The Catalan ecosystem of emerging companies specialized in the health sector has achieved a new historic record in investment rounds. Funding raised through capital, grants and debt surged 60% year-on-year in 2025, reaching €378.2 million, with Catalonia.health member companies leading the main operations.
This is according to the ranking prepared by EXPANSIÓN in collaboration with the Biocat foundation, which includes the 20 largest operations closed by biotechnology, medical technology and digital health companies throughout the year. The top 20 operations also surpass the main rounds of 2022, a historic year for the Catalan biomedical sector, when the 20 largest rounds totaled €326 million.
SpliceBio Leads with a Historic Round
The biotechnology company specialized in gene therapies SpliceBio, a Catalonia.health member company, completed a €119 million round, the largest financing operation announced by a Spanish biotech. The company founded by Miquel Vila-Perelló welcomed Sanofi Ventures and Roche Ventures, the venture capital divisions of the French and Swiss pharmaceutical giants, as well as the EQT Life Sciences fund, into its capital with this expansion.
The resources have been allocated to the clinical development of its main program, SB-007, a treatment for Stargardt disease, a hereditary retinal disorder that causes progressive vision loss.
Other Notable Operations
Deepull, another of the sector's most promising firms and a Catalonia.health member, led the second-largest round of €50 million. It was led by Spanish firm Columbus Venture Partners and investment firms Panakès Partners and Mérieux Equity Partners. Existing investors such as We Venture Capital, Werfen's venture capital arm, and Asabys Partners also participated. In this case, the investment serves as a starting point for the clinical validation process and regulatory approval of the device to accelerate sepsis diagnosis.
Rounding out the top three operations is the home care platform for the elderly Qida. The firm raised €41 million, divided between a €37 million round led by Quadrille Capital and an additional €4 million in debt from CaixaBank's Venture Debt fund.
European Grants and Funding for Catalonia.health Members
Last year also saw the publication of the Med4Cure resolution, the first Important Project of Common European Interest aimed at supporting research in Europe. The program awarded grants to biotechnology companies Minoryx Therapeutics and Oryzon Genomics, both Catalonia.health members, which received €26.9 million and €13 million in grants respectively. Additionally, Oryzon raised nearly €9 million more in debt and other grant lines.
Minoryx, specialized in rare diseases, was the fourth company to raise the most funds, while Oryzon Genomics ranked sixth in the ranking.
Sector Trends
Venture capital continues to be the main source of resources for health companies, with approximately €300 million, representing 80% of the total. Nearly €50 million, or 13%, corresponds to grants and subsidies from public institutions.
By subsector, biotechnology companies regained leadership of the ranking in 2025, after medical technology companies drove investment in 2024. The increase in funding reflects growing investor appetite for the healthcare sector and the development of cutting-edge treatments and medical products.
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