Overview of Spain's Thriving Startup Ecosystem in 2023

Sydney Times

— 1 min read
Overview of Spain's Thriving Startup Ecosystem in 2023

Introduction

The Spanish startup ecosystem has been gaining momentum, with the combined enterprise value (EV) of Spanish startups exceeding €100 billion in 2023. This growth is accompanied by a significant increase in venture investment, with €2.2 billion raised across 850 funding rounds.

Key Findings

  • Spain's startup EV surpasses that of Norway, Italy, and Portugal.
  • Despite being behind Cambridge's tech ecosystem, Spain's tech value is rapidly growing.
  • Spain has maintained its pre-pandemic levels of startup activity.
  • France reached €100 billion in combined startup EV six years ago, and Germany did so nine years ago.
  • The venture investment landscape in Spain has seen a surge in early-stage funding.
  • Late-stage activity witnessed a slowdown in 2023, with only two mega-rounds recorded.
  • High-profile scaleups like Fever, Cabify, and Glovo have emerged as successful founder factories.

Challenges and Opportunities

  • The lack of liquidity events poses a challenge for employee-turned-entrepreneurs and VC funds.
  • Spanish VCs remain optimistic about the future, expecting current companies to become scaleups in the next five to ten years.
  • Climate tech, biotech, and clean energy sectors received the majority of VC funding in 2023.

Conclusion

Spain's startup ecosystem is on a trajectory of growth, with promising opportunities in various sectors. While challenges like late-stage activity and liquidity events persist, the overall outlook remains positive for the future of Spanish startups.

Read more