In 2025, investment in Spanish startups declined by 3% compared to the previous year, totaling €3.108 billion. Despite the slight drop in capital volume, investment activity increased: the number of deals rose by 11%, reaching 376 transactions. These figures come from the “Startup Observatory” of Fundación Innovación Bankinter.
Investor focus is shifting toward more mature projects. The number of early-stage (Seed) deals fell by 10%, while Series A and Series C funding showed strong growth, rising by 34% and 65% respectively.
Barcelona remains the country’s leading technology hub, attracting €1.374 billion across 140 deals. It is followed by Madrid and Valencia. San Sebastián also entered the top ranks thanks to a major funding round secured by Multiverse Computing.
Investor focus is shifting toward more mature projects. The number of early-stage (Seed) deals fell by 10%, while Series A and Series C funding showed strong growth, rising by 34% and 65% respectively.
Barcelona remains the country’s leading technology hub, attracting €1.374 billion across 140 deals. It is followed by Madrid and Valencia. San Sebastián also entered the top ranks thanks to a major funding round secured by Multiverse Computing.
