AI-generated summary
In the first quarter of 2025, startup investment in Spain surpassed €1.1 billion, marking an 87% increase compared to the same period last year and continuing a three-quarter growth streak. However, the total number of funding rounds decreased by 7% to 99 deals. A clear shift in investor focus towards more mature funding rounds was noted, with significant rises in Series B, C, and Growth stage investments, while early-stage Seed and Series A rounds saw declines. This trend reflects growing investor preference for established startups, raising concerns about future support for emerging ventures that could become tomorrow’s unicorns. Debt financing has also grown, complementing equity rounds, with venture capital funds leading investments, followed by public entities and corporations.
Sector-wise, Travel & Tourism and Space & Navigation attracted the highest capital, while Health & Wellbeing and Software recorded the most deals. Geographically, Barcelona led investment attraction, followed by Madrid and Valencia, with surprising performance from Soria. Notable large funding rounds included Travelperk’s €190 million raise, reaching unicorn status, and Factorial’s €110 million round. Despite a 46% drop in exit operations, the IPO of Hotelbeds stood out with a valuation exceeding €2.8 billion. Overall, Q1 2025 highlights a maturing Spanish startup ecosystem driven by international capital and larger, later-stage investments.
The first quarter of 2025 shows significant growth in investment in startups, exceeding €1,100 million.
As highlights of the first quarter of 2025 we point out:
- Investment growth: In the first quarter of 2025, a total investment of more than €1,100 million was recorded, 87% more compared to the same period of the previous year.
- Interest in mature phases: An increase in investments has been observed in more advanced stages, however, initial phases such as Seed and Series A have seen declines in the number of operations.
- Debt financing: It has increased financing through debt instruments, complementing the equity rounds of private investors.
- Most active sectors: The Travel & Tourism and Space & Navigation sectors stood out in capital invested, while Health & Wellbeing and Software were the most active in number of operations.
- Geographical distribution of investment: Barcelona leads the way in attracting investment, followed by Madrid. Soria surprises by placing itself in 6th position.
- Divestments: There were 13 exits, 46% less than in the same period last year, with Hotelbeds going public.
Investment volume
In the first quarter of 2025, a total investment of more than 1,100 million euros has been registered. The total volume of investment is 87% higher than in the first quarter of the previous year; producing an increase of 17% compared to the last quarter of 2024, and confirming the upward trend with three consecutive quarters of growth. However, the number of operations decreased by 7%, with 99 operations, compared to the first quarter of 2024.
Types of investment rounds
Comparing the investment in startups made in the first quarter of 2025 with the same period of the previous year, significant differences can be seen depending on the series of the round.
Investor interest in the more mature phases has increased. Specifically, it has increased by:
- +43% in the number of Series B operations (rounds between €5 million and €20 million)
- +140% in the number of Series C operations (rounds between €20 million and €50 million)
- +150% in the number of operations in Series Growth (rounds over €50 million)
However, there has been a decrease in the number of operations in the initial phases compared to the first quarter of 2024, with a decrease in:
- -19% in the number of operations in Seed (rounds between 100,000 euros and 1 million euros)
- -34% in the number of Series A operations (rounds between €1 million and €5 million)
These data reflect a clear shift in investor appetite towards more mature rounds, to the detriment of smaller ones. This trend was already pointed out in the “Startup Investment Report 2024”, so it is a persistent trend over time.
The reduction in the volume of investment in startups in Seed and Series A poses a challenge for the future of the entrepreneurial ecosystem. Startups that are currently in the early stages, and that request smaller amounts, will be the ones that potentially become unicorns in the coming years.
Investment model
In recent years, and the first quarter of 2025, there has been a consistent increase in startup funding through debt tools. Specifically, it has been seen that certain equity rounds are complemented by a part of debt, either through white loans such as ENISA and CDTI or venture debt.
As for the type of investor participating in the rounds, in the first quarter of 2025, Venture Capital funds continue to lead. In second place are investments by public entities, followed in third place by those made by corporations.
Among the most active local investors, the following stand out:
- BBK Foundation and Bonsai Fund, with 5 operations each
- Swanlaab, Kfund and JME Ventures, with 4 investments each
- Itnig, Samaipata, Acurio, Startup Wise Guys, Suma Capital and Decelera, which have carried out 3 operations each
Internationally, investment is widely distributed, with the following investors currently with two investments made in the first quarter: European Investment Bank, FJ Labs, Faber Ventures, Plug and play, Amadeus Capital Partners and General Catalyst.
In the composition of the capital invested, the predominant role of the rounds participated by international funds and mixed rounds (with the presence of national and international investors) stands out, which reached a total of 431 million euros and 463 million euros, respectively.
On the other hand, rounds financed exclusively by local investors show a stagnation in terms of investment volume and a 39% decrease in the number of operations.
Since local investors tend to focus on early-stage startups, the reduction in their activity results in the increasing difficulty of Seed and Series A startups to access funding.
The sectors in which there is more activity
The sectoral analysis of investment in startups during the first quarter of 2025 reveals a notable difference between the number of operations and the volume of investment by sector.
If the capital invested is considered, Travel & Tourism (235 million euros) and Space & Navigation (133 million euros) stand out. However, in terms of number of deals, the most active sectors were Health & Wellbeing and Software, with 16 and 11 rounds, respectively.
This decoupling is due to the presence of large investment rounds in certain sectors, as detailed in the next section.
Which companies have you invested in?
In the first quarter of 2025, two large investment rounds stand out, Travelperk and Factorial.
Travelperk, the corporate travel management platform, has raised €190 million, placing the company’s valuation at more than €2.5 billion, and rising to unicorn status. With the amount raised, Travelperk will acquire the company Yokoy, an expert in the processing of corporate expenses with AI.
Factorial, the human resources platform for SMEs, has managed to raise €110 million. According to its co-founder Jordi Romero, the money will be used for the organic growth of the company, although they do not rule out acquiring operations in the future.
How investment is distributed throughout Spain
The year 2025 has begun with growth in the volume of investment in startups in all the main national hubs . Barcelona continues to lead investment in startups, achieving €544 million in investment.
Madrid, in second place, has managed to attract 267 million euros, achieving a growth of 137% compared to the same period of the previous year.
Valencia is positioned in third place, supported by significant rounds such as Quibim, based in Valencia. The Basque Country multiplied the volume of investment by 3, with San Sebastián and Bilbao taking fourth place and fifth respectively, with large operations such as Multiverse Computing.
Soria has surprised by obtaining sixth position, thanks to the operation of Mytriple A, a Fintech specialized in crowdlending.
Divestitures (EXITS)
During the first quarter of 2025, there have been 13 exits, 46% less than those registered in the same period of the previous year. Regarding the amount, it has only transcended in 3 of the 13 exits, adding up to a total of more than 3,300 million euros.
The three operations whose amounts have been reported are:
- Hotelbeds, a Mallorcan startup specialising in technology for the hotel sector, has gone public with a valuation of more than 2,800 million euros.
- Samy Alliance, which has been sold to the British investor Bridgepoint Capital for €300 million.
- Auro, the mobility company that has closed a €220 million exit with Uber.
In conclusion, the first quarter of 2025 is characterised by a consolidation of investment in startups, exceeding 1,100 million euros raised. International capital continues to drive Spanish startups, reflecting an ecosystem that continues to evolve and attract investment, especially in more mature stages. Regarding exits, although they have been reduced in number of operations, the IPO operation of Hotelbeds stands out.
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