In 2023, the combined value of Spanish startups reached €100 billion

The combined enterprise value (EV) of Spanish startups exceeded €100 billion in 2023, according to Dealroom’s latest report on the Spanish tech ecosystem. Additionally, venture investment in Spanish startups remained robust, with €2.2 billion raised across approximately 850 funding rounds.

While Spain’s venture capital figures were lower last year compared to 2021 and 2022, this decline was expected as those years were anomalies. Unlike other regions, Spain hasn’t dipped below pre-pandemic activity levels. For context, Spanish startups collectively raised €1.9 billion in venture capital in 2019.

Spain’s 11-figure startup EV can be viewed from different perspectives. On one hand, it places Spain ahead of countries like Norway, Italy, and Portugal. On the other hand, Cambridge’s tech ecosystem alone, valued at $191 billion, is nearly double Spain’s. (With $1 currently worth €0.92, we’re skipping the conversions.)

According to the report, the Spanish startup ecosystem received €2.2 billion in venture investment in 2023, significantly benefiting the top of the investment funnel. Early-stage investment, including pre-seed, seed, and Series A rounds, reached an all-time high, and Series B and C stages remained strong. However, late-stage activity was notably quiet, with only two mega-rounds for Denodo and Fever.

This slowdown in late-stage activity isn’t unique to Spain and could be a concern. Startup ecosystems should ideally function as a continuous cycle. High-profile scaleups often become sources of new founders; this has been true for Spanish companies like Fever, Cabify, jobandtalent, Glovo, and Wallbox. Without liquidity events, it becomes harder for former employees to become angel investors or start new companies.