a scalable value proposition.

That’s why we place our main focus on the team. Right now we look for three specific things: first, that the team deeply masters the technology; second, that it has a clear and validated use case; and third, that it can bring it to market. When these three conditions are met —technical mastery, clear use case and market capability— we see a truly solid investment opportunity.

If you had to give three recommendations to an entrepreneur facing their first funding round, what would they be? And how can the ONE Platform help?

My first recommendation is to deeply study the sector you’re targeting. Knowing it isn’t enough: you must understand it, map its dynamics, anticipate scenarios and recognise how it might evolve. This preparation allows you to speak confidently with investors.

My second recommendation is to be extremely responsible with finances. You must know where every euro will go, how spending is structured and what timeline is needed. Financial discipline in early stages largely determines a project’s survival and growth.

The third is to surround yourself with the right ecosystems. Public platforms like the ONE Platform can offer resources, knowledge and valuable connections, while private actors like Bcombinator can complement this with close guidance and customer access. Exploring all options allows you to find the perfect fit at each stage.

Ultimately, a startup’s results depend heavily on its ability to surround itself with the people and environments that can accelerate its journey.