The Basque Government selects four investment funds to support business scaling with up to €60 million
The Basque Government, through INDARTUZ Kapitala, a public company of the Instituto Vasco de Finanzas (IVF), has concluded the first call for applications under the Programa de Inversión en Escalabilidad, a key initiative of the Plan Euskadi Eraldatuz 2030 aimed at strengthening business growth, consolidation and roots in Euskadi. Following the technical evaluation process and the decision of the IVF Board of Directors, four investment funds have been selected. They will mobilise a substantial volume of public and private capital to support Basque startups and SMEs in their growth and expansion processes.
Specifically, Indartuz expects to commit up to €60 million in this first phase, to be channelled through four vehicles: Gálate Deeptech I, Talde Capital Crecimiento III, Stellum Food&Tech II and Easo Ventures III.
The programme marks a significant change in public financial policy by introducing, for the first time, a systematic model of indirect investment through vehicles managed by private fund managers selected through a competitive process. Its main objective is to multiply the impact of public capital, attract private investment and stimulate the Basque financial and industrial ecosystem.
The call for applications has attracted considerable interest. Ultimately, four were selected because they were the best fit for the programme’s evaluation criteria, including their capacity to create value, the experience of their management teams and their links to Euskadi’s economic fabric.
The selected vehicles cover different stages and business needs, from early-stage technology capital to support during consolidation and expansion:
- Gálate Deeptech I will focus on the development of advanced technology-based startups linked to knowledge transfer.
- Easo Ventures III will also focus on technology startups at early and growth stages, helping to create new value chains in the Basque business ecosystem.
- Talde Capital Crecimiento III, for its part, will continue its track record of investing in industrial SMEs with expansion potential, supporting internationalisation, innovation and growth.
At the sector level, Stellum Food&Tech II will address the scaling of companies in the agri-food sector, considered strategic in Euskadi, through growth and consolidation transactions.
The completed call forms part of a broader Basque Government strategy to support the scaling of companies in the territory. In this context, the second call for applications under the Programa de Inversión en Escalabilidad remains open to new applicants until 31 October. Alongside the Programa de Inversión en Escalabilidad, the Basque Government has introduced other complementary financial instruments, such as the Ezten II and Hazten Scale Up funds, managed by Gestión de Capital Riesgo de Euskadi, with a combined allocation of close to €100 million. Both funds will complement the programme and may co-invest together in companies with growth potential, maximising the impact of public resources allocated to business scaling.
Direct and indirect investment
These vehicles combine direct and indirect investment to cover the different stages of business growth, from supporting startups to assisting companies at more advanced stages of consolidation. Together, they form a financial structure intended to help Basque companies increase their size, competitiveness and international capacity.
One of the programme’s distinguishing features is its strong focus on keeping businesses rooted in Euskadi. The selected funds must invest in companies of Basque interest at least twice the amount contributed by Indartuz, thereby ensuring that public capital has a direct impact on the local economy.
In addition, the fund managers must establish and strengthen their local presence and teams in Euskadi, improving their capacity to generate investment opportunities and monitor the companies in which they hold a stake. This approach is complemented by requirements to measure economic, social and environmental impact, including indicators relating to employment, business growth, internationalisation and ecological transition.
The Programa de Inversión en Escalabilidad is part of the Plan Euskadi Eraldatuz 2030, the Basque Government’s roadmap for mobilising public and private investment in transformational projects. Within this framework, public resources are expected to be allocated to initiatives linked to business scaling, combining indirect investment instruments, such as the one covered by the completed call, with future direct investment mechanisms.
This measure forms part of a broader strategy to strengthen the productive fabric, promote innovation and consolidate the presence of companies in Euskadi, contributing to the territory’s economic and industrial transformation over the next decade.
With the conclusion of this first call for applications, the Basque Government takes a decisive step towards consolidating a model of public-private collaboration aimed at developing larger, more competitive companies with stronger roots in Euskadi, capable of competing in global markets and contributing to Euskadi’s sustainable development.
