Basque government launches €28m venture fund

The vehicle, which is entirely capitalised by the Basque government, will back industrial companies based in the Basque region. 

GCPRV manages several venture funds including Seed Gipuzkoa, a 2007 vehicle with a 15-year lifespan, according to unquote" data. The fund backs technology-focused firms based in the Gipuzkoa region.

Portfolio companies include San Sebastian-based IkerChem, a biotechnology firm with applications in oncology. The GP first backed the firm in 2007 with a €250,000 equity investment from Seed Gipuzkoa, followed by a €1m capital commitment from three of its funds in 2012, according to unquote" data. 

Early-stage deals in Spain slumped last year, with dealflow standing more than 60% below that recorded in 2012. Overall value suffered a similar fate, with an 80% drop in 2013 compared with the previous year, according to unquote" data.  

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• Topics
• Southern Europe
• Venture
• Spain