Spain Tech 2025: Do our startups possess scalability?
The Spanish technological ecosystem has made it clear that it is no longer playing in the minor leagues. According to the latest report from Dealroom, the joint value of startups in Spain has exceeded 110 billion euros, doubling since 2020. It is an unequivocal sign of maturity. However, the real question is not whether we are growing, but whether we possess scalability.
Growth is real, but uneven
Spain occupies the #6 position in venture capital investment in Europe, with 1.9 billion euros raised in 2024 and more than 2 billion in only the first half of 2025. Financing rounds in advanced stages, historically scarce, have begun to activate. Cases such as Multiverse Computing, Travelperk, or Auro Travel are examples of an ongoing trend change.
But the data that causes concern is another: the graduation rate of Spanish startups to Series A remains below the European average. Only 20.4% of startups that obtain seed funding manage to scale to this next phase. In Germany, that figure reaches 32.5%.
The diagnosis? Spain has many startups, but few scaleups.
A new founder profile
Behind this drive is a generational shift. Most of the founders of the most successful startups in Spain are between 31 and 38 years old, with training in engineering and business, and previous experience in consulting firms like McKinsey, or in local tech companies like Carto, Geoblink, and Tuenti. More than half are serial entrepreneurs, and some are launching their own funds and accelerators.
Cases such as Travelperk (Barcelona), Seedtag (Madrid), or Devo (Madrid) show how well-trained and connected local founding teams can compete at a global level. And that changes the rules of the game.
Corporate VC and foreign capital: the missing muscle
One of the keys to the 2025 takeoff is the growing participation of corporate VCs, present in almost 1 out of every 5 rounds. Also noteworthy is the role of debt financing, which contributed 2.3 billion euros in 2024. Foreign capital remains essential, especially in growth stages, which reinforces the need for international visibility.
However, there is still work to be done in terms of consolidating exits and unicorns. Since 2023, no new unicorn has been added in Spain. The good news is that we have a powerful pipeline: more than 3,000 active startups, many already in the breakout phase.
And the leading sectors?
Spain is starting to stand out as an emerging hub for Artificial Intelligence, with more than 2 billion euros invested in AI between 2020 and 2024. Companies like Multiverse Computing, specialized in applied quantum computing, are attracting global attention.
Other verticals with strong traction in 2024/2025 have been:
- TravelTech, with Travelperk and Exoticca raising large rounds.
- HealthTech, where Impress and Deepull have closed relevant investments.
- Fintech and mobility, with strong bets like Sequra and Auro.
This sectoral growth is key to consolidating a competitive country-image in the European context.
What does Spain need to make the leap?
Structural Scalability
Improve access to senior talent, growth stage funds, and international networks.
Coordinated Policies
The proposal for a public-private Spain Tech Alliance could be a key catalyst.
Events and Community
Spaces like South Summit, Valencia Digital Summit, or the GEN AI Summit not only position Spain as a benchmark in AI but also facilitate high-impact networking between startups, corporations, and international investors.
My Tech Plan is an innovation and technology events agency that helps companies in the tech sector attract talent, gain visibility, and accelerate their growth. We do this through: 💠 Customized hackathons, meetups, conferences, and corporate events that reinforce employer branding, position the brand, and generate strategic connections. 💠 Communication plans with content focused on building and fostering community loyalty, amplifying the impact of the event before, during, and after.