Spanish venture capital firm Clave Capital has raised around €50 million for its new healthcare fund, which has a target of €65 million and a hard-cap of €80 million.
Clave Innohealth fund’s limited partners include CDTI, family offices, pharmaceutical laboratories, financial investors and health-focused academic institutions.


“There is currently an exciting opportunity to support the development of innovation in the healthcare sector in Spain while generating attractive financial returns,” Clave director of funds Santiago Lozano said in a statement.
The fund seeks to invest in around 30 companies, from early-stage to series A financing rounds, with initial contributions of between €500,000 and €1 million, with the possibility of follow-on investments reaching €2 million to €3 million per project.
“Clave Innohealth fund aims to be a reference in the healthcare sector at a national level, focusing its investment on innovative projects with the potential to be future market leaders both in Spain and internationally from their early stages,” Clave CEO José Javier Armendariz said in a statement.
Based in Pamplona, Spain, Clave manages more than €90 million in early-stage projects in areas such as health, nutrition and agrifood. The firm has about €170 million in assets under management.