Institut Català de Finances (ICF)
Public development bank of Generalitat de Catalunya
Also known as ICF, Institut Català de Finances, ICF Capital, ICF Capital SGEIC, SAU
Public development bank of the Generalitat de Catalunya (founded 1985); invests directly via ICF Capital SGEIC, commits to independent VC funds and manages the €285M Catalunya Lidera umbrella fund.
- HEADQUARTERS
- Barcelona, Spain
- FOUNDED
- 1985
- AUM
- —
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 3 people
Focus
- STAGES
- Pre-SeedSeedSeries ASeries BGrowth
- SECTORS
- Software & SaaSHealthTechBiotech & Life SciencesClimate & EnergyIndustrial & ManufacturingDeep Tech
- ASSET MIX
- Direct investmentsVenture capitalPrivate equityFunds (as LP)
- GEOGRAPHY
- Spain
Investment arms & vehicles
- ICF group management company that promotes, advises and manages venture capital funds and companies investing in equity and debt instruments of Catalan companies (ICF Capital Expansió funds, venture capital)
- Vehicle through which ICF co-finances early-stage companies alongside private investors via participative loans
- €285M Generalitat umbrella fund managed by ICF with four instruments: Lidera Transferència en Salut (€60M), Lidera Tecnologies Avançades (€55M), Lidera Conversió Impacte i Innovació (€70M) and Lidera Grans Empreses (€100M)
Overview
The Institut Català de Finances is the Generalitat de Catalunya's public development bank, founded in 1985, financing Catalan businesses through loans, guarantees and venture capital. It invests directly in start-ups and SMEs through its management company ICF Capital (venture capital at early stage, Series A and B, and minority growth stakes in Catalan family and founder-led companies) and through public-private co-investment vehicles, and commits capital to venture and growth funds run by independent managers operating in Catalonia. In October 2025 it announced the €285M Catalunya Lidera umbrella fund, raising the resources allocated to venture capital to €645M; in September 2026 it launched Lidera Impuls Pime, a €70M fund taking 10–25% minority stakes in profitable Catalan SMEs.
Investment thesis
Catalan companies at every stage, from research-transfer and pre-seed projects to consolidated SMEs; direct VC in ICT, digital and selectively life sciences (no clinical-stage), minority growth stakes in profitable industrial and value-added service companies, and LP commitments to independent seed, venture and growth funds operating in Catalonia.
PORTFOLIO (6)
- Circular PartnersIndustrial & Manufacturing · since 2025
- Real Estate & PropTech · since 2022
- Inclimo Climate Tech Fund (fund commitment, €3M)Climate & Energy · since 2024
- Invivo Ventures III (fund commitment, €8M expandable to €10M)Biotech & Life Sciences · since 2024
- CRB Digital Health III (fund commitment, €3M)HealthTech · since 2024
- SC Net Zero Ventures (fund commitment, €6M)Climate & Energy
People
Links
Frequently asked questions
Institut Català de Finances (ICF) is a government-backed fund based in Barcelona, Spain, founded in 1985.
Yes. Institut Català de Finances (ICF) invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Institut Català de Finances (ICF) invests at Pre-Seed, Seed, Series A, Series B and Growth stages in Software & SaaS, HealthTech, Biotech & Life Sciences, Climate & Energy, Industrial & Manufacturing and Deep Tech.
Key people at Institut Català de Finances (ICF) include Vanessa Servera (Chief Executive Officer (consejera delegada)), Emili Gómez (Director of Venture Capital (acting)) and Adrià Torrelles (Investment Director, ICF Capital (as of February 2023)).
Institut Català de Finances (ICF)'s investments include Circular Partners, PMP (Prêt-à-porter casas), Inclimo Climate Tech Fund (fund commitment, €3M), Invivo Ventures III (fund commitment, €8M expandable to €10M), CRB Digital Health III (fund commitment, €3M) and SC Net Zero Ventures (fund commitment, €6M).
Yes. Institut Català de Finances (ICF) manages capital from outside investors.