Sodena (Sociedad de Desarrollo de Navarra)
Wholly owned by Corporación Pública Empresarial de Navarra (Gobierno de Navarra)
Also known as SODENA, Sociedad de Desarrollo de Navarra, Sodena Capital Riesgo
Navarre Government's financial instrument (sole shareholder Corporación Pública Empresarial de Navarra); takes temporary minority equity stakes and grants participative loans to Navarre companies.
- HEADQUARTERS
- Pamplona, Spain
- FOUNDED
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- AUM
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- OUTSIDE CAPITAL
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- TEAM LISTED
- 5 people
Focus
- STAGES
- SeedSeries AGrowthBuyout
- SECTORS
- Biotech & Life SciencesHealthTechFood & AgricultureClimate & EnergyIndustrial & ManufacturingMobility & LogisticsSoftware & SaaS
- ASSET MIX
- Direct investmentsVenture capitalPrivate equity
- GEOGRAPHY
- Spain
Overview
Sodena is the Government of Navarre's financial support instrument for attracting and developing value-added business projects, a limited company whose sole shareholder is the Corporación Pública Empresarial de Navarra. Its main instrument is private equity and venture capital: temporary capital stakes or participative loans in unlisted companies, with board seats and holding periods of up to 12 years. Seed projects can receive participative loans or equity of up to €100,000, start-ups minority stakes of 5%–45% for €100,000–€400,000, and established SMEs needing more than €400,000 growth, acquisition, MBO/MBI or integration capital. It also holds stakes in venture capital funds and offers guarantee agreements and loans.
Investment thesis
Innovative or differentiated projects that generate economic and social returns in Navarre, with committed founding and management teams; minority, temporary stakes with exit agreed in the shareholders' agreement (preferably a buy-back), often combined with participative loans convertible into equity.
PORTFOLIO (16)
- MOA FoodtechFood & Agriculture · since 2021
- Nabrawind TechnologiesClimate & Energy
- BeePlanet FactoryClimate & Energy
- Pyroistech
- Telum TherapeuticsBiotech & Life Sciences
- Ikan Biotech – The Zebrafish LabBiotech & Life Sciences
- 3P Bio HoldingBiotech & Life Sciences
- Digna BiotechBiotech & Life Sciences
- LeadartisBiotech & Life Sciences
- PalobiofarmaBiotech & Life Sciences
- Solaris Bus & CoachMobility & Logistics
- Open BravoSoftware & SaaS
- TedCas Medical SystemsHealthTech
- Inveready Biotech II and III (fund holdings)Biotech & Life Sciences
- Ysios BioFund I (fund holding)Biotech & Life Sciences
- Fondo Enion (fund holding)
People
Links
Frequently asked questions
Sodena (Sociedad de Desarrollo de Navarra) is a government-backed fund based in Pamplona, Spain.
Yes. Sodena (Sociedad de Desarrollo de Navarra) invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Sodena (Sociedad de Desarrollo de Navarra) invests at Seed, Series A, Growth and Buyout stages in Biotech & Life Sciences, HealthTech, Food & Agriculture, Climate & Energy, Industrial & Manufacturing, Mobility & Logistics and Software & SaaS.
Key people at Sodena (Sociedad de Desarrollo de Navarra) include Iñaki Larraya Garayalde (Managing Director (director gerente)), M.ª Victoria Iriarte Izcue (Investment Director), M.ª Eugenia Lecumberri Alli (Investment Director) and José M.ª Montes Ros (Investment Director).
Sodena (Sociedad de Desarrollo de Navarra)'s investments include MOA Foodtech, Nabrawind Technologies, BeePlanet Factory, Pyroistech, Telum Therapeutics, Ikan Biotech – The Zebrafish Lab, 3P Bio Holding and Digna Biotech, among others.
The most recent publicly reported investment by Sodena (Sociedad de Desarrollo de Navarra) is MOA Foodtech (€3.3M round led by the EIC Fund and Swanlaab Innvierte Agri Food Tech (Sodena €100,000)), announced in Sep 2026.