Investment in Catalan health start-ups reaches second highest figure in history
The sector raises 347 million euros, mainly through investment funds, thanks to the arrival of international firms
BarcelonaThe Start-ups Catalan health authorities have recovered the positive trend after the fall of the previous year. They have raised 347 million euros, the second best figure in history and an increase of 55% compared to 2023. This is the main conclusion that emerges from theReport of the BioRegion of Catalonia 2024, the benchmark study in the life and health sciences sector in the Principality, presented this Monday in Barcelona.
The growth in investment is mainly the result of three large operations that have accounted for nearly 70% of the total: the orthodontic company Impress, with a second round of 110 million euros; the pioneering company in biotechnological solutions Inbrain Neuroelectronics, with 46.2 million euros; and the foodtech Ivy, with 40 million euros.
Venture capital
Venture capital, which refers to temporary private investments in companies in the growth phase, has remained the main source of investment in Start-ups and scale-ups, with nearly 278 million euros (80% of the total). The growth compared to the previous year is explained by the recovery of interest from international investment firms, which now total more than 150 companies, mainly from Europe and the United States. The second source of financing was competitive aid with more than 55 million euros (16.25%).
The negative note of the report is the fall in the creation of start-ups. The downward trend has continued since 2021. Robert Fabregat, CEO of Biocat, explained, during the presentation of the report to the media, that "there is currently a difficult international context for raising investment that makes the life of projects difficult."
Medical technology upsurge
By sector, the report highlights the rise of medical technology companies, with 176 million euros, 51% of the total. This is mainly explained by the Impress investment round. In second place, with 42% of the investment, is the biotechnology sector, with 143 million euros and slight growth compared to the previous year. The remaining 7% of the investment is from the healthcare sector. digital health, with 24 million euros and a drop of 40% compared to 2023. This sector reached an all-time high last year, but has also suffered a downturn this year internationally.
Sector maturity
The life sciences and healthcare ecosystem represents 7.6% of Catalonia's GDP and brings together more than 1,500 companies, of which 90% are small and medium-sized enterprises (SMEs). The Principality exports more than 40% and imports more than 32% of the State's life sciences and healthcare products. It is the second autonomous community with the highest volume of foreign trade in this area.
The sector employs more than 280,000 people in Catalonia (7.3% of the employed population) and is in third position in terms of added value (VAB). The turnover in 2024 was 47 billion euros. "The sector continues to grow, which is reflected in the positive evolution of many of the indicators," explained Fabregat.
In addition, Catalonia is consolidating itself as one of the hubs of innovation in health in Europe, with the arrival of international innovation centers and global multinationals, mainly in the metropolitan area of Barcelona, where 23 new ones have been installed hubs in recent years. "Barcelona is one of the main destinations for tourists start-ups. We are attractive in terms of costs and living conditions," Fabregat explained. AstraZeneca has once again led, for the second consecutive year, the attraction of foreign direct investment and the creation of new jobs.
Growth in clinical trials
Catalonia is among the 10 countries in the world with the most participation in clinical trials, occupying the fifth position in Europe, only behind France, Italy, Spain – where Catalan centres participate in more than 87% of the active trials in the State – and the United Kingdom. On a global scale, it is in eighth place, with the United States and China in the lead. In Catalonia, 5,368 clinical trials were carried out in 2024, 78% commercial and 22% non-commercial.
In terms of clinical areas, there was strong growth in trials on metabolic diseases, mental health and haematology, while oncology remains the main area of research, representing 32% of the total, together with studies on the immune and respiratory systems. The pharmaceutical industry is the main driver of this activity, driving almost 80% of active clinical trials in Catalonia.
