May 12, 2026
The Spanish Tech ecosystem report 2026
The Spanish Tech Ecosystem Report 2026, produced in partnership with Kfund, Wayra, SpainCap, Endeavor, GoHub Ventures, BBVA Spark and Enisa, maps Spain's rise to Europe's 8th largest tech ecosystem at €125B.
Key findings
- Spain's tech ecosystem is worth €125B, 8th in Europe, and grew 2.3x since 2020, second-fastest among the European countries with €100B+ in enterprise value.
- Spanish startups raised €3.1B in VC in 2025, up from €1.9B in 2024 and the third best year on record after 2021 and 2022.
- AI startups make up 18.4% of all Spanish startups founded since 2021, against 7.7% of those founded between 2010 and 2020.
- Madrid raised €1.2B and Barcelona €1.1B in VC in 2025, together more than two-thirds of everything raised in Spain that year.
- Domestic investors have supplied 59% of Spain's early-stage VC since 2022, the fourth highest share in Europe behind Italy, France and Belgium.
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Selected charts
Companion charts derived from this report — open any chart in full-screen on the right side.
Madrid and Barcelona absorbed two-thirds of Spain's 2025 VC
Of the €3.1B Spanish startups raised in 2025, more than €2.3B went to founders based in Madrid or Barcelona.
Spain's biggest checks of 2025 spanned quantum, mobility and biotech
The nine largest Spanish VC rounds of 2025 — from €189M for quantum software to €60M for renewables.
Spain's AI share more than doubled in five years
Almost 1 in 5 Spanish startups founded since 2021 is an AI company — more than 2× the pre-2021 rate.