The Spanish entrepreneurial ecosystem has reached an estimated value of €125 billion, according to ICEX. The country has over 5,000 startups, 400 scaleups, and 17 tech unicorns.
The Spanish entrepreneurial ecosystem has reached an estimated value of €125 billion, according to the report 'Spain Global Startup Hub 2026' published this Wednesday by ICEX. This figure consolidates Spain as one of the most relevant innovation hubs in Europe, with over 5,000 startups, 400 scaleups, and 17 tech unicorns.
Record funding rounds in 2025
In 2025, 376 funding rounds were closed, an 11% increase from the previous year, with a total investment volume of €3.108 billion. 44% of that investment was concentrated in large operations exceeding €50 million, reflecting a growing capacity for business scaling, according to ICEX.
By sector, software and artificial intelligence attracted €516 million, followed by biotechnology and life sciences, with €345 million. These figures show a clear commitment to technology applied to health and digitalization.
Madrid and Barcelona lead, but new hubs are emerging
Madrid ranks as the eighth European hub, while Barcelona occupies the eleventh position and is the sixth city in the world for early-stage funding. However, the report highlights the growing prominence of other cities such as Valencia, Málaga, Bilbao, and San Sebastián, which are attracting talent and investment.
Spain has over 280 incubators and accelerators and more than 60 technology parks, an infrastructure that facilitates the birth and growth of new companies. For entrepreneurs seeking support, these networks offer mentoring programs, workspace, and access to investors.
International expansion and a bridge to Latin America
Mexico is the main destination for expansion for Spanish startups, followed by the United States, the United Kingdom, Brazil, Argentina, France, Italy, Portugal, and Germany. The report underscores the growing level of integration of Spain into international venture capital networks, with the UK, France, Sweden, and the United States as the main sources of international funds investing in Spanish startups.
ICEX highlights Spain's role as a strategic bridge between Europe and Latin America, allowing startups, corporations, and investors to access both markets from a stable and highly internationalized platform. For Spanish startups planning to expand abroad, this geographical and cultural position provides a competitive advantage over other European ecosystems.
The report concludes that Spain is the only major European ecosystem that has multiplied the valuation of its startups by 2.3 times in the last five years, maintaining a positive trend in a complex international context for tech investment. The coming months will be crucial to see if this pace continues and if new unicorns emerge from the current 400 scaleups.
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