Spain’s tech ecosystem is solid. But is it still scaling fast enough?
The latest edition of the “Tech Scaleup Spain: Scaleup. Investor, and event landscape 2025 Report”, published by Mind the Bridge with the support of ACCIONA and Crunchbase and presented at Tech Barcelona during the Scaleup Summit Spain 2025, sheds light on the opportunities — and growing concerns — facing one of Southern Europe’s most promising innovation economies.
The numbers are both encouraging and sobering.
“The Spanish ecosystem has reached an inflection point — now it needs to accelerate. Other regions aren’t standing still,” said Alberto Onetti, Chairman of Mind the Bridge. “We’re entering an era where density, depth, and global reach will be make-or-break. Spain has solid fundamentals — but that won’t be enough unless we act boldly.”
Spain is currently home to 1,194 scaleups that have raised a cumulative $22.6 billion, positioning it as the fourth-largest scaleup economy in Europe. Yet its growth trajectory is faltering. The first half of 2025 saw only 35 new scaleups, a level not seen since before 2018. Meanwhile, capital investment is holding steady — signaling a more selective, high-ticket investor mindset, possibly fueled by deep tech.
Spain vs. the World: Holding Position or Falling Behind?
While Spain is still a leader in Southern Europe, the global landscape has shifted.
South Korea, for example, now boasts 2,127 scaleups and over $71.6B raised — more than three times Spain’s total. Australia is ahead too, with 1,512 scaleups and $33.9B raised. Even Sweden, long seen as comparable, has overtaken Spain in total funding.
“Ten years ago, Spain was on par with countries like South Korea and Australia. Today, the country risks being outpaced by ecosystems that were once behind it,” stressed Onetti . “To catch up, Spain needs a coordinated push: more growth-stage capital, stronger corporate involvement, and a national scaleup strategy — something like a Spanish Tech Alliance, a unified strategy to support scaleups through their most challenging growth stages, modeled after successful initiatives seen in other innovation-driven countries.”
“To truly scale, we need regulatory frameworks aligned with our global trade partners,” commented Miguel Arias, General Partner at K-Fund.
Madrid and Barcelona: A “Duopole” That Lacks Momentum
The Report also points to a unique but challenging feature of the Spanish ecosystem: its dual-core structure. Barcelona (499 scaleups) and Madrid (390) anchor the country’s innovation activity, but neither has achieved the critical mass to transition into “Nova Star” ecosystems. In fact, both cities remain stuck in the “Early Scaleup” stage — unlike Seoul, which has already crossed the threshold.
“The so-called duopoly model is both a risk and an opportunity,” highlighted Alberto Onetti.“The opportunity lies in creating a more economically and socially sustainable development model. The risk is being marginalized in a scenario where a handful of global hubs dominate everything.”
The Missing Middle: Where’s the Growth Capital?
Spain is bursting with seed investors, yet when it comes to growth-stage capital, the pipeline narrows dangerously. Only 19 out of 124 active investors (including 8 CVCs) in Spain focus on scaling ventures — a critical bottleneck for the country’s most promising startups.
“For the first time, this year’s Tech Scaleup Spain Report includes a dedicated overview of the Spanish investor landscape, accessible online through our MTB Ecosystem Platform. We conducted a comprehensive mapping of venture capital (VC) and corporate venture capital (CVC) firms operating in Spain, collecting data on fund sizes, investment focus areas, and average ticket sizes”, added Marco Marinucci, CEO and founder of Mind the Bridge. “This might help startups better understand the investment landscape and identify the right investors to target — especially those with actual dry powder.”
Worryingly, just 0.8% of Spain’s GDP is directed toward innovation investment, compared to 2.7% in South Korea and 2.0% in Australia. Moreover, Spain continues to experience a prolonged IPO drought. The IPO channel remains vastly underutilized, contributing only 6% of total scaleup financing.
Looking Ahead: A Call to Action
At a time when Spain is poised to convert momentum into lasting impact, the data calls for coordinated action. No single actor can do it alone.
“Through open innovation – whether via venture client models, pilot collaborations, or corporate VC – large companies can help promising startups scale faster”, stressed Telmo Pérez Luaces, CEO Office Infrastructure and Chief Innovation & Digital ACCIONA. “At the same time, this collaboration fuels corporate transformation and helps embed frontier technologies into real-world operations.”
The report also stresses the urgency of supporting global growth. Spanish startups must not only thrive locally but also compete — and win — on the global stage. That requires access to international capital, partnerships, and customers.
Forging meaningful global connections through events
Visibility plays a critical role in Spain. The country already punches above its weight when it comes to tech event infrastructure, hosting 17 large-scale conferences and summits every year — from Mobile World Congress and South Summit to 4YFN and Smart City Expo — bringing together more than 350,000 innovation leaders from around the world, as reported in the brand-new section of the Report that includes a mapping of Spain’s main tech events. These events are golden opportunities not just for showcasing local talent but for forging meaningful global connections, as shown by the Scaleup Summit Barcelona itself where the Report was launched.
Now is the time to turn data into direction — and direction into impact. “Spain’s dynamic innovation landscape, as showcased in the Tech Scaleup Spain 2025 Report, is well-positioned to contribute significantly to this European ambition”, concluded Isidro Laso, Senior Official at the European Innovation Council and Member of the Startups and Scaleups Task Force.
