The Spanish government is taking its chance on Boston’s booming life sciences hub, opening an Economic and Trade Commission in the city, while creating a $200 million venture capital fund to support its strategy.
Both actions are part of a new Spain-Boston biotechnology initiative, as the Spanish government sees the hub as a catalyst for bolstering its transatlantic partnership with the United States.
Specifically, Spanish Deputy Prime Minister Carlos Cuerpo says the initiative is a “unique opportunity to connect Spain’s world-class scientific research with Boston, one of the most important biomedical innovation ecosystems on the planet.”
Cuerpo’s government is pairing up with two Spanish entrepreneurs who oversee large organizations in the life sciences and biotechnology sectors: The Richi Foundation and Dreavant.
Spain is making an initial commitment of $57 million to a fund that will swell to $200 million and focus on commercializing life science research for Spanish entrepreneurs and scientists in the Boston area.
Cuerpo said that the fund will support the “creation, scaling up and international expansion of biotech companies into Spain and the U.S.”
“Our contribution to this fund is concrete evidence of Spain´s commitment to strengthen its historic relationship with the United States,” Cuerpo said in a video shared at a Spain-US Business Summit in Boston on Tuesday.
“We are taking a decisive step to reinforce our transatlantic partnership and advance our shared prosperity,” said the deputy prime minister, who also serves as Spain’s minister of economy, trade and business.
Cuerpo, set to visit the area on Wednesday, also said that opening an Economic and Trade Commission office in the city signals his country’s “strategic bet on Boston and Massachusetts as a key destination for Spanish investment.”
The office will be Spain’s eighth in the U.S.
Ricardo Garcia, the president of the Richi Foundation, said the fund directly aligns with his life science organization’s mission to connect international companies with their Boston counterparts and to support health-focused startups.
“It demonstrates that this model works—mobilizing global capital, engaging international stakeholders, and strengthening Massachusetts as a leading hub for innovation,” Garcia said in a statement. “Spain is the first step in a broader vision to replicate this approach with other regions.”
This comes as either some companies leave Boston and Massachusetts for what they describe as friendlier business climates or slash their staffs, including those in life sciences.
The Boston Business Journal reported last week that 14 life sciences companies announced layoffs impacting at least 745 Massachusetts employees within the first three months of this year.
Boston Mayor Michelle Wu is also rolling out a separate initiative in partnership with M&T Bank, focusing on accelerating the growth of local and international companies and capital into the city’s innovation ecosystem.
The initiative is part of the city’s “You Can’t Beat Boston” campaign, strengthening its “position as a global hub for technology and life sciences.”
“Leading companies—from Uniqlo and Gillette to Lego and Loveable—are choosing Boston because it’s the best city to raise families and a place where talent, ideas, and innovation thrive,” Wu said in a statement.
“Through this initiative,” the mayor added, “we will bring together public and private leaders to reach even more companies, attract more investment, and drive economic growth across the city.”