Spanish start-ups raise €3.827 billion in nine months of 2026, up 49%

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Spanish start-ups raised €3,827 million between January and September 2026, 49% more than a year earlier, according to the Bankinter Innovation Foundation's Startup Observatory. That already beats all of 2025, which managed €3,132 million, by 22%, with a quarter still to go. The number of deals went the other way: 274, down 5%, so the average round grew 53% to €15.8 million.

The explanation is that a few rounds did most of the work. Sixteen rounds of €50 million or more brought in €2,560 million, 67% of the total and 113% more than rounds of that size raised last year. Multiverse Computing's €500 million round, the largest the Observatory has recorded, ahead of Clikalia's €460 million in 2021, was on its own 13% of the year's capital. Open Cosmos raised €300 million, and PLD Space reached €288 million after adding €108 million led by Mitsubishi Electric Corporation to its Series C in September. Take out the 16 big rounds and the remaining 258 deals raised €1,267 million, 8% less than a year before. By stage, seed had 104 deals, up 22%, and growth rose 33%, while Series C fell 35% to 15 deals, which is fewer than the number of megarounds.

Software led the sectors with €931 million across 50 deals, followed by Space & Navigation with €800 million in 12 and Fintech/Insurtech with €284 million. Energy & New Materials grew 102% to more than €175 million in 18 deals, a rise that did not rely on megarounds. Barcelona (€1,175 million, up 14%) and Madrid (€1,153 million, up 37%) ended September €22 million apart, while the rest of Spain raised about €1,490 million, up 123%, helped by San Sebastián, Elche, Valencia and Seville, where Universal DX raised €62 million. Exits fell 30% to 32. Acquisitions made up 91% of them, and Wolters Kluwer's €112 million purchase of Marosa was the year's first with a disclosed price.