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For the past few years, we’ve taken a moment to zoom out and look at the bigger picture of the Spanish tech ecosystem. It’s become something of a ritual for us at Kfund, an opportunity to go beyond the headlines and funding rounds and reflect on how far the ecosystem has come, and where it might be heading next.
This year, the snapshot is more than encouraging. The 2025 edition of the Spanish Tech Ecosystem Report, produced in collaboration with Dealroom, Wayra, SpainCap, Endeavor, GoHub Ventures, BBVA Spark and Enisa, paints a picture of a maturing, resilient and increasingly international landscape.
The numbers alone are striking: the combined enterprise value of Spanish startups has more than doubled since 2020, exceeding €110 billion. 2024 became the fourth-best year on record, with €1.9 billion raised by Spanish startups. While the market continued its correction from the 2021 peak, signs of a new cycle are already emerging. The strong start to 2025 suggests this year’s figures will significantly surpass those of 2024.
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But beyond the totals, what stands out this year is the changing nature of that growth. For a long time, Spain’s startup ecosystem was described, often rightly, as vibrant but fragmented, rich in ideas but short on scale. That’s beginning to shift. For the first time in years, we’re seeing consistent late-stage activity. Companies like Sequra, Xoople, Travelperk or Exoticca are showing that it’s not only possible to build globally relevant businesses from Spain, but to scale them with the ambition and firepower that used to feel out of reach.
Another thing that’s changing is the profile of our founders. As the report highlights, most of the entrepreneurs behind Spain’s most successful companies today have a few things in common: they tend to be highly educated (nearly half have a master’s degree or higher), many come from prior experience in top-tier consultancies or scaleups, and more than half are repeat founders. In other words, the ecosystem is starting to benefit from its own track record. People who’ve built and exited startups are now turning around to reinvest in the next generation, whether as business angels, mentors, or fund managers themselves.
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The ecosystem is also becoming more sophisticated in how it is financed. Corporate venture capital is now involved in nearly one out of every five startup rounds, while foreign investors continue to play a decisive role, especially at growth stages. Debt financing, once a rarity, is now a well-established tool: Spanish startups raised €2.3 billion in debt in 2024 alone.
There are, of course, still challenges ahead. Spain continues to lag behind the European average when it comes to the graduation rate from seed to Series A. It remains one of the most significant bottlenecks in the local capital stack, and it’s something we, as an investor community, need to address if we want to unlock a broader base of scaleups.
That’s why we’re particularly excited about some of the proposals mentioned in the report, like the creation of an España Tech Alliance. Inspired by initiatives like La French Tech, this would provide a coordinated, cross-ministerial platform for aligning public and private efforts around tech growth. It’s a promising path forward to strengthen Spain’s positioning in global innovation conversations, and to help ensure that momentum today becomes competitiveness tomorrow.
At Kfund, we’re proud to have supported this annual initiative from the very beginning. It’s our way of contributing to the long-term vision of an ecosystem that not only produces great companies, but sustains them, through capital, collaboration and a shared belief that Spain can be a global force in tech.
You can explore the full report here. As always, we’d love to hear what you think.
For the past few years, we’ve taken a moment to zoom out and look at the bigger picture of the Spanish tech ecosystem. It’s become something of a ritual for us at Kfund, an opportunity to go beyond the headlines and funding rounds and reflect on how far the ecosystem has come, and where it might be heading next.
This year, the snapshot is more than encouraging. The 2025 edition of the Spanish Tech Ecosystem Report, produced in collaboration with Dealroom, Wayra, SpainCap, Endeavor, GoHub Ventures, BBVA Spark and Enisa, paints a picture of a maturing, resilient and increasingly international landscape.
The numbers alone are striking: the combined enterprise value of Spanish startups has more than doubled since 2020, exceeding €110 billion. 2024 became the fourth-best year on record, with €1.9 billion raised by Spanish startups. While the market continued its correction from the 2021 peak, signs of a new cycle are already emerging. The strong start to 2025 suggests this year’s figures will significantly surpass those of 2024.
But beyond the totals, what stands out this year is the changing nature of that growth. For a long time, Spain’s startup ecosystem was described, often rightly, as vibrant but fragmented, rich in ideas but short on scale. That’s beginning to shift. For the first time in years, we’re seeing consistent late-stage activity. Companies like Sequra, Xoople, Travelperk or Exoticca are showing that it’s not only possible to build globally relevant businesses from Spain, but to scale them with the ambition and firepower that used to feel out of reach.
Another thing that’s changing is the profile of our founders. As the report highlights, most of the entrepreneurs behind Spain’s most successful companies today have a few things in common: they tend to be highly educated (nearly half have a master’s degree or higher), many come from prior experience in top-tier consultancies or scaleups, and more than half are repeat founders. In other words, the ecosystem is starting to benefit from its own track record. People who’ve built and exited startups are now turning around to reinvest in the next generation, whether as business angels, mentors, or fund managers themselves.
The ecosystem is also becoming more sophisticated in how it is financed. Corporate venture capital is now involved in nearly one out of every five startup rounds, while foreign investors continue to play a decisive role, especially at growth stages. Debt financing, once a rarity, is now a well-established tool: Spanish startups raised €2.3 billion in debt in 2024 alone.
There are, of course, still challenges ahead. Spain continues to lag behind the European average when it comes to the graduation rate from seed to Series A. It remains one of the most significant bottlenecks in the local capital stack, and it’s something we, as an investor community, need to address if we want to unlock a broader base of scaleups.
That’s why we’re particularly excited about some of the proposals mentioned in the report, like the creation of an España Tech Alliance. Inspired by initiatives like La French Tech, this would provide a coordinated, cross-ministerial platform for aligning public and private efforts around tech growth. It’s a promising path forward to strengthen Spain’s positioning in global innovation conversations, and to help ensure that momentum today becomes competitiveness tomorrow.
At Kfund, we’re proud to have supported this annual initiative from the very beginning. It’s our way of contributing to the long-term vision of an ecosystem that not only produces great companies, but sustains them, through capital, collaboration and a shared belief that Spain can be a global force in tech.
You can explore the full report here. As always, we’d love to hear what you think.
