Startup Overview
- 84.8 billion euros | Value of the Spanish entrepreneurial ecosystem in 2022.
- +8.6% compared to 2021.
- 3.1 years | Average survival of a Spanish startup.
- 58% | Startups that reach an exit.
- 21% | Scaleups or established businesses.
Investment Perspective
- +60% of investment in Spanish startups comes from local and European investors.
- Spanish investors mainly invest in the U.S. (250 rounds in 2022) and Latin America (141 rounds).
- Spain recorded 8 mega-rounds (financing rounds of +100 million euros) in 2022, but only 1 in 2023.
Decline due to uncertainty
- 2021 | 4.256 billion euros raised by Spanish startups. 406 operations.
- 2022 | 3.365 billion euros. 412 operations.
- 2023 | 1.525 billion euros. 332 operations.
Economic uncertainty and rising interest rates have slowed down venture capital, with a significant drop in financing (especially mega-rounds). Entrepreneurs sharpen their ingenuity and seek new ways of accessing capital.
Between two lands: a strategic position
The Spanish local ecosystem, straddling Europe and Latin America, offers numerous advantages to entrepreneurs:
- Prestigious academic institutions
- A robust network of financial allies
- Numerous success stories of startups
- Access to the European single market
- Cultural and linguistic proximity to Latin America
Leading entrepreneurial sectors
Top 3 today…
- Fintech | 6.5% of Spanish startups in 2023. 3rd country in Europe with the most fintech companies and 6th in the world, with +660 in 2023.
- Healtech | 6.4% of startups. Investment in new technologies for the national healthcare system reached 1.021 billion euros in 2022.
- SoftTech | 5.1% of startups. SaaS startups attracted an investment of +600 million euros between 2022 and 2023.
…And tomorrow
- Cleantech | Clean energy, water, and circular economy. Potential: Leveraging Spain’s capacity for renewable energy production, which already generates +50% of electricity.
- Agrotech | Innovation applied to agriculture and livestock. Potential: Addressing issues such as desertification or threats to food safety.
- New space | New aerospace solutions. Potential: Opening new market niches and research in orbit.
Entrepreneurial Radar
Unicorn incubator
Spain currently has five unicorns:
- Jobandtalent | HRTech | Temporary work platform connecting companies and essential workers. Valuation | 2.35 billion USD
- Cabify | Mobility | Ride-hailing app for companies and individuals. Valuation | 1.4 billion USD
- TravelPerk | Traveltech | Corporate travel management website. Valuation | 1.3 billion USD
- Recover | Circular Economy | Transformation of textile waste into recycled cotton. Valuation | 1.1 billion USD
- Factorial | HRTech | Online HR solutions for SMEs. Valuation | 1 billion USD
Spanish-origin unicorns headquartered in other countries:
- Devo | Cybersecurity | Cloud data analytics platform. Valuation | 2 billion USD in 2022. Cambridge, USA.
- Fever | Entertainment | Local events and leisure activities platform. Valuation | 1.8 billion USD in 2023. New York, USA.
- Copado | DevOps | ‘Multicloud’ Salesforce development platform for companies. Valuation | 1.2 billion USD in 2021. Chicago, USA.
Previously, other companies achieved (and lost through exits) this consideration:
- Flywire | Fintech | International online payment network. Exceeded 1 billion USD valuation in 2020 and reached 3,500 with its IPO in 2021. Listed on NASDAQ.
- Glovo | Delivery | Purchase and home delivery. Acquired by Delivery Hero in 2022.
- eDreams | Traveltech | Online portal for flight comparison and purchase. Went public in 2014, achieving a valuation of around 1.5 billion USD. Listed on the Spanish stock exchange.
- Wallbox | Cleantech | Rechargeable electric batteries. Went public in October 2021 with a valuation of 1.5 billion USD. Listed on the New York Stock Exchange.
- Idealista | Proptech | Online portal for buying and renting housing. Acquired by Swedish VC EQT in September 2020 for 1.321 billion euros.
Scaleups making an impact
- Boopos | Fintech | Online loans.
- Paack | Logitech | E-commerce parcel delivery.
- Capchase | Fintech | Online risk analysis.
A strong support network for entrepreneurs
Spain has more than 200 incubators and accelerators, along with numerous venture capital funds supporting startup growth.
Incubators and accelerators
Financial allies
Communities and Hubs
Events and financial aid to boost startups
From major events to financial assistance for entrepreneurs, including specific support for youth and women, the flame of Spanish entrepreneurship is kept alive.
Events
- South Summit
- 4YFN
- B-Venture
- Digital Enterprise Show Málaga
- Valencia Digital Summit
- Al Andalus Innovation Venture
- Startup Olé
- Alhambra Venture
Financing
- Enisa financing lines
- ICO financing lines
- INNOVA INVEST programme
- Autonomous community grants
- CDTI’s NEOTEC grants
- Horizonte Europa’s EIC Accelerator grants
Entrepreneurship as a state policy
2021
2022
2023
Eyes on the future
The local ecosystem has grown and matured rapidly in the last decade, demonstrating great resilience and an upward international projection.
“This growth is sustained by two trends that create a virtuous circle: former employees of unicorns like Cabify or Glovo who have decided to venture out, contributing their knowledge to the ecosystem; and founders who, after an exit, become investors in startups.”
Verónica Ruiz
Head of BBVA Spark Spain
Sources: Ecosistema Startup, South Summit, StartupBlink, BBVA Spark, CB Insights, Endeavor, BBVA, El Referente, Expansión, Finnovating, Reuters, El Periódico, VentureBeat, Dealroom, Forbes, Social Innovation Monitor, Índice SEIS, K Fund, ICEX
