What Stellum Capital does

Stellum Capital (legal entity Stellum Gestora de Activos, S.G.E.I.C., S.A.U.) is an independent private equity and venture capital fund management company headquartered in San Sebastián, Basque Country, Spain. Founded in 2022 and wholly owned by Artizarra Fundazioa — a foundation created by entrepreneurs from the Basque Country and Navarra — the firm manages approximately €250 million in assets under management across four investment vehicles organized into three complementary strategies: Stellum Growth (general-sector private equity, €5M-€20M tickets), Stellum Food & Tech (food and beverage value-chain private equity, €2M-€7M tickets), and Easo Ventures (early-stage venture capital, €50K-€1M tickets from Pre-Seed through Series A). The firm primarily serves small and medium-sized enterprises in the Basque Country, Navarra, and surrounding regions — extending to the broader Iberian Peninsula and Southern France for the food-and-tech mandate — with explicit sector exclusions for banking and real estate.

The firm's core operations revolve around managing €250M of LP capital, deploying tickets into portfolio companies, and supporting growth through active board participation and strategic guidance rather than building proprietary technology. Revenue is generated conventionally for the asset management industry: management fees on committed or deployed capital across the four vehicles, plus carried interest from successful exits. Deal sourcing relies on the firm's regional Basque/Navarra business network, direct outreach to SMEs, and a pipeline fed by BerriUp — a jointly controlled startup accelerator founded in 2015 that serves as the principal channel for Easo Ventures deal flow. The 19-person team, with senior leaders drawn from McKinsey (Pablo Echart, CEO), 3i Plc, KPMG Transaction Services, Deloitte, Repsol, and Vocento, supports deployment across multiple vehicles simultaneously, while ESG considerations are structurally embedded in the firm's mandate. Notable portfolio holdings include Uvesco (supermarkets), Coover/Envaplaster (sustainable food packaging), Tecnimoem (healthcare equipment), EPER Metallic Solutions (wind-energy metalwork), Urkabe Benetan (frozen foods), AIBLU (compliance consulting), and a 60+ company early-stage book under Easo Ventures spanning biotech, quantum, cybersecurity, VR/AR, agritech, and consumer products.

Name

Stellum Capital

Legal name

Stellum Gestora de Activos, S.G.E.I.C., S.A.U.

Website

https://stellumcapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Stellum Capital is an independent Spanish private equity and venture capital fund manager based in the Basque Country, managing approximately €250M across four vehicles that back SMEs in the Basque Country, Navarra, and broader Iberian Peninsula through growth, food-tech, and early-stage strategies.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Venture Capital Fund-of-Funds (FSANAGAC)

akta.pro secondary industries

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Private equity funds
• Venture capital investment
• Fund management services
• Growth capital financing
• Portfolio investment management

Headquarters

HQ city

Donostia-san Sebastián

HQ country

Spain

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Private Equity Fund Management: Management of private equity funds (Stellum Growth I, Stellum Food&Tech I, Stellum Food&Tech II) with complementary investment strategies targeting small and medium enterprises in the Basque Country, Navarre, and surrounding regions. Revenue derived from management fees and carried interest from fund performance.
2. Venture Capital Fund Management: Management of venture capital funds (Easo Ventures I, II, III) providing early-stage investment to innovative companies. Revenue model based on management fees and carried interest from successful exits.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Stellum Capital is an independent private equity and venture capital fund management company that takes minority and majority stakes in small and medium-sized enterprises and early-stage startups. It manages approximately €250M in assets under management across four investment vehicles: Stellum Growth (multi-sector PE, €5M–€20M tickets), Stellum Food & Tech (food and beverage sector PE, €2M–€7M tickets), Easo Ventures (Pre-Seed to Series A VC, €50K–€1M tickets) and the BerriUp accelerator program.

Product overview

Stellum Capital is an independent private equity and venture capital fund management company organized as four complementary investment vehicles. Stellum Growth (Private Equity) takes minority and majority stakes in SMEs across diverse sectors in the Basque Country and Navarra with tickets of €5M-€20M. Stellum Food & Tech (Private Equity) specializes in food and beverage sector investments with €2M-€7M tickets. Easo Ventures (Venture Capital) supports early-stage companies from Pre-Seed through Series A with investments ranging from €50K to €1M. BerriUP is the affiliated startup accelerator program founded in 2015. Together these vehicles manage approximately €250M in assets under management and serve small and medium-sized enterprises seeking organic and inorganic growth.

Differentiator

Problem solved

Functional benefit

Brands

• Stellum Growth: Private equity investment vehicle taking minority and majority stakes in SMEs across various sectors, focused on Basque Country, Navarra and surrounding areas.
• Stellum Food & Tech
• Easo Ventures
• BerriUp

Products and services

• Stellum Growth Private equity investment vehicle taking both minority and majority stakes in small and medium-sized companies across diverse sectors (excluding banking and real estate), primarily focused on the Basque Country, Navarra and surrounding regions. Investment tickets range from €5M to €20M per portfolio company, with active board participation and support for organic and inorganic growth.

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• BerriUp AcceleratorcoreStrategic or Co-development Partner · 1 January 2015BerriUp is the first startup accelerator founded in the Basque Country (2015). Easo Ventures partners with BerriUp to evaluate and invest in startup projects, providing the acceleration program and investment from €50,000 in exchange for equity. Startups receive mentorship and access to facilities in Zuatzu (Donostia).

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Portobello Capital: Madrid-based Spanish mid-market private equity firm investing in SMEs across Spain with tickets typically €10M-€75M. Closely comparable as a Spanish mid-market PE manager with multi-vintage vehicles and active ownership approach; Stellum's recent USA Group deal involved Portobello as prior owner.
• Inveready Asset Management: Spanish alternative asset manager with multiple strategies including venture capital, private equity, and debt, investing across Spanish SMEs and startups. Directly comparable as a multi-strategy Spanish fund manager; co-investment partner of Stellum on the LEV2050 transaction.
• MCH Private Equity: Spanish mid-market private equity firm with multiple vintages focused on Spanish SMEs, headquartered in Bilbao with strong Basque Country presence. Highly comparable given overlapping geography, ticket size, and SME buyout/growth strategy.
• ProA Capital: Madrid-based Spanish mid-market PE firm with multiple funds investing in Spanish SMEs with tickets typically €10M-€50M. Comparable in strategy (Spanish SME growth and buyout), fund structure, and ticket size range.
• Corpfin Capital: Spanish mid-market PE manager with multiple funds investing across Spain in SMEs with active ownership approach. Comparable as a Spanish multi-vintage PE firm serving SMEs with growth and buyout strategies.
• Clave Mayor: Spanish PE firm focused on SME buyouts and growth capital in northern Spain, with significant presence in Basque Country. Highly comparable given geographic overlap and focus on mid-market Spanish SMEs.
• Caixa Capital Risc: Spanish venture capital firm investing in early-stage Spanish startups with tickets from seed through Series A, backed by CriteriaCaixa. Comparable to Easo Ventures as a Spanish seed/Series A VC manager with Spanish geographic focus.
• Nauta Capital: European venture capital firm with strong Spanish activity investing in early-stage technology companies. Comparable to Easo Ventures as a Spanish-active seed/Series A VC manager with focus on technology-enabled businesses.

Broad incumbents

• 3i Group: Large global PE/VC firm where Stellum CEO Pablo Echart previously worked heading the Spanish office. Relevant as a broad incumbent with PE/VC capabilities and Spanish market presence where Stellum's CEO developed his investment track record.

Others

• BerriUp (as acceleration program): Basque Country startup accelerator program partnered with Easo Ventures. Comparable accelerator programs include Lanzadera (Valencia), Demium Startups, and Wayra (Telefónica) - all of which provide seed funding and acceleration to Spanish startups similar to BerriUp's model with Easo Ventures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stellum Capital