In a groundbreaking development, the combined enterprise value (EV) of Spanish startups has soared past €100 billion in 2023, as per the latest report by Dealroom focusing on the Spanish tech ecosystem. This achievement is further highlighted by the fact that €2.2 billion was raised through 850 funding rounds, showcasing the resilience and growth of the Spanish startup scene.
While Spain’s venture capital activity was slightly lower compared to the exceptional years of 2021 and 2022, it still managed to maintain levels above those seen before the pandemic. In 2019, Spanish startups had raised €1.9 billion in venture capital, indicating a steady upward trajectory in the country’s startup landscape.
Comparing Spain to other European tech hubs, the report reveals that Spain now surpasses countries like Norway, Italy, and Portugal in terms of startup EV. However, it still lags behind Cambridge, whose tech ecosystem alone is nearly double the value of Spain’s. Despite this, the rapid growth of the Spanish tech sector suggests the potential for future unicorns and decacorns to emerge.
The report also delves into the investment funnel, highlighting a surge in early-stage funding in 2023, while late-stage activity experienced a slowdown. This trend is not unique to Spain and raises concerns about the overall health of the startup ecosystem. However, Spanish VCs remain optimistic, believing that current investments will yield successful scaleups in the coming years.
Furthermore, the focus on sectors like climate tech, biotech, and clean energy in VC funding indicates a shift towards sustainable and impactful startups in Spain. With promising signs of growth and innovation, the Spanish tech ecosystem is poised for continued success and global recognition.