#92: Reinventing Aviation: CVC Strategy at 30,000 Feet with Nacho Tovar of IAG

Hi, I'm Jeppe and welcome to my podcast/newsletter on Corporate Venturing. My aim is to provide a comprehensive perspective on the latest developments in the field and its related topics, drawing from the insights of top management, venture capitalists, founders, LPs, and family offices. I aim to offer valuable information and thought-provoking content that will aid in understanding the importance of Corporate Venturing in business strategy.

In this episode, we speak with Ignacio Tovar del Marmol, Group Innovation Director at IAGGroup Innovation Director at IAGGroup Innovation Director at IAGat International Airlines Group (IAG)—the parent company of British Airways, Iberia, Vueling, and Level. Nacho shares how one of the world’s largest airline groups is placing a bold €200M bet on aviation’s transformation—from AI to SAF, from quantum computing to customer experience.

With a rare mix of engineering, consulting, and VC experience, Nacho breaks down how to make CVC work inside one of the most complex legacy industries.

This one’s for operators, investors, and corporate innovators looking to bridge digital transformation with commercial scale.

✈️ From Airbus to Iberia: A Triple-Threat Background

Nacho’s career spans engineering at Airbus, consulting at Accenture (focused on digital in travel & transport), and early-stage investing at Samaipata Ventures. Today, he blends these experiences to lead IAG’s corporate venturing strategy with both technical depth and commercial fluency.

His key lesson? “You must speak the language of founders and corporates—and be obsessed with real business value.”

💸 IAGi Ventures: A €200M Commitment to the Future of Flight

IAG has committed up to €200M over five years to invest in startups shaping the future of aviation. This includes operational deep tech, automation, sustainability, and customer experience.

Notably, IAG doesn’t operate a traditional fund. Instead, all investments are made from the balance sheet, allowing greater flexibility and alignment with business units.

IAG’s six core investment themes:

• AI & Automation
• Customer Experience
• Connectivity
• Sustainability & SAF
• Operations Optimization
• Quantum Computing

🔁 Beyond the Pilot: How IAG Scales Startup Partnerships

Forget the “pilot purgatory.” Nacho shares how IAG goes from experimentation to scale through its Discovery and Delivery accelerator tracks.

✅ Discovery = early engagement, no equity, no distractions ✅ Delivery = operational pilots with full business unit buy-in

This dual approach helps IAG bridge the cultural and operational divide between startups and one of the world’s most complex industries.

🌱 Green Skies: Investing in Sustainable Aviation

Sustainability is core to IAG’s strategy. That means looking beyond emissions reporting toward solutions like sustainable aviation fuel (SAF), aircraft electrification, and emissions tracking.

One highlight: IAG portfolio company Assaia, which uses computer vision to monitor airport turnaround operations. The result? Reduced fuel burn, faster ground times, and improved punctuality—rolled out now at Heathrow.

🧭 Advice for Founders and Corporate Innovators

Nacho’s advice for startups:

• Understand your corporate partner’s real pain points
• Don’t oversell—match ambition with feasibility
• Aim for impact over optics

His advice for corporates:

• Hire people who’ve sat on both sides of the table
• Don't confuse PR pilots with actual transformation
• Anchor CVC in business outcomes, not slide decks

🛫 What’s Next for IAG and Aviation Innovation?

IAG is just getting started. From new LP positions to deeper tech integrations, the group is scaling both investment and impact. And with Nacho at the helm, IAG is proving that even the oldest industries can innovate—if they’re willing to listen, invest, and move fast.

I hope you enjoyed this newsletter. If you have any suggestions or contributions that you would like to share with me, please do not hesitate to reach out. I would be delighted to hear from you.

/Jeppe