Etica

What Etica does

ética. (legal name ETICA PATRIMONIOS EAFI SL) is a Valencia-headquartered independent financial advisory firm founded in 2003 and registered with Spain's CNMV as an Empresa de Asesoramiento Financiero (EAF). It was the first independent EAF registered in Valencia in 2010 and positions itself as the first declared independent EAF in all of Spain, meaning it does not receive commercial retrocessions from product providers. The firm provides personalized investment portfolio management with ESG (Environmental, Social, and Governance) criteria integrated into every stage of analysis and selection, serving primarily high-net-worth individuals and families seeking independent, conflict-free advice.

Beyond the core advisory mandate, ética. manages or advises three proprietary co-investment vehicles: Zirkel Finance, which invests in pagarés and invoices of solvent Spanish companies and public administrations via the Circulantis crowdlending platform; Biozell Ventures, a life-sciences (Biotech, Health, Pharma) co-investment vehicle associated with the BioHub VLC cluster; and Zitrus RE+I, a real-estate development co-investment vehicle created jointly with Realzia and Astiblanco Capital. The firm also operates ética. Lab, an innovation laboratory housing a broader ecosystem of projects including the CALIX international-professional networking club, the MADSYNC Madrid biotech connection platform, the BIOXCELERATOR life-sciences accelerator, The Hub VLC impact project factory, CE/R+S (a 40+ partner CSR network), Entorno Pre-Mercado (SME capital-markets training), and the 18|52 research initiative bridging science and art.

éticamente., the firm generates revenue through advisory fees on portfolio management and wealth analysis, fees from managing the three co-investment vehicles, and revenue tied to innovation-lab and ecosystem project development. The firm is privately held with no disclosed external private-equity or venture-capital backing; leadership comprises Fernando Ibáñez (Director General / CEO), Christian Dürr (Director of Investments), Elena Calvache (Finance Director), and David Gómez (Communications Director). It operates entirely within Spain, with no global footprint claim and primary concentration in the Valencia region.

Name

Etica

Legal name

ETICA PATRIMONIOS EAFI SL

Website

https://etica.site

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

ética. is a Valencia-based, CNMV-regulated independent financial advisory firm (EAF) that provides ESG-integrated portfolio management to high-net-worth individuals in Spain and manages three proprietary co-investment vehicles covering crowdlending, life sciences, and real estate development.

Ownership category

akta.pro rank

Headquarters

HQ city

Valencia

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Financial Advisory Fees: ética. generates revenue through advisory fees charged for personalized investment portfolio management, wealth analysis, and financial planning services. The firm provides independent advisory without receiving commercial retrocessions from financial products.
2. Investment Vehicle Management: The company earns fees through managing co-investment vehicles including Zirkel Finance (factoring/notes), Biozell Ventures (life sciences), and Zitrus RE+I (real estate development).
3. Innovation Lab and Project Development: Revenue is generated through development and support of innovative sustainable projects including The Hub VLC, BioHub VLC, and other ecosystem initiatives.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Etica (legal entity ETICA PATRIMONIOS EAFI SL) is a private Spanish financial advisory firm that provides personalized investment portfolio management with ESG integration for high-net-worth individuals, families, and institutional investors. The firm also operates specialized investment vehicles across factoring, life sciences, and real estate.

Product overview

ética. operates as a unified financial advisory platform offering investment advisory services and managing a portfolio of specialized investment vehicles and innovation initiatives. The core offering is ética. Patrimonios, a CNMV-regulated financial advisory service providing personalized portfolio management with ESG integration. This core service is complemented by three investment vehicles: Zirkel Finance (working capital financing via Circulantis), Biozell Ventures (life sciences investment), and Zitrus RE+I (real estate co-investment). Additionally, ética. Lab serves as an innovation factory housing networking (CALIX, MADSYNC) and acceleration programs (BIOXCELERATOR), while various project initiatives like The Hub VLC, BioHub VLC, CE/R+S, CIRCULANTIS, Triangle, 18|52, and ENTORNO PRE-MERCADO extend the ecosystem across sustainability, real estate, and capital markets education. The company positions itself as a pioneer in Socially Responsible Investment (ISR) in Spain.

Differentiator

Problem solved

Functional benefit

Brands

• ética. Lab: Innovation laboratory for new financial and sustainable projects
• ética. Patrimonios
• ética. Proyectos
• Calix
• MADSYNC
• BIOXCELERATOR

Products and services

• Personalized Investment Portfolio Management Personalized investment portfolio management service with ESG integration, designed for high-net-worth individuals, families, and institutional clients seeking tailored wealth advisory solutions.
• Zirkel Finance Factoring investment vehicle managed by Etica, offering exposure to factoring-based financial assets for qualified investors.
• Biozell Ventures Investment vehicle focused on the life sciences sector, providing qualified investors exposure to biotech and healthcare ventures.
• Zitrus RE+I Real estate investment vehicle providing qualified investors access to real estate assets and related opportunities.
• ética. Lab Innovation lab supporting financial product development, research, and ESG-related initiatives within the Etica advisory practice.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• Triodos Investment ManagementflagshipStrategic or Co-development Partner · 1 April 2026Triodos Investment Management and Triodos Bank signed the Investor Statement on Autonomous Weapons initiated by Etica Funds and the Stop Killer Robots Campaign. Both organizations share commitment to ethical investment standards excluding all types of weapons from their portfolios.
• BioHub VLCcoreStrategic or Co-development Partnerética. is associated with BioHub VLC, a regional life sciences cluster initiative that attracts talent and companies to Valencia through innovation, entrepreneurship, and scientific excellence. ética. participates in Biozell Ventures co-investment vehicle under this partnership.
• RealziacoreStrategic or Co-development PartnerRealzia partnered with ética. and Astiblanco Capital to create Zitrus RE+I, a co-investment vehicle for real estate development offering private investors opportunities in residential and tertiary projects.
• Astiblanco CapitalcoreStrategic or Co-development PartnerAstiblanco Capital partnered with ética. and Realzia to create Zitrus RE+I, a co-investment vehicle for real estate development covering the full development cycle from land acquisition to final asset sale.
• CirculantiscoreTechnology or IntegrationCirculantis is a leading Spanish crowdlending marketplace where Zirkel Finance invests in payables and invoices of solvent Spanish companies. The platform provides the infrastructure for invoice and note discounting.
• CE/R+S (Consejo Empresarial de Responsabilidad Social)flagshipStrategic or Co-development Partnerética. co-founded and actively participates in CE/R+S, which leads the CSR Commission of the Valencian Business Confederation (CEV) and has over 40 partners across different sectors. A key sustainability business reference in the region.
• Triangle Real Estate ManagementminorStrategic or Co-development PartnerTriangle provides real estate logistics advisory, investor consulting, and asset trading services. Their expertise complements ética.'s real estate investment activities.
• Entorno Pre-MercadominorStrategic or Co-development PartnerExclusive training and networking program helping expanding SMEs understand capital markets and access private and institutional investors. Contains segments for startups and growth-stage companies.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mutuactivos: Spanish asset management arm of Mutua Madrileña offering managed portfolios and ESG funds to private and institutional clients, an adjacent incumbent in the same wealth and ESG space as ética.
• Renta 4 Banco: Listed Spanish wealth manager and broker providing portfolio management and investment funds to retail and HNW clients, competing broadly with ética. for Spanish private-investor wallets with a much larger scale.
• Open Bank (Santander Wealth): Digital wealth and advisory platform of Banco Santander offering managed portfolios and advisory services to Spanish investors, competing for the same digitally minded HNW segment ética. serves.

Direct peers

• Abante Asesores: Spanish independent financial advisory firm offering personalized portfolio management with no commissions from product providers, directly comparable to ética.'s independent EAF model and ESG-aware wealth advisory for HNW clients in Spain.
• Tressis: Madrid-based Spanish wealth manager combining independent advisory, asset management and exclusive investment vehicles for private and institutional clients, mirroring ética.'s combination of advisory plus proprietary products.
• Andbank: Andorran private bank with significant Spanish operations offering wealth management, asset management and ESG-aligned investment solutions for HNW clients, a close analogue to ética.'s independent advisory and ISR focus.

Others

• EFPA España: European Financial Planning Association in Spain, the main professional certification body for Spanish financial advisors; comparable as an ecosystem player shaping the standards and pipeline of independent advisors like ética.

Emerging players

• Triodos Investment Management: European sustainable investment manager and ethical-bank affiliate focused exclusively on ESG and impact strategies, directly comparable to ética.'s ISR positioning and an existing partner for ethics-aligned initiatives.
• Finizens: Spanish robo-advisor and automated investment platform offering low-cost ESG-indexed portfolios, an emerging digital competitor targeting younger HNW and mass-affluent investors in ética.'s market.

Regional players

• BNY Mellon Wealth Management (Spain): Global wealth manager with Spanish coverage serving UHNW families and institutions with cross-border advisory, a regional competitor for the top end of ética.'s HNW client base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/etica-patrimonios-eafi
• Instagraminstagram.com/etica____
• Xx.com/Etica_site

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Etica