Investment trends in Spain 2023

Investment trends in Spain 2023

Report on the evolution and investment trends in the Spanish startup ecosystem in 2023, created from the data collected in the Startup Observatory tool.

Investment volume

Investment volume

The investment volume shrinks in 2023 by 32.2%, and the number of deals by 10.3% compared to 2022. However, the data are better than those of the years prior to the record high of 2021.

Investment rounds

Investment rounds

The volume of rounds in which only foreign investors participate has dropped by 38% and mixed rounds, in which local and foreign investors co-invest, have dropped by 44%.

Investments

Investments

Investments involving only domestic investors grew by 31%, partly pushed by venture capital funds with a cumulative target size of €3.78 billion raised since 2021.

Sectors

Sectors

In terms of sectors, Mobility&Logistics leads thanks to the Revel and Cabify deals, BigData&Analysis thanks to Denodo’s round of more than €300M and Fintech/Insurtech, which has been influenced by Twinco’s round of more than €60M.

Exits

Exits

With regard to divestments, the number of exits has decreased by 33%, from 80 in 2022 to 53 in 2023.