Social impact investing fund

We invest in companies that take care of people and the planet

We have 22 million euros to support the growth of young companies with potential that want to generate a positive and measurable social and environmental impact in the world.


Why Fondo Bolsa Social?

Build a fairer, more inclusive, sustainable and healthy society

At Fondo Bolsa Social we want to contribute to building a fairer, more inclusive, sustainable and healthy society, one that integrates all its members and advances open to innovation and in a way that respects the environment.

In recent years, the phenomenon of social entrepreneurship has emerged around the world as a bold response that applies innovative business tools to provide solutions to social and environmental problems in a sustainable way. Social companies are characterized because, subject to the discipline of the company, they have the primary mission of solving social or environmental challenges and improving the living conditions of vulnerable groups. These companies often find it very difficult to take the first steps to develop their impact projects due to the lack of adequate financing. However, they often have great potential and, with the right selection, can be interesting investment opportunities.

Impact investors, like those who invest in Fondo Bolsa Social, contribute conscious capital: they want to contribute to generating a positive impact on their society and, at the same time, obtain a fair financial return.

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How do we invest?

We invest in companies with a triple-impact

We invest in companies with a triple impact: economic, social and environmental, which contribute to the Sustainable Development Goals (SDGs), in five areas:

Good Health and well-being

Quality and inclusive education

Responsible production and consumption

Climate action

Social development and integration

Investment portfolio

Our impact investments


Our impact

Learn in detail our impact measurement and management model, the challenges we are addressing and the impact of each of the companies in our portfolio.


José Moncada

Managing Director

María Echávarri

Investment director

Eliel Stofenmacher

Investment Associate

Laura Colina

Asociada - Responsable impacto

Juan Maiso

Analista de Inversión

Bolsa Social Fund benefits from Afi's recognized experience in the analysis and valuation of companies and investment projects in multiple sectors, as well as in the execution of corporate operations. In addition to its multi-sectoral analytical capacity, Afi contributes to the Fund its network of contacts for the origination of operations and support for participating companies, actively participating in the management bodies of the Fund.


Bolsa Social Fund

Calle Marqués de Villamejor, 5
28006 Madrid (Spain)


Jose Moncada

Managing Director

José Moncada. In 2015 he founded Bolsa Social, a community of companies and investors with positive social and environmental impact, and the first participatory financing platform that was authorized by the CNMV in Spain. Through Bolsa Social, hundreds of individual investors have channeled 13 million euros to more than 45 companies with positive social impact in areas such as sustainable agriculture, responsible consumption, quality in education, access to culture, disability, access to water in disadvantaged populations, care for our elderly and dependents and sustainability in architecture, cities and fashion.

In 2020, together with International Financial Analysts (Afi), he launched Fondo Bolsa Social, an impact fund with 22 million euros that José leads. He is also a professor of Sustainable Finance at the Sorbonne University in Paris. He is a member of the Board of Directors of SpainNAB. Civil Administrator of the State on leave, he previously worked in national and European financial policy at the Public Treasury (Madrid), the European Commission (Brussels) and the European Securities and Markets Authority (ESMA, Paris).
Maria Echávarri

María Echávarri

Investment director

María Echávarri Toda (Madrid, 1986). Investment Director - 9 years working in the venture capital industry, the bulk at JME Ventures, where she has participated in the analysis of over 400 companies, helped close 35 deals and held board positions in several companies. She has achieved very attractive returns in JME’s first fund. With 3 exits from 16 investees, the fund obtained a DPI (Distributions to Paid in Capital Multiple) of 1.7x, well above the benchmark of its vintage (2012), with an average of 0.28x. In March 2020, she joined Fondo Bolsa Social as Investment Director, where she leads investments in social and environmental impact companies with high growth potential.

María holds a double degree in Business Administration and Management and Law from ICADE (E-3), Madrid, and is an Executive MBA 2018 from IESE Business School.

Eliel Stofenmacher​

Eliel Stofenmacher

Investment Associate

Eliel Stofenmacher Stisin has experience both as an entrepreneur (Aiden Technologies and Rewarded) and as an investor, after 2 years at Jazzya Investments (Martin Varsavsky's Family Office), analyzing and managing the private portfolio, as well as VAS Ventures, MVB Fund, and Myelin VC (+$300M AUM), investing agnostically in biotech, AI or mobility, among other verticals.

He joins the team driven by his commitment to investing not only in the most promising and innovative startups, but also in those that generate the most positive impact on the environment and society.

Eliel holds dual bachelor's degrees in Business Administration and Management, and International Relations from UFV (Madrid); MA in Humanities from UFV (Madrid), and Postgraduate Program in Leadership from the University of Notre Dame (Indiana). In addition, he has several international academic stays (Chicago, Jerusalem, Boston).


Laura Colina

Analyst - Impact Manager

Analyst and Impact Manager - She has 7 years of experience in the finance and social sector. She started her career as Finance Officer at the French NGO ACTED in Colombo (Sri Lanka), and then joined Moody's as an analyst, helping analyze companies in multiple sectors, and working in their offices in Colombo, London and Madrid. In 2018 she studied a Master in International Development Cooperation at ICADE and completed an internship at the social impact fund GAWA Capital and the NGO Ayuda en Acción. After completing her internship, she joined the global Responsible Banking team at Banco Santander. 

At Fondo Bolsa Social she supports in the identification, analysis and monitoring of investments and impact measurement.


Juan Maiso

Analista de Inversión

Juan Maiso Pablos (León, 1998) is graduated in Aerospace Engineering from the Polytechnic University of Madrid in 2021.

He began his professional career at Bip Consulting where he worked on business intelligence projects for Ferrovial. Later he joined Accenture, working on different projects for an international client in the aeronautical sector in which he performed tasks of project management, market analysis and implementation of improvements in the supply chain..

With a keen interest in the entrepreneurial ecosystem, he worked as an analyst at Dozen Investments, a startup investment platform where he carried out lead generation and analysis, as well as monitoring and reporting on more than 45 investees.

Since 2023 he has been part of the Fondo Bolsa Social team to focus his career on impact investing, where he works in the identification of the best impact startups, analyzing opportunities and providing support in the management of portfolio companies.