According to data from the annual report of the Startup Observatory prepared by the Bankinter Innovation Foundation, Investment in startups in Spain was 3,108 million in 2025 of euros, which represents a small setback compared to what was invested in 2024, when it reached 3,197 million. Therefore, investment in startups in Spain in 2025 has registered a decrease of 3% year-on-year.
Despite this, the number of financing rounds has increased by 11%, to 376, a behavior that reflects a more active market, with more smaller operations and a commitment to capital efficiency.
The report examines in detail the evolution of investment in the Spanish ecosystem, the profile of investors, the financing phases and the most dynamic sectors, as well as the main operations and divestment processes. Among its results, the reduction in the average size of financing rounds by 14% in 2025 to 9.4 million euros stands out. But the median has increased by 34%, to 2.14 million.
These figures reflect a change in a market that is moving towards more balanced numbers and intermediate rounds, with less dependence on large operations. Of course, this adjustment does not imply a greater presence of early investment, but rather it coexists with the greater concentration of capital in more mature companies.
Among the reasons for this change are largely the moderation of interest rates, the desire of investors for startups to be profitable in less time and the search for more efficiency for their capital. Regarding the phases, the report warns of less investment momentum in the initial stages of startups. In the seed phase there were 89 rounds, 10% less than in 2024.
Series A rounds reached 127 operations, 34% more, while Series B rounds registered a slight decrease of 3% and remained at 63 rounds. As for those in Series E, they rose 65%, with 28 rounds. This reflects an increase in confidence in more mature startups. Growth phase rounds remained stable, with 15 operations.
These data point to a concentration of investment in the advanced stages of startups, to the detriment of the initial stages. This is despite the fact that the rounds tend to have a more contained volume, which can affect the development of new scalable companies in the medium term.
Another of the notable elements of 2025 was the notable weight of the megaroundsthat is, of the investment rounds that raised more than 50 million euros. Despite being around 4% of the total operations, with 15 in 2025, they concentrated 1,354 million euros, 44% of the total amount invested.
Types of operations and investment poles in startups
In 2025, 49% of the operations were financed exclusively with national investorsalthough its weight in volume remained at 16% of the total invested, with 505 million euros (26% less than in 2024). This is because national investors focus more on the earliest phases of startups, with more risk but less investment, and with decision-making supported by proximity, knowledge of the market and trust in the founding teams.
Mixed rounds, where local and foreign investors coexist, registered the largest increase of the year. They accounted for 32% of the operations and 47% of the total investment volume, with 1,468 million euros, 191% more. This reflects a greater maturity of the ecosystem, with local funds of greater size and capacity that join international funds in investing in startups in more advanced stages.
In parallel, the financing rounds led solely by international investors reached 16% of the operations and contributed 35% of the amount invested, with 1,091 million euros, 46% less than in 2024. Almost two thirds of the rounds were financed only by equity, while the mixed debt and equity rounds reached 85 operations, and those financed only with public funds remained at 19. Those closed with debt were 11.
Venture capital funds participated in 263 rounds in 2025, which is equivalent to 70% of operations. Public funds did so in 115 operations, and corporate venture capital participated in 979 rounds. Business angels took part in 69 operations.
Barcelona was once again the main concentration point for the Spanish entrepreneurial ecosystem, with 1,374 million euros of investment distributed across 140 operations. Madrid came in second place, with 865 million euros in 104 rounds. Valencia, in third place, registered 25 operations with 2,672 million euros raised, and San Sebastian, which was in fourth position with 202 million euros invested.
TravelPerk starred in the most notable investment round of the year, with 190 million euros. Multiverse Computing, for its part, received 189 million euros in San Sebastián, and Splice Bio raised 118 million euros. Regarding the most attractive sectors for investment, software led the ranking by volume by concentrating 516 million euros in 60 rounds. They are followed by the Biotechnology and life sciences sector, with 354 million in 36 rounds, and Business&Productivity, with 321 million investment. Besides, In 2025, 49 exit operations were registeredone less than the previous year.
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