The Spanish Tech Ecosystem Report 2024 (SpainCap (ex-ASCRI))

Summary

• The combined enterprise value of Spanish startups surpassed €100B in 2023.p.3
• Spanish startups raised €2.2B in 2023 across 850+ funding rounds.p.11
• Between 2019 and 2023, €1.6B was invested into female-founded Spanish startups.p.22
• Approximately ± 200 Spanish startups raise their first VC round each year.p.27
• Since 2022, BBVA Spark has worked with more than 1,000 companies in 4 countries and granted loans worth more than 300 million euros.p.37
• By year-end 2023, ENISA had granted 8,685 loans to 7,580 companies for a total amount of more than 1,332 million euros.p.42

Key insights

1. Spain ranks 7th in Europe by number of unicorns.p.6
2. In 2023, Spain ranked #7 in Europe by VC investment, #4 by number of rounds, and #4 by early stage VC investment.p.15
3. SaaS overtook Marketplaces in 2023 as the top business model by VC investment in Spain.p.18
4. Female-founded Spanish startups captured 12% of total VC investment between 2019 and 2023.p.23
5. Spain ranks 7th in Europe by value created from university spinouts.p.31
6. Corporate participation in funding rounds reached an all-time high with 240+ rounds featuring corporate or CVC participation since 2023.p.35