After a more measured 2023 and 2024, 2025 has brought more capital and stronger late-stage activity across Spain’s tech ecosystem. For the fourth consecutive year, we’ve partnered with Dealroom, Kfund, Wayra, SpainCap, Endeavor, BBVA Spark, and Enisa to publish The Spanish Tech Ecosystem Report 2026. What this year’s data shows is an ecosystem that has moved beyond proving itself: more capital, larger rounds, and a stronger position in Europe than ever before. Here are seven insights that capture where Spain’s tech ecosystem stands today.
Spain’s Tech Ecosystem Has Surpassed €125B in Enterprise Value
The combined enterprise value of Spanish startups has now reached €125B, a milestone that underscores just how far the ecosystem has come in a short time. Almost half of this value has been generated by startups founded since 2015, meaning the growth is powered by a new generation of companies rather than legacy players. From €16B in 2016 to €125B in 2025, the trajectory is consistent and accelerating, a clear sign that Spain’s tech sector has achieved genuine, sustainable scale.
Spain Is the Second Fastest-Growing Tech Ecosystem in Europe
Speed matters as much as size, and on that front Spain stands out sharply. With a 2.3x growth in enterprise value between 2020 and 2025, Spain ranks second in Europe for growth rate (behind only Belgium) and eighth overall by total ecosystem value among European countries with €100B+. This combination of scale and pace reflects a maturing infrastructure of founders, investors, and institutions that is compounding year after year.
Spanish Startups Raised €3.1B in VC in 2025, the Third Best Year Ever
Spain raised €3.1B in venture capital in 2025, making it the third strongest year on record, surpassed only by the exceptional peaks of 2021 (€4.4B) and 2022 (€3.6B). What is particularly encouraging is the composition of this funding: late-stage rounds are playing a much larger role than in previous years, a sign that Spanish companies are not just being created at pace but are successfully scaling to significant size and attracting the largest tickets in the market.
A Deep and Diverse Pipeline Across Every Sector
Spain’s startup pipeline is broader and more resilient than it might appear. Health leads in early-stage volume with 476 companies, closely followed by Deep Tech (473) and Enterprise Software (406). But the composition shifts meaningfully at later stages: Deep Tech leads at breakout stage with 62 companies, while Enterprise Software dominates at late-stage with 11 and claims 3 unicorns or $1B+ exits, the most of any sector. This cross-sector depth means Spain is building competitive strength simultaneously across health, AI, enterprise software, fintech, and climate tech, with each vertical developing its own pipeline of companies with real scale potential.
“Spain keeps becoming a more powerful and repeatable engine for company building. The combination of strong research institutions, fast-growing AI capabilities, and real early-stage depth in sectors like health are creating a more mature ecosystem, broader in talent, stronger in sector specialization, and increasingly ambitious about building category leaders. With more international founders choosing to build from Spain, venture capital has a central role in helping that momentum scale.“
Pablo Perea, Partner
AI Is the Top Funded Sector in Spain, and Has Been Since 2020
Artificial intelligence raised €717M in Spain in 2025, making it the most funded sector in the country by a clear margin. Since 2020, AI and Enterprise Software have each accumulated €3.3B in total investment, the highest of any sector, with Deep Tech close behind at €2.4B. Health and Travel round out a competitive top five. Spain ranks 6th in Europe for AI investment since 2020 and 10th by enterprise value, with €14.8B generated by a base of 475+ VC-backed companies.
Health: Spain’s Largest Sector by Company Count, with Record Investment in 2025
With over 500 VC-backed companies, Health represents 14% of all VC-backed firms in Spain. The sector holds a combined enterprise value of €13.3B, ranking 11th in Europe, and has attracted €2.5B in VC investment since 2020, placing it 10th on the continent. Investment hit €568M in 2025, up from €344M in 2024, driven by a strong surge in breakout and late-stage rounds. Igenomix stands as the sector’s unicorn, while Impress and Atrys are among the companies with €100M+ in revenue, and companies like Quibim are already in the €200M-1B valuation range, building the next wave of breakout champions. With a record year behind it, 2025 confirms Health as one of the structural pillars of the Spanish startup ecosystem.
Dual-Use and Defense Tech Consolidates as a Major Vertical
Dual-Use and Defense Tech is emerging as a relevant new category, in line with European geopolitical and technological sovereignty trends. The sector raised €219M, more than double the €93M of 2024, and critically, that growth is now anchored in late-stage rounds rather than early experimentation. With €436M raised since 2020 and a 7th place ranking in Europe for VC investment in this space, Spanish startups like Sateliot, LuxQuanta, FOSSA Systems, and XRF are no longer emerging players, they are becoming established leaders in a sector that will only grow in strategic importance across the continent.
Access the full Spanish Tech Ecosystem Report 2026 to dive deep into these insights and many others.
