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Spain

Introduction

Spain is home to 8.5k+ funded startups which raised over $2B in VC investment in 2024.

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

Venture Capital

In 2023, $2B+ was invested in tech companies globally and 2024 is on track for a similar total.

By stage

Below we break venture capital into three distinct stages:

Startup stage ($0-15M rounds)
Breakout stage ($15-100M rounds)
Scaleup stage ($100M+ rounds).

This provides more consistent and timeless segmentation of the startup & venture capital landscape (more so than self-reported round labeling, which are applied inconsistently, especially between business cycles).

Early stage VC investment trends
Access early-stage funding rounds into Spanish startups here on the Dealroom platform.

Breakout stage VC investment trends

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

Scaleup stage VC investment trends

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 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.

Here you can see VC investment trends by Spanish province between 2019-2023 including some rapidly growing startup ecosystems by VC investment growth

By industry

Industry analysis

The top three Spanish industries for VC investment raised in 2024 were Travel, Fintech, and Enterprise Software which combined accounted for over 40% of total VC investment across Spain.

Segment analysis

See below the top segments by VC investment for 2024 and since 2020.

By business model

SaaS overtook Marketplaces in 2023, as part of a broader trend.

Share of Manufacturing VC investment is at a record high in 2024.

Investors

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.

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 are amongst the top 20 largest startup ecosystems for VC investment across Europe.

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