The Basque Government, through its public company INDARTUZ Capital of the Basque Financial Institute (IVF), has resolved the first call for the Scalability Investment Program. This initiative, key to the Euskadi Eraldatuz 2030 Plan, aims to strengthen the growth, consolidation, and rooting of companies in Euskadi. The four selected investment funds will mobilize a significant volume of public and private capital to support Basque startups and SMEs in their growth and expansion processes.
Specifically, Indartuz anticipates a commitment of up to 60 million euros in this first phase, which will be channeled through four vehicles: Galate Deeptech I, Talde Capital Crecimiento III, Stellum Food & Tech II, and Easo Ventures III.
The program represents a significant shift in public financial policy, introducing for the first time a systematic indirect investment model through vehicles managed by private managers selected competitively. The main objective is to multiply the impact of public capital, attract private investment, and energize the Basque financial and industrial ecosystem. The selected funds were chosen based on their value creation capacity, the experience of their management team, and their connection with the economic fabric of Euskadi.
The selected vehicles cover various phases and business needs: Galate Deeptech I will focus on the development of advanced technological startups; Easo Ventures III will also focus on technological startups in early and growth stages; Talde Capital Crecimiento III will continue investing in industrial SMEs with expansion potential; and Stellum Food & Tech II will address the scalability of companies in the agri-food sector, considered strategic in Euskadi.
The resolved call is part of a broader strategy by the Basque Government to promote the scalability of companies in the territory. In this regard, the second call for the Scalability Investment Program is already open to new candidates, with a deadline of October 31st. Alongside the Scalability Investment Program, the Government has launched other complementary financial instruments such as the Ezten II and Hazten Scale Up funds, managed by the Basque Venture Capital Management Company, with a combined allocation of approximately 100 million euros.
The program combines direct and indirect investment to cover business growth stages, from supporting startups to assisting companies in more advanced consolidation phases. Overall, they form a financial architecture aimed at helping Basque companies gain size, competitiveness, and international capacity. The selected funds must invest at least double the amount provided by Indartuz in companies of Basque interest, ensuring the direct impact of public capital on the local economy. Furthermore, managers must establish and strengthen their presence and local teams in Euskadi.
The Scalability Investment Program is part of the Euskadi Eraldatuz 2030 Plan, the Basque Government's roadmap for mobilizing public and private investment in transformative projects. Within this framework, public resources are intended to be directed towards initiatives linked to business scalability, combining indirect investment instruments, such as the one now resolved, with future direct investment mechanisms.
