Our commitment is clear: Whenever you invest in Capital Cell you will do so in investment opportunities that have been thoroughly reviewed and analyzed. Out of every 100 projects we receive, only 3 make it through the technical, legal and financial analysis and end up being published on our platform.
Assurance of analysis and due diligence
Backed by scientists and industry professionals
Total transparency
Guarantee of post-investment support
Validation of the market potential of each project
Our commitment to investors
We work every day to minimize investment risk and maximize returns for our investment community. Investing in Capital Cell is to invest in validated companies with the same conditions as professional investors.
Only 3 out of every 100 investment opportunities we receive pass all tests.
In-house analysis
Bioexpert network
Professional investors
Due diligence
Alira health
Elion
1
In-house analysis
All projects are reviewed in a process that includes an analysis of the business plan, a financial review, interviews with entrepreneurs and specific consultations with industry experts.
There are factors that are not so relevant in other sectors but are key in the biomedical sector:
Patents
Most biotech companies are based on developing a technology and selling it. Without adequate patents, no sale is possible.
Regulatory strategy
In the medical sector, nothing reaches the market without going through a very tough approval process. Choosing the right type of certification is key, as getting it wrong and suffering a refusal can result in costs in the millions and delays of many years. That is why we make sure that regulatory experts advise us and review all projects.
Next round
The vast majority of these companies will not reach the market without further rounds of financing, and it is key to have properly planned when, where and with whom that round will be raised. Before publishing a round, we check that the company raises interest among potential future investors; that is why we are in constant contact with specialized Venture Capital firms.
What do we require from the companies we select?
Ambitious team with sufficient scientific and business capabilities
Scalable, high-growth business model
Solid and complete business plan
Market niche not covered or very little competed for
Promising and demonstrable initial results
Adequate intellectual protection
How do we review the adequacy of patents?
When we review patents we make sure that:
Cover any commercial aspect of the technology
Be in place for long enough to make money
Do not conflict with existing patents on other products.
2
Bioexpert network
All projects that pass the first screening are analyzed by the BioExpert Network, a private network of experts and opinion leaders in medicine, science, investment and business development.
Multidisciplinary: From oncologists to economists, our network of experts includes specialists in all key areas.
3,500 eyes see more than two: A critical weakness can escape even the best analyst, but our network of experts is much more likely to spot it.
A la última: A community that exchanges opinions and information on the most innovative companies in the sector to be always up to date.
* Approximately one third of the companies analyzed by the BioExpert Network do not get the approval of the experts and are rejected.
What does the experts' report include?
Verdict on technical feasibility
Rating on the degree of innovation of the project
Real potential to reach the market
Adequacy of the scientific team
Competitor analysis
Real potential return on investment
Business model assessment
Pre-money valuation of the company
3
Professional investors
All the investment opportunities we publish in Capital Cell have a reference investor who has conducted its own analysis, its own due diligence and validated that the price per share is reasonable. This reinforces our confidence that the project and its team are capable of generating a return.
Some benchmark investors of companies we have published
4
Due diligence
Before publishing an investment opportunity, our legal and financial team reviews and verifies the legal, tax and social security situation, as well as the legal and financial structure of the company.
This audit is based on:
The history of financial statements
The annual accounts deposited with the commercial registry
The credit and liquidity situation
Financial statements: balance sheet and income statement
Cash flow analysis: cash in and cash out forecasts by month
Budget analysis: 4-year revenue and expenditure forecasts
The membership record book
Bylaws
Documentation accrediting intellectual and industrial property rights
The proposed pre-money valuation
Peakfunding and runway: the company's cash requirements
Complete list of the financial documentation we reviewed
Tax returns since the incorporation of the company (VAT, withholdings, intra-community operations, etc.).
Detail of withholdings, both for professionals and employees.
Book of invoices issued and received.
Company contracts with personnel.
Contracts of partners and/or administrators or management organizations (labor contracts)
Document related to the liquidation of Social Security contributions since the incorporation of the company (TC).
Last quotation of the partner and/or administrator or member of the administrative body.
Payroll and payroll summaries for the last six months.
Profit and loss projections for months up to five years in the future.
Profit and loss projections for months up to five years in the future by business division, clearly indicating gross and operating margins.
Cash Flow by month from the company's inception to a five-year projection.
Monthly metrics obtained to date, and projected to five years, (by months).
Sums and balances to the maximum number of digits per year, for the last 3 years, up to the most recent current date, (in excel format).
Profit and loss at maximum number of digits per year, for the last 3 years, up to the most recent current date, (in excel format).
Balance sheet at maximum number of digits per year, for the last 3 years, up to the most recent current date, (in excel format).
Journal by years, for the last 3 years, up to the most recent current date, (in excel format).
Contracts between the company and its suppliers.
Current and/or expired real estate leases.
Distribution, marketing, franchise, technical assistance, service, wholesale and retail, licensing or other contracts entered into by the company. Sales or distribution concession contracts.
Copy of the insurance policies subscribed by the company.
Contract of the various loans granted to or by the company (debt loans).
Organizational chart of the company.
Detail of fixed assets and depreciation table (if applicable).
Explanation of the customer billing method.
Bank statement of the existing accounts of the company since its incorporation, (in excel format).
Details of other open contracts with financial institutions (loans, lines of credit, etc.).
Are any items of the company pledged/delivered as collateral?
Are the products subject to export controls?
Are there related party transactions? If so, is there support?
If there are related party transactions, do we need the corporate organization chart?
Is there any open process with AEAT or Social Security? Copy of the requirements and, if applicable, replies.
Complete list of the legal documentation we reviewed
Corporate matters:
1.1. Register of members, and updated address of each of the current members.
1.2. Updated bylaws of the company
1.3. Structure of the company's administrative body (sole, joint or joint and several directors, or board of directors), and identity of its members (name, surname, ID number, address).
Public deeds:
1.4.1. Deed of incorporation of the company, with proof of its registration in the Mercantile Registry.
1.4.2. Deed evidencing the appointment of the administrative body.
1.4.3. Deeds stating:
(a) Last change of address.
(b) Last change of corporate name.
(c) Last capital increase or decrease.
1.5. If there is a shareholders' agreement: copy of the agreement in its current version (original agreement plus any modifications).
1.6. Updated company's definitive CIF card.
Book of invoices issued and received.
2.1. Certificate of being up to date in the fulfillment of the tax obligations.
2.2. Certificate of being up to date with Social Security obligations.
2.3. Letter signed by the company's labor lawyers, indicating whether there are any administrative or judicial claims against the Company initiated by former or current employees of the company. If any, including a brief description of the content and amount of the claim.
2.4. Letter signed by the company's lawyers, indicating whether there are any legal claims against the company by third parties. If any, including a brief description of the content and amount of the claim.
Company contracts with personnel.
3.1. Documentation accrediting the registration of trademarks and distinctive signs registered in the name of the company in the national, European and foreign trademark registries.
3.2. Documentation accrediting the registration of patents, industrial designs and/or utility models owned by the Company.
5
Alira health
Prior to launching a round, all projects undergo an additional analysis phase by the Regulatory and Market Access team at Alira Healthan international consultancy that provides a suite of integrated services designed to help companies in the healthcare and life sciences sectors.
What is included in the Alira Health report?
Verdict on the level of project maturity
Regulatory and market access level rating
Identification of challenges
Proposal of key actions to be carried out
6
Elion
Before launching a round, all projects undergo an analysis phase by the European patent agents of the European Patent Office. Elionan industrial property (IP) agency, which assists biotech and medtech start-ups with their patent protection, drafting and prosecution strategies, as well as freedom-to-operate studies.
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