The enterprise value of Spanish startups has more than doubled since 2020

Spanish startup ecosystem is showing great momentum and continues to pick up speed with funding jumping up again, but scaling still remains a challenge

Origen: The Spanish Tech ecosystem report 2025 | Dealroom.co

Spain is an emerging hub for AI, with €2B raised between 2020 and 2024 and Multiverse Computing as one of the most promising startups in Europe. To seize this momentum, a proposed España Tech Alliance would align public-private efforts and strengthen Spainʼs global tech positioning.

Spainʼs tech growth is driven by experienced founders, most with local roots. 46% hold a Masterʼs degree or higher, with UPC, UPM and ESADE among the top schools.

Spainʼs enterprise value has more than doubled since 2020 and exceeds €110B.

VC investment reached €1.9B in 2024.

2025 has already surpassed it, with €950M raised in Q1, the highest Q1 since 2021, and €1B raised in Q2, marking the strongest Q2 on record.

Spain has produced over 3,000 startups, most still at early stage. Its graduation rate to Series A remains below the European average, and VC funding skewed early until 2024.
But 2025 marks a clear shift, with late-stage rounds picking up.