The Basque Government launches an indirect scalability investment program to drive growth, consolidation, and business anchoring in the Basque Country

The Basque Government, through its public entity Indartuz of the Basque Institute of Finance (IVF), has opened a public call for the Scalability Investment Program, part of the Euskadi Eraldatuz 2030 Plan, the region’s transformational investment plan.

This strategic initiative aims to mobilize private capital and support venture capital funds that accompany Basque companies in their consolidation and growth, prioritizing those in strategic sectors identified in Euskadi Eraldatuz and the Euskadi Industry 2030 Plan.

The program represents the first indirect investment call, complemented by direct participation through the new public venture capital fund HAZTEN SCALE"UP, FCR, which is currently being established.

Both instruments aim to support and accelerate the scaling and growth of Basque startups and SMEs. Within this strategy, the Basque Government plans to allocate over €100 million, as outlined in the Euskadi Eraldatuz 2030 Plan.

Promoting local anchoring and commitment

The main novelty of this call is its explicit focus on local anchoring, requiring that economic activity remain in Euskadi. Selected funds will be required to commit contractually to:

Investment in Euskadi (2:1 ratio): Fund managers must invest at least twice the amount committed by Indartuz in companies of Basque interest.
Local headquarters and team: Establish a permanent local office and team.

Participation requirements

The call is open to fund management companies and self-managed venture capital companies (SCRs). The investment vehicle must have a minimum target size of €50 million, and public participation, including that of Indartuz, cannot exceed 49% of the fund’s capital.

Selection will prioritize the quality of the management team and their value creation capabilities, also incorporating sustainability and good governance (ESG) criteria.

Continuous application process

This will be the first of multiple calls. The program will operate through a continuous application system, with two evaluation cycles per year. Submission deadlines are April 30 and October 31 each year.

The requirements, selection criteria, and submission procedures will be available from the afternoon of Friday, January 30, on the Indartuz section of the IVF website.

Through this instrument, the Basque Government reinforces its commitment to supporting Basque companies throughout all stages of their lifecycle, ensuring professional management and a firm commitment to Euskadi’s economic future.

Euskadi Eraldatuz 2030

This first call of the Scalability Investment Program is part of the Euskadi Eraldatuz 2030 Plan, which formalizes the public commitment under the Basque Financial Alliance. In early 2025, the Basque Government launched this public-private collaboration framework, committing €1 billion in public investment to finance Euskadi’s economic and industrial transformation, with a focus on industry, innovation, and local anchoring, aiming to mobilize €3 billion in private capital.

Key milestones already achieved include:

Strengthening and adapting Finkatuz investment criteria, the vehicle for anchoring leading companies through equity participation, as seen in recent operations with Ayesa and Talgo.
Creation of Indartuz, a new vehicle for investment in large-scale transformative projects—distinguished by scale, technical characteristics, or financing needs—covering four areas: the scalability program, flexible debt, advanced infrastructure, and social transition.
Launch of IVF direct financing lines through loans and guarantees for transformative projects.

Over 2026 and 2027, the remaining initiatives in the investment plan will be rolled out, including the guaranteed financing line, other Indartuz investment programs, and instruments managed by Basque venture capital to foster new industry and emerging sectors.

More information is available on the Irekia portal