The Spanish entrepreneurial ecosystem closed 2025 with clear signs of resilience and a shift toward maturity. According to the annual report from the Startup Observatory by the Bankinter Innovation Foundation, startup investment in Spain reached €3.108 billion in 2025. This figure represents a slight 3% decrease compared to the €3.197 billion invested in 2024, yet it is accompanied by an 11% increase in the number of operations, reaching 376 rounds.
More Operations and Greater Capital Efficiency
The Spanish market shows a more active behavior with smaller but more frequent operations. While the average round size decreased by 14% (€9.4M), the median increased by 34% to €2.14M. This adjustment reflects an ecosystem with less dependence on isolated mega-deals and a drive toward profitability and capital efficiency, partly motivated by the moderation of interest rates.
Concentration in Advanced Phases and Weakness in 'Seed' Stages
The report warns of a capital shift toward more mature phases at the expense of early stages. Seed rounds fell by 10%, while Series A grew by 34% (127 operations) and Series E surged by 65%. Investor confidence is concentrating on validated companies, which could impact the emergence of new scalable startups in the medium term.
On the other hand, the 15 registered mega-rounds (deals exceeding €50M) continue to hold critical weight, accounting for 44% of all capital invested (€1.354 billion).
Mixed Investment: The Engine of Growth
A key milestone in 2025 was the rise of mixed rounds, where local and foreign investors co-invest. These operations grew by 191% in volume, totaling €1.468 billion. "This data reflects the maturity of the ecosystem, with local funds capable of joining major international firms in advanced stages," the report highlights. In contrast, exclusively national investment focused on early phases, representing 49% of operations but only 16% of the total volume.
Geography and Sectors: Barcelona and Software in the Lead
About the Report
The Startup Observatory report by the Bankinter Innovation Foundation provides a detailed analysis of the ecosystem's evolution, investor profiles, and exit trends, which totaled 49 operations in 2025.
For more details, you can access the full report on the Bankinter Innovation Foundation website
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