Investment in Scaleups in Spain Enters a Phase of Greater Maturity and Professionalization
Investment in scaleups in Spain is experiencing a phase of greater maturity and professionalization. This was highlighted during the online roundtable “Investment in Scaleups: Recent Past and Future Outlook”, organized by Foro Capital Pymes and moderated by Miquel Costa.
The event brought together five leading investors from the national ecosystem and attracted significant interest: 187 registered participants and 104 live attendees, consolidating Foro Capital Pymes as a key platform for analyzing investment, business financing, and the evolution of venture capital in Spain.
Speakers:
The roundtable covered three main topics:
One of the clearest messages shared by all speakers was that 2025 was a good year for investment, particularly from the perspective of market maturity. After a period of higher uncertainty in 2023 and 2024, the sector has entered a more rational phase, with capital available but stricter investment criteria.
All investors agreed that investment targets were met—or even exceeded—and that significant divestments took place, some delivering very attractive returns.
However, the market has changed:
A recurring idea throughout the session was the return of profitability as the central focus of scaleup investment. After years of capital abundance, the ecosystem now demands:
Other key takeaways from 2025 included:
The returns mentioned by the speakers, ranging from 14% to 20%, confirm that venture capital remains an attractive asset class within alternative investments in Spain.
Xavier Núñez-Romero (Inveready)
"2025 has been a year of strong investment activity and greater market maturity"
Xavier Núñez-Romero highlighted a particularly active year for investment, even above the average pace expected for some of Inveready’s vehicles. The firm invested across multiple sectors, both in Spain and other European countries, with a special focus on scaleups listed on alternative markets.
He also emphasized the growing role of hybrid instruments, such as convertible bonds, and pointed to a relevant future trend: the increasing use of secondary transactions as a liquidity tool, now less stigmatized and more strategic in venture capital.
Iván Feito (Axon Partners)
"Technology remains a major opportunity, but not everything goes anymore"
Iván Feito explained that Axon Partners successfully closed its Growth fund launched in 2021 and began investing through a new vehicle with very solid profitability metrics. He noted that the market has entered a phase where growth must be accompanied by economic logic, and investors seek clarity on real market demand.
As a key learning, he emphasized internationalization as a differentiating factor: today, the scaleups with the greatest potential are those capable of growing outside Spain and generating a substantial portion of their revenues internationally.
Sergio Pérez (Sabadell Venture Capital)
"The era of abundance is over: now it’s about proper valuations and returns"
From Sabadell VC’s perspective, Sergio Pérez highlighted 2025 as an especially positive year for divestments, with several successful exits reinforcing the credibility of venture capital as an asset class.
His message was clear: the market has left behind a period of excessive multiples and unrealistic expectations. Today, investing well means understanding that selling a company at reasonable prices is more viable than chasing inflated valuations. He also called for a greater role of institutional private capital—especially pension funds—and more involvement from Spanish corporations in acquiring companies.
Paco Illueca (GVC Gaesco)
"Discipline beats narrative and enthusiasm"
Paco Illueca succinctly summarized the cycle change experienced in 2025. From GVC Gaesco, he noted a good investment pace, but with a clear evolution toward fewer transactions with larger tickets, resulting from deeper and more rigorous analysis.
Two major takeaways:
José María García (SETT)
"From the public side, profitability and quality co-investment are also required"
José María García explained SETT’s role as a public co-investment vehicle focused on digital transformation, targeting semiconductors, advanced digitalization, cybersecurity, quantum technologies, and audiovisual projects.
He emphasized that SETT never invests alone, always partnering with private investors, and that profitability is central to ensuring the sustainability of the model. According to his experience, good deals require time, analysis, and strong private partners, dispelling the myth that public investment operates without economic criteria.
A key point repeated throughout the debate was that AI is not so much a sector as a transversal tool. Instead of investing in “pure AI,” investors are finding opportunities in companies that apply AI to improve efficiency, productivity, and scalability in traditional business models.
The focus is on practical, profitable AI applications, rather than pure technological hype.
Looking ahead to 2026, investors were moderately optimistic. Projections include:
No severe global economic crisis is expected, but the environment will require prudence, analysis, and careful planning.
In his closing remarks, Miquel Costa summarized the session clearly, noting that 2025 confirmed that capital is available, but irrational abundance is over. Investment today is slower, more analytical, and more demanding for both investors and entrepreneurs.
He highlighted that venture capital returns in Spain remain competitive (around 14–20%) and that the sector continues advancing in professionalization, liquidity, and credibility.
Finally, he praised the work of Foro Capital Pymes, which facilitated financing for 15 companies over the past year, channeling over €80 million through its investment forums—a constant effort to generate quality content, connect entrepreneurs and investors, and strengthen the ecosystem.
"Investing doesn’t just generate financial returns; it creates companies, jobs, innovation, and a future," concluded Miquel Costa, thanking the speakers and the highly engaged audience.
cloud technology axon
Santander Corporate & Investment Banking has participated, alongside N...
