InvestorOperator of Spain's financial markets
Spain startup and venture ecosystem
Where startups are forming across Spain: the cities, accelerators and investors, and how you get close to them.
The ecosystem
The Spanish government’s first continuous evaluation of the Startup Law estimates close to 5,000 startups in 2025, nearly 40% more than its 2024 estimate of 3,600. The ministry also reports 46% growth in startup employment since 2022 and €14.8 billion in technology-startup revenue for 2025. [56254, 56255, 56256, 56257, 56261]
ICEX reports 376 financing rounds and €3.108 billion in 2025 financing volume, with rounds up 11% year over year and 44% of investment in deals above €50 million. Separately, SpainCap’s preliminary estimate puts 2025 venture capital at €1.904 billion within €7.0154 billion in total private-capital investment; these are attributed figures with distinct labels, not a single reconciled total. [56265, 56266, 56267, 56268, 56275, 56277]
Sectors and strengths
SpainCap’s preliminary 2025 private-capital sector allocation assigns 27.4% to digital technologies, 16.3% to industrial products and services, and 13.5% to medicine and health. The source reports these as private-capital shares, not startup-only sector measures. [56288, 56289, 56290]
As of . Official information. Source: Nota de prensa Congreso SpainCap 40 Aniversario
GEM reports AI use in nearly one-third of new Spanish businesses in its 2025 findings. This indicator concerns new businesses and should not be treated as a measured share of venture-backed startups. [56302]
As of . Official information. Source: GEM Spain National Report 2025-2026
Hubs and regional differences
SpainCap assigns Madrid 39% and Catalonia 25% of its 2025 regional private-capital investment distribution, and the Basque Country 8%. These are regional allocations in SpainCap’s preliminary private-capital estimate. [56285, 56286, 56287]
As of . Official information. Source: Nota de prensa Congreso SpainCap 40 Aniversario
Capital providers
SpainCap’s preliminary 2025 estimate records €1.904 billion in venture capital across 863 operations, alongside €5.111 billion in private equity across 178 investments. It reports €4.110 billion in cross-border capital invested in Spain and says international capital represented 59% of private-capital volume. [56277, 56278, 56279, 56280, 56281, 56282]
As of . Official information. Source: Nota de prensa Congreso SpainCap 40 Aniversario
For founders
The ministry’s estimates provide a national scale and growth reference: close to 5,000 startups in 2025, with reported startup employment growth of 46% since 2022. Treat these as government evaluation figures, not a company-level directory. [56255, 56257]
As of . Official information. Source: El ecosistema de startups en España se consolida: crece casi un 40% en un año y se acerca a las 5.000 empresas
For investors
For capital context, distinguish ICEX’s 2025 financing-round and volume figures from SpainCap’s private-capital and venture-capital estimates. SpainCap’s preliminary release also reports that 59% of 2025 private-capital volume was international. [56265, 56267, 56275, 56277, 56282]
As of . Official information. Source: España se sitúa como uno de los ecosistemas emprendedores más dinámicos de Europa y alcanza un valor de 125.000 millones de euros; Nota de prensa Congreso SpainCap 40 Aniversario
Constraints and recent changes
SpainCap’s preliminary 2025 release contains conflicting year-over-year venture-capital comparison rates, which remain unresolved. Its 2025 VC volume is reported here without a growth-rate characterization. [56291, 56277]
As of . Official information. Source: Nota de prensa Congreso SpainCap 40 Aniversario
Dealroom reports 20.4% seed-to-Series-A conversion for Spanish startups funded at seed from 2015 to 2020, compared with a 24.3% European average for the same cohort comparison. This is a dated cohort measure, not a current-year conversion rate. [56271, 56272]
As of . Official information. Source: The Spanish Tech ecosystem report 2025
Startup ecosystem standing
Where Spain ranks
| Ranking | Edition | Position | Since last edition | Trust | What it measures |
|---|---|---|---|---|---|
 Global Startup Ecosystem Index (countries) | 2025 | #14 | Down 5 | B | Ecosystem, Activity, Finance, Business Climate |
 Global Innovation Index | 2025 | #29 | Down 1 | A | Innovation, Competitiveness, Research, Talent |
 Bloomberg Innovation Index | 2019 | #30 | Up 2 | B | Innovation, Research |
 Doing Business (Ease of Doing Business ranking) | Doing Business 2020 | #30 | No change | B | Business Climate |
 IMD World Competitiveness Ranking | 2026 | #39 | Up 1 | B | Competitiveness, Business Climate, Performance |
883 organizations with a profile
Who's based in Spain
Investors 590
Investor
InvestorTailored financial services for high-net-worth individuals.
InvestorTailored financial solutions for wealth management and investment.
The 3 most prominent of 590. Browse all investors
Venture studios 106
Venture studioBuilding online startups since 1995.
Venture studioAI Native Venture Studio and Corporate Innovation Hub
Venture studioDigital product agency and venture studio.
The 3 most prominent of 106. Browse all venture studios
Accelerators 104
AcceleratorLanzadera is a startup accelerator and incubator based in Valencia, Spain, supporting over 1,700 startups with personalized growth itineraries and…
AcceleratorThe Bridge is a digital talent accelerator based in Madrid, Spain, focused on enhancing digital skills through educational programs and bootcamps in…
AcceleratorAceleradora MentorDay is Spain's first impact accelerator, supporting entrepreneurs globally with a focus on technology and innovation. It offers…
The 3 most prominent of 104. Browse all accelerators
Incubators 83
IncubatorInnovation ecosystem promoting entrepreneurship and education.
IncubatorEmpowering individuals through social entrepreneurship.
IncubatorFostering entrepreneurship at UC3M.
The 3 most prominent of 83. Browse all incubators
Based here, most-ranked first
Universities in Spain
UniversityListed in 4 rankings
UniversityListed in 1 ranking
UniversityListed in 1 ranking
Pick what describes you
Your way in
Raising in Spain
Investors based here, and the programs that take teams at your stage.
Get investor introsFinding startups in Spain
Accelerators and incubators here see the earliest teams first.
Get startups that fitScouting in Spain
Campuses and communities are where teams form before anyone funds them.
Start scoutingCity guides
Cities in Spain
The largest 4 of 35 published city guides.
Questions about Spain
How does Spain rank as a startup ecosystem?
Its best position is #14 in StartupBlink Index (countries) (2025). It appears in 5 published rankings; the table above lists each one.
How many startup investors are based in Spain?
590 investors based in Spain have a profile here, including BME | Bolsas y Mercados Españoles, Santander Private Banking and A&G. The real number is higher.
Are there accelerators or incubators in Spain?
Yes. Spain has 104 accelerators, 83 incubators and 106 venture studios on record, including Lanzadera, TecnoCampus and Grupo Intercom.
Which universities are in Spain?
3 universities have a profile: Esade, Universitat de Barcelona and University of Navarra.
Superscout Pro
Find faster. Show up verified. Keep your deals private.
$99a year, or $12 a month
Get Pro- Search that narrowsInvestors, programs, accelerators, incubators and studios, by stage, sector and place.
- A verified profileThe people you reach know you are who you say you are.
- A private deal vaultThe startups you are watching, with your notes and your reasons. Nobody else's eyes.
Is this page right?Reviewed · How the research works