We present the annual Report on Investment Trends in the Spanish startup ecosystem where we analyse the main trends and milestones in the entrepreneurial field during 2021.
2021 Annual Report Startup Observatory
Investment Trends in Spain 2021
Investment volume
Investment volume
The volume of investment has quadrupled compared to 2020, reaching 4,294 million euros, achieving the best figure in the historical series and confirming the excellent health of the ecosystem.
Investment operations
Investment operations
Investment activity has increased by 20% (less than the increase in investment volume), indicating that deals are larger and reflecting the maturity of the startup ecosystem in Spain.
Investment rounds
Investment rounds
The maturation of the Spanish startup ecosystem is demonstrated by the fact that the greatest increase in investment is in series C and later (6X vs 2020), but it continues to expand, as evidenced by the relevant growth of series A and B (+22.9% and +17% respectively).
Investors
Investors
The most active player in startup investment during 2021 was Venture Capital (VC), which has multiplied by 3.5 times what was invested in 2020: the rest of the investors are down slightly.
Foreign investment
Foreign investment
The investment of funds of foreign origin has become increasingly common in investments in Spanish startups. Foreign investment participates in a volume of €2107M, increasing its presence by 335%.
Sectors
Sectors
Although all startup sectors have increased their investment, it is Real Estate & Proptech (+4,058%) and Software (+1,427%) that stand out for their growth. Business & Productivity (which has grown by 599%) is the sector that gets the most investment.
Location of startups in Spain
Location of startups in Spain
During 2021, Madrid’s leadership position in the Spanish startup ecosystem was consolidated, which for the first time has surpassed Barcelona (€1,510M vs. €2,487M). This figure does not include Glovo’s recent M&A transaction reported in 2022.
Barcelona still holds the first place from the perspective of activity (144 vs. 133).
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