The Spanish Tech ecosystem report 2025

Spanish startup ecosystem is showing great momentum and continues to pick up speed with funding jumping up again, but scaling still remains a challenge

Key findings

• The combined enterprise value of Spanish startups reached €112B in 2025, more than double the €55B of 2020.
• Spanish startups raised €1.9B in VC in 2024, and had already passed that with €2B raised by mid-June 2025.
• Only 20.4% of Spanish startups that raised seed between 2015 and 2020 went on to a Series A, below the 24.3% European average.
• Spain ranks 5th in Europe for VC investment into AI startups, with €2B raised between 2020 and 2024, behind the UK, France, Germany and Switzerland.
• Spanish startups raised €2.3B in debt and other non-equity funding in 2024, out of €4.3B raised in total that year.