Montana raises €37M in first close, becoming Europe's first venture fund dedicated entirely to children's health

Our most recent fund has closed its first round with backing from institutional investors, banks, family offices, foundations and medical organisations, all united by a single purpose: getting paediatric innovation to market.

Montana Children's Health INNVIERTE, FESE has completed its first close at €37M, above the target we initially set. It is the first European venture capital fund dedicated exclusively to children's health.

Investor interest was stronger than we had anticipated, reflecting a growing appetite for a thesis that, until now, had no dedicated fund behind it in Europe. We have raised our target size to €50M and will remain open to new investors until early 2027.

Our institutional backers include EIF, CDTI (through SICC Innvierte), ICF and Banco Sabadell, alongside family offices and organisations from the medical sector. Montana backs deep-tech companies spun out of academic and hospital research, focused entirely on innovations that improve outcomes for children and adolescents.

A largely untapped market

Paediatrics receives just 1.6% of healthcare venture capital, despite children making up 20–25% of the global population. The global paediatric health market stands at over $15B annually and is projected to reach $32B by 2034. Significant headroom for a specialist fund.

The pipeline is there. Leading children's hospitals and research centres across Europe are sitting on a concentration of market-ready projects that have historically relied on philanthropy and public grants rather than institutional capital. Montana was set up to help change that, bringing investment discipline to a sector that has long been underleveraged.

There is a regulatory tailwind, too. Products with an initial paediatric indication qualify for accelerated approval pathways and, once validated, can be repositioned into the adult market, substantially expanding their commercial potential.

*Impact and returns are not in tension here. They point in the same direction.*

Montana aims to back a minimum of 15 companies over the fund's life, with three investments targeted before the end of 2026.

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*"Montana is a necessary piece of Europe's children's health ecosystem. Today's children are tomorrow's adults. Many of the chronic conditions we treat in adulthood have their roots in childhood, when early intervention can still make a real difference. That's not only more effective. It's more just. At Montana, we combine scientific rigour, genuine impact metrics and the conviction that financial returns and social impact are two sides of the same well-made investment."*

**Marc Ramis Castelltort, Managing Partner, Montana / Ship2B Ventures**

*"We have spent years building the impact innovation ecosystem in Spain. Montana is the natural next step. A fund that brings together our investment experience, a clear thesis, a strong team and the backing of some of Europe's most respected institutional investors. We're proud of what we've built and excited about what comes next."*

**Maite Fibla, Co-founder & Managing Partner, Ship2B Ventures**