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Spanish biotech companies collect €24.8 million in the third quarter

The Spanish companies backed by EIT Health concentrate the majority of financing ahead of the innovative companies in the sector from France and Germany. The Spanish companies collected $29 million (€24.8 million) in the third quarter. The French companies Gleamer, inHeart, VitaDX and SideRos have raised a total of $17.7 million (€15.2 million) in the period between July and September.

Eva Wesley

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Spain leads in fundraising ahead of France and Germany, according to EIT Health, a European consortium that supports the health sciences sector. Of the 19 emerging companies that have received support from EIT Health and have attracted external investment of at least $1.17 million (€1 million) in the third quarter of 2020, six are Spanish. 

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Spanish health startups have captured more than a third of the funding achieved by emerging companies in Europe

EIT Health is a consortium of more than 140 companies, universities and research centers from fourteen European countries with the aim of becoming an initiative committed to innovation in health. Quibim, Apta Targets, Arthex Biotech, Admit Therapeutics, Genomcore and Methinks have raised a total of $29 million (€24.8 million). 

Spanish startups have attracted more than a third of the total funding achieved by the 19 innovative companies in the health sector supported by the European consortium. Spain becomes the country that has collected a greater amount and with a greater number of startups ahead of France and Germany in the third quarter. 

How much did biotech companies from other countries raised in the third quarter

The French companies Gleamer, inHeart, VitaDX and SideRos have raised a total of $17.7 million (€15.2 million) in the period between July and September. For its part, the German company Tubulis has been the main source of income for all the companies, having earned $12.5 million (€10.7 million). 

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However, it is the only German startup supported by EIT Health which has raised more than $1.17 million (€1 million) in the third quarter. After Germany and with only one operation, there are Switzerland and Ireland. The Alpine company Hemotune AG has raised $5.54 million (€4.75 million), while the Irish company Venari has raised $5.25 million (€4.5 million). The German startup Tubulis has had the highest turnover in the third quarter, after raising $12.5 million (€10.7 million). 

For its part, the Swedish companies Developeration AB and OnDosis have raised $3.44 million (€2.95 million) and $3.35 million (€2.87 million), respectively. These companies are followed by the Polish company UVera and the Dutch company Plasmacure, which have each raised $2.9 million (€2.5 million) each. In last place are the Italian company Restorative Neurotechnologies and the Belgian company DEO, which have raised $1.17 million (€1 million) each. 

The general manager of VP Venture Partners, Valentin Piëch, explained that “investment activity has improved considerably since the summer and financing rounds are being closed again.” Kurt Höller, Director of Business Creation at EIT Health, said that “it is encouraging to see the results of the third quarter still with the pandemic.”

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(Featured image by Edward Jenner via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.