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


Nuestro impacto en 2022

Conoce en detalle nuestro modelo de medición y gestión del impacto, los retos a los que nos dirigimos y el impacto de cada una de las empresas de nuestra cartera durante el año 2022.


José Moncada

Managing Director

María Echávarri

Investment director

Cristina Guzmán

Investment Analyst

Laura Colina

Associated and head of impact

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

Jose Moncada. CEO - Founder of Bolsa Social. Since 2015, he has led 32 social impact investment operations through the Bolsa Social Platform in companies in sustainable agriculture, responsible consumption, quality in education, access to culture, disability, circular economy, access to water in disadvantaged populations, care for the elderly and dependents, sustainability in architecture, cities, fashion and integration of groups at risk, among which there are 3 exits with an IRR of 42% (Utopic_US, multiple of 1.81x), 45% (Nostoc, multiple of 2.68x) and 5% (Auara, multiple of 1.28x). He is also a member of the Board of Directors of SpainNab and Professor of Sustainable Finance at the Sorbonne University in Paris.

In 2020 it launches with Analistas Financieros Internacionales (Afi) a social impact fund with a target of 25 million euros, which José directs. He is also a professor of EU Financial Markets at the Sorbonne University in Paris and Civil Administrator of the State on leave of absence. Previously, he worked on national and European financial policy at the Public Treasury (Madrid), the European Commission (Brussels) and the European Securities and Markets Authority (ESMA, Paris).

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.

Cristina Guzmán

Investment Analyst

Cristina Guzmán. She holds a Bachelor’s in economics and journalism and has worked for 3 years as a credit risk analyst at Triodos Bank and as an investment analyst at Triodos Investment Management in Utretch. She has experience in analysis of companies and startups focused on financial inclusion in Latin America, valuation of equity and debt instruments, data analysis, sustainability metrics and innovative business models and frameworks (Fintech, Insurtech). She has generated dealflow, managed a portfolio of companies and performed on-site due diligence. She has also participated in innovation and technical assistance projects.

He has generated dealflow, managing a portfolio of companies and performing on-site due diligence. It has also participated in innovation and technical assistance projects.

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.