Stellum Capital
Owned by Artizarra Fundazioa
Also known as Stellum Gestora de Activos, SGEIC, S.A., Stellum Gestora de Activos, S.G.E.I.C., S.A.U.
San Sebastián private-capital manager owned by Artizarra Fundazioa; c.€310M across Stellum Growth, Stellum Food & Tech (SME stakes) and Easo Ventures (startups); offices in Bilbao and Pamplona.
- HEADQUARTERS
- San Sebastián, Spain
- FOUNDED
- —
- AUM
- €310M (2026)
- OUTSIDE CAPITAL
- Yes
- TEAM LISTED
- 8 people
Focus
- STAGES
- Pre-SeedSeedSeries AGrowthBuyout
- ASSET MIX
- Private equityVenture capital
- GEOGRAPHY
- SpainFrance
Investment arms & vehicles
- Venture capital SCRs (Easo Ventures, Easo Ventures II and III) investing €50K–€1M from pre-seed to Series A in Spanish companies
- Private equity: minority and majority stakes in middle-market companies in the Basque Country and Navarre
- Private equity: mainly minority stakes in food and beverage value-chain SMEs in Iberia and southern France
- Accelerator programme whose investments are made by Easo Ventures
Overview
Stellum Capital is an independent private-capital manager owned by Artizarra Fundazioa, a foundation created by a group of business owners from the Basque Country and Navarre. It runs three strategies: Stellum Growth takes minority or majority stakes of about €5M–€20M in middle-market companies tied to the Basque Country and Navarre; Stellum Food & Tech takes mainly minority stakes of about €2M–€7M in food and beverage businesses; and Easo Ventures invests €50K–€1M in startups from pre-seed to Series A, including through the BerriUp accelerator. The firm reports about €310M under management across six vehicles.
Investment thesis
Private equity: low-leverage deals in established middle-market companies going through management or shareholder change (internationalisation, consolidation, generational succession), excluding banking and real estate. Venture capital: Spanish companies with a clear growth strategy, all sectors except real estate.
PORTFOLIO (12)
- Grupo UvescoConsumer & E-commerce
- Laboratorios Bilper (majority stake)Industrial & Manufacturing · since 2025
- EPERIndustrial & Manufacturing
- AIBLUSoftware & SaaS
- CooverIndustrial & Manufacturing
- USA GroupIndustrial & Manufacturing
- Grupo NatacFood & Agriculture
- Syra CoffeeFood & Agriculture
- Productos PilaricaFood & Agriculture
- Urkabe BenetanFood & Agriculture
- IronchipSoftware & SaaS
- IomedHealthTech
People
- Pablo EchartPartner and CEO of the management company · source
- Pablo BarojaManaging Partner, Stellum Growth · source
- David MartínezManaging Partner, Stellum Food & Tech · source
- Pedro Muñoz-BarojaManaging Partner, Easo Ventures · source
- Pedro GortázarInvestment Director, Stellum Growth · source
- Leire MancisidorInvestment Director, Stellum Growth · source
- Joaquín SenosiainInvestment Director, Stellum Food & Tech · source
- Jon BlázquezVenture Partner, Easo Ventures · source
Links
Frequently asked questions
Stellum Capital is a private equity fund based in San Sebastián, Spain.
Yes. Stellum Capital invests its own capital in private companies.
Stellum Capital invests at Pre-Seed, Seed, Series A, Growth and Buyout stages in Industrial & Manufacturing, Food & Agriculture, Consumer & E-commerce, Software & SaaS and HealthTech.
Key people at Stellum Capital include Pablo Echart (Partner and CEO of the management company), Pablo Baroja (Managing Partner, Stellum Growth), David Martínez (Managing Partner, Stellum Food & Tech) and Pedro Muñoz-Baroja (Managing Partner, Easo Ventures).
Stellum Capital's investments include Grupo Uvesco, Laboratorios Bilper (majority stake), EPER, AIBLU, Coover, USA Group, Grupo Natac and Syra Coffee, among others.
The most recent publicly reported investment by Stellum Capital is Energiot (€1.5M round (Easo Ventures participating)), announced in Jun 2026.
Yes. Stellum Capital manages capital from outside investors.