Investment vehicles

Inveready currently operates through 4 differentiated verticals: Digital Technology, Health & Life Sciences Venture Debt and Quoted Companies in Growth Markets and has invested, since 2008, in more than 110 companies.

Digital Technology

Geography: Spain & Portugal
Tickets: €200.000 to €1.5M
Thesis: We invest in well-rounded teams that have developed disruptive technologies and innovative and scalable business models that have a validated product in the market. We invest across the digital enterprise stack – cloud infrastructure, cybersecurity, Big Data & Analytics, SaaS,  among others – as well as B2C opportunities in large markets.

We call our Digital Technology funds, “Inveready First.” We aim to be the first institutional investor in a company, and we strive to support our portfolio companies to their Series A. 

The Digital Technology vehicle invests in seed companies throughout 4 Venture Capital Society funds:

– Generation 1:
Inveready Seed Capital S.C.R. S.A. is Inveready’s very first fund for seed companies investing in biotechnology, information technology, and telecommunications companies and raised in 2008, €15.5M. Inveready First Capital I S.C.R. S.A. raised, in 2010, a total of €4,7M investing in information technology and telecommunications.

– Generation 2:
Inveready First Capital II S.C.R. S.A. raised a total of €20M in 2014.

– Generation 3:
Inveready First Capital III S.C.R. S.A. and Inveready First Capital III Parallel F.C.R. are two funds that invest in parallel and have raised €54M in 2018.

Discover our digital tech companies here
Life Sciences

Geography: Spain-lead Investor, ROW part of a syndicate led by a local VC
Tickets: €300.000 to €2M
Thesis: Seed & Series A. Inveready Biotech III is a €30M fund, raised in 2018.  We invest in Drug Development companies that have an in vivo efficacy proof of concept and initial toxicology.  We also invest in Enabling Technologies (Bioprocessing, Digital Health) and Consumer Health.

The Life Science Vehicle invests in seed companies throughout 3 Venture Capital Society funds:

– Generation 1:
Inveready Seed Capital S.C.R. S.A. Inveready’s very first fund for seed companies raised €16,5M investing in biotechnology, information technology, and telecommunications companies raised €15,5M.

– Generation 2:
Inveready Biotech II S.C.R. S.A., the first exclusive biotech fund, raised €17M in 2012.

– Generation 3:
Inveready Biotech III S.C.R. S.A. and Inveready Biotech III Parallel S.C.R. S.A. are two funds that invest in parallel and have raised €30M in 2018.

Discover our life sciences companies here
Quoted Companies in Alternative Markets

Geography: Continental Europe
Tickets: €1M to €4M
Fund size: €40M
Thesis: Investing trough hybrid equity structures in quoted small caps listed in European alternative growth markets such as the Euronext Growth, MAB, AIM, NewConnect, or Nasdaq First North, among others.

The fund seeks to invest in growing companies that need a partner to finance potential M&A transactions, to attend to CAPEX expansion plans, develop new products, or to expand the Company to new geographies. The vehicle invests in companies engaged in a wide range of industries, but will have a particular focus on technology, renewable energy, telecommunications, and health care across the fund:

Inveready Convertible Finance Capital F.C.R. raised €40M in 2017.

Discover our portfolio companies here
Venture Debt

Geography: Europe
Initial investments from €0,3M to €3M. The financing can be divided into tranches.
Thesis: We invest from seed to Series A-B companies that have a sustainable credit profile and have an essential equity-upside. We generally co-invest alongside other equity funds to lever the upside of the transaction but are also open to financing companies standalone.

We perform Venture Debt transactions in companies with annualized revenues above €1 mm, which have a sustainable credit profile and have an essential equity-upside.

Since 2012 it has closed more than 40 transactions in high growth, innovative companies that have benefited from the reduced dilution that Venture Debt offers by combining debt with equity remuneration. We generally back portfolio companies of leading local VCs but are open to finance standalone projects where their founders and initial business angels still retain 100% of the equity ownership. We are sector agnostic, being exceptionally comfortable with recurring revenues and attractive Long Term LTV/CACs ratios.

Inveready Venture Debt is the only Venture Debt fund based in Spain investing throughout three funds:

– Vintage 1:
Inveready Venture Finance I S.C.R. Pyme S.A. raised €11,2M, in 2012.

– Vintage 2:
Inveready Venture Finance II S.C.R. Pyme S.A. raised €23M in 2016.

– Vintage 3:
Inveready Venture Finance III S.C.R. Pyme S.A. raised €50M in 2019.

Discover our portfolio companies here
GAEA

Geography: Iberia
Tickets: €1M to €15M
The financing can be structured as equity or debt, or a combination of both depending on each transaction’s characteristics.

Private Equity fund that invests in stable companies with long track records of growth and profitability and that are looking for financing for geographic or product expansion, M&A, or shareholder renewal.
The fund offers a flexible investment strategy adapting to the needs of each of the stakeholders in each transaction: company, shareholders, and potential partners.

Discover GAEA's portfolio companies here
Other Funds Under Management

Inveready Evergreen S.C.R. S.A.
Inveready group’s Investment Company for the acquisition and holding of any financial or real estate assets, including interest in Venture Capital Entities.

Easo Ventures S.C.R. S.A.
Venture Capital Company, based in the Basque Country, EASO invests in seed-phase companies that, regardless of the sector, show high growth and capital appreciation potential.

Tax Lease for Investors

Geography: Spain
Tickets: €100,000 to € 1M
Thesis: Inveready has been a pioneer since 2010 in the design and execution of co-financing instruments. Inveready allowed companies in the Biotech Sector to obtain additional financing for their R & D projects as well as participating Investors by becoming tax holders of the incentives generated by Biotech companies during the collaboration period.

It is an investment opportunity with high returns in a short time, based on transparent legislation and regardless of the success of the R & D Project. Interested investors must have positive tax bases in the current year to take advantage of the proposed tax incentive.

Through a structure based on Economic Interest Groupings (AIEs), investors receive tax incentives consisting of tax deductions for R & D and negative tax bases in their Corporate Tax in proportion to the capital invested in the IEA.

The structure is based on third party legal opinions and a binding consultation with the Treasury, as well as with an external certification scheme for the assumed R & D expenses.

Access to certified R & D projects, clearly defined quantitatively and temporarily, coming from a selection of companies supported by venture capital and with previous certification experience, in a single financial instrument, which allows diversifying the risk.

The investor co-finances R & D projects in the biotechnology sector, mainly applied to human health.

In the last three years, Inveready has mobilized more than 30M € in R & D in the biotechnology sector through Economic Interest Groups.

TAX Lease for companies

Geography: Biotechnology companies that do R & D in Europe.
Tickets: €500,000 – €4M per year in R & D expenditure.
Return: The return can be up to 38% of the annual R & D expenditure of biotechnology companies.

Inveready has been a pioneer since 2010 in the design and execution of co-financing instruments. Inveready allowed companies in the Biotech Sector to obtain additional financing for their R & D projects as well as participating Investors by becoming tax holders of the incentives generated by Biotech companies during the collaboration period.

Through a structure based on Economic Interest Groupings (AIEs), companies receive up to 38% of the amount of annual R & D expenditure (indirect expenses included) in exchange for giving up their R & D tax incentives and their negative tax bases associated to the project. The company maintains ownership of the project, the results as well as the direction and management of the project. It is a non-dilutive financing instrument, compatible with other forms of financing.

The structure is based on third party legal opinions and a binding consultation with the Treasury, as well as with an external certification scheme for the assumed R & D expenses.

In the last three years, Inveready has mobilized more than 30M € in R & D in the biotechnology sector through Economic Interest Groups.