Spex Capital Announces €30M First Close for One of Europe’s Largest Early-Stage HealthTech Funds
London-based Spex Capital, a leading early-stage investor focused on tackling global healthcare challenges through HealthTech innovation, announced today a first close of €30 million for its flagship €100 million "Venture HealthTech Fund".
The fund will invest globally in early-stage HealthTech startups from Seed to Series A/B with individual investments of up to €5 million.
Spex has formed partnerships with EIT Digital as well as Penn Medicine/LGH, a major U.S. multi-hospital system that treats more than seven million patients annually.
Claudio D'Angelo, founder and CEO of Spex Capital, said:
"The healthcare sector is facing enormous global pressures as aging populations drive rising patient demand and systemic cost strain. Our real strength lies not just in the volume of companies we see, but in the unmatched power of our distribution network, which provides them with the commercial and clinical validation they need".
Several other funds have also entered or expanded in the European HealthTech investment space in 2025a sign of persistent investor appetite for early-stage digital health and medical technology.
London-based Meridian Health Ventures launched a €44.7 million transatlantic fund to support HealthTech startups scaling between the UK and the U.S. Belgium's Capricorn Partners announced a first close of €51 million for its Health-Tech Fund II, targeting diagnostics, digital health, and life-science companies. In France, M2care secured €26 million to accelerate activities within its healthcare innovation venture studio.
Against this backdrop, Spex Capital's €100 million Venture HealthTech Fund is among the largest current European initiatives focused on early-stage health technology, underscoring growing institutional confidence in the sector's potential.
Partnerships with EIT Digital, Penn Medicine, and long-standing ties to the NHS provide Spex with broad validation networks, a capability often cited as a bottleneck for scaling HealthTech solutions.
In a year when European HealthTech investment surpassed €4 billion, according to an EU-Startups industry report published in early 2025, Spex Capital's first close signals continued investor confidence in digital health and MedTech innovation.
"The supply of innovation is strong, but the validation we deliver through our network is what truly sets us apart. Digital HealthTech is essential for confronting these challenges. With this fund, our new partnerships, and a world-class advisory team, we are uniquely positioned to support visionary founders building transformative solutions worldwide", D'Angelo added.
Founded in 2021 by serial entrepreneur Claudio D'Angelo, Spex Capital focuses on commercializing and scaling digital health and medical technology solutions across major healthcare systems around the world.
The company also announced that Lord Markham, former UK Health Minister, has been appointed Chairman of the Board. He brings extensive experience across the public, private, and nonprofit sectors particularly in venture building, having co-founded Cignpost, the HealthTech company that grew from zero to €350 million in revenue in a single year.
Lord Markham, Chairman, said: "I am delighted to join Spex Capital at such a pivotal moment for HealthTech. This scale-up fund will back breakthrough startups. I look forward to working with Claudio and the team as we accelerate the development and adoption of technologies that improve patient outcomes and reshape healthcare worldwide".
EU-Startups previously reported on the company in February 2023, when Spex Capital first announced plans for its €100 million HealthTech fund.
