CriteriaCaixa targets €300M for biotech and tech by 2030

Why it matters: The commitment creates a potentially significant new source of capital for early-stage European biotechs, particularly in Spain and Portugal, although CriteriaCaixa has not specified how much of the €300m will go to life sciences.

Zoom in: The capital will be deployed through Criteria Bio Ventures, which invests in biotechnology and health companies, and Criteria Venture Tech, which focuses on deeptech, artificial intelligence, cybersecurity and digital infrastructure.

• The new investment programme will be managed by Criteria Capital Risc, the renamed venture capital arm previously known as Caixa Capital Risc.
• Investments will primarily target Spain and Portugal, with selective investments elsewhere in Europe and North America. Spanish companies currently account for almost 70% of the value of Criteria Capital Risc’s portfolio.

Yes, but: “The investment volume for a vertical is not fixed; it will depend on the number of transactions that are assessed and approved, and the corresponding amounts, based on the attractiveness of the projects and how well they meet our investment criteria,” the company told European Biotechnology Magazine. CriteriaCaixa also confirmed that the €300m commitment is new and not part of a previously announced investment.

Backstory: Criteria Bio Ventures’ existing portfolio includes rare disease biotech Minoryx Therapeutics, immuno-oncology companies Adaptam Therapeutics and Cytospire, autoimmune disease specialist Aboleris Pharma, neurodegeneration-focused NRG Therapeutics and immune-aging company Tolerance Bio.

• CriteriaCaixa is the exclusive independent body that manages the assets of ‘la Caixa’ Foundation.
• The investment plan forms part of CriteriaCaixa’s broader 2030 strategy to expand its alternative assets while keeping them below 10% of the holding company’s gross asset value.