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If 11 image is your attention verge , you may be interested in learning that the combined enterprise value ( EV ) of Spanish startups surpassed € 100 billion in 2023 , according toDealroom ’s latest report card on the Spanish tech ecosystem . As we ’ll see , venture investment into Spanish startup also hold up quite well , with € 2.2 billion produce across some 850 funding one shot .
Spain ’s venture Das Kapital tally was lower last year than in 2021 and 2022 ; that ’s no surprisal as these years wereoutliers . Unlike other place , though , the country has n’t fallen below pre - pandemic levels of activity . In 2019 , for point of reference , Spanish startups had jointly arouse € 1.9 billion in speculation cap .
But first , there are several way to look at Spain ’s 11 - figure startup EV . On the one bridge player , it cast Spain onwards of Norway , Italy or Portugal . On the other mitt , with a combined valueof $ 191 billion , Cambridge ’s tech ecosystem alone is almost deserving double Spain ’s . ( With $ 1 deserving € 0.92 today , please forgive us for jump conversions . )
A peck could be said on whether Spain is doing enough to support entrepreneurship — but for today , rent ’s adhere to facts and act .
Adding fourth dimension as a component , France reached € 100 billion in mix inauguration EV six years ago , and Germany nine years ago . But the value of Spanish technical school is also one of the fast maturation in Europe , Dealroom noted in a slide . Give them more time , and peradventure some Spanish startup will become decacorns and more , too .
Here ’s the funnel shape according to the account :
With a total of € 2.2 billion in venture investment , 2023 results moved the needle in the veracious focussing , but mostly for the top of the funnel . Investment volume for “ Early - level ” — pre - seed , seed and Series A — was at an all - prison term mellow last yr , and the Series B and Series C stages remained hard . However , late - stagecoach action was “ smooth , ” per Dealroom , with only two mega - round ( into old-timer data management platform Denodo , which has long since relocated to the U.S. ; and the datum - drive events startupFever . )
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The slowdown in late - microscope stage activity is n’t alone to Spain but , like elsewhere , it could be a business organization . Startup natural action is n’t only a funnel : It is also supposed to be a circle .
For instance , high - profile scaleups often plough intofounder factories ; in Spain , it ’s been the case with Fever , but also Cabify , job&talent , Glovo and wallbox . But without liquidity events , it becomes more difficult for former employee to become angel or start new company .
That ’s also a necessity on the VC side , with exits providing liquidity that can be reinjected into early - stage deals . Without large M&As and IPOs , there ’s always a risk pecuniary resource will be deprived of cap to invest anew .
Spanish VCs do n’t seem worried , though ; clock time will do its matter , they suggest . Jaime Novoa , a better half atKfund , commented in the news report that he and his colleagues are “ very confident that several companies being fund now will become scaleups in the next five to ten years . ” He cited as a incontrovertible signaling how other stage activity “ remain very healthy . ”
Not only is the former stage quite active , but the teams getting funded are also in line with what Europe may need to see more of . Most of 2023 ’s VC funding into Spanish startups went to clime technical school , follow by biotech and clean energy . It is too early to tell how many of these could becomecentaurs , but it will by all odds be deserving tracking .
