The Spanish startup ecosystem continues to show dynamism in the first quarter of 2026, with a total of €731 million invested across 79 deals, despite a 30% drop in volume and a 21% decline in the number of rounds compared with the same period a year earlier.
This performance reflects a softer start to the year, partly conditioned by the unusually high activity recorded in Q1 2025, which set a demanding baseline for comparison.
These are among the main conclusions of the quarterly report from the Startup Observatory of the Bankinter Innovation Foundation, which examines investment trends, the role of different types of investors, funding stages, the most active sectors, and the major deals and exits in Spain’s startup ecosystem.
Despite this adjustment, the Observatory’s data point to an ecosystem that continues advancing toward greater maturity. The drop in the average ticket size to €9.5 million (−12%) alongside the increase in the median to €2.5 million (+19%) suggest an increase in typical ticket sizes and greater activity in early-stage rounds, in a context of lower capital concentration in large rounds.
A Start to the Year Shaped by Mega-Rounds
The first quarter of 2026 has been clearly marked by the prominence of mega rounds, meaning investment rounds above €50 million. Only three rounds, led by PLD Space, Preply, and Universal DX, account for a total of €370 million and represent 51% of total investment in the Spanish entrepreneurial ecosystem. The largest deal of the quarter was PLD Space, an Elche-based aerospace company, which raised €180 million to develop reusable rockets for commercial orbital access.
Nevertheless, even in this segment of large deals there is a year-on-year adjustment, with a 15% drop in the volume of mega rounds versus the same period in 2025 and a 25% decline in the number of deals.
And when excluding these mega rounds from the equation, the market shows a more pronounced contraction. The invested volume falls to €361 million (−40%) across 76 deals, while the average ticket drops 25%, to €4.9 million. This evolution highlights a reduced presence of mid-sized rounds, which helps explain the overall decline in investment.
Lower Activity, but Higher Capital Concentration
The market behavior in Q1 2026 confirms the normalization trend that began in 2022. After the peaks reached in 2021 and 2022, the market has gradually adjusted its activity levels, with 2023 and 2024 characterized by lower investment intensity and 2025 showing signs of recovery.
In this context, the start of 2026 sits below the recent historical average in number of deals, though it maintains investment volume higher than the lowest quarters of 2024. This pattern points to greater capital concentration in fewer deals.
The evolution by source of funds also reflects this tendency. Local investment falls to €91 million (−51%), while foreign investment drops 25%, to €272 million. Mixed investment declines to €363 million (−19%), but preserves its dominant role by concentrating close to 50% of total invested volume.
In terms of deal count, rounds with exclusively local participation fall 28%, to 34 deals, while mixed rounds drop 13%, to 28 deals. Deals financed solely by international investors remain steady, with 13 rounds.
Among the most active investors of the quarter domestically are Dozen (The Crowd Angel), Kfund, Easo Ventures, Swanlaab Ventures and Axon Partners Group. Internationally, Andreessen Horowitz and Norrsken VC lead activity with two deals each.
Shift in Investment Stages
Phase-by-phase analysis reveals a broad adjustment across nearly all funding stages, with the sole exception of the Series A, which grows 48%. This behavior is explained by a shift in the size of early rounds, as increasingly more startups — especially those with experienced teams, established structures, or initial traction — move directly into larger early rounds.
The earliest stages show the greatest weakness of the quarter: the Pre-Seed phase records no deals and Seed rounds fall 34%. Mid-stages also retreat, with declines of 25% in Series B and 75% in Series C.
New Investment Hubs Emerging
The sectoral distribution of Q1 2026 is heavily shaped by the impact of large deals. The Space & Navigation sector leads investment volume with €199.5 million, driven by PLD Space’s round. It is followed by Edtech, with €159.6 million, largely thanks to the operation of Preply (€126M), while Biotech & Life Sciences reaches €84.7 million, up 88% supported by Universal DX’s round.
This behavior reflects a high concentration of capital in a few verticals closely tied to mega rounds, while the rest of the sectors maintain more moderate activity levels both in volume and deal count.
From a geographic standpoint, Barcelona again leads investment in Spain and reaffirms its status as the main hub of the ecosystem. The quarter’s main novelty is Elche’s rise to second place, driven by PLD Space’s round, illustrating the impact that a large round can have on the geographic distribution of investment. Madrid stays third and reinforces its structural role as one of the country’s major innovation centers, while Seville reaches fourth place thanks to Universal DX’s €62 million deal.
Beyond these positions, the quarter offers a positive note in terms of territorial diversification. While it is still premature to speak of hubs outside the major cities, these deals reflect greater momentum in other regions.
The quarter closes with a total of five exits, 64% fewer than in the same period last year, in a context of lower market dynamism and greater caution from strategic and financial buyers.
Overall, the Q1 2026 data depict a more selective market, with lower activity but greater capital concentration in large-scale deals. According to the Startup Observatory of the Bankinter Innovation Foundation, this behavior sits within an ecosystem adjustment process, where investment concentrates in fewer deals and weights larger projects. This scenario confirms a move toward a more mature market, with restrained activity and stricter capital allocation discipline.
