Venture capital invested €1.166.7 million in Spain by June, the third best semi-annual figure since 2009, according to SpainCap. Exits hit a historical record.
Venture capital invested €1.166.7 million in Spain during the first half of 2026, spread across 468 operations. This is reflected in the first estimates from SpainCap, based on data from the European platform EDC. This figure represents the third best semi-annual record since the first half of 2009.
The organisation that groups private equity managers in Spain expects a positive year-end. The reason, they explain, is the reactivation of investment activity and the abundant resources available for investment, known as 'dry powder'. By the end of 2025, this available fund reached €7.808 million, coming from private national managers.
In total investment in Spain, the total volume reached €3.778.3 million in the first half of the year. This represents a 14% decrease compared to the same period last year. However, the number of investments has remained stable, with 574 operations.
Historic record in exits
The exits chapter reveals a particularly relevant figure. The volume at cost price was €3.227 million, 65.5% more than in the first half of 2025. There were 144 exits, marking a new record since records began.
The most commonly used exit mechanism has been the sale to another private equity entity, which accounted for 65% of the operations. This is followed by sales to third parties, at 31%.
Fundraising: best historical figure
National fundraising of new funds recorded a 6.3% increase in the first half, reaching €2.279.2 million. This is the best semi-annual figure for private national fundraising in the entire historical series, which began in 2009.
SpainCap attributes this high level of fundraising to the development and launch of new secondary funds, positive returns in the sector, and support from public fund programmes from ICO/Axis, CDTI, ENISA, COFIDES, FEI, and SETT.
International funds take the lead
By investor type, international funds contributed 59% of the total volume invested in national companies. This trend remains consistent with recent years. Specifically, they made 133 investments. Meanwhile, private national managers invested €1.076 million in 343 operations.
Operations between €10 and €100 million, known as 'middle market', boosted total investment with a volume of €1.446.3 million in 52 investments. Additionally, 516 operations were closed below €10 million.
Sectors and outlook
By sector, technology and communications received the largest volume of investment, accounting for 58% of the total. This is followed by healthcare, with 16%, and industry, with 8.6%.
For investors interested in the startup and venture capital ecosystem in Spain, these figures confirm that the market remains active, with a high availability of capital and a steady flow of operations. Record exits indicate that investors are finding profitable exit routes, which may encourage new funding rounds.
SpainCap will update these figures with more detailed data in the coming months, as information from all associated managers is consolidated.
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