According to the report Spanish Tech Ecosystem, prepared by Dealroom, the innovative entrepreneurship ecosystem in Spain has multiplied by five since 2015. In addition, it has reached a value of 46,000 million euros in 2021, compared to 10,000 million in 2015.
Among the issues analyzed, the report shows the evolution of investment in emerging companies in Spain, through a qualitative and quantitative analysis, addressing the main investment trends in the Spanish environment. In addition, it offers a projection on future national unicorns and a study of the situation of local and international investment, in different stages, of Spanish emerging companies.
Spain presents a vibrant entrepreneurial ecosystem
According to the report, our country is home to more than 10,500 startups and more than 300 scaleups. Among the thriving sectors, those of fintech stand out, health and banking. The study also points out that the appearance of unicorns – companies valued at more than a billion euros – such as Glovo, Wallbox and Flywire It has been one of the causes of the growth of the sector. And what is more: it points out that Spain is a fruitful territory to generate this type of companies, ranking fifth in Europe for the number of potential future unicorns.
On the other hand, in terms of innovative entrepreneurship ecosystems, the cities of Madrid and Barcelona They are the most valuable Spanish hubs, based on the valuation of startups founded since 2000. However, other companies of this type also stand out, which are raising capital in regions such as Valencia, Alicante, Palma or Bilbao.
Investment trends on the rise
Venture capital investment is growing rapidly in Spain. Specifically, the report indicates that it has multiplied by 3.8 in 2021, reaching an all-time high of € 1.9 billion invested in the first six months of the year. In the first half of 2021, more investment was raised than in the whole of 2020.
Compared to other European countries, Spain has been one of those that has grown the most in the first half of 2021, excluding rounds of more than 250 million euros. By sectors, transport and business software are the main categories in Spain for investment in venture capital.
Diversity of agents
In 2020, companies and other agents of the ecosystem beyond venture capital, represented more than 30% of the total capital invested in Spain. Thus, the report indicates that the investment ecosystem in Spain is made up of local and international Venture Capital entities, but also companies, business angels and government-backed initiatives that support entrepreneurial initiatives.
The opportunity to continue growing
Finally, the report points out, among other issues, that investment by Spanish startups is dominated by Spanish and European investors: in 2020, only 15% of the capital came from outside Europe. This shows a significant margin for growth.
The entities that have come together for the development of the study are ASCRI, the Spanish Association of Capital, Growth and Investment; the global foundation to support entrepreneurs Endeavor; ENISA, the National Innovation Company, attached to the Ministry of Industry, Commerce and Tourism; the Spanish venture capital firm Kibo Ventures; and the High Commissioner for Spain Entrepreneurial Nation, organ of the presidency of the Government of Spain.
Aquilino Peña, co-founder of Kibo Ventures and President of ASCRI, remarks: “This study aims to show the entry into maturity of the Spanish market: good fund infrastructure and business angels, ‘second and third round’ entrepreneurs, healthy ambition, exits (including IPOs on Nasdaq) and relevant rounds to compete globally. By showing the reality and potential of our market, we hope to attract investment both for Spanish entrepreneurs and for Spanish venture capital funds ”.
