Muxunav closes a €400,000 funding round with Sodena, Elkargi and BBVA

As the company pointed out this Tuesday, the round will allow it to «boost its technological development and strengthen its capacity for expansion». The support of the public company Sodena in this funding round amounts to €150,000, after it had already granted guarantees for a total of €280,000 in 2017 and 2020.

From left to right, Gorka Azpiroz and Antonio Torres, managing director and founder of Muxunav respectively.

Muxunav, an engineering firm specialising in the development of digital payment systems, has successfully closed a funding round of €400,000. Specifically, the operation has the backing of three institutions: Sodena, Elkargi and BBVA. The funding round will allow Muxunav to «consolidate its position in the market, boost its technological development and strengthen its capacity for expansion».

In addition, this milestone has also been made possible thanks to the participation of EIKA, a cooperative belonging to Corporación Mondragon and a shareholder in the firm since 2022. «This financial backing represents a fundamental boost for Muxunav’s growth and for the evolution of our technological solutions. It allows us to keep investing in innovation and continuous improvement in the unattended payment sector, guaranteeing our customers safer and more efficient technologies», said Antonio Torres, CEO and founder of the Navarre company.

For Sodena, this is a «new bet on the Navarre company», to which it had already granted, back in 2017 and 2020, guarantees for a total of €280,000 to finance the development of a project that led to job creation. In this funding round, Sodena’s support amounts to €150,000 through an ordinary loan.

GROWTH

Muxunav, located in Noáin, currently employs a workforce of fifteen people, ten more than five years ago. «Generating quality employment, diversifying sectors and markets, internationalisation and being part of Navarre’s socioeconomic ecosystem, its growth and well-being, are some of our strategic pillars», said the managing director, Gorka Azpiroz.

Since 2021, Muxunav has experienced continuous growth, increasing its turnover from €88,000 to €1.1 million in 2024. It has also expanded its national presence and begun its entry into international markets with the aim of reaching 56 countries together with the multinational Onnera Group.

In this respect, the Navarre company also takes part in the Navarre Internationalisation Plan (PIN) of the Government of Navarre and is an approved supplier of the IRIS Hub, as well as being a member of the Chamber of Commerce Club.