CriteriaCaixa launches €300M fund for biotech and deeptech in Iberia

What happened?

CriteriaCaixa, the holding company that manages the business assets of the 'la Caixa' Foundation, has announced a restructuring of its startup investment business. The company has renamed its venture capital manager as Criteria Capital Risc and launched two specialized funds: Criteria Bio Ventures (focused on biotechnology and health) and Criteria Venture Tech (oriented toward deep tech, including artificial intelligence, cybersecurity, and semiconductors). The total endowment amounts to €300 million (about $343 million).

According to the official note, the funds will primarily target early-stage companies in Spain and Portugal, although they will also consider selective opportunities in Europe and North America. Nearly 70% of the current portfolio value corresponds to investments in Spain.

Context and relevance

CriteriaCaixa is not a new player in the ecosystem: its predecessor, Caixa Capital Risc, was founded in 2002 and has backed companies such as Biorce (AI-driven clinical trials), Gate2Brain (brain tumors), NeuralTrust (security for AI agents), Zepo Intelligence (cybersecurity), 8Layers (cybersecurity), and Openchip (semiconductors). However, the rebranding and creation of thematic funds indicate a strategic shift toward greater specialization and capital commitment.

The decision comes amid growing investment in biotech and deeptech in the Iberian Peninsula. According to EU-Startups data, in 2026 alone, approximately $321.5 million in funding has been identified for startups in these sectors, of which $198.3 million corresponds to Spanish companies. This figure reflects a booming ecosystem, with startups like Biorce (which raised €43.8 million in Series A to accelerate AI-driven clinical trials), Gate2Brain (€7 million for its brain tumor candidate), NeuralTrust (€17.2 million for AI agent security), Zepo Intelligence (€12.8 million against AI-powered cyber threats), 8Layers (€2.5 million in cybersecurity), and Openchip (€115 million from the SETT fund for semiconductors).

Historically, CriteriaCaixa has been a patient, long-term investor, in line with the philosophy of its parent, the 'la Caixa' Foundation. Its gross asset value (GAV) reached €45 billion in 2025, giving it a capital deployment capacity far superior to most European venture capital firms. The launch of these thematic funds is not an isolated move but part of a global trend where institutional investors seek direct exposure to disruptive technologies, similar to what funds like the European Innovation Council (EIC) or corporations like SoftBank with its Vision Fund have done, but on a regional scale.

"Promoting transformative therapies and technologies that have a positive impact on society, prioritizing long-term value creation." — CriteriaCaixa

Impact and consequences

The injection of €300 million represents a significant boost for the Iberian science and technology ecosystem. In biotechnology, Criteria Bio Ventures could accelerate the development of innovative therapies and clinical trials, while Criteria Venture Tech would strengthen areas such as cybersecurity, AI, and semiconductors, critical sectors for European strategic autonomy. This move comes at a time when the European Union seeks to reduce its dependence on foreign technologies, especially in semiconductors (with the Chips Act) and AI (with the AI Act).

For startups, having an institutional investor of CriteriaCaixa's stature brings not only capital but also credibility and access to networks. Active participation on boards of directors suggests a long-term approach, consistent with the foundation's philosophy. Additionally, the connection with the CaixaBank group (banking) and investees such as Naturgy (energy) and Telefónica (telecommunications) could open doors to strategic collaborations, commercial pilots, and distribution channels. For example, a cybersecurity startup could integrate its solutions into Telefónica's infrastructure, or a biotech could collaborate with hospitals in the Foundation's healthcare network.

At the macro level, this operation reinforces the position of Spain and Portugal as deep tech innovation hubs, competing with more mature ecosystems like Israel or the United States. However, success will depend on the funds' ability to identify promising startups and retain talent in the region. Compared to other European funds, such as French Tech Souveraineté (which mobilized €500 million for deep tech in France) or the German DeepTech & Climate Fonds (with €1 billion), CriteriaCaixa bets on a more selective approach concentrated in Iberia, which could generate a greater relative impact on the local ecosystem.

Nevertheless, the risk remains high. In biotech, development cycles are long (often over 10 years) and clinical trial failure rates exceed 90%. In deep tech, commercializing technologies like semiconductors or AI requires capital-intensive investments and specialized talent. CriteriaCaixa will need to carefully manage its portfolio to avoid excessive concentrations in volatile sectors.

What should readers know?

Entrepreneurs in the biotech and deeptech sectors in Iberia now have a new source of early-stage funding. Interested startups should prepare for a rigorous selection process, as Criteria Capital Risc seeks investments with potential for social impact and long-term returns. Caixa Capital Risc's previous experience in investments like Biorce or Openchip suggests that the fund values both scientific soundness and business model. Moreover, CriteriaCaixa's presence in sectors such as banking (CaixaBank) and energy (Naturgy, Telefónica) could open doors to strategic collaborations.

From an investor's perspective, this move signals that European institutional capital is betting heavily on science and technology as growth drivers. The combination of a holding with €45 billion in assets and a focus on early stages is unusual in Europe, where most large investors prefer later stages. This could inspire other foundations and family offices to follow suit. However, the risk remains high, especially in biotech, where development cycles are long and failure rates high. Investors should closely monitor the performance of Criteria Capital Risc as an indicator of this model's viability.

In conclusion, the launch of Criteria Bio Ventures and Criteria Venture Tech represents a milestone for the Iberian entrepreneurial ecosystem. With €300 million, CriteriaCaixa not only provides capital but also a network and reputation that can catalyze the growth of startups in strategic sectors. Time will tell whether this bet on early specialization translates into expected returns and tangible social impact.