SGECR from the Basque Country and the Diputación create a risk capital company to finance the development of new technology-bas

San Sebastián, 15 June 2007. The Risk Capital Management Company from the Basque Company (SGECR) and the Diputación Foral of Gipuzkoa have created 50% of the company “Seed Gipuzkoa” aimed at financing new technology-based and innovative companies during their first years.

Therefore, through Seed Gipuzkoa, the development of new companies can be optimised in this historic territory of Gipuzkoa through participation in their share capital.
Seed Gipuzkoa, with an initial capital of 2 million euros, will be managed by SGECR.

The new society, in which SGECR participate through the Ezten Fund have approved their participation in three companies with an outlay of more than 1 million euros.

Therefore, Metallied Powder Solutions, Garraiotech and Ikerchem already boast the support of Seed Gipuzkoa. Seed Gipuzkoa has approved its participation in Garraiotech and Ikerchem to the amount of 350,000€ (45% of the company ) and 250,000€ (20% of the company) respectively. In so far as Metallied Powder Solutions, the new company has already signed its participation, providing 403,184€ (22% of the company).

Metallied Powder Solutions centres its activity on the fabrication of metal powder with a high added value. It is found within the powder metallurgy sector which also includes both metal powder manufacturers as well as those who make pieces from the powder, mainly for the automotive sector.

Garraiotech offers the possibility of contracting goods freight between two post codes in the European Union on the Internet. With a structure similar to that of Amadeus (data base created in 1987 on a global level by four airlines, who at present bring together a large part of the passenger travel offer) and tour operators, but adapted to the freight transport sector and logistics operators.

The third company is Ikerchem. Its activity is framed within the chemical-pharmaceutical sector. The company’s offer is double: On one side, it develops its own R+D projects obtaining new useful molecules in oncology; and on the other side, it develops R+D projects for third parties developing intermediate synthesis not available on the market.