Spanish start-ups raise €3,827 million in the first nine months of 2026

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Spanish start-ups raised €3,827 million across 274 deals between January and September 2026, according to the third-quarter report of Fundación Innovación Bankinter's Startups Observatory. That is 49% more money than in the same months of 2025, from 5% fewer rounds, and already 22% above the €3,132 million raised in all of last year, with a quarter still to go. The average deal rose 53% to €15.8 million.

The average is doing a lot of work. Sixteen rounds of €50 million or more brought in €2,560 million, or 67% of the total. Multiverse Computing's €500 million is the largest in the Observatory's records, ahead of Clikalia's €460 million in 2021. Together with Open Cosmos (€300 million) and PLD Space (€288 million), the top three account for €1,088 million, 28% of the year's investment. Set the sixteen aside and the rest of the market shrank: €1,267 million (down 8%) across 258 deals (down 7%), averaging €5.6 million. Seed deals rose 22% to 104 and PreSeed fell 29% to 55. Series C dropped 35% to 15, and Growth rounds, up 33% to 16, outnumbered Series C for the first time.

Barcelona (€1,175 million) and Madrid (€1,153 million) end up €22 million apart. The rest of the country took in about €1,490 million, more than either city on its own. Exits fell 30% to 32. Wolters Kluwer's €112 million purchase of Marosa is the first of the year with a disclosed price.