CriteriaCaixa, the holding company that manages the business assets of the ”la Caixa” Banking Foundation, has agreed to relaunch its startup investment business to support the growth of high-potential science- and technology-based startups.
Through its two funds, Criteria Bio Ventures and Criteria Venture Tech, it aims to reach €300 million in investments in innovative companies at their early stages of development, with the objective of supporting breakthrough therapies and transformative technologies capable of generating a positive impact on society while prioritizing long-term value creation. Investments will focus primarily on Spain and Portugal, and selectively on Europe and North America.
Currently, nearly 70% of the portfolio's value corresponds to investments in Spain, reflecting the firm's strong commitment to the development of the country's business fabric and innovation ecosystem.
As part of its 2030 Strategic Plan, CriteriaCaixa has also decided to rename the venture capital management company that oversees both funds to better reflect the company's current positioning.
Caixa Capital Risc—founded in 2002 within ”la Caixa” and a wholly owned subsidiary of CriteriaCaixa since 2013—will now operate under the name Criteria Capital Risc, reinforcing its position as CriteriaCaixa's venture capital investment arm. The rebranding will not entail any changes to the firm's structure or portfolio. Criteria Capital Risc has been one of the leading venture capital investors in the Iberian Peninsula for more than 20 years.
Through its two specialized investment vehicles, Criteria Capital Risc actively manages its portfolio by participating in the governance bodies of its portfolio companies and focusing on value creation. The firm provides strategic support, specialized expertise, financial strength, and privileged access to companies as well as to leading domestic and international venture capital and private equity firms.
Alternative Investments Portfolio
Criteria Capital Risc and its two investment funds form part of CriteriaCaixa's Alternative Investments Portfolio. This portfolio is designed to diversify the Foundation Portfolio (CaixaBank) and the Strategic Investments Portfolio (other listed companies) through three asset classes: venture capital, scalable companies, and real estate assets.
For operational reasons, the Alternative Investments Portfolio is managed through three wholly owned subsidiaries of CriteriaCaixa. The first is Criteria Capital Risc; the second is Criteria PE Management, a recently established management company dedicated to investing in medium-sized private companies through third-party funds; and the third is InmoCaixa, which manages the holding company's real estate business.
In line with the 2030 Strategic Plan, the gross value of the Alternative Investments Portfolio (Criteria Capital Risc + Criteria PE Management + InmoCaixa) is capped at 10% of CriteriaCaixa's total Gross Asset Value (GAV).
Investing in biotechnology and healthcare startups
Criteria Bio Ventures is Criteria Capital Risc's investment fund dedicated to biotechnology and healthcare.
Its mission is to identify, finance and support innovative companies developing new therapies with the potential to transform the treatment of diseases and improve people's lives.
The fund invests in companies with strong scientific foundations, highly qualified teams and clear scalability and impact potential. It seeks to partner with entrepreneurs developing disruptive therapeutic approaches that address unmet medical needs and have the potential to become new treatment solutions.
Criteria Bio Ventures works closely with portfolio companies to help them achieve key development milestones, strengthen their growth strategies and maximize the value of their innovations.
Through its investments, the fund aims to contribute to the development of an innovative business ecosystem capable of transforming scientific excellence into solutions that reach patients while generating sustainable economic and social impact.
Current portfolio companies include Minoryx Therapeutics (developing therapies for rare diseases such as adrenoleukodystrophy and Rett syndrome) and Adaptam Therapeutics (immuno-oncology), where it was the first and lead investor in both cases; Aboleris Pharma (autoimmune diseases such as rheumatoid arthritis); NRG Therapeutics (developing therapies for neurodegenerative diseases including ALS and Parkinson's disease); Tolerance Bio (focused on therapies designed to reverse immune system ageing); and Cytospire (immuno-oncology), among others.
Investing in technology startups
Criteria Venture Tech is Criteria Capital Risc's investment fund focused on technology, with a particular emphasis on deep tech and key sectors such as artificial intelligence, cybersecurity, and software and data infrastructure.
Through its investments, the fund aims to foster the development of a strong technology ecosystem while helping attract, develop and retain high-value talent.
It invests in technology startups from the earliest stages (pre-seed and seed), pursuing a strategy of acting as lead or co-lead investor. It also has the capacity to continue supporting its strongest portfolio companies through later-stage growth rounds. This approach enables the fund to play an active role in the development of companies from their earliest stages while helping to structure investment rounds alongside leading investors.
Criteria Venture Tech invests with the ambition of helping its portfolio companies become global leaders, contributing to positioning European-developed deep tech at the forefront of international innovation.
Its current portfolio includes Ipronics (programmable photonic chips for AI), Immfly (an onboard digital commerce and entertainment platform), KD (advanced optical connectivity chips), and Barbara (industrial IoT software), among others.
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