Elena Rico, president of SpainCap until today, when she has been replaced at the head of the institution by Enrique Tombas, presented yesterday the data on Venture Capital & Private Equity activity in Spain for the year 2025 during the SpainCap Annual Congress "40 years driving growth." The opening of the event was led by Carlos San Basilio, president of the CNMV, and the closing by Enrico Letta, former President of the Council of Ministers of Italy.
According to preliminary estimates obtained by SpainCap through the European EDC platform, total private capital investment in Spain in 2025 reached €7,015.4m across 1,041 investments (the highest figure on record).
In 2025, Private Equity recorded an activity volume of €5,111m across 178 investments. Venture Capital ended the year with a volume of €1,904m across 863 transactions (+73% vs. 2024 and +37% above the previous year’s figure), representing the best result on record, driven by the high number of Series B and C rounds above €10m.
By investor type, appetite from international funds remains strong in both the Private Equity and Venture Capital segments, supported by abundant liquidity and demonstrated interest in the Spanish corporate market. In 2025, capital from outside Spain accounted for €4,110m of investment (59% of the total) across 255 Spanish companies. Domestic managers, for their part, contributed €2,905.8m across 786 investments in Spanish companies.
By deal size, a total of 14 investments above €100m accounted for €2,622m of the total volume invested in Spain in 2025. The middle market (deals with an equity investment between €10m and €100m) recorded €3,039m across 118 deals, 37% higher than in 2024.
The sectors attracting the largest investment volumes and investor interest were Digital Technologies (27.4% of the total), Industrial Products & Services (16.3%) and Healthcare/Medical (13.5%). By number of investments, Digital Technologies led (418 deals), followed by Healthcare/Medical (107) and Biotechnology (93).
By geography, the regions receiving the highest investment volumes were Madrid (39%), Catalonia (25%) and the Basque Country (8%).
Fundraising raised by private domestic investors totalled €5,598m, 23% higher than in 2024 and the best result on record.
Divestment volume in 2025 is estimated at cost at €4,562m across 476 deals, 25% higher than in 2024. This reflects the renewed momentum in portfolio rotation by private capital firms, marking the best result in the historical series. The most active exit route by volume was “Sale to third parties” (46%), followed by “Sale to another private capital firm” (26%).Principio del formulario
Elena Rico, President of SpainCap: “Over these four decades, our industry has demonstrated its ability to adapt to different economic cycles, becoming a strategic ally for the growth and development of Spain’s business fabric. This anniversary is not only a milestone for SpainCap, but also an opportunity to reaffirm our strong commitment to responsible, sustainable investment with a positive impact on the economy. The record 2025 figures show that Spanish venture capital and private equity has regained its dynamism and looks to the future with optimism, supported by the strength of the corporate sector and the growing interest of domestic and international investors. Spain remains an attractive and competitive investment market, with compelling opportunities in areas such as technology, healthcare and sustainability, where private capital can play a decisive role.”
José Zudaire, Managing Director of SpainCap: “Today, private capital is a structural player in the Spanish economy. It finances companies at every stage—from start-ups to large corporates—attracts international investment and actively contributes to the country’s competitiveness and job creation. SpainCap has gained influence and we have moved from being an emerging industry to a key pillar of business growth: our member firms manage a portfolio of 3,200 investee companies, more than 620,000 employees and cumulative investment exceeding €50 billion. Private capital is part of the solution: we are committed to continuing along the path of public-private collaboration, aligning Spain’s regulatory framework with that of peer countries, and moving towards a 2028 Single Market Europe.”
About SpainCap
SpainCap is the association representing the Venture Capital and Private Equity industry in Spain. It brings together more than 200 domestic and international fund managers, 100 service providers and 30 institutional investors, including insurance companies and pension funds. SpainCap members make medium- and long-term investments in unlisted companies, from start-ups to established businesses, providing not only stable equity capital but also strategic expertise, innovation and hands-on management support. SpainCap promotes the development of private capital as a lever to drive the sustainable transition of Spain’s business fabric, generating value for investors and society as a whole. The Association is a member of the Sustainable Finance Council, the National Forum for Emerging Companies, and the CNMV’s Financial Education Plan
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