The Spanish tech ecosystem enters a new phase of maturity, reaching €125 billion in value and consolidating itself as Europe’s 8th largest tech hub
The Spanish tech ecosystem has entered a new phase of maturity. According to the Spain Tech Ecosystem Report 2026, produced by Dealroom.co in collaboration with Enisa, BBVA Spark, Endeavor, GoHub Ventures, Kfund, SpainCap and Wayra, the total value of Spanish startups has reached €125 billion. This represents a 2.3x increase since 2020, consolidating Spain as the eighth largest tech ecosystem in Europe.
For Carolina Rodríguez, CEO of Enisa, the report reflects that “our country is emerging as one of the most dynamic innovation ecosystems in Europe. Dealroom’s data shows how we are consolidating ourselves as a robust, competitive entrepreneurial environment oriented towards the global market. This progress reflects the combined strength of entrepreneurs, private investment, and strategic public financing instruments such as Enisa.”
Nearly half of the ecosystem’s value is generated by companies founded in the last ten years, while more than half corresponds to private companies, highlighting significant latent value in high-growth businesses across the ecosystem.
In 2025, Spanish startups raised €3.1 billion in venture capital rounds, making it the third-best year in history, only behind 2021 and 2022, which were exceptional global years. The largest deals of the year were Multiverse Computing (€189M, Series B), Perk (€182M, Series E), and Auro Travel (€180M, Late VC), illustrating the sectoral diversity of the Spanish ecosystem, spanning quantum computing, travel, and autonomous mobility.
Early-stage (0–€15M) and breakout (€15M–€100M) segments recorded one of their strongest years, while late-stage funding (rounds above €100M) remains the main structural challenge to support the scaling of the most ambitious companies. More than two-thirds of capital raised in 2025 was concentrated in Madrid and Barcelona, which remain the ecosystem’s main hubs.
The growth of artificial intelligence is one of the defining features of this cycle. Nearly one in five startups founded in Spain since 2021 is AI-focused, more than doubling its share compared to the 2010–2020 decade. Spain’s AI ecosystem has grown 3.7x since 2020 (the third-highest relative growth in Europe among ecosystems above €10 billion), increasing its share from 7% to 12% of total ecosystem value.
In terms of funding, Spanish AI startups have raised €3.3 billion since 2020, making Spain the sixth-largest European country by investment volume and the fourth by number of funding rounds.
Beyond AI, the report highlights several fast-growing verticals. Health leads early-stage startup creation (0–€15M), Deep Tech leads breakout companies (€15M–€100M), and Enterprise Software (SaaS) dominates late-stage activity (above €100M). Climate Tech remains one of the most dynamic sectors, with Spain ranking seventh in Europe by number of companies. Dual-use technologies, defence, and robotics are also emerging as key categories aligned with geopolitical trends and European technological sovereignty.
Universities and research centres are playing an increasingly important role. Spain now counts more than 360 venture-backed spinouts, with a combined value of $10.5 billion (four times more than in 2019), and a record of over $500 million raised in 2025. Leading institutions include the Polytechnic University of Madrid, the Polytechnic University of Catalonia, the University of the Basque Country, CSIC, BIST, and ICREA.
Barcelona reaches a €51.8 billion ecosystem valuation and raised €1.1 billion in 2025, marking its third consecutive year above €1 billion. Madrid approaches €48.1 billion in ecosystem value and raised €1.2 billion, recording its third-best year on record. Both cities have attracted more than €1,000 per capita in investment since 2020.
Valencia ranks as the third-largest hub with €229 million raised, particularly strong in early and breakout stages. San Sebastián stands out in late-stage activity due to Multiverse Computing, which has accounted for nearly 70% of local investment since 2020. Bilbao (€68M), Vitoria (€12M), Málaga, Santander, and Gijón complete an increasingly distributed national map.
The ecosystem attracted more than 600 unique investors in 2025, with venture capital funds accounting for 43% of total activity. Spain is the fourth-largest European country in terms of domestic capital share in early-stage investment since 2022. In 2025, domestic investors accounted for 55% of total investment volume, reflecting a strengthening local investor base alongside growing international participation across all stages.
In 2025, Spain recorded 44 exits, the third-highest figure in history after 48 in 2021 and 58 in 2022. Notable transactions include vLex, Wallapop, and Onum. Spain now has a pipeline of more than 3,300 venture-backed companies, including 257 breakouts, 48 scaleups, and 40 companies that have reached either $100 million in revenue or $1 billion in valuation.
The report also highlights the talent flywheel effect. Former employees of unicorns and companies with exits above $1 billion (including Glovo, Cabify, and Job&Talent) are becoming a new generation of better-prepared founders, equipped with strong operational experience and the ability to scale faster. This is one of the clearest signals of the ecosystem’s structural maturity.
“With BBVA Spark, we have created something the ecosystem needed: a bank specifically designed for high-growth tech companies. As this report shows, Spain has become a consolidated market with a very active ecosystem that already competes with Europe’s leading hubs.”
— Miguel Ángel Alcalá, Head of BBVA Spark Europe
“Over the last decade, Spain has evolved from an emerging ecosystem into a much more mature environment capable of consistently producing companies. The combination of technical talent, AI capabilities, experienced operators, and increasingly specialised capital gives Spain all the ingredients to play a leading role in Europe’s next wave of AI-driven companies.”
— Carina Szpilka, General Partner at Kfund
“The Spanish tech ecosystem is maturing quickly, and the numbers only tell part of the story. Experienced founders are becoming catalysts for the next wave of entrepreneurship. Alumni networks from companies like Glovo, Cabify, and Job&Talent already represent hundreds of startups with hundreds of millions in combined funding.”
— Andrés Tallos, Managing Director of Endeavor Spain
“Spain is becoming an increasingly powerful and replicable engine for company creation. Strong research institutions, fast-growing AI capabilities, and early-stage depth in sectors like health are building a more mature ecosystem with greater talent, sector specialisation, and ambition.”
— Pablo Perea, Investment Lead at GoHub Ventures
“The Spanish tech ecosystem has reached a new level of maturity, driven by sustained VC activity, growing international investor confidence, and a strong pipeline of scalable companies. Spain is no longer an emerging market in tech: it is a competitive European hub where talent, capital, and opportunity converge.”
— José Zudaire, Managing Director of SpainCap
“The future of European innovation will depend on our ability to scale technology with ambition and global reach. At Wayra, we invest in startups and connect them with Telefónica’s capabilities to turn key technologies such as AI, cybersecurity, and connectivity into real value and European leadership.”
— Paloma Castellano, Director of Wayra Ventures (Telefónica)
The Spain Tech Ecosystem Report 2026 is produced by Dealroom.co in collaboration with BBVA Spark, Endeavor Spain, Enisa, GoHub Ventures, Kfund, SpainCap, and Wayra. It analyses the Spanish startup ecosystem in 2025 and benchmarks it against leading European and global ecosystems.
(Full report available on Dealroom.co)
Dealroom.co is a global intelligence platform for discovering and tracking the world’s most promising companies, technologies, and ecosystems. Its clients include some of the world’s leading organisations, such as Sequoia, Accel, Index Ventures, McKinsey, BCG, Deloitte, Google, AWS, Microsoft, and Stripe.
Dealroom works closely with local ecosystem development agencies to build a comprehensive multidimensional map of innovation, talent, capital, entrepreneurship, and economic dynamism.
The National Innovation Company (Enisa) is a public entity attached to the Ministry of Industry and Tourism. Its mission is to help viable and innovative projects led by Spanish startups and SMEs secure the financing needed to develop and compete in a global market.
This financial support is delivered through participating loans ranging from €25,000 to €1.5 million. It is a financing alternative particularly well suited to SMEs and does not require additional collateral or guarantees beyond the strength of the business project and the professional solvency of its management team.
In addition, Enisa acts as the certifying body for startups seeking to benefit from the tax advantages and specific provisions of the Spanish Startup Law, a pioneering piece of legislation in Europe that creates a favourable legal framework for startup growth and success.
Since it began issuing participating loans, Enisa has invested more than €1.4 billion through over 9,600 loans, financing more than 8,300 companies.
Kfund is a multi-stage and multi-product fund family focused on supporting entrepreneurs across Southern Europe and Latin America. With more than €500 million in assets under management, the fund invests from pre-seed to Series B, with ticket sizes ranging from €100,000 to €15 million.
BBVA Spark is the bank for high-growth innovative companies and venture capital funds. BBVA Spark enables its clients to cover their financial needs in one place, from basic services such as payments, payroll, and cards, to structured financing products such as venture debt or asset-backed lending, tailored for companies at more advanced stages of development or those already backed by venture capital funds in their cap table.
Spark is present in five geographies, serves more than 1,800 clients, and has committed close to €1 billion in banking financing, both for working capital solutions and long-term investment projects.
Endeavor is the leading global network of, by, and for high-impact entrepreneurs who innovate beyond established boundaries.
We select, support, and invest in founders to help them scale faster and reinvest their success into the next generation. This is how we create a “multiplier effect”: the force that drives thriving entrepreneurial ecosystems.
Founded in 1997, Endeavor is currently present in more than 50 countries and supports over 3,100 founders, including leaders of more than 100 companies valued at over $1 billion.
GoHub Ventures is a venture capital fund that invests in founders building B2B software in AI and dual-use technologies, as well as digital health solutions focused on prevention and operational efficiency. With €90 million managed across two funds, GoHub Ventures supports its portfolio companies beyond capital, helping them establish connections, partnerships, and strategic synergies that generate real value.
SpainCap represents the private equity industry in Spain. It brings together more than 200 national and international venture capital and private equity firms, 100 service providers, and 30 institutional investors, including insurance companies and pension funds.
Its members invest in unlisted companies, from startups to established firms, with a medium- to long-term horizon, providing not only stable capital but also innovation and management support. SpainCap is part of the Sustainable Finance Council, the National Forum for Emerging Companies, and the Asia Advisory Council.
Wayra is Telefónica’s corporate venture capital arm, driving innovation by investing in Artificial Intelligence, Connectivity, and Cybersecurity startups to transform the business.
It also supports other organisations in increasing the impact of open innovation in Europe. Wayra has invested more than €260 million in over 1,200 startups and currently has an active portfolio of more than 520 companies, of which over 215 collaborate with Telefónica. It also drives open initiatives through its platforms Alaian and Open Future.
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