Venture capital lifts Catalan life sciences

BarcelonaWhen Valerie Vanhooren left Belgium for Barcelona, she found that everything was countryside. The founder and CEO ofOna Therapeutics, one of the start-ups biotechnology companies most highly valued in the Catalan ecosystem, recalls that "there was very little" upon their first landing in the State. A decade ago, Catalonia had an emerging network in the life sciences sector that was "unprofessional, with little money and little foreign talent." More than 10 years later, the Principality has broken its investment record in health companies, with 517 million euros in 2025, according to data from the Bioregion report prepared by Biocat; with venture capital as the main protagonist, after having dedicated 327 million euros to finance new projects. Research centers, entrepreneurs, and investment funds acknowledge that there are still shortcomings compared to other European regions, but the industry's engine has already more than revved up. "Now we can compete," states Vanhooren, in conversation with ARA.

One, precisely, was one of the first start-ups biotechnologicals when raising a round of a certain volume: in 2020, the company dedicated to developing treatments against cancer and metastasis received 30 million euros in a Series A led by a local fund, Asabys Partners. "It was an investment unlike any seen before, the largest Series A in Spain," recalls Cristina Horcajada, head of innovation at the Barcelona Biomedical Research Institute. Now, a movement of this volume is part of the norm in the sector. The same startup closed a Series B of 74 million euros in May. And even more: last year, the start-up of gene therapies SpliceBio broke all records with a round of 119 million euros.

Asabys' partner, Sylvain Sachot, is clear that the market increasingly demands the kind of solutions generated by biotech Catalans: "there are enormous unmet medical needs, and the industry has a critical need to innovate to continue growing." In fact, according to industry sources consulted, 2026 "looks very good" to break last year's investment record again. In the words of BStartup's investment director, Laurent Arens, the Barcelona business fabric is "far from hitting the ceiling." "We will see high-level rounds more regularly, and we are already doing some things better than the rest of Europe," he argues.

More muscle for capital

Several sector voices agree that venture capital was the first spark. According to the director of the Barcelona Science Park, Maria Terrades, the advent of investment funds specialized in biotechnology and health has "played a very important role" in the escalation of recent years. The life sciences sector is one in which "not just anyone can invest." "It's very risky, and requires extensive technical knowledge," observes the executive. In this regard, accelerators like Asabys itself, or Ysios, "have helped to greatly professionalize projects." Joël Jean-Mairet, managing partner at Ysios, emphasizes the importance of specialized venture capital in transforming research, both basic and applied, into products that can reach the patient. "The pending issue has always been transfer, and here capital is extremely important: you have to speak the language of scientists, and help them plan," he reasons.

The ecosystem players see a collective path to compete internationally. First, from home: "before, funds invested alone, in smaller things; but now they co-invest and see new strengths," reflects Terrades. Furthermore, Vanhooren indicates that Barcelona-based funds are "well connected internationally," and are capable of attracting leaders for rounds from outside the State. The Series B of SpliceBio, in fact, was co-led by Sanofi Ventures and EQT Life Sciences; while at the forefront of Ona, the French firm Mérieux Equity also appeared. Sachot attributes the merit of this attractiveness beyond Spanish borders to the projects of local technological entrepreneurs: "Capital does not arrive by chance, it arrives when the most demanding investors in the world decide to invest here. It shows that the potential of the companies is very great".

However, the sector points out that volumes have not yet reached the level of neighboring countries with technological environments "at a higher level of maturity". Large Spanish venture capital funds operate between 100 and 200 million euros. Looking towards Europe, the sector record is held by the French Jeito Capital, which closed a 1 billion euro fund in April dedicated to therapeutic innovations; and it has about 1.6 billion assets under management. In parallel, others like Sofinnova or Medicxi have recently raised funds of 650 and 500 million, respectively. Beyond capital, the CEO of SpliceBio, Miquel Vila-Perelló, sees reputational advantages in an investment structure of this caliber: "a fund of 1 billion does not only bring money, but also a multitude of contacts. It would help a lot to have one".

"More success stories"

Abundant rounds are accumulating in recent years in Barcelona. The healthtech Inbrain Neuroelectronics announced this year that it is opening a 100 million euro round that it expects to close during the year; and the country's main research centers assure, without naming names, that there are spin-off companies working on significant amounts to accelerate their funding. Vila-Perelló maintains, however, that Barcelona is at the "beginning of the wheel" of investor success. Very significant funding volumes are being achieved; but "in Boston, Series B of 120 million are seen every week." "It's part of the cycle: there need to be more investment opportunities, and projects that need more capital," opines the entrepreneur.

According to Vanhooren, the country needs economic victories to reach the next level, also in terms of fund volume. "We need there to be good exits, or good licensing agreements" that leave money in the coffers of the venture capital that has invested in local start-ups. For Joël Jean-Mairet, the same growth rate of the sector brings "liquidity events" like these closer: companies are advancing in their clinical studies, and are approaching the leap to the market; or are being bought by established pharmaceutical companies that "seek to acquire assets without the initial risk." Thus, recalls Vila-Perelló, is how other ecosystems have grown. "In the US, or in Benelux, this cycle has been repeated many times. Here, we are starting it," he indicates. Sales and licenses, moreover, activate more intense investor cycles, because venture capital sees returns and has room to dedicate more capital.