Kutxa Fundazioa
Also known as Fundación Bancaria Kutxa, Fundación Bancaria Kutxa – Kutxa Banku Fundazioa, Kutxa Banku Fundazioa, Grupo Kutxa
San Sebastián banking-foundation group (ex-savings bank Kutxa) holding 32% of Kutxabank and stakes in 20–26 Gipuzkoa companies (€373M invested); manages €2.1B.
- HEADQUARTERS
- San Sebastián, Spain
- FOUNDED
- —
- AUM
- €2.1B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 4 people
Focus
- STAGES
- —
- ASSET MIX
- Direct investments
- GEOGRAPHY
- Spain
Investment arms & vehicles
- INZU Group (Inversiones Zubiatzu, S.A.U.)Wholly owned technology-based industrial corporation of 14 companies and a technology centre (industrial, digital and sustainability businesses), integrated in 2025
Overview
Kutxa Fundazioa is the brand of the Gipuzkoa foundation group formed by Fundación Bancaria Kutxa – Kutxa Banku Fundazioa, the 2014 successor of the savings bank Kutxa, and the social-activity foundation Kutxa Fundazioa, both chaired by Rafael Amasorrain. Fundación Bancaria Kutxa owns 32% of Kutxabank and, since 2016, has diversified into stakes in Gipuzkoa companies (about twenty in May 2025; 26 per an October 2026 foundation page), with €373M invested and €2,095M managed in total. In 2025 it took full ownership of the industrial technology group INZU Group (Inversiones Zubiatzu), which holds companies such as Etxetar, Macarbox, Aingura, Soc-e and Entzimatiko, and received €128M of Iberdrola shares as a Kutxabank dividend in kind. It also funds startups: it led SafeLoc Systems’ €1.45M round in October 2026 and contributes €2.55M to the Deeptek Gipuzkoa deeptech programme.
Investment thesis
Investment in Gipuzkoa companies under its 2030 Strategic Plan, aiming at both support for the local business base and diversified income for its social activity: technology leaders, energy-transition projects, technology-based industrial companies, digital companies and health-technology companies.
PORTFOLIO (11)
- Kutxabank (32%)NOTABLE
- INZU Group (Inversiones Zubiatzu) — 100%NOTABLEIndustrial & Manufacturing · since 2025
- Grupo Macarbox (via INZU Group)Industrial & Manufacturing
- Aingura IIoT (via INZU Group)Software & SaaS
- Gauze Nano Labs (via INZU Group)Deep Tech
- Entzimatiko (via INZU Group)Climate & Energy
- CAF (Construcciones y Auxiliar de Ferrocarriles) — €40.4M at costMobility & Logistics
- ViveBiotechBiotech & Life Sciences
- Irisbond Crowdbonding (41.14%)HealthTech
- Iberdrola (shares received as Kutxabank dividend in kind, €128M)since 2025
- SafeLoc SystemsIndustrial & Manufacturing · since 2026
People
Links
Frequently asked questions
Kutxa Fundazioa is a institutional investor based in San Sebastián, Spain.
Yes. Kutxa Fundazioa invests its own capital in private companies.
Kutxa Fundazioa invests in Industrial & Manufacturing, Climate & Energy, HealthTech, Biotech & Life Sciences and Software & SaaS.
Key people at Kutxa Fundazioa include Rafael Amasorrain Zabala (Chairman of the Board of Trustees (Fundación Bancaria Kutxa and Kutxa Fundazioa)), Ander Aizpurua (Director), Eluska Sukia (Director of Investments) and Arantza Muriana Miralles (Director of Bio Investments).
Kutxa Fundazioa's investments include Kutxabank (32%), INZU Group (Inversiones Zubiatzu) — 100%, Grupo Macarbox (via INZU Group), Aingura IIoT (via INZU Group), Gauze Nano Labs (via INZU Group), Entzimatiko (via INZU Group), CAF (Construcciones y Auxiliar de Ferrocarriles) — €40.4M at cost and ViveBiotech, among others.
The most recent publicly reported investment by Kutxa Fundazioa is SafeLoc Systems, announced in Oct 2026.
No. Kutxa Fundazioa invests its own capital and does not raise money from outside investors.