In a significant milestone for the Spanish tech ecosystem, the aggregate enterprise value (EV) of Spanish startups exceeded €100 billion last year, as reported by the sources. Despite a slight decrease in venture capital funding compared to previous years, Spain’s startup activity has remained resilient, with €2.2 billion raised across 850 funding rounds.

Spain’s startup ecosystem has demonstrated steady growth, with the combined EV of Spanish startups reaching €100 billion in 2023, positioning Spain ahead of countries like Norway, Italy, and Portugal.

While Spain’s EV milestone lags behind tech hubs like Cambridge, the country’s tech sector is among the fastest-growing in Europe, hinting at the potential for future decacorns and beyond.

The report highlights a surge in early-stage investment activity, with record-high funding for pre-seed, seed, and Series A rounds. However, late-stage funding saw a slowdown, raising concerns about the need for liquidity events to sustain the startup ecosystem.

Successful scaleups in Spain, such as Fever, Cabify, job&talent, Glovo, and Wallbox, have played a crucial role in nurturing new entrepreneurial talent. However, the lack of significant exits through M&As and IPOs could impact the cycle of reinvestment and growth.

Despite challenges in late-stage funding, Spanish VCs remain optimistic about the future, emphasizing the potential for current investments to evolve into successful scaleups in the coming years. Early-stage activity continues to show strength, providing a solid foundation for future growth.

As Spain’s startup ecosystem evolves, the focus remains on fostering a supportive environment for entrepreneurship, ensuring sustainable growth, and creating opportunities for innovation and success in the years to come.

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