How Venture Map counts, and what it does with data

How we count

Figures as of 24 Oct 2026.

• Confirmed rounds only. A round is listed once the money is closed or secured. Talks, rumoured rounds, rounds "about to close" and open crowdfunding campaigns are left out.
• What the totals count. Equity rounds from pre-seed to late stage, and venture debt (named as such, counted at the size of the facility). 3,680 rounds count today.
• What is kept but never counted. Grant, Public Loan, Project Finance, Buyout, IPO, Post-IPO are recorded on a company's profile when we come across them, but they are not funding rounds and never enter a total (422 such records).
• Stages. Taken from the announcement. When a source gives none, the round gets the standard stage it most likely is (for example Pre-Series A). Every co-lead is recorded as a lead.
• Amounts. Shown in the currency announced; totals convert to euros at fixed, rounded exchange rates, and say "disclosed" because rounds without a public amount cannot be added up.
• Estimates are marked. "~" is an approximate amount, "up to" a ceiling, "partial" one investor's ticket, "incl. debt" equity and debt whose split was not disclosed and "incl. grant" equity and a grant whose split was not disclosed; a dashed stage and "(est.)" after a lead mean the source did not state them.
• Which companies. A company counts as Spanish when it was founded in Spain or its main team and operations are here, even with a foreign holding company. Its investors can be from anywhere.
• Hidden, not deleted. Start-ups that closed, were acquired or are out of scope are hidden but kept: 2,127 are shown out of 2,721 on record. Rounds of closed or acquired start-ups still count and are tagged Closed or Acquired; rounds of out-of-scope companies do not count.
• Investors. 385 investors have a profile. An investor named by four or more start-ups joins the directory; angels and others appear by name on the rounds they joined.
• Coverage and freshness. Rounds are complete from 2020 and partial before. New rounds are added as they are announced, and profiles are re-researched from time to time.

Console figures

• Active investors. Directory investors with at least one counted round in the window, each counted once however many rounds it joined.
• "vs prev N mo". Each "vs prev" figure compares the window with the one of the same length just before it: the last 12 months against the 12 months before them.
• News and its growth. News counts stories, with the versions of one story grouped, by the date of the first report. Coverage is thin before 2024, so growth over long windows reflects coverage too, not only more news.

Privacy & data

Plain words, no account needed.

• Who runs it. Venture Map is an independent project run by Cosmin Turbatu. Reach me on LinkedIn or through the feedback form.
• People on profiles. Founders, partners and team members appear with their name and role, and — where the company or fund publishes them — a professional email address and LinkedIn or X profile. Everything comes from public sources: company and fund websites, press releases and the tech press. It is shown on the basis of a legitimate interest in describing who builds and backs Spanish start-ups, using professional details the person or their company made public — and you can object at any time, as below.
• Corrections and removal. If you appear on a profile and want something corrected or removed, pick "My data" on the feedback form or message me on LinkedIn. Every request is handled by hand.
• What the feedback form keeps. Your topic, message, the page you came from, the time and — only if you give it — your email, so I can reply. Your IP address is used, in memory only, to stop abuse: Venture Map never stores your IP address. Messages are kept only as long as they are needed, and deleted on request.
• Other services. The site runs on a server hosted by Hetzner and is delivered through Cloudflare, which sees your IP address and the pages you request in order to deliver and protect the site. Fonts load from Google Fonts, which, like any web request, sees your IP address. Visits are counted with PostHog on its EU servers, without cookies or session recording: it sees the pages you view, what you click and search for, and your IP address. If you choose "Ask Claude" in the search box, only your question is sent to Anthropic's Claude to interpret it, and the question is kept in a usage log with its cost.
• No accounts, no cookies. Venture Map itself sets no cookies. Your light or dark theme choice, the profiles and rounds you opened from the search (its Recent list, which its Clear button empties) and, on the Playground, your layout are remembered in your own browser.