Spain surpasses 5,000 startups and now has 17 tech unicorns. The entrepreneurial ecosystem reaches an estimated value of €125 billion, according to the Spain Global Startup Hub 2026 report.
The Spanish entrepreneurial ecosystem has reached a combined valuation of €125 billion, according to the Spain Global Startup Hub 2026 report prepared by ICEX. This figure consolidates Spain as one of the most relevant innovation hubs in Europe, with over 5,000 active startups and 400 scaleups.
Record funding in 2025
During the past year, Spanish startups closed 376 funding rounds, an 11% increase from the previous year. The total investment raised reached €3.108 billion, according to the report's data.
44% of the capital was concentrated in operations exceeding €50 million, reflecting the growing maturity of the ecosystem and the scaling capacity of emerging companies.
By sectors, software and artificial intelligence led the investment attraction with €516 million, followed by biotechnology and life sciences, with €345 million.
Spain, the only major European ecosystem to double its valuation
The report highlights that Spain is the only major European ecosystem that has multiplied the valuation of its startups by 2.3 in the last five years. This growth has been maintained despite a more complex international context for tech financing.
Currently, the country has 17 tech unicorns, companies valued at over $1 billion. This figure places Spain in a prominent position within the European innovation landscape.
“Spain strengthens its role as a strategic bridge between Europe and Latin America, fostering connections between entrepreneurs, investors, and corporations in both markets,” ICEX notes in the report.
Madrid and Barcelona, established hubs; other cities gaining prominence
Madrid and Barcelona maintain their position among the leading European innovation hubs. However, cities like Valencia, Málaga, Bilbao, and San Sebastián are reinforcing their prominence on the national entrepreneurial map.
The ecosystem has over 280 incubators and accelerators and more than 60 technology parks distributed throughout the geography. This support infrastructure is key to the development of new companies.
Mexico has consolidated itself as the main destination for international expansion of Spanish startups, followed by the United States and the United Kingdom. The connection with Latin America remains a competitive advantage for Spanish entrepreneurship.
For entrepreneurs seeking funding, the report confirms that the market remains active and that larger funding rounds are becoming increasingly frequent. The sectors of artificial intelligence and biotechnology offer the best capital-raising opportunities.
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