Spain continues to consolidate itself as one of the most dynamic and competitive startup ecosystems in Europe, according to the Spain Global StartupHub 2026 report, produced by ICEX.
The report offers a comprehensive snapshot of the Spanish entrepreneurial ecosystem and brings together, for the first time in a single publication, updated information on investment, internationalization, innovation hubs, financing, regulation, open innovation and strategic sectors. It also incorporates a specific analysis of the international presence of Spanish startups and of international venture capital flows linking Spain with the world’s leading innovation hubs.
Spanish participation also strengthens technological collaboration between Spain and France in a context of greater European competitiveness.
A More Solid, Mature, and Resilient Ecosystem
Spain now reaches an estimated value of €125 billion in its entrepreneurial ecosystem and counts more than 5,000 startups, over 400 scaleups, and 17 tech unicorns, solidifying it among Europe’s most relevant innovation hubs. In the last five years, Spain has become the only major European ecosystem to have doubled the valuation of its startups by 2.3x, while maintaining positive growth in an international investment climate that is more challenging for technology investments.
The study also confirms the recovery and consolidation of the Spanish startup investment market after the global adjustment in venture capital. In 2025, 376 funding rounds were closed, an 11% increase from the previous year, reaching a total volume of €3.108 billion. 44% of the investment was concentrated in large deals above €50 million, reflecting growing capacity for scaling businesses.
Investment concentrates in high value-added sectors. Software and artificial intelligence head the ranking with €516 million, followed by biotechnology and life sciences with €345 million. Other standout sectors include business productivity, fintech, digital health, tourism and space technologies.
Madrid and Barcelona among Europe’s leading hubs
The strengthening of the Spanish ecosystem rests on an increasingly sophisticated network of innovation and entrepreneurship. Madrid currently ranks eighth among Europe’s major startup ecosystems and Barcelona eleventh, with the latter also ranking as the world’s sixth city for early-stage financing.
Alongside these two technology hubs, cities such as Valencia, Málaga, Bilbao or San Sebastián continue to rise in prominence thanks to the growth of innovative companies, the development of deep technologies, and sector specialization. Spain also has more than 280 incubators and accelerators and more than 60 technology parks driving business growth in areas like artificial intelligence, Industry 4.0, digital health, energy, mobility, or sustainability.
The Spanish ecosystem has already produced 17 unicorns and more than 150 scaleups, reflecting growing capacity to create global technology companies and attract international investment.
Internationalization: A differentiating competitive advantage
As a key novelty, the report includes a specific analysis of the internationalization of the Spanish ecosystem. The study identifies Mexico as the main expansion destination for Spanish startups, followed by the United States, the United Kingdom, Brazil, Argentina, France, Italy, Portugal and Germany.
It also highlights the increasing level of integration of Spain into international venture capital networks. The United Kingdom, France, Sweden and the United States rank among the leading source countries of international funds investing in Spanish startups, while Spanish venture capital firms are expanding their presence in European and North American markets.
The report also highlights Spain’s unique role as a strategic bridge between Europe and Latin America, a positioning that enables startups, corporations, and investors to access both markets from a stable, connected, and highly international platform.
A More Favorable Framework for Starting and Investing
In addition to the ecosystem analysis, the publication offers practical information to facilitate the setup and growth of startups in Spain, including the regulatory framework, public and private funding instruments, open innovation initiatives driven by large companies, the main technology hubs, sectors with the greatest growth potential, and the calendar of the ecosystem’s most relevant events.
The publication also devotes a specific section to the support tools that ICEX provides to startups, scaleups and international investors to boost internationalization, talent attraction and business growth.
Programs such as Desafía, which eases Spanish startups’ immersion in some of the world’s leading tech ecosystems; ICEX Next, aimed at supporting the international expansion of SMEs and innovative companies; Rising Up in Spain, designed to attract foreign entrepreneurial talent; and España-LATAM Scale Up, which promotes the establishment and scaling of Latin American companies in Spain. These instruments complement the wide innovation and entrepreneurship support ecosystem existing in the country.
Spain currently has a broad network of entrepreneurship and innovation support instruments, including ENISA, CDTI-Innvierte, Fond-ICO Global, SETT, FOCO and other programs designed to facilitate access to financing, drive technology transfer, and accelerate business growth.
