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📊 How has investment in the entrepreneurial ecosystem evolved in 2025?
Our latest report reveals key trends: more operations, upstream changes, and clear leadership in AI-powered software.
Check the summary here, download the full report or access the Startup Observatory tool.
Access the ObservatoryThe total volume invested has registered a slight decrease of 3% compared to 2025, standing at 3,108 million euros. The number of trades has increased by 11%, reaching 376 rounds.
In seed, 89 rounds were counted, which represents a drop of 10% compared to the previous year, showing a lower commitment to the initial phases.
15 operations of more than €50 million, 4% of the total number of rounds, have attracted €1,354 million, 44% of the total volume invested in the entrepreneurial ecosystem.
Venture capital funds are positioned as the most relevant players in the ecosystem, with participation in 70% of the total of the 376 operations registered.
The sectoral leadership by investment volume corresponds to software, driven by artificial intelligence projects, reaching 516 million euros.
Barcelona, with 1,374 million euros raised in 140 operations, remains the Spanish city with the highest number of operations and volume of investment raised.
In 2025, 49 exit operations have been registered, compared to 50 the previous year.
Find out all the details and sector analysis in the full report or access the free tool The Startup Observatory.
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