2025年西班牙科技生态系统报告

Report 2025 June 2025 What you need to know Successful founders offerinsights into Spainʼs techgrowth Unlocking Spainʼs nextgrowth phase Spainʼs startup ecosystemis growing fast, but scalingremains a challenge Corporate VC now participates in nearlyone in five startup rounds. Debt financinghas surged, with €2.3B raised in 2024alone. Foreign capital continues to play akey role across all stages. Spainʼs tech growth is driven byexperienced founders, most with localroots. 46% hold a Masterʼs degree orhigher, with UPC, UPM and ESADE amongthe top schools. Spainʼs enterprise value has more thandoubled since 2020 and exceeds €110B. VCinvestment reached €1.9B in 2024. 2025has already surpassed it, with €950Mraised in Q1, the highest Q1 since 2021,and €1B raised in Q2, marking thestrongest Q2 on record. Spain is an emerging hub for AI, with €2Braised between 2020 and 2024 andMultiverse Computing as one of the mostpromising startups in Europe. Many founders previously worked atMcKinsey, BCG, or homegrown techcompanies like Carto and Geoblink. Morethan half are serial entrepreneurs, andsome also building their own funds toback the next generation of startups. Spain has produced over 3,000 startups,most still at early stage. Its graduation rateto Series A remains below the Europeanaverage, and VC funding skewed earlyuntil 2024. But 2025 marks a clear shift,with late-stage rounds picking up. To seize this momentum, a proposedEspaña Tech Alliancewould alignpublic-private efforts and strengthenSpainʼs global tech positioning. 1Spanish tech update 2The founders behind Spainʼs successes The combinedenterprise valueof Spanishstartups hassurpassed€110B in 2025 Source: Dealroom.coSum of the valuations of all startups in theecosystem. Using estimated valuationsbased on most recent VC rounds, publicmarkets and publicly disclosed valuations. The Spanishecosystem hasgrown more than2x since 2020 Outpacing most of Europeʼsleading ecosystems Source: Dealroom.coSum of the valuations of all startups in theecosystem. Using estimated valuationsbased on most recent VC rounds, publicmarkets and publicly disclosed valuations. In Europe Spain ranks: #4 by number of rounds2024-2025 YTD Spanish startupsraised €1.9B in2024 - and 2025has alreadysurpassed it 2024 saw a rebound inbreakout-stage funding, adrop in early-stage activity,and just one late-stage roundbySeQura Source: Dealroom.coOnly includes VC investment, excludes debtrounds. 2024 VC includes a €205M equityestimate from SeQura, derived from a €410Mround including debt. 2025 as of 18th June2025 Page/ 7 Strongmomentum in2025 with €2Braised bymid-June Pickup in late-stage rounds,includingMultiverseComputing,Travelperk, andAuro. €950M was raised in Q12025, the highest Q1 since2021, and €1B in Q2, thehighest Q2 ever Source: Dealroom.coOnly includes VC investment, excludes debtrounds. 2024 VC includes a €205M equityestimate from Sequra, derived from a €410Mround. Q2 2025 as of 18th June 2025 Travel:Business travelmanagement Fintech:Flexible payment solutions Deep tech/AI:Quantum Computing Top VCinvestmentrounds in Spainin 2024/2025 todate €205MNov 2024 - Late VC+ €205M Debt $200MJan 2025 - Series E Travel:Electric ride-hailing Transportation:Earth Observation Health:Gene therapies » view online $135MJun 2025 - Series B €180MFeb 2025 - Late VC €115MJune 2024/May 2025 - Late VC Travel:Business travelmanagement Jobs recruitment:Digital staffing Event:Live-entertainmentdiscovery $100MJun 2025 - Late VC $103MApr 2025 - Series F $104MJan 2024 - Series D+ $135M Debt Travel:Online travel packages Health:Invisible Orthodontics Source: Dealroom.co. Only includes roundswith VC investment. Debt rounds are shownseparately for transparency but excludedfrom VC totals. Rounds up to June 2025 $77MNov 2024 - Late VC+ €40M Debt €60MMay 2024 - Series A €60MJul 2024 - Series D Spainʼs VCleaned towardsearly capitalstage from 2020to 2024 - just32% went to latefunding, lowerthan Europeanpeers Spainʼsgraduation rateto Series A islower thanEuropeanaverage Those that scale to Series Amatch or surpass Europeanaverage at later stages Source: Dealroom.co. Startup graduationrates track startups that secured seedfunding in a given year and measure howmany raise Series A, B, or C+ within 3 to 36months Spainʼs pipeline is expanding, with most startups still at early-stage Spain ranks #9 inEurope bynumber ofunicorns No new unicorn since 2023however, unlike otherEuropean peers Source: Dealroom.co. Domestika remains aunicorn based on its last disclosed valuation(2022), despite recent layoffs. Spanish successes and promising companies 1Spanish tech update 2The founders behind Spainʼs successes 3Outlook and opportunities Spainʼs techsuccess is drivenby standoutfounders, mostwith local roots TravelPerk Fever Founded in 2011 in Madridby Pep Gómez, Fever waslaunched as an app topromote nightlife events. In2014, Ignacio, Franciscoand Alexandre saw theopportunity to