The madri+d Foundation has released the Startup Radar 2026 report, providing a detailed analysis of startup investment activity in the Community of Madrid and across Europe. The report highlights key funding rounds, exits, sectors, and technologies that attracted investment in 2025, while also offering comparisons with other European hubs. This year, the report includes data on the origin of funds by investment range, trends by investor type, venture capital effectiveness, and the total value of the ecosystem.
2025: a year of strong investment recovery
Investment in Madrid-based startups grew by 97% compared to 2024, reaching €1.2 billion, marking the third-highest year in the historical series. This confirms the continued reactivation of investment in companies founded or headquartered in the Community of Madrid, which ranks first nationally and 9th in Europe in 2025. Investment in rounds under €250 million also reached a record €940 million.
Three megaroundings exceeding $100 million—Auro Travel, Lingokids, and Job & Talent—accounted for 36% of total investment in Madrid-based startups. Including Fever’s round, these four rounds represent 42% of total investment.
The growth in investment, alongside a stable number of reported funding rounds (120, -6% vs 2024), led to a significant increase (+122%) in the average round size, rising from €4.5 million in 2024 to €10 million. Rounds under €15 million slightly decreased to 88% of total, while rounds between €40 million and €250 million accounted for 52% of total investment.
Increasing role of international and corporate investors
Corporate venture capital funds such as Wayra and Enagás Emprende contributed nearly a quarter of total investment, reflecting European trends. Investment from international investors also increased, particularly from U.S.-based investors, who accounted for 23% of total investment in Madrid (27% in Europe). Local investment continues to dominate in earlier-stage rounds under €15 million.
Local investors raised funds at similar levels to the past three years (slightly over €5 billion), while venture capital fundraising fell to €187 million (-84%). The report analyzes VC effectiveness using Dealroom’s Power Law Index.
Regarding exits, the Community of Madrid ranks 5th in Europe in the number of venture-backed exits (24). Six of these involved publicly disclosed amounts totaling €1 billion, the third-largest annual figure after 2021 and 2024, ranking 9th in Europe for 2025.
In cumulative terms, Madrid ranks:
Most dynamic sectors and technologies in 2025
Sectors attracting over 70% of investment included:
Investment focused on technologies such as:
Aligned with the Sustainable Development Goals, investment targeted areas including:
Explore the startup ecosystem on Startup Radar madri+d
The Startup Radar madri+d ecosystem platform offers searches for startups and entities (accelerators, universities, incubators), investment data via Dealroom, leading companies, programs, and events in sectors such as health, fintech, and transport. It also provides tools for startups, including public funding search and a job board for startup employment opportunities.
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