Funding
Total funding raised: €6.73M across grants, loans, and equity investment.
Funding Mix
Equity Rounds
Pre-seed (2020-2022)
Raised €342,000 from business angels, including both cash contributions and convertible loans.
| Investor | Entity | Amount |
|---|---|---|
| Unai Carmona | Coben Business Group, S.L. | €30,000 |
| Enrique Ranedo | Sugar Magnolia 2003, S.L. | €10,000 |
| Mayr Alcaine | Yarkel Ventures, S.L. | €51,000 |
| Jose Luis Fernandez | Copernica Sinergias S.L. | €30,000 |
| Iñigo Ugarte | ieTeam Legit Health S.L. | €65,000 |
| Carlos Chiesa | — | €3,000 |
| Adrian Gorricho | Kunsen Ventures, S.L. | €50,000 |
| Adrian Gorricho | Kunsen Inversion-20, S.L. | €100,000 |
| Ricardo Ruiz | Skin Logic, S.L. | €3,000 |
| Total | €342,000 |
Seed Round (September 2024)
Closed on 24 September 2024: €2,033,382 raised at a pre-money valuation of €7,500,000. The round was led by Mutua Ventures and included strategic investors from the healthcare and telecom sectors.
| Investor | Entity | Amount |
|---|---|---|
| Jose Miguel Peris | Angels Capital SLU | €199,955 |
| Alberto de Rosa | Ribera Salud Tecnologias SLU | €199,955 |
| Jose Luis Fernandez | — | €29,455 |
| Tomas Merina | — | €29,455 |
| Ricardo Ruiz | Skin Logic, S.L. | €29,455 |
| Fernando Ibañez | Biozell Ventures SL | €199,450 |
| Paloma Castellano | Telefonica Open Innovation SLU | €199,450 |
| Victor Zambrana | Mutua Ventures SAU | €899,630 |
| Jose Luis Lopez | Dermomedic Center, S.L. | €24,405 |
| Antonio Martorell | — (non-cash contribution) | €222,172 |
| Total | €2,033,382 |
Bridge to Series A
Legit.Health is assembling a ~€2M bridge to fund the path to Series A, deliberately blended across non-dilutive and dilutive sources to limit dilution:
- Grants (non-dilutive): ~€1.5M awaiting resolution, final awards likely lower (see Grants below).
- Innovation loans: ICO Crecimiento Exportadores (€322K) and Elkargi Fondo Innovación (€250K), submitted and under analysis (see Loans below).
- Convertible note: in preparation; Mutua Ventures has confirmed its pro-rata participation.
A Series A is planned for 2027, once the bridge milestones are achieved.
Grants
Non-dilutive funding represents over half of total capital raised. The largest grant, the CDTI Seal of Excellence (€2.49M), was awarded through the EU's Horizon Europe programme.
| Grant | Institution | Granted | R+D |
|---|---|---|---|
| CDTI Seal of Excellence | CDTI / Next Generation EU | €2,493,492 | Yes |
| Hazitek 2021 | Gobierno Vasco / FEDER | €55,622 | Yes |
| Hazitek 2022 | Gobierno Vasco / FEDER | €38,290 | Yes |
| Bikaintek 2022 | Gobierno Vasco | €90,162 | Yes |
| Programa Investigo | SEPE | €66,218 | Yes |
| Plan 2i 2022 | DFB / FEDER | €34,121 | Yes |
| Plan 2i 2023 | DFB / FEDER | €6,851 | Yes |
| Ekintzaile+ 2023 | Gobierno Vasco / SPRI | €87,500 | No |
| Zabaldu 2023 | Gobierno Vasco / SPRI | €23,760 | No |
| Zabaldu 2024 | Gobierno Vasco / SPRI | €23,614 | No |
| Zabaldu 2025 | Gobierno Vasco / SPRI | €48,005 | No |
| Internacionalizacion Germany | DFB | €50,905 | No |
| Internacionalizacion UK | DFB | €37,360 | No |
| Internacionalizacion US | DFB | €46,253 | No |
| Bridgehead Europe | EIT Health / EU | €41,600 | No |
| COVID Exponential Programme | EU Horizon 2020 | €100,000 | No |
| EPIC-X 2026 | EIC / EU | €60,000 | No |
| ICEX Next 2025 | ICEX | €24,000 | No |
| Fast Track Innobideak 2026 (aEASI) | Gobierno Vasco / SPRI | €125,376 | No |
| Other early-stage grants | Various | €109,124 | No |
| Total | €3,562,253 |
Three applications, ~€1.67M requested, are submitted and awaiting resolution. Final awards are typically lower than requested, so we budget conservatively at ~€1.5M or less:
- Red.es RedIA Salud: €818,748 requested (60% of a €1,364,581 base). Expected September 2026.
- CDTI Misiones 2026 ("dIAna"): €758,120 requested. Submitted 12 June 2026, in evaluation. Expected Q4 2026.
- Plan 2i 2026: €97,008 requested (DFB). Expected September 2026.
Loans
| Lender | Amount |
|---|---|
| ENISA | €300,000 |
| Aquisgran Elkargi | €200,000 |
| Solventis Elkargi | €155,000 |
| Santander | €100,000 |
| Seed Capital (x3) | €40,000 |
| Total | €795,000 |
Two innovation loans are submitted and under analysis: ICO Crecimiento Exportadores (€322,132 requested) and Elkargi Fondo Innovación (€250,000). Both form part of the bridge described above.