Tech Scaleup Spain – 2023 Report

Spain is now a mature tech scaleup nation, boasting an impressive amount of 985 scaleups that have collectively secured $18.9B in funding. This achievement translates to over 2 scaleups per 100K inhabitants and nearly 1% of the country’s GDP dedicated to fostering the local scaleup economy.

The healthy competition between Spain’s two major innovation hubs, Barcelona and Madrid, along with their respective communities, has been a driving force behind the nation’s innovation ecosystem. This competition has fueled growth up to 2022 and fortified the Spanish scaleup landscape, enabling it to withstand the challenges posed by the global “VC Pullback” of 2023. Barcelona and Madrid, with 409 and 330 scaleups, respectively, have proven their ability to compete effectively with other well-established European tech cities by amassing impressive funding totals of $8.7B and $7.8B.

Other regional players are also emerging, including Valencia, Bilbao, Malaga and Seville, as well as thriving new entrants such as the Castilla y Leon region. These regions are not only contributing to Spain’s thriving innovation landscape but also setting new standards that could inspire and guide other ecosystems on a global scale.

However, no innovation ecosystem can sustain long-term success without offering an inclusive environment that promotes equal opportunities for all participants. Inclusive innovation ecosystems are better positioned to harness the unique perspectives and contributions of underrepresented voices, including women innovators.
This report dives into the current state of women-led scaleup entrepreneurship in Spain, drawing international comparisons and featuring insights from prominent Spanish women tech leaders. By examining the present landscape, we aim to shed light on the future of women-led innovation.

Our ultimate objective is to challenge the status quo by fostering communities, providing essential resources, and addressing years of unequal opportunities. Among the initial steps taken in this direction is the Desafia San Francisco program (October 2023 Edition), powered by Mind the Bridge in collaboration with ICEX, and Red.es. This program is specifically designed to empower and connect women-led tech startups with Silicon Valley.

This is just the beginning of a journey toward a more inclusive and diverse innovation ecosystem.