Barcelona-based Nina Capital has announced the first close of its €50 million third fund, targeting early-stage healthtech companies across Europe, the US, Canada, Israel, and Australia. The female-founded VC firm has secured commitments from LPs including Seven Two Partners, family offices, and high-net-worth individuals from the US and Europe, bringing its total assets under management to over €100 million.
Founded in 2019 by Marta-Gaia Zanchi, former director of Stanford Biodesign’s Digital Health initiatives, and Marc Subirats, the firm plans to invest in 25 companies, with 60% based in Europe. The fund will write checks between €250,000-1.5m for pre-seed to Series A rounds, keeping 60% of the fund for follow-on investments.
Nina Capital focuses on three core areas: clinical innovation and education (diagnostics, medical devices, and clinician training), healthcare infrastructure, and clinical pathways and operational efficiency in hospitals. The firm has demonstrated particular interest in startups serving underserved populations, exemplified by investments in companies like London-based Adora, which provides menopause support services.
“We want to bring in technological solutions to help this industry function better,” Zanchi tells Sifted in an interview, emphasizing their interest in startups helping healthcare businesses “do more with less.”
The firm’s track record shows strong performance, with more than 80% of pre-seed startups from its first fund advancing to seed funding, while companies from its second fund grew revenues more than 4x in two years post-investment.
The firm has already completed its first investment from Fund III in Stanford-based mental health platform Sonar Mental Health, with two more deals in the pipeline for early 2025. Previous successful investments include Hamburg-based Mindpeak, which automates visual diagnosis to increase cancer diagnosis accuracy, and has supported over 30,000 patient diagnoses.
Nina Capital aims to take an active role in portfolio companies’ development, helping them refine value propositions and go-to-market strategies while providing access to healthcare networks. The fund expects to reach its final close by the end of 2025.
