British HealthTech Investor Spex Capital Commits €30 Million to €100 Million 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 Capital has partnered with EIT Digital and Penn Medicine/LGH, a major US multi-hospital system serving over 7 million patients annually.

Claudio D’Angelo, Founder and CEO of Spex Capital, said: “Healthcare faces immense challenges worldwide with ageing populations creating growing patient demand and systemic cost pressures. Our true strength is not just the volume of companies we see, but the unparalleled power of our distribution network to provide them with essential commercial and clinical validation.”

In 2025, several funds have expanded their presence in European HealthTech, reflecting strong investor interest in early-stage digital health and medical innovation.

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London-based Meridian Health Ventures launched a €44.7 million transatlantic fund to support startups expanding between the UK and US. Belgium’s Capricorn Partners closed €51 million for its Health Tech Fund II, focusing on diagnostics, digital health and life sciences. France’s M2care raised €26 million to strengthen healthcare venture studio initiatives.

Within this context Spex Capital’s €100 million Venture HealthTech Fund ranks among the largest European early-stage HealthTech initiatives, underlining growing institutional confidence. Partnerships with EIT Digital, Penn Medicine and the NHS offer extensive validation networks, addressing a key scaling challenge for health technologies.

With European HealthTech investment exceeding €4 billion in early 2025, Spex Capital’s fund highlights ongoing investor confidence in the sector.

“The supply is strong, but the validation we deliver through our network is the game-changer. Digital HealthTech is key to addressing these challenges, and with this fund, our new partnerships, and a world-class advisory network, we are uniquely positioned to support visionary founders delivering transformative solutions worldwide,” added D’Angelo.

Founded in 2021 by serial entrepreneur Claudio D’Angelo, Spex Capital focuses on scaling and commercializing digital health and medical technology solutions across major healthcare systems worldwide.

The company also named Lord Markham, former UK Health Minister, as Chair of the Board. With extensive experience across public, private, and voluntary sectors, he co-founded HealthTech business Cignpost, growing it from €0 to €350 million turnover in just one year.

Lord Markham, Chairman, said: ”I’m delighted to join Spex Capital at such a pivotal moment for HealthTech. This scale-up fund will unleash groundbreaking 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 delivery globally. “

EU-Startups previously featured Spex Capital in February 2023, when the firm first revealed plans for its €100 million HealthTech fund.

About Spex Capital

Spex Capital is a digital tech investment firm focused on advancing disruptive early-stage ventures globally. Leveraging a multi-disciplinary team and extensive networks from hospitals and universities to accelerators and trade bodies they support companies across the full lifecycle, from sourcing innovative technologies to portfolio growth and successful exits.