Venture Capital & Private Equity in Spain: Activity Report 2022 (SpainCap (ex-ASCRI))

Summary

• In 2021, Private Equity and Venture Capital in Spain invested a total volume of €7.572,7M across a record 933 investments.p.8
• Venture Capital achieved an all-time record volume of €2.108M distributed across 773 investments in 2021.p.13
• International fund managers accounted for 80% of the total investment volume in Spain in 2021.p.13
• Private Spanish managers raised €2.961M in new funds in 2021, representing a 38,7% increase compared to 2020.p.14
• Divestment volume at cost price reached €2.667,9M across 361 transactions in 2021, up 64% from 2020.p.15
• The Spanish Private Equity and Venture Capital sector reached €43.629M in total funds under management at year-end 2021.p.16

Key insights

1. Late stage venture funding accounted for 73% of total Venture Capital volume and 20% of total Private Equity and Venture Capital investment in 2021.p.13
2. Spanish SMEs were the main target of private equity investment, representing 90% of the 678 companies funded in 2021.p.13
3. Total transaction value mobilized by private equity and venture capital including co-investments and debt reached €13.772M in 2021.p.13
4. The middle market recorded a record number of 94 investments with an aggregate volume of €2.436,9M in 2021.p.26
5. Megadeals exceeding €100M of equity per deal accumulated €4.075M across 11 investments in 8 companies.p.29
6. The Community of Madrid led regional investment volume with 61,5% of total capital invested, followed by Catalonia with 20,1%.p.24