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Government-backed FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 17 SOURCES

Seed Capital Bizkaia

Foral public company (51.10% shareholder; attached to the Department of Economic Promotion) of Diputación Foral de Bizkaia

Also known as Seed Capital de Bizkaia, SGEIC, S.A., Seed Capital Bizkaia SGEIC

SGEIC owned by the Diputación Foral de Bizkaia (since 1989) managing seed, growth, social-impact and fund-of-funds vehicles that invest equity and participative loans in Bizkaia companies.

Not Seed Gipuzkoa SCR, which is managed by Gestión de Capital Riesgo del País Vasco.

HEADQUARTERS
Bilbao, Spain
FOUNDED
1989
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
2 people

FOCUS

STAGES
Pre-SeedSeedGrowth
SECTORS
Software & SaaSBiotech & Life SciencesClimate & Energy
ASSET MIX
Venture capitalDirect investmentsFunds (as LP)Impact
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.

ABOUT

Seed Capital Bizkaia SGEIC, S.A. is a foral public company attached to the Department of Economic Promotion of the Diputación Foral de Bizkaia, founded in 1989 to manage financing instruments for new and existing innovative or socially innovative companies in Bizkaia. It manages Fondo I (early-stage, up to €450,000 in capital and loans), Fondo BI (innovative SMEs, up to €1M), Start Bizkaia (participative loans up to €100,000), FEIS (social impact, up to €600,000), Konfekoop Seed Bizkaia (cooperatives), the Biscay Anchor Fund (a fund of funds) and MicroEurope. In 2024 it invested €4.28M in 24 operations and held 79 live positions, 9 of them in funds.

INVESTMENT THESIS

Companies with registered office and a plant or office in Bizkaia, financial commitment from the founders and audited accounts; all sectors except financial, real-estate and trading companies; Fondo I and BI target ICT, life sciences and renewable energy.

PORTFOLIO (14)

  • Walter Pack
    Industrial & Manufacturing · since 2026
  • Zetrak eFarming
    Food & Agriculture
  • Satlantis
    Space
  • Histocell
    Biotech & Life Sciences
  • Mikrobiomik
    Biotech & Life Sciences
  • Barbara IoT
    Software & SaaS
  • Insulclock
    HealthTech
  • Osteophoenix
    Biotech & Life Sciences
  • BeGas
  • Boletus Pay
  • Ubikare
  • Startup Wise Guys (Biscay Anchor Fund holding)
  • Trainera Fund (Biscay Anchor Fund holding)
  • ABE Capital Partners (Biscay Anchor Fund holding)

TEAM

  • Oscar Ugarte Gamboa
    Director General · source
  • Ainara Basurko Urkiri
    Chair (Diputada de Promoción Económica, Diputación Foral de Bizkaia) · source

LINKS

FAQ

Seed Capital Bizkaia is a government-backed fund based in Bilbao, Spain, founded in 1989.

Yes. Seed Capital Bizkaia invests directly in private companies. It also commits capital to third-party funds as an LP.

Seed Capital Bizkaia invests at Pre-Seed, Seed and Growth stages in Software & SaaS, Biotech & Life Sciences and Climate & Energy.

Seed Capital Bizkaia's stated ticket size is Up to €1M.

Key people at Seed Capital Bizkaia include Oscar Ugarte Gamboa (Director General) and Ainara Basurko Urkiri (Chair (Diputada de Promoción Económica, Diputación Foral de Bizkaia)).

Seed Capital Bizkaia's investments include Walter Pack, Zetrak eFarming, Satlantis, Histocell, Mikrobiomik, Barbara IoT, Insulclock and Osteophoenix, among others.

The most recent publicly reported investment by Seed Capital Bizkaia is Walter Pack (Growth round led by Stellum Growth (Seed Capital Bizkaia €1M)), announced in Jul 2026.

Seed Capital Bizkaia states that it accepts submissions through its official contact page.

Yes. Seed Capital Bizkaia manages capital from outside investors.