The Spanish Tech Ecosystem (SpainCap (ex-ASCRI))

Summary

• Spanish startups raised €1.9B in VC investment in 2024.p.7
• Investment momentum accelerated in 2025, with startups raising €950M in Q1 and €1B in Q2.p.8
• The combined enterprise value of Spanish tech startups surpassed €110B in 2025.p.4
• VC-backed Spanish startups raised €2.3B in debt and non-equity funding in 2024.p.33
• AI startups in Spain raised €2B in venture capital between 2020 and 2024.p.28

Key insights

1. The enterprise value of Spain's tech ecosystem has grown more than 2x since 2020, outpacing the European average of 1.6x.p.5
2. Spain ranks #6 in Europe by VC investment and #4 by number of funding rounds for 2024-2025 YTD.p.6
3. Between 2020 and 2024, only 32% of Spanish VC funding was allocated to late-stage rounds.p.10
4. Approximately 200 Spanish startups raise their first VC round each year.p.12
5. Spain ranks #9 in Europe by number of unicorns, with no new unicorns created since 2023.p.13
6. About 46% of founders of standout Spanish startups hold a Master's degree or higher education.p.19
7. Corporate VCs participated in nearly one in five Spanish startup funding rounds in 2024.p.31
8. Spain ranks 5th in Europe for AI VC investment between 2020 and 2024.p.28