The ecosystem of Spanish startups comprises two main poles: Madrid and Barcelona. Most observers put Barcelona first and Madrid second, but the gap seems to be narrowing every year. Barcelona has profited by pulling in exiles searching for sun, sea shore, and way of life, and delivering all the more globally arranged new companies.
The new companies in Madrid have for the most part centered around Spain or Latin America, yet have gotten progressively worldwide naturally. Although this is not part of this investigation, we expect Valencia to join next year, as the city authorities have made every effort to attract entrepreneurs and investors.
The Spanish ecosystem as a whole is generally less mature than that of the United Kingdom, France, Sweden and Germany, but is improving rapidly. More recently, Spanish entrepreneurs have moved away from imitating success in the search for innovative technologies.
After the financial crisis, the Spanish government supported the creation of startups with the introduction of FOND-ICO GLOBAL, a fund of funds of 1.5 billion euros in 2017, which this year brought 800 million euros to the market. Three years later, technology is the fastest growing sector. In 2018, Spain had 4,115 active startups, which took 150 seconds. In Barcelona, there was a boom in startups and support systems. The companies based there raised 2.7 billion euros between 2015 and 2019, almost doubling Madrid’s number(according to Dealroom).
In the first half of a two-part survey, in which 18 start-up investors in Spain were asked about the trends they are following, we contacted the following VCs:
- Marta-Gaia Zanchi, managing partner, Nina Capital
- Marta Antunez, director, Wayra Barcelona
- Jaime Novoa, associate, K Fund
- Andy Areitio, partner, TheVentureCity
- Christophe Primault, partner, Elaia
- Luis Gutiérrez Roy, managing partner, Telegraph Hill Capital
- Santiago Reyna, founding partner, Keith Ventures
- Carlos Trenchs Sainz de la Maza, founding partner, Aldea Ventures
- Jordi Vinas, Nauta Capital