The Basque Government has launched EZTEN II Venture Capital Fund, a new €50 million investment vehicle created under the Euskadi Eraldatuz 2030 transformational investment plan. Fully funded by Indartuz, the investment company of the Basque Finance Institute (IVF), and managed by Basque Country Venture Capital Management (GCRPV), part of the SPRI Group, the fund aims to strengthen the scale, competitiveness and transformation of the Basque industrial sector, in line with the priorities of the Industry Plan – Euskadi 2030.
EZTEN II has been established to support Basque industry in addressing one of its key challenges: achieving greater scale, competitiveness and resilience in an increasingly demanding global environment.
The fund will invest in established industrial SMEs operating across multiple sectors aligned with the strategic priorities of the Industry Plan – Euskadi 2030.
Through this new vehicle, the Basque Government reinforces its commitment to industry by supporting transformational projects and helping SMEs undertake modernisation, sustainability, diversification and growth initiatives.
The fund will also play a key role in business succession transactions, facilitating the continuity of viable industrial companies, particularly family-owned businesses, while contributing to the long-term industrial presence, high-quality employment and preservation of industrial know-how in the Basque Country. In addition, it will support companies in diversifying into new products, markets and higher value-added segments, fostering innovation and the adoption of new technologies.
First growth investment in Walter Pack
The fund's first investment has been made in Walter Pack, a company founded in 1992 in Igorre (Bizkaia) with manufacturing operations in Mexico. Walter Pack specialises in the design and manufacture of decorative and functional plastic components using IMD, IME and IMF technologies for the automotive, medical, industrial and home appliance sectors. The company employs more than 450 people.
Driven by a strong commercial strategy focused on innovation, R&D investment and sector diversification in recent years, Walter Pack has secured a robust order book and expects to double its current revenues, surpassing €100 million in annual sales by 2029.
To finance this expansion, the company has successfully completed a funding round led by private investor Stellum Growth, with participation from the public venture capital funds EZTEN II, which invested €1.5 million, and Seed Capital Bizkaia, which invested €1 million.
Euskadi Eraldatuz 2030
EZTEN II strengthens the business consolidation strategy of Euskadi Eraldatuz 2030, the Basque Government's strategic investment plan backed by €1 billion of public capital under the Basque Financial Alliance. The fund joins Hazten Scale Up, launched earlier this year to support the growth of industrial start-ups and emerging sectors. Both funds are managed by GCRPV and capitalised with €50 million through investments from Indartuz (IVF).
In addition, the first call under the Scalability Programme has been launched, introducing a public-private indirect investment instrument designed to support business growth and strengthen the network of local investors.
The objective of Euskadi Eraldatuz 2030 is to mobilise an additional €3 billion alongside the initial public investment to transform the regional economy, reinforce long-term business roots and drive the growth of industry and SMEs.
Among the plan's key milestones are the strengthening of Finkatuz, which has already participated in transactions involving Ayesa and Talgo, and the creation of Indartuz, the investment vehicle for large-scale transformational projects and the funding platform for Hazten Scale Up, EZTEN II and the Scalability Programme. Through Indartuz, the Basque Government will also launch the Productive Transformation Debt Fund, managed by Oquendo Capital, together with new financing and guarantee facilities for business transformation projects. The rollout of the plan will continue in the coming months with additional investment and financing instruments.
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