In recent years, Spain has emerged as a vibrant and dynamic player in the European startup ecosystem.

Spain is home to over 7k+ funded startups which raised $3.4B in VC investment in VC funding the most recent full year of 2022.

Spain has also been the birthplace of 15+ household name unicorns such as Glovo, Cabify amongst others.

Venture Capital

Venture Capital investment in Spain reached $3.4B in 2022, its second best year on record. While this is a small 11% drop from the peaks of 2021, it is still 3x larger than 2019.

By stage

Early stage
Early to mid stage funding has been steadily growing, reaching an all time high in 2022 of $1.8B, up 2.4x from 2017.

Access early-stage funding rounds into Spanish startups here on the Dealroom platform.

Breakout stage
Access breakout-stage funding rounds into Spanish startups here on the Dealroom platform.

Scaleup stage
Access scaleup-stage funding rounds into Spanish startups here on the Dealroom platform.

By region

The majority share of VC investment into Spain is concentrated into two leading hubs, Barcelona and Madrid which received 82% of total investment in 2022.

However, it's important to note that other hubs are emerging  and on the rise across Spain such as Valencia and Bilbao in the Basque Country.

Aragón, Canarias and the Region of Murcia have seen the fastest VC investment growth between 2021 and 2022 and seen below.

By industry

Industry analysis

The top three Spanish industries for VC investment raised in 2022 were Marketing, Healthtech, and Transportation, which combined account for 37% of total VC investment nationwide for 2022.

Sub-industry analysis

Notably, the top sub-industries in terms of total investment raised in 2022 are Adtech, Biotechnology, Logistics & Delivery, Medical Devices, and Mobility.

Among these, Adtech witnessed a significant 344% increase in investment, thanks to a mega-round into Seedtag in June 2022.

Biotechnology and Logistics & Delivery also experienced similar substantial growth in investments over the years.


Explore the data for the most active investors into the Spanish startup ecosystem as well as the most active Spanish investors here on the Dealroom platform.

International Comparisons

Country benchmarking

Spain currently ranks within the top 10 countries in terms of VC investment in Europe alongside the likes of the Netherlands and Ireland.

Compare startup ecosystem metrics against its European and global counterparts down below or here on the Dealroom platform.

City benchmarking

Spanish startup hubs such as Madrid and Barcelona rank in the top percentile of  within the top 50 largest startup ecosystems for VC investment across Europe.

Compare Spanish city startup ecosystems against their European and global counterparts here on the Dealroom platform.

Related Content

Reports: Spain startup ecosystem report 2023
Reports: Browse all Spanish ecosystem reports on Dealroom
Dealroom Data: Explore all funded Spanish startups and scaleups
Dealroom Data: Explore all Spanish funding rounds