SpainCap holds its annual Congress in Valencia under the title 'Integrity + Transparency + Diversity. Standing together for those affected by the DANA floods'

Elena Rico, President of SpainCap, has presented the preliminary data on Venture Capital & Private Equity activity in Spain for the year 2024, as well as for the Valencian Community, during the Annual Congress of the Association: “Integrity + Transparency + Diversity. Standing together for those affected by the DANA floods.” The Association has supported the Valencian Community through two main avenues: donations to Cáritas Valencia and the promotion of the D_NA Valencia platform, a solidarity accelerator aimed at rebuilding the business ecosystem affected by the storm.

The opening remarks were delivered by Hortensia Roig, President of EDEM Escuela de Empresarios. The congress was supported by PwC, Buenavista Equity Partners, Norgestión, Atalaya, and Invest in Valencia.

According to preliminary estimates obtained by SpainCap via the European platform EDC, the volume of private capital investment in Spain in 2024 reached €6.54 billion across 725 investments (a 2.6% decrease compared to 2023, when €6.7 billion were recorded across 844 deals). Looking ahead to the current fiscal year, and based on improving market conditions, 2025 is expected to show very positive performance across all key indicators.

In 2024, Private Equity recorded a total activity volume of €5.61 billion across 150 investments. As for Venture Capital, last year closed with a total of €925 million across 575 investments (3% more than in 2023), marking the third-best year on record for Venture Capital, behind 2021 and 2022, thanks to a high number of Series B and C rounds exceeding €10 million.

By type of investor, the appetite of international funds remains strong in both the Private Equity and Venture Capital segments, as they continue to benefit from abundant liquidity and a demonstrated interest in the Spanish corporate market. In 2024, capital from outside Spain contributed to investment volumes totaling €4.81 billion (73.5%) in Spanish companies. Private domestic fund managers, meanwhile, invested €1.49 billion across 426 deals targeting Spanish firms.

By investment size, a total of 8 deals exceeding €100 million accounted for €3.57 billion of the total volume invested in Spain in 2024. The middle market (transactions involving equity investments between €10 million and €100 million) recorded a volume of €2.15 billion across 82 deals — a 23.5% increase compared to 2023.

The sectors that attracted the highest investment volumes and interest were ICT/Internet (36%), Healthcare (15%), and Other Services (12.6%). However, in terms of number of deals, the top sectors were ICT/Internet (224 deals), Healthcare (77), and Biotechnology (73).

Fundraising by private domestic investors reached €4.07 billion — a 50% increase from 2023 (€2.70 billion), marking the highest figure in the entire historical series.

Divestment volume in 2024 reached an estimated €2.90 billion (at cost) across 304 deals, representing a 113% increase from 2023. This surge is due to the reactivation of portfolio rotation by private equity firms, making it the second-highest figure in the historical series.

Private Capital in the Valencian Community: second largest investment destination in 2023, with €1.62 billion (24% of total volume) across 84 deals, including transactions involving IVI-RMA Global, Fermax Holding Investment, Eurocebollas, Cerería Mollá 1899, and Aceitunas Serpis.
The Valencian hub has shown significant growth in recent years, with €93 million invested in local start-ups and a cumulative portfolio of €4.07 billion.

Main deals in the Valencian Community exceeding €10 million in 2023:

Elena Rico, President of SpainCap: "As the title of our Congress this year suggests, our activity — together with public capital — is key to rebuilding the business ecosystem of the Valencian region. This is a community with great growth potential: in 2023, it was the second most popular destination for Private Capital investment. As a sector, we will continue to play a decisive role in driving employment, innovation, and the progress of the companies we invest in. We are optimistic about the evolution of the Venture Capital & Private Equity industry in 2025, a year in which major deals and investment momentum are expected to return. We are also fully aware of the importance of a favorable environment for entrepreneurship and the need for investment to achieve strategic green goals.”

Ignacio de Garnica, Partner in charge of Private Equity, Transaction Services & Valuations at PwC:
"We are witnessing a gradual recovery in investment activity, which we expect to intensify in the second half of the year. This is being supported by more moderate interest rates and inflation, the high levels of dry powder available, the need for fund managers to rotate their portfolios, pressure to deliver returns to LPs, and solid trading performance from companies. Despite these positive signs, the current macroeconomic and geopolitical uncertainty still poses a challenge for investment activity in certain sectors and/or regions. In this context, as we’ve seen in recent years, private capital will continue to be a major driver and key player in the economy.”

SPAINCAP represents the Private Capital industry in Spain. Chaired by Elena Rico, the association brings together over 180 national and international Venture Capital & Private Equity firms, 100 service providers, and 25 institutional investors. SPAINCAP members invest in unlisted companies — from startups to established businesses — with a medium- to long-term vision, providing not only stable capital but also innovation and strategic management support. The Association’s mission is to connect all players in the Spanish private capital ecosystem, representing their interests before public administrations, the media, and public opinion, both nationally and internationally. It also fosters alliances and synergies across Europe and Latin America to strengthen the industry’s global reach.

• By SpainCap
• 05/04/2025
• volume of private capital investment in Spain