Spanish start-ups raised €2,059m in first half of 2026, mostly in eleven megarounds

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Spanish start-ups raised €2,059 million across 193 deals in the first half of 2026, according to the Fundación Innovación Bankinter's start-up observatory. That is 5% more money and 3% more rounds than a year earlier. Eleven megarounds took €1,197 million of it, or 58%. Without them, the market fell 9% to €862 million, so the ecosystem grew mainly by having a few very large deals. ICEX separately values the ecosystem at €125 billion, with more than 5,000 active start-ups, over 400 scale-ups and 17 unicorns.

The large deals spread across several sectors. In July, Multiverse Computing of San Sebastián announced a Series C of up to €500 million at a €1.5 billion pre-money valuation. PLD Space of Elche added a €108 million tranche to its Series C, bringing it to €288 million. The round opened in March with €180 million led by Mitsubishi Electric and Cofides, and the company also has a €158.9 million award from the European Space Agency. Fever raised $250 million, about €217 million, led by EQT with Point72 Private Investments and Baillie Gifford, at a valuation above €4.5 billion. Factorial closed a €129 million Series D led by General Catalyst, valued near €2.1 billion.

Corporate money is also arriving. Mutua Madrileña took 10% of the residential property platform Muppy through Mutua Ventures. Investors, meanwhile, are watching the exits. "The lack of exits in Spain is starting to be a problem," said Pablo Santana of Archipélago Next.