The Spanish government has announced a goal to raise a $200 million venture capital fund as part of a biotech initiative focused on Boston.
The partnership aims to “build bridges” with the Boston biotech sector and give Spanish drug developers access to Boston’s world-class life science infrastructure, according to a video posted to LinkedIn by Carlos Cuerpo, Spain’s minister of economy, trade and business.
Though still the epicenter of the U.S.’ life sciences scene, Boston biotechs have been struggling with layoffs and high real estate costs amid a loss of federal funding. According to the Boston Business Journal, 4,600 workers lost their jobs at Massachusetts life sciences companies in 2025, while a January 2026 CBRE report on the Boston area life science real estate market found vacancies had climbed to an all-time high of 28%.
Cuerpo said the Spain-Boston fund will be available to eligible private investors and supported by Spain with around $57 million. The initial target size of the fund is $200 million.
“We see this initiative as a unique opportunity to make the most of existing complementarities and build bridges between our two ecosystems,” Cuerpo said in the video. “We will be supporting the integration and scaling of high-potential Spanish life sciences companies within the Boston ecosystem, seeking to contribute to innovation, job creation and, of course, long-term bilateral economic development.”
The collaboration is designed to bring Spanish research and clinical trial activity to Boston’s medical infrastructure, as well as develop joint research co-investment.
The Boston Herald reported that the initiative includes the establishment of an Economic and Trade Commission in the city, the eighth such office Spain has opened in the U.S.
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In contrast to Boston’s economic struggles, Spain’s economy has been outperforming its peers of late. Reuters reported that Spain’s economy grew 2.8% last year, far outpacing its European neighbors. The Spanish government was recently a lead investor in homegrown biotech Oncomatryx, which raised $67 million in a series B funding round to support the clinical development of its antibody-drug conjugates.
The Boston partnership will aim to continue to grow the Spanish economy and perhaps expand into other industries, Cuerpo said. “We are determined to make the most of this initiative and of the huge potential for collaboration beyond biotech.”
