The Spanish startup ecosystem has attracted €3,827 million in the first nine months of 2026, spread across 274 deals. These figures represent a 49% increase in deal volume compared to the same period in 2025, although the number of rounds fell by 5%. And with one quarter to go, the capital raised already surpasses by 22% the €3,132 million recorded during the entire previous year.
The data show, however, a two-speed ecosystem. The sharp rise in volume is mainly due to a small cluster of large transactions, while ordinary market activity continues to show signs of contraction. In fact, the average investment per deal rises 53%, to €15.8 million.
This is one of the main conclusions of the third-quarter report from the Startup Observatory of the Bankinter Foundation for Innovation, which analyzes the evolution of investment, the role of different investor types, funding stages, the most active sectors, and the major deals and exits in the Spanish ecosystem.
Mega rounds explain market growth
Mega-rounds of €50 million or more are back at the center of attention in the third quarter of the year. Between January and September 16 mega-rounds have closed, totaling €2,560 million, or 67% of all invested capital. Investment volume rises 113% compared with the same period last year, and its share of the market widens from 58% at the end of the first half.
The third quarter adds five new deals to this group: Multiverse Computing (€500m), Open Cosmos (€300m), Fever (€217m), HappyRobot (€130m) and iPronics (€108m). They are joined by PLD Space (€288m), Twinco (€165m), Factorial (€129m), Preply (€128m), EOS-X Space (€120m), Xoople (€115m), Citibox (€100m), ONA Therapeutics (€74.2m), Theker Robotics (€74m), Universal DX (€62m) and Attypics Photonics (€50m).
Special significance goes to the Multiverse Computing round, which becomes the largest ever recorded in the Observatory’s history, surpassing the €460 million raised by Clikalia in 2021. Along with Open Cosmos and PLD Space, the three largest rounds account for €1,088 million, 28% of all investment recorded in Spain through September.
The base market continues to contract
Excluding the 16 mega-rounds, the image of the Spanish entrepreneurial ecosystem changes substantially. Investment falls to €1,267 million, down 8%, spread across 258 deals, down 7% from the same period in 2025. The average drops slightly to €5.6 million.
This behavior also marks a deterioration compared with the first half of the year, when the market without mega rounds lost volume but still grew slightly in the number of deals. By the end of September, both variables retreat. Thus, the third quarter has been marked mainly by large transactions, without that dynamism translating broadly to the rest of the market.
Seed phase concentrates investing activity while scaling phases polarize
Investment activity shows a growing polarization between phases. On one hand, Seed continues to consolidate as the market’s main engine, with 104 deals (+22%) and 38% of the total rounds. On the other hand, PreSeed records a 29% drop, to 55 deals, reflecting greater difficulties funding projects at the earliest stages. Between these two phases, they still account for 58% of total investment activity through September.
Differences are also apparent in the scaling phases. While Series A (26 deals, +4%) and Series B (26 deals) maintain activity, Series C falls 35%, to 15 rounds. In contrast, Growth rounds rise 33%, reaching 16 transactions and for the first time surpassing Series C.
This evolution highlights the importance of having financing mechanisms across all growth stages, especially in mid-stages, where capital availability is key to turning emerging projects into companies capable of reaching advanced scaling phases. The described situation resembles the dynamics already seen in 2021, when the investment peak was driven largely by mega rounds.
National and international co-investment concentrates two out of every three euros
The mixed co-investment, i.e., joint participation by national and international capital, again plays a decisive role in larger operations. The mixed co-investment rounds total €2,449 million in 85 deals, up 88% in capital versus a year ago, and account for approximately two-thirds of all invested euros.
Locally sourced investment leads in number of deals, with 138 rounds, though it contributes €362 million, down 6%. Foreign-only capital reaches €865 million (+3%) across 36 deals (-12%). In total, 121 deals with known fund origins involve some international investor.
Among the most active national investors, EONIQ Fund stands out with 16 deals, followed by Inveready Asset Management, Asabys Partners and Archipelago Next. Among international players, Andreessen Horowitz (a16z) again leads with five deals, followed by Endeavor Catalyst with four.
The Software sector leads a map increasingly conditioned by mega rounds
The sectoral distribution of investment also reflects the market’s heavy concentration in a few companies. Specifically, Software sits in first place, with €931 million raised across 50 deals, up 19%. It is followed by Space & Navigation, with €800 million in 12 deals, driven especially by rounds for Open Cosmos, PLD Space and EOS-X Space. Fintech/Insurtech ranks third by volume, with €284 million, almost tied with Biotech & Life Sciences.
Among sectors whose evolution does not depend on mega rounds is Energy & New Materials, which doubles its investment volume (+102%), surpassing €175 million across 18 deals, with none of the rounds reaching €50 million. Fintech, Edtech and Big Data also increase activity significantly in the analyzed period.
Barcelona and Madrid reach September in a technical tie
One of the main novelties in the third quarter is the territorial map. Barcelona accumulates €1,175 million invested (+14%) and Madrid €1,153 million (+37%), a difference of only €22 million. The advantage Madrid held at the end of the first half has narrowed, notably due to Open Cosmos’s €300 million deal.
At the same time, the rest of the territory gains share and captures around €1,490 million, up 123% from a year ago, surpassing Barcelona and Madrid individually. Among the deals driving this growth are Multiverse Computing in San Sebastián (€500m), PLD Space in Elche (€288m), iPronics in Valencia (€108m) and Universal DX in Seville (€62m), which together sum to €958 million.
Disinvestments continue to dip
During the first nine months of the year, there were 32 exits, 30% fewer than in the same period of 2025. Although there are thirteen more deals than by the end of June, the pace remains clearly below the previous year and far from the highs recorded in earlier years.
The acquisition of Marosa by Wolters Kluwer for €112 million is the first disclosed exit of 2026. The profile of the deals also continues the historical pattern of the Spanish ecosystem, where acquisitions represent 91% of exits and buyers are industrial or strategic in 63% of cases, while exits via IPOs remain exceptional.
