The Ministry of Economy, Trade and Business announces a $200 million investment fund to boost Spanish biotechnology in the United States

On April 14, the Minister of Economy, Trade and Business, Carlos Cuerpo, announced the launch of a pioneering fund aimed at helping Spanish companies grow and integrate into the Boston (United States) ecosystem, one of the world’s leading innovation hubs. The announcement took place within the framework of the Spain–United States Business Meeting in Boston organized by ICEX.

The event, in which AseBio participated, brought together 40 Spanish companies and nearly 200 U.S. companies. It was also attended by the Governor of Massachusetts, Maura Healey, and the Mayor of Boston, Michelle Wu.

This venture capital fund will have an initial target size of $200 million and will be led by Richi Foundation and Dreavent, entities created and run by two Spanish entrepreneurs. The Government of Spain will act as an anchor institutional partner, with a planned investment commitment of $57 million, alongside additional partners, to support the development and international scaling of Spanish biotech companies and help turn their science into globally impactful therapies.

“The new fund is tangible proof of Spain and the United States’ commitment to strengthening our relationship. We are taking another step to reinforce the transatlantic bond and continue promoting prosperity in both countries,” said the minister. “We have a unique opportunity to combine Spain’s scientific leadership and research excellence with one of the world’s leading hubs for biomedical innovation capital and infrastructure.”

According to data published by the Ministry of Economy, Trade and Business, the Boston–Cambridge area attracted more than $7.6 billion in venture capital for its biotechnology sector in 2023—more than all of Europe combined. It is also the region with the highest number of international patents in biotechnology and medical technology worldwide.

In this context, Spain ranks first in the European Union in clinical trial activity, with more than 1,000 active biotechnology companies. Despite being at the forefront of research, 88% of companies’ pipelines remain in the preclinical stage, and companies face challenges in advancing their developments through clinical stages to reach patients.

The fund aims to bridge this gap in the Spanish innovation ecosystem by integrating Spanish companies into Boston’s advanced clinical infrastructure and innovative capital environment.

The fund will follow a dual strategy, investing both in U.S. biotech companies in advanced clinical stages and in early-stage Spanish companies. This initiative will help Spanish biotech firms grow in Boston and become global leaders—while retaining intellectual property in Spain at all times.

With just seven million inhabitants and a GDP larger than Argentina’s, the state of Massachusetts accounts for nearly one-third of all biotechnology venture capital investment in the United States and hosts more than 120 universities, as well as more Nobel Prize winners per capita than almost any other region in the world.

From AseBio, we highly value the announcement of this new instrument, which represents an important step in supporting Spanish biotech companies in their internationalization process in the United States, with a particular focus on Boston—one of the world’s leading biotech hubs and a unique, dynamic ecosystem. We also consider the announcement of a new Spanish Economic and Commercial Office in Boston, made during the same event, especially positive, as it will strengthen Spain’s institutional and business presence in this strategic market and boost the international projection of our companies.

We would also like to acknowledge the work of ICEX España Exportación e Inversiones for the success of the meeting and for its ongoing support in promoting the growth and international positioning of Spanish biotechnology.