The Spanish technology ecosystem continues to gain traction in Europe. According to the Spain Tech Ecosystem Report 2025 prepared by Dealroom.co in collaboration with BBVA Spark, Endeavor, Enisa, GoHub Ventures, Kfund, SpainCap and Wayra, the total value of Spanish startups has exceeded 110 billion euros for the first time, doubling its size since 2020.
In 2024, Spanish startups raised 1.9 billion euros in venture capital, in a context of falling investment on a global scale. This figure places the Spanish market as the seventh in Europe. These figures have already been surpassed in the first six months of 2025. So far this year, investment in Spanish startups amounts to 1.95 billion euros.
During the past year, 672 operations were signed. A significant volume that places Spain as the fourth European market in these records. Regarding round valuations, the bulk was concentrated in operations between 15 and 100 million euros.
Investment in larger rounds (over 100 million euros) remains the pending subject, representing only 32% of total venture capital investment, significantly lower than the main European ecosystems.
AI and Climate Tech Lead the Future
AI and climate tech clearly lead capital raising in 2024 and are consolidated as the main bets of the investor ecosystem, both above 300 million raised during the past year. They would be followed by online travel, with 209 million, and payments, with 208 million.
Specifically, artificial intelligence has attracted more than 2 billion euros since 2020, positioning Spain as the fifth European country by investment volume in this vertical. Climate tech follows as one of the most dynamic segments, reflecting a strong alignment of Spanish entrepreneurship with global technological and sustainable transitions.
Venture debt reached 2.3 billion euros in 2024, and is established as a key growth avenue for startups in more advanced stages. At the same time, corporate investment has marked a new record by being present in almost 20% of all funding rounds. This growing involvement of large companies reflects greater integration between innovation and the business fabric.
For their part, international investors continue to play an essential role in all phases of the investment cycle, contributing increasingly more capital, as well as experience and global projection to local projects. This trend is testimony to the growing attractiveness of the Spanish ecosystem for international investment.
Increasingly Better Training and More International Experience
More than half of those who found successful startups are serial entrepreneurs. A new wave that shows signs of sector maturation by replicating experiences from other more mature markets that is beginning to close the circle, investing in new companies or creating their own funds and accelerators, thus multiplying the network effect in the ecosystem.
The previous professional trajectories of these people also explain part of the ecosystem’s dynamism. Many have worked at firms like McKinsey, BCG or Bain, or at Spanish startups like Tuenti, Carto or Geoblink, which are consolidated as great schools of entrepreneurial talent. These experiences have contributed to creating a generation of leaders with global vision and operational capacity.
Another notable fact is that entrepreneurial talent in Spain is more prepared and connected than ever. More than 80% of those who have founded Spanish startups have postgraduate or higher education, with institutions like the Polytechnic University of Catalonia, Polytechnic University of Madrid and ESADE being some of the main sources of talent. Additionally, nearly 60% have training in business or economics, while 23% come from engineering or computer science, many with hybrid training in both disciplines.
Finally, the dominant demographic profile shows that most founders were between 31 and 42 years old when starting their startup, although successful cases founded by people barely 20 years old have also been identified, such as Fever, Sanifit or Social Point. This age diversity, together with the growing sophistication of talent, points to an increasingly mature and professionalized ecosystem.
