New technology is the focus of the IE Digitales fund, which has been launched by the Basque government for investment in technology seed and start-up companies in the region.

The fund has raised EURO2.14 million so far and the government expects to commit a total of EURO6 million to the project over the next three years. In its first year, the fund plans to commit around EURO1.2 million in four companies.

The Gestin de Capital Riesgo del Pas Vasco (SGECR), a government initiative launched in 1985 to encourage business development in the region, will manage the fund. SGECR currently has six funds under management with total commitments of EURO36.2 million in 31 companies.