Spain Tech Ecosystem Report 2025 (Dealroom)

Summary

• Spain's total tech startup enterprise value has more than doubled since 2020, reaching over €110B in 2025 [p.2, p.4, p.5].p.2
• Non-equity and debt financing delivered €2.3B to VC-backed Spanish startups in 2024 [p.2, p.33].p.33
• The country ranks 5th in Europe for AI VC investment between 2020 and 2024, securing €2B [p.28].p.28
• Spain ranks #6 by VC investment and #4 by total round count in Europe for 2024–2025 YTD [p.6].p.6

Key insights

1. Q2 2025 marked Spain's strongest Q2 on record for VC funding, with €1B raised [p.2, p.8].p.8
2. Spain's tech ecosystem enterprise value grew 1.8x from 2020 to 2025, outperforming the European average growth of 1.6x [p.5].p.5
3. Only 32% of Spain's VC investment went to late-stage funding between 2020 and 2024 [p.10].p.10
4. Spain ranks #9 in Europe by its total count of unicorns and $1B exits, without producing a new unicorn since 2023 [p.13].p.13
5. Over half of Spain's top startup co-founders are serial entrepreneurs who have previously launched ventures [p.2, p.22].p.22
6. Corporate VCs and corporate investors were involved in nearly 1 in 5 Spanish startup rounds in 2024 [p.2, p.31].p.31
7. Spain's startup graduation rate from Seed to Series A remains below the broader European average [p.2, p.11].p.11
8. About 46% of top Spanish startup founders hold a Master's degree or higher educational qualification [p.2, p.19].p.19
9. By the end of 2024, public funding entity Enisa had granted nearly 9,000 loans totaling over €1,400 million [p.37].p.37