This study describes the process of value co-creation between platform-based start-ups and investors in terms of operant and operand resources exchange. A qualitative research is conducting throughout semi-structured interviews to Spanish start- ups that have been funded in the last three years, in order to identify the key resources, actors and interactions within the process of value co-creation within a B2B digital entrepreneurial ecosystem. Our preliminary findings demonstrate that offline platforms, personal interaction and negotiation ability enable and support the co- creation process between entrepreneurs and investors. Additionally, the exchange of operant resources between entrepreneurs, investors, and partners foster the process of business model innovation improving the current business models.