This is the second fund that the firm has closed within this investment strategy, following the success of the first one in 2020, and once again achieving a return of over 4 times the initial investment.
The fund’s returns have been generated through a broad range of operations across different subsectors within the biomedical field. Among the main success stories are investments in Apta Targets, Palo Biofarma, and Avizorex, whose technologies were licensed or sold to multinational companies such as Merck, Novartis, and Alcon, respectively.
A particularly notable case is Avizorex, whose innovation culminated in marketing authorization in the U.S. by Alcon, a world leader in ophthalmology. This milestone makes Avizorex the first company in Spain, backed by venture capital, to complete the full drug development cycle. The payments associated with this regulatory milestone have enabled the formal closure of the fund.
Other successful exits of the fund include the sale of stakes in Reva Health and Zera, as well as the IPO and subsequent divestment of Edesa Biotech (Nasdaq) and Atrys Health (Mercado Continuo).
Established in 2013, Inveready Innvierte Biotech II has invested in a total of 22 companies in the life sciences sector, allocating 94% of its capital to Spanish companies. Additionally, 47% of the fund has been focused on drug development, complemented by investments in segments such as OTC, medical services, and digital health.
The fund has been supported by institutions such as CDTI Innvierte, Sodena - Sociedad de Desarrollo de Navarra, IVF - Institut Valencià de Finances, ICF - Institut Català de Finances, as well as private investors, industrial partners, and family offices, totaling 50 investors.
Beyond financial performance, the fund has had a significant impact on the health innovation ecosystem. The companies backed by Inveready Innvierte Biotech II—all in early stages at the time of investment—have generated over 2,500 direct jobs, with women representing 57% of their workforce.
Moreover, during the life of the fund, these companies have mobilized over €500 million in additional investment, of which more than €200 million has been dedicated to R&D activities. This investment effort has translated into tangible results: 29 financed clinical trials, creation of more than 50 patent families, and the market introduction of new disruptive technological products.
All of the above has allowed the fund to return 4.3 times the invested capital to its shareholders. This is already the fourth venture capital fund divested by the firm, all with markedly positive results.
The management team of Inveready Innvierte Biotech II has been led by Sara Secall, Roger Piqué, and Josep Maria Echarri.
About Inveready
Inveready is a leading firm specialized in asset management. Founded in 2008, Inveready has evolved into one of the most active investment firms in the small and medium-sized enterprise segment in Spain, currently managing over €2.2 billion.
With more than 60 employees, Inveready is headquartered in San Sebastián and has offices in Madrid and Barcelona. It has been recognized as ‘Best Venture Capital Firm’ in 2017 by SpainCap and as ‘Best European Venture Debt Fund’ in 2023 by Preqin, among others.
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