Venture capital and business angels in Spain in 2026: who invests in startups and how to reach them

In 2025, venture capital funds invested €1,904 million in Spanish companies across 863 deals, a SpainCap record, plus €1,167 million in the first half of 2026.

Spanish funds and angels lead early rounds; larger rounds bring in foreign funds.

Founders reach a fund via a warm introduction or its website pitch form; a deal takes 2–6 months.

Below: how much money reaches Spanish startups and at which stages, which funds are active in 2025–2026 and with what cheques, what accelerators, corporate funds and the state offer, how to approach a fund, what it looks at in the first meeting and which terms to expect in a term sheet.

How a venture fund works in general is covered in How to find an investor for a startup; this article is about who is actually investing in Spain now.

How much venture capital Spain attracted in 2025–2026

According to the final estimate of SpainCap, the Spanish private equity and venture capital association, venture capital funds invested €1,904 million in Spanish companies in 2025 across 863 investments, 73% more than in 2024 and more than in any previous year.

Growth came mainly from Series B and C rounds above €10 million. Foreign investors provided 59% of all private capital invested in Spain.

In the first half of 2026, venture capital funds invested €1,166.7 million across 468 investments, the third-best half-year since 2009, even though private capital as a whole fell by 14% to €3,778.3 million.

Bankinter’s Observatorio de Startups counts differently: it includes startup rounds from any investor, including companies tax-domiciled outside Spain, so its figures are higher.

From January to September 2026, startups raised €3,827 million, 49% more than a year earlier and more than in the whole of 2025 (€3,132 million), but in 274 deals, 5% fewer.

Two thirds of the money, €2,560 million, came in 16 rounds above €50 million.

For a founder, this means there is plenty of money in the market, but it is concentrated in large rounds, and competition for early rounds is tougher.

Stages and round size

The ranges follow the Observatorio Bankinter methodology; they are a guide, not a rule: an €800,000 seed round also happens.

The typical round is growing: in the first half of 2026 the median round excluding mega-deals was €2 million, and in the third quarter the median of all rounds was €4 million, whereas in 2019–2022 it stayed around €1 million.

What the company is worth at such a round and how much equity you give up is calculated with the methods in How to value a startup.

Spanish and foreign money

According to Bankinter, from January to September 2026 purely Spanish investors took part in more than half of the deals (138) but provided only 10% of the money, €362 million.

Two thirds of the capital, €2,449 million, came in mixed rounds where a Spanish fund invests alongside a foreign one, and 47% of deals with a known investor mix had a foreign participant.

The practical conclusion: early rounds are almost always raised in Spain, and by Series A you want a Spanish lead investor who can bring in a foreign fund.

Who invests: Spanish venture capital firms

Below are funds that are announcing new deals or new funds in 2025–2026.

This is not a ranking or a recommendation: cheques and stages are taken from the funds’ websites as of 25 October 2026, and each fund has its own thesis.

Before writing, check on the website that the fund currently invests in your stage and sector, and look at its latest deals.

Bankinter named Asabys Partners and Archipélago Next the most active Spanish investors in the first half of 2026, and Andreessen Horowitz the most active foreign one.

The full list of management companies is in the directory on the SpainCap website.

Accelerators and corporate venture capital

An accelerator gives a small amount of money or access to its investors in exchange for equity and a programme lasting a few months.

For a founder who has just moved to Spain, it is the fastest way to build local connections and get first introductions to funds.

• Lanzadera (Valencia, Marina de Empresas): an acceleration programme; the related investment firm Angels invests in its alumni.
• Wayra: Telefónica’s corporate venture arm; it invests in startups useful to Telefónica’s business and introduces them to its business units as future customers.
• Conector (Barcelona, Madrid, Galicia): programmes of about six months with mentors and access to investors.
• SeedRocket (Barcelona): since 2008 it has prepared startups to pitch to its network of investors and mentors.
• BStartup: Banco Sabadell’s programme, which has invested in more than 100 startups, with separate lines for healthcare and green projects.

A corporate fund looks not only at returns but also at the benefit to its own business.

The upside is a first large customer; the downside is that other buyers may be wary when you sell the company.

Read the programme terms and the equity the accelerator takes before signing.

The state as a co-investor

The Spanish state rarely writes a startup a direct cheque “instead of a fund”: it lends, or invests alongside a private investor and through funds. For a fund, public money adds to a round rather than replacing it.

• ENISA. Participating loans from €25,000 to €1,500,000 with no collateral and no equity stake; they often accompany a round from angels or a fund. Terms are in Support programs for startups in Spain.
• CDTI Innvierte. The state technology development centre invests in the equity of technology companies alongside private investors it has accredited beforehand, and in venture funds. From January to June 2026, Innvierte co-invested in 26 companies for €74.2 million; in total it has put €938.3 million directly into 197 companies and €3,830.2 million into 67 funds. For a startup, this means that if your lead investor works with Innvierte, the round can grow with public money.
• Fond-ICO Global. A €4,500 million fund of funds of the ICO group, managed by Axis: it invests in private funds, not in startups. Since 17 February 2026, funds can apply at any time; Axis commits up to €50 million to a venture fund and no more than 40% of its size, and the fund must invest at least half of its money in Spain. This is why a fund backed by Fond-ICO cares that the company operates in Spain.
• Fond-ICO Next Tech. €4,000 million for growth companies in digital technologies and AI: it invests in funds and directly in companies, up to 49%, provided private investors hold the majority in the round. This is money for Series B and later, not for a first round.

How to approach a venture capital fund

1. Check the fund’s thesis. Stage, cheque size, sector, geography. If your round is smaller or larger than the fund’s range, it will say no even to a good project. A list of 20–30 funds that match on all four points is more useful than an email to a hundred.
2. Find a warm introduction. The best referral is a founder from the fund’s portfolio, an angel who has already invested in you, or an accelerator. Angel networks and accelerators, covered below, provide introductions.
3. Or pitch through the website. Many funds accept decks through a form: Nauta has “Submit your pitch”, Samaipata “Submit Deck”, Archipélago Next and Abac Nest ask you to send your deck. Such applications are read, but they convert worse than a referral. How to build the deck: Pitch deck for investors.
4. Prepare for the first meeting. The fund looks at the team and its experience, market size, traction (revenue, growth, customer retention), unit economics, round size and use of funds, and the cap table: how much has already been given away and to whom.
5. Go through the committee, term sheet and due diligence. From the first meeting to money in the bank usually takes 2–6 months: several meetings, the investment committee, the term sheet, due diligence, documents and the notary.

If the round is not ready yet — no financial model, cap table or company documents — start with preparation.

We can do this with you: the Investment readiness page describes what is checked before you meet a fund.

What goes into a term sheet

A term sheet is a short document with the main terms of the round; it is generally non-binding, except for the confidentiality and exclusivity clauses. The main points negotiated in a Series A round:

• Pre-money valuation, on a fully diluted basis: shares, the employee option pool and convertible loans. If the pool is created as part of the round, it dilutes only those who held equity before the round.
• Liquidation preference: on a sale of the company, the investor gets its money back first (1x) or a multiple of it. The founder-friendly version is 1x non-participating: the investor takes either its money or its share of the sale price. With participation, it gets both.
• Anti-dilution protection: if the next round is priced lower, the investor receives additional shares. A broad-based weighted average formula is softer on the founder; a full ratchet repricing at the new price is harsher.
• Board of directors: a seat for the fund’s representative, sometimes an independent director, plus a list of decisions that need the investor’s consent.
• Share transfers: a lock-up on founders selling for a period, pre-emptive rights, the right to join a sale (tag-along) and the obligation to sell together with the majority (drag-along).

How each round changes ownership is shown in Cap table and dilution; how a fund’s entry is documented in a Spanish SL — a capital increase before a notary and a shareholders’ agreement (pacto de socios) — in How to structure startup investment in Spain.

Business angels and angel networks

Angels usually come before a fund: private investors who put their own money in at pre-seed and seed and often invest in syndicates.

At the end of 2025, AEBAN, the Spanish association of business angel networks, had 31 members — networks, clubs, family offices, accelerators and equity crowdfunding platforms — representing about 2,000 investors from ten autonomous communities.

Who angels are, how to attract them and where to find them in Spain is covered in Business angels: how to find, attract and work with them.

Tax incentive for investors

An argument worth mentioning to a Spanish angel or private investor in your round.

An individual who pays Spanish personal income tax can deduct from the tax 50% of the amount invested in the capital of a new company, on a base of up to €100,000 a year (art. 68.1 of the IRPF law).

Conditions: the company is an SA or SL not listed on a market, carries on a real business, and its equity does not exceed €400,000; the investor subscribes at incorporation or in a capital increase within 5 years of incorporation — 7 years for an empresa emergente under Startup Law 28/2022 — and holds the stake for more than 3 and less than 12 years; the stake together with relatives is no more than 40%.

The company issues the investor a certificate confirming the conditions are met.

Only individuals get the deduction: a company or a pooled angel vehicle does not.

If a regional deduction has been applied to the same amount, it no longer counts towards the state base. An investor who does not pay tax in Spain cannot use the deduction either.

Frequently asked questions

How much venture capital is invested in Spain in 2026?

According to SpainCap, venture capital funds invested €1,166.7 million across 468 investments in the first half of 2026, after a record €1,904 million in the whole of 2025. According to Bankinter, startups raised €3,827 million from January to September 2026, but two thirds came in 16 rounds above €50 million.

Which venture capital firms are active in Spain?

In 2025–2026, deals and new funds have been announced by, among others, Abac Nest, Archipélago Next, JME Ventures, Samaipata, Nauta, K Fund, Adara, Kibo, Seaya, Mundi, Inveready, Asabys and Ysios. Each has its own stages, cheques and sectors, so check them on the fund’s website.

How much does a fund invest at seed stage in Spain?

A seed round under the Bankinter methodology is €1–5 million, and one fund usually takes part of it: Spanish seed funds write first cheques from €100,000 to €3 million. The median round excluding mega-deals in the first half of 2026 was €2 million.

How do you find a venture capital investor in Spain?

Build a list of funds that match your stage, cheque and sector, and look for a warm introduction through founders in their portfolio, angels or an accelerator. If you have no introduction, submit your deck through the form on the fund’s website.

How long does a deal with a fund take?

Usually 2–6 months from the first meeting to money in the bank: several meetings, the investment committee, the term sheet, due diligence, documents and a capital increase before a notary.

Does the Spanish state invest in startups?

Mostly through loans or alongside private investors. ENISA lends from €25,000 to €1.5 million without taking equity, CDTI Innvierte co-invests with private investors, and Fond-ICO Global and Fond-ICO Next Tech invest through venture funds and in growth companies.

What tax deduction does a startup investor get in Spain?

An individual who pays IRPF deducts 50% of the amount invested in the capital of a new company, on a base of up to €100,000 a year (art. 68.1 of the IRPF law). The stake must be held for more than 3 and less than 12 years; for an empresa emergente, the entry window is 7 years from incorporation.

Key points about venture capital in Spain

• 2025 was a record: €1,904 million of venture capital across 863 deals; another €1,167 million in the first half of 2026.
• There is plenty of money, but it is concentrated in large rounds; the median round has grown to €2–4 million.
• Early rounds are raised in Spain; by Series A you need a Spanish lead who can bring in a foreign fund.
• Choose funds by stage, cheque, sector and geography; the best way in is a warm introduction, and a deal takes 2–6 months.
• The state adds money to a round through ENISA, CDTI Innvierte and Fond-ICO, and a Spanish individual investor gets a 50% deduction.

Sources

• SpainCap: 2025 results — release of 16.04.2026; first half of 2026 — release of 28.07.2026.
• Fundación Innovación Bankinter, Observatorio de Startups: first half of 2026, January–September 2026.
• CDTI Innvierte, results to June 2026 — Ministry of Science; Fond-ICO Global — ICO, 17.02.2026; Fond-ICO Next Tech — ICO/Axis; ENISA — financing terms.
• Law 35/2006 (IRPF), art. 68.1 — BOE; Startup Law 28/2022 — BOE.
• AEBAN, Informe Business Angels 2026 — PDF.
• Series A term sheet terms — Osborne Clarke for ACCIÓ (Generalitat de Catalunya), PDF.
• Stages, cheques and fund sizes — the fund and accelerator websites listed in the tables, as of 25.10.2026; Seaya Andromeda — tech.eu, 02.07.2024; K Fund Leadwind — kfund.vc.