Episode 88: Zubi Capital: Johan Morales on Spain as the Go-To-Market Hub and the death of "Consumer Behavior" pitches

In this episode, I sit down with Johan Morales, an investor at Zubi Capital, a Spanish asset management firm operating three distinct vehicles: a Venture Debt fund for impact scale-ups, an early-stage (Pre-Seed/Seed) Diversity Catalyst VC, and a highly specialized Type 1 Diabetes fund. Johan reflects on the $50 billion of wealth destroyed in the first wave of AgriFoodTech and explicitly outlines why pitches relying on changing consumer behavior are dead on arrival. We explore Zubi’s thesis on hardware-plus-software "add-on" solutions, why securing an ROI for farmers from day one is non-negotiable, and how international founders can use Spain as the ultimate fragmented market testing ground by setting up a local subsidiary.

🎧 Listen to the full episode to hear Johan’s masterclass on how to spot (and avoid) "impact washing" and why regulatory tailwinds are a bonus, not a business model.

Key Facts Zubi Capital:

Johan Morales: https://www.linkedin.com/in/johan-morales-impact/
Website: https://zubicapital.com/
Headquarters: Spain
Goal: To deploy impact-driven capital across three vehicles (Venture Debt, Early-Stage VC, and a dedicated Type 1 Diabetes fund) targeting solutions with intrinsic "lockstep" impact models.
Milestone: Actively deploying €200K–€500K initial checks from their early-stage fund, with a mandate to back digital solutions and software-enabled hardware in the Spanish ecosystem.

Blurb:

Zubi Capital is an independent asset manager at the forefront of impact investing. We design high-performance investment strategies across asset classes — targeting market-rate returns while addressing the world's most pressing social and environmental challenges. Our approach combines rigorous financial analysis with deep triple impact expertise, delivering long-term value without compromise. At Zubi Capital, impact is our guiding light and financial performance is our edge — because investors should never have to choose between profitability and purpose.