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Government-backed FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 20 SOURCES

Axis Participaciones Empresariales

Venture capital management company wholly owned by Instituto de Crédito Oficial (ICO)

Also known as AXIS, Axis, AXIS Participaciones Empresariales S.G.E.I.C., S.A. S.M.E., Axispart

ICO's venture capital manager (1986). Runs Fond-ICO Global, Fond-ICO Next Tech, Fond-ICO Crecimiento and Fond-ICO Infraestructuras, committing public money to VC/PE funds and co-investing.

HEADQUARTERS
Madrid, Spain
FOUNDED
1986
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
3 people

FOCUS

STAGES
SeedSeries ASeries BGrowthBuyout
SECTORS
Artificial IntelligenceSoftware & SaaSClimate & EnergyHealthTech
ASSET MIX
Funds (as LP)Venture capitalDirect investments
GEOGRAPHY
Spain

WHAT IT IS

Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.

  • Fond-ICO Global
    Public fund of funds launched by ICO in March 2013, managed by Axis; endowed with €4,500M; subscribes privately managed VC/PE funds (majority private capital, managers present in Spain) through periodic calls, from incubation and tech transfer to venture capital, expansion and debt
  • Fond-ICO Next Tech
    €4,000M fund of ICO and Axis with the Secretaría de Estado de Digitalización e Inteligencia Artificial (Recovery Plan); invests in digital/AI scale-ups directly and through commitments to specialised funds; €400M committed to the European Tech Champions Initiative
  • Fond-ICO Crecimiento (formerly Fond-ICO Pyme)
    €250M fund, Axis's first (set up in 1993 as Fond-ICO, renamed Fond-ICO Pyme in 2012); invests mainly in funds (impact, business angels, diversified debt) and co-invests minority equity or loans in Spanish companies alongside private funds
  • Fond-ICO Sostenibilidad e Infraestructuras (Fond-ICO Infraestructuras)
    €400M fund (set up in 2009 as Fond-ICO Infraestructuras); minority, long-term investor in sustainable infrastructure projects (energy transition, environment, mobility, social infrastructure) in Spain and abroad, directly and through funds

ABOUT

AXIS Participaciones Empresariales S.G.E.I.C., S.A., S.M.E. was created in 1986 at the initiative of the official banks to promote venture capital in Spain and says it is management company number one in the CNMV register; ICO has owned a majority since 1993 and 100% since 2002. It manages four public funds: Fond-ICO Global (€4,500M, Spain's first public fund of funds, launched in 2013), Fond-ICO Next Tech (€4,000M, digital and AI), Fond-ICO Crecimiento (€250M) and Fond-ICO Sostenibilidad e Infraestructuras (€400M). As of 30 June 2026 it reported more than €4,200M invested in 159 funds and more than €626M in 136 companies over its history; Fond-ICO Global alone had €2,602M subscribed in 156 funds.

INVESTMENT THESIS

Promote financing complementary to bank lending for Spanish companies and the entrepreneurial ecosystem, mainly by investing in privately managed venture capital and private equity funds, and by co-investing in technology-based and growth companies alongside private funds.

PORTFOLIO (16)

  • CabifyNOTABLE
    Mobility & Logistics · since 2022
  • WallapopNOTABLE
    Consumer & E-commerce · since 2023
  • VoloteaNOTABLE
    Mobility & Logistics · since 2011
  • Xoople
    Space · since 2023
  • Trucksters
    Mobility & Logistics · since 2023
  • Paack
    Mobility & Logistics · since 2023
  • Inbrain
    HealthTech · since 2024
  • Tucuvi Care
    HealthTech · since 2026
  • 011h Sustainable Construction
    Real Estate & PropTech · since 2026
  • Qida (Caring Well S.L.)
    HealthTech · since 2026
  • KD
    Deep Tech · since 2026
  • Qilimanjaro Quantum Tech
    Deep Tech · since 2023
  • Seaya Andrómeda Sustainable Tech Fund I, FCR (fund commitment, €100M)
    Climate & Energy · since 2022
  • Lead Wind Ventures, FCR (fund commitment, €100M)
    since 2022
  • K-Fund II, SLP (Korelya Capital; fund commitment, €25M)
    since 2024
  • GP Bullhound Fund IV (fund commitment, €50M)
    since 2024

TEAM

  • Manuel Illueca Muñoz
    Chairman (Chairman of ICO) · source
  • Guillermo Jiménez Gallego
    Director General · source
  • Mercedes Storch
    Head of Fond-ICO Next Tech and International Relations · source

LINKS

FAQ

Axis Participaciones Empresariales is a government-backed fund based in Madrid, Spain, founded in 1986.

Yes. Axis Participaciones Empresariales invests directly in private companies. It also commits capital to third-party funds as an LP.

Axis Participaciones Empresariales invests at Seed, Series A, Series B, Growth and Buyout stages in Artificial Intelligence, Software & SaaS, Climate & Energy and HealthTech.

Key people at Axis Participaciones Empresariales include Manuel Illueca Muñoz (Chairman (Chairman of ICO)), Guillermo Jiménez Gallego (Director General) and Mercedes Storch (Head of Fond-ICO Next Tech and International Relations).

Axis Participaciones Empresariales's investments include Cabify, Wallapop, Volotea, Xoople, Trucksters, Paack, Inbrain and Tucuvi Care, among others.

The most recent publicly reported investment by Axis Participaciones Empresariales is Tucuvi Care (€5M via Fond-ICO Crecimiento), announced in Sep 2026.

Axis Participaciones Empresariales states that it accepts submissions through its official contact page.

No. Axis Participaciones Empresariales invests its own capital and does not raise money from outside investors.