Startup Fundraising in Spain: Your Guide to Top VC Firms and Resources
Spain’s startup ecosystem is experiencing a period of dynamic growth and increasing international attention. In 2024, Spanish startups raised over €3.1 billion, marking a 36% increase from the previous year and setting a new record for the country outside the exceptional pandemic years. This surge in investment highlights Spain’s maturation as a hub for innovation, entrepreneurship, and venture capital activity, with Barcelona and Madrid leading the way as the nation’s primary startup centers. The country now boasts more than 12,000 startups, 400 scaleups, and 18 unicorns, supported by a robust network of over 300 incubators, accelerators, and support initiatives.
For founders, Spain offers a unique blend of advantages: access to a large domestic and European market, a highly skilled and international talent pool, and a supportive regulatory environment thanks to recent reforms like the Startup Law. The ecosystem is multi-hub, with cities like Valencia, Bilbao, Málaga, and Seville also emerging as vibrant centers for tech and innovation. Notably, early-stage investments remain strong, with over €1 billion raised in rounds up to €15 million in 2023, while sectors such as SaaS, fintech, climate tech, and health tech are attracting the most attention from investors.
Top VCs in Spain
Samaipata
About: We are focused on marketplaces and digital platforms
Sweetspot check size: $ 2M
Thesis: Investing in digital platforms with network effects
Draper B1
Sweetspot check size: $ 275K
Traction metrics requirements: Ideally >$20KMRR
Thesis: B2B & B2B2C tech companies. Mainly B2B software, marketplaces and on-demand services. First ticket average: $300K. Follow-on opportunities up to $1M extra. Industry agnostic but looking for amazing teams with global ambition addressing high growth markets. Valuation between $2-6M
Caixa Capital Risc
About: Caixa Capital Risc invests in innovative companies in their initial stages of growth, mainly in Spain and Portugal.It has already invested in 100+ companies with high growth potential in the life sciences, digital technology and industrial sectors. Caixa Capital Risc is part of CriteriaCaixa, the holding company that works to preserve and grow the assets generated by the Fundación ‘la Caixa’ for more than a century, with the priority of providing the financial resources to contribute to the impact on society and its development.
Kibo Ventures
About: Kibo Ventures is a venture capital fund investing in early-stage internet and mobile companies.
Athos Capital
About: We are a venture capital fund investing in early stage digital ventures with global ambitions.
Active Venture Partners
About: We are a European venture capital company focused on positively disrupting its traditional sector. Spearheaded by a diverse, passionate and multinational team, we are building a reputation for providing support that goes beyond capital for high growth businesses.
Thesis: With a presence in Spain, Germany and Scandinavia, we target entrepreneurial teams driving digital start-ups and seeking holistic partnerships based on shared values and pro-active support. Start-up founders connect to the unique ACTIVE community to engage with sector specialists, growth experts and senior advisors.
CG Health Ventures
About: We invest in early stage healthcare companies in Europe and the US with some form of market traction and an ambition to scale up globally.
Encomenda Venture Capital
About: Encomenda is a VC firm created by entrepreneurs and managed by entrepreneurs which counts with a great pool of successful entrepreneurs among its Limited Partners.
Thesis: We invest at the earliest stage of the project where we can bring our experience as entrepreneurs and investors.
Spain Startup Landscape
Spain’s startup ecosystem has rapidly evolved into one of Europe’s most dynamic and attractive markets for founders and investors alike. As of 2024, Spain is the second fastest-growing startup ecosystem in Europe, with investment activity reaching record highs and a robust infrastructure supporting innovation across multiple sectors.
Current State of the Ecosystem
Spain is home to over 12,000 startups, 400 scaleups, and 18 unicorns, with Barcelona and Madrid serving as the primary hubs. Other cities like Valencia, Bilbao, Málaga, and Seville are also emerging as important centers for entrepreneurship. The ecosystem is multi-hub, fostering a diverse and resilient environment for innovation.
Key sectors driving growth include fintech, SaaS, e-commerce, artificial intelligence, health tech, and renewable energy. In 2024, fintech alone captured one-third of the total investment volume, with major rounds such as Sequra’s €410 million raise highlighting the sector’s momentum. SaaS startups have overtaken marketplaces and e-commerce as the most funded business model, accounting for nearly half of all VC-backed investments.
Spain’s strategic advantages include a highly skilled and international talent pool, world-class business schools (IESE, IE, Esade), competitive wage costs, and a high quality of life. The country’s infrastructure, access to the European and Latin American markets, and a supportive regulatory environment (bolstered by the 2022 Startup Law) make it an ideal location for launching and scaling startups.
Investment Landscape
The Spanish investment climate is characterized by strong early-stage activity and increasing international participation. In 2024, total startup investment exceeded €3.1 billion, a 36% increase from the previous year. Early-stage rounds (up to €15 million) remain the most common, with over €1 billion raised in 2023. However, there is a growing appetite for larger rounds, especially from international funds, which have increased their participation by 134% year-over-year.
The investor landscape in Spain is diverse, including angel investors, seed funds, local and international venture capital firms, corporate VCs, and government-backed entities. Local VCs and corporates play a significant role in early and medium-sized rounds, while European and U.S. funds are increasingly active in larger deals.
Government initiatives such as ENISA, CDTI, and ICEX Invest in Spain provide grants, loans, and incentives to support startup growth. The Startup Law has introduced tax breaks, simplified company formation, and improved visa options for international talent, further enhancing Spain’s appeal as a startup destination.
Key Opportunities for Startups
High-growth sectors in Spain include fintech, climate tech, health tech, SaaS, and mobility/logistics. Climate tech and biotech startups attracted significant VC investment in 2023, reflecting global trends and Spain’s commitment to sustainability and innovation.
Startups in Spain have unique opportunities to address local challenges—such as digital transformation in traditional industries, renewable energy adoption, and healthcare innovation—while also leveraging Spain’s position as a gateway to both European and Latin American markets. The country’s international connectivity, multilingual talent, and strong support networks make it an ideal launchpad for global expansion.
Connect With Investors in Spain Using Visible
At Visible, we often times compare a fundraise to a B2B sales and marketing funnel. At the top of your funnel, you are finding new investors. In the middle, you are nurturing and pitching potential investors. At the bottom of the funnel, you are working through diligence and ideally closing new investors.
With the introduction of data rooms, you can now manage every aspect of your fundraising funnel with Visible.
- Find investors at the top of your funnel with our free investor database, Visible Connect and find a filtered list of Spain's investors here.
- Track your conversations and move them through your funnel with our Fundraising CRM
- Share your pitch deck and monthly updates with potential investors
- Organize and share your most vital fundraising documents with data rooms
Manage your fundraise from start to finish with Visible. Give it a free try for 14 days here.
