Spanish startups attract €3.8bn in 2026
Spanish startups captured nearly €3.8 billion in the first nine months of 2026, a 49% jump compared to the same period in 2025. The data comes from the third-quarter report by the Fundación Innovación Bankinter Observatory, which tracks investment trends, investor roles, and sector activity across the ecosystem.
The startup ecosystem in Spain has attracted a total of €3.827 billion over the first nine months of 2026, distributed across 274 operations. These figures represent a 49% increase in investment volume compared to the same period in 2025, although the number of rounds has decreased by 5%. Looking ahead, the capital secured already exceeds the €3.132 billion recorded for the entire previous year by 22%, with one quarter remaining.
Megarrondas drive volume
Large-scale funding rounds explain the surge in capital. Deals worth €50 million or more accounted for 67% of all investment, totaling €2.56 billion. The volume invested increased by 113% compared to the same period of the previous year, and its weight on the overall market has expanded from the 58% recorded at the end of the first half.
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The third quarter incorporated five new operations to this group: Multiverse Computing, Open Cosmos, Fever, HappyRobot, and iPronics. To these were added PLD Space, Twinco, Factorial, Preply, EOS-X Space, Xoople, Citibox, ONA Therapeutics, Theker Robotics, Universal DX, and Attypics Photonics. Multiverse Computing secured €500 million, a record amount for the Observatory’s historical series, surpassing the €460 million raised by Clikalia in 2021. Open Cosmos and PLD Space also led major rounds, with the top three operations alone capturing €1.088 billion, representing 28% of total Spanish investment to date.
This uneven distribution means the market is growing faster at the top than in the middle. While the average deal size increased 53% to €15.8 million, the total number of transactions fell 5%. This dynamic suggests that smaller companies are finding it harder to raise funds as the capital concentrates among a few high-profile players.
