Spanish-focused venture capital firm Adara Venture Partners is planning investments in Israeli start-up companies as early as this month, opening the door to additional capital inflow of foreign investment into Israel. "Adara is clearly among the most important VC investors focusing on Spain, Harel Boren, managing partner at Portalium Ventures told The Jerusalem Post. "Over the course of last year, we managed to identify and connect Adara to interesting Israeli companies for investment opportunities, which are poised to materialize as early as this month." Adara, a Madrid-based venture capital firm with over 67 million Euro under management, is represented by Portalium, which is managed by Harel Boren and Ronnen Edry. Portalium serves more than 35 European investors in Israel from various countries including the UK, Spain, France, Germany, Switzerland, Luxembourg and Sweden. "Technology companies, and specifically telecommunications companies, that were established in Israel generate much interest in the Spanish market and in Latin America," said Roberto de Saint-Malo, an Adara founder and managing partner. "We are interested in selectively appraising investment possibilities in companies that have a clear and strong orientation to Spain and related markets." Until now, Adara has been focusing on early to expansion-stage, high-growth companies with a significant presence in Spain. The primary target sectors of Adara are the information and communications technology segment, as well as other technology segments applicable to large industrial sectors. Adara's institutional investor base includes the pension fund of Spain telecom incumbent Telef nica. "An investment by a European venture capital fund such as Adara is strategic for an Israeli company that is looking to access the Spanish market, the European market and Latin America," said Boren. "We perceive this cooperation to be a fertile addition to the added value we want to present to Israeli companies and Israeli investors." Capital raised by Israeli hi-tech companies reached $1.34 billion in 2005, of which 50 percent was raised from foreign venture investors, representing the main growth engine of foreign capital inflow.