Impact investment in Spain doubled to €3,217 million in 2025, SpainNAB study finds

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Impact investment in Spain doubled in 2025 to €3,217 million, according to a SpainNAB study prepared with IE University through IE Foundation. Direct investment rose to €2,644 million from €1,517 million in 2023. Indirect investment went from €84 million to €573 million, a growth rate more often seen in the companies being funded than in the people funding them. Bank financing edged up to €1,834 million from €1,740 million. The total supply of impact capital reached €5,051 million, 51% more than the €3,341 million counted in 2023.

The figures were presented on 6 October at the seventh Camino al Impacto event at CaixaForum Madrid, before more than 300 attendees. COFIDES, which manages the Fondo de Impacto Social, said the fund has committed all of its resources and mobilised more than €1,330 million. With the money raised, the sector names scale as its next problem: getting capital to the social economy and to the regions, and making better use of blended finance, where public or philanthropic money is used to draw in private capital for riskier or slower projects.

On blended finance, SpainNAB's director general, Mercedes Valcárcel, proposed a simple test: "What is a combined public-private financing structure making possible that would not happen without it?"