ICO selects the 11 funds to invest up to 850 million euros from the Recovery Plan in projects that favour the green transition and business growth

01 julio 2025

  • Thanks to the public-private partnership scheme operated by Fond-ICO Global and the funds from the Recovery Plan, this call for proposals will make up to 2.4 billion euros available for innovative projects that promote the growth and transformation of the Spanish business fabric
  •  This is the second time that a Fond-ICO Global round has been launched as part of the deployment of the Recovery Plan. Between the two calls, the ICO has been approved to participate in 23 venture capital funds for an amount of up to 1.75 billion euros.

The 17th call for proposals for Fond-ICO Global has been resolved, with AXIS, the venture capital subsidiary of Grupo ICO, selecting 11 funds in which it will invest up to 850 million euros of Next Generation EU funds, as part of the second phase of the Recovery, Transformation and Resilience Plan. 

Thanks to the public-private partnership scheme whereby Fond-ICO Global operates, this call for proposals will mobilise 2.4 billion euros for innovative projects that foster the growth and transformation of the Spanish business fabric. 

This is the second time that a Fond-ICO Global round has been launched as part of the deployment of the Recovery Plan, as the 16th call also invested a maximum of 900 million euros in Next Generation EU funds. Between the two calls, the ICO has been approved to participate in 23 venture capital funds for an amount of up to 1.75 billion euros.

The 850 million euros that AXIS will invest in the 17th call for proposals is aimed at companies in all stages of development, distributed among the categories as follows: 600 million will be invested in the selected "Expansion Capital" funds, 150 million in the selected "Venture Capital" funds and 100 million in the "Incubation/Technology Transfer" funds. 



The fund managers whose funds have been selected are as follows:

Expansion Category:

  • GPF Partners S.G.E.I.C., S.L.
  • Magnum Initial Investors S.à.r.l.
  • Oquendo Capital S.G.E.I.C., S.A.
  • Sherpa Capital Entidad Gestora SGEIC SA

Venture Capital Category:

  • Adara Ventures, S.G.E.I.C., S.A.
  • Antai Ventures Management, S.G.E.I.C. S.A.U.
  • 4Founders Capital SGEIC, S.A.

Incubation/Technology Transfer Category:

  • Archipélago Next Ventures S.G.E.I.C., S.A
  • Bcombinator Venture Partners, S.L.
  • Demium Capital S.G.E.I.C., S.A.U.
  • Faraday Venture Capital S.G.E.I.C., S.A.

The call for proposals attracted 28 applications for the categories on offer, which demonstrates the consolidation of this successful model of public-private partnership aimed at boosting the venture capital sector in Spain and which plays an important role in the roll-out of the second phase of the Recovery Plan.

The resources channelled into this call will come, depending on the type of project, from the ICO Verde and ICO Empresas y Emprendedores initiatives managed by the ICO in the second phase of the Recovery Plan. 

The investments of the Green ICO line will encourage the development of projects of Spanish companies that drive the generation of renewable energy, energy efficiency, sustainable mobility and the circular economy, among others. The projects supported through the Business and Entrepreneurship Line are aimed at fostering business growth.

ICO Global Fund: two calls with funds from the Recovery Plan

The resources of the Recovery Plan have made it possible to increase both the amounts disbursed by Fond-ICO Global to each of the selected funds/managers and the maximum investment percentage, thus reinforcing the role of the public fund as an anchor investor and the commitment of the public sector to the development of the entrepreneurial ecosystem.

In these calls for proposals, Fond-ICO Global's investment may represent 49% of the size of the funds in which it participates, helping funds to reach their target size earlier to start investing in projects, while preserving the majority participation of private investors.  

Fond-ICO Global and its main figures

Fond-ICO Global promotes the development and consolidation of the private equity ecosystem in Spain from early stage to growth and debt. 

In the 17 Fond-ICO Global calls, 153 private funds have been selected to invest a maximum of 5,176 million euros.