Spain's entrepreneurial and innovation ecosystem is at its peak. With roughly 8,000 active startups, the Spanish ecosystem continues to develop and cement its position as one of the most significant in Europe. With big international ambitions, startups in the country have been attracting record amounts of capital and creating household names in the worldwide scene. Madrid and Barcelona are already established, appealing startup centers, with many smaller towns and cities following suit and promoting startup activity to draw investor interest. In this article, we have compiled a comprehensive list of VC Funds and Angel Investors in Spain that may be the right partner for your growth in this exciting burgeoning market.
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Venture Capitalist Funds in Spain
The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2017
Stage: Pre Seed, Seed
Focus: Marketplaces
Notable Portfolio: Pathway, Kitch, Arise, Mindgram, Metagravity, Arise
With offices in Poland, Spain, and Luxembourg, Market One Capital is an early-stage venture capital fund that strengthens network effects platforms across Europe. They specialize in the marketplaces / digital platforms and SaaS sectors, with a team that has developed and expanded three web platforms and invested in over 60 early-stage software firms.
Year of Inception: 2019
Stage: Pre Seed, Seed, Series A
Focus: HealthTech
Notable Portfolio: Quanthealth, Medasystems, Zetta Genomics, Ultromics, Leuko
Based out of Barcelona, Nina Capital is a venture capital firm investing exclusively in the intersection of healthcare and technology. Since their founding, they have invested in over 37 health-tech companies spread across 17 countries. They invest in both healthcare tools (technologies that assist healthcare organizations in improving their efficiency and operations) and medical equipment (solutions intended for use in the diagnosis, cure, mitigation, prevention, or treatment of a disease).
Year of Inception: 2017
Stage: Pre Seed, Seed, Series A, Series B, Series C
Focus: Technology
Notable Portfolio: Holded, Mailtrack, StockAgile, Glovo, Embat
Made up of a team of serial entrepreneurs, 4Founders Capital invests in founders with disruptive projects aiming to build something big. With their extensive experience and operational expertise as successful tech company founders and C-suite executives, along with their extensive network in the industry, they understand and assist founders in creating value in their firms.
Year of Inception: 2004
Stage: Seed, Series A
Focus: B2B SaaS Solutions, Enterprise Tech, DeepTech Applications
Notable Portfolio: Stockagile, Mindflow, nhost, Gophr, Airfocus, Scytl
With EUR 550 million in assets under management, Nauta Capital is one of Europe's largest B2B-focused venture capital firms. Nauta Capital invests in capital-efficient innovators who are reimagining major sectors through technological solutions that solve the difficulties faced by major companies.
Year of Inception: 2012
Stage: Seed, Series A
Focus: Consumer and Enterprise Software
Notable Portfolio: Blink, DefinedAI, Clarity AI, Flywire, Gotrade, Pandago
Spread across Madrid, Barcelona, and Lisbon, Kibo Ventures is one of the largest venture capital firms in Southern Europe. They have launched 4 funds to date, with EUR 300 million in assets under management, and a portfolio of over 63 companies which include 1 IPO and 5 unicorns. Kibo Ventures aim to empower outliers who are solving great challenges and helping them expand globally.
Year of Inception: 2019
Stage: Seed, Series A
Focus: Life Sciences
Notable Portfolio: Versantis, Sanifit, Minoryx Therapeutics, Gyala Therapeutics, Arthex Biotech
Invivo Capital is a venture capital firm that invests in early-stage healthcare startups; committed to advancing outstanding science in cutting-edge sectors that will shape the future of medicine. Made up of a team with extensive scientific, technological, and financial knowledge, as well as a network of connections and crucial strategic ties in the healthcare sector, their experience and understanding in the Technology Transfer domain provide them with the capacity to become one of Europe's key players in Technology Transfer.
Year of Inception: 2013
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Apartum, Traity, Paypro, tripUniq, Restb.ai
Based in Barcelona, Lanta Digital Ventures is an early-stage venture capital firm that invests in innovative Spanish and European startups. As a competitive edge, they approach early-stage financing with a hands-on, team-oriented strategy; providing support and their operating experience to help entrepreneurs transform their ideas into successful companies. As past startup founders, board members, and senior executives, they have the cumulative knowledge and a wide network of advisers, subject matter experts, and business leaders to help you develop a successful firm.
Year of Inception: 1989
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Seed Capital Bizkaia is the investment management entity attached to the Department of Economic Promotion of the Provincial Council of Bizkaia, dedicated to the administration and management of various financing instruments. Founded in 1989, they have been active in fostering innovation, social impact, and the promotion and regeneration of the business fabric in Bizkaia. They operate a number of funds for the promotion of business initiatives with an innovative vocation across various stages.
Year of Inception: 2018
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Heyteam, Ironhack, Microverse, Rebag, Seedtag
All Iron Ventures invests in early-stage European firms that are using technology to transform the future for both consumers and businesses. Established by entrepreneurs who have founded successful startups themselves, they understand the obstacles that founders face and what it takes to build a successful business. As such, they provide their resources and experience in building, expanding, and selling businesses to assist their portfolio firms in taking their ventures to the next level.
Year of Inception: 2002
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Barnebys, Fishbrain, Traity, Ticketbis, Odilo
Active Venture Partners is a VC firm dedicated to disrupting traditional industries. They target entrepreneurial teams driving digital startups and provide the support that goes beyond capital for high-growth businesses. They will provide portfolio firms with access to advisors and mentors that can assist founders in maximizing growth through the various stages.
Year of Inception: 2009
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Flywire, Jobandtalent, Odilo, Atani, Haddock, Yaba
JME Ventures make early-stage investments in breakthrough firms that leverage technology to grow rapidly in foreign waters. As venture capitalists, they have skin in the game. They will accompany you throughout your startup development, assisting you in anticipating challenges, making decisions, and developing a scalable business.
Year of Inception: 2013
Stage: Seed, Series A, Series B
Focus: Technology
Notable Portfolio: Glovo, Cabify, Alma, Wallbox, Clarity AI, Kuona, Coverfy
Seava Ventures is a multi-sector fund that invests in mission-driven European digital innovators and extraordinary entrepreneurs who are establishing leading IT firms. They collaborate with founders to improve their strategic vision and provide them with a worldwide platform to accelerate their growth.
Year of Inception: 2005
Stage: Seed, Series A, Series B, Series C
Focus: B2B, Cybersecurity, Data and Applications, Infrastructure, Devops, Components, Digital Health
Notable Portfolio: Seedtag, Scalefast, AlienVault, Constella, Playgiga
Adara Ventures invests in best-in-class entrepreneurs and early-stage firms that are tackling issues in contemporary enterprises with innovative solutions. When they collaborate with startups, they provide access to the whole Adara team and their extended network that will allow founders to accelerate each step of growth.
Year of Inception: 2012
Stage: Seed, Series A, Series B, Series C
Focus: EdTech, PropTech, Business Software, Mobility, Tech-enabled Consumer, FinTech, HealthTech
Notable Portfolio: Rapyd, Delivery Hero, Flink, Copper, Reef, Cazoo, DemoDesk
Target Global is a pan-European tech-focused VC firm that manages over EUR3 billion in assets. Target Global is committed to empowering growth by investing in revolutionary technology at all stages of the lifecycle. They assist extraordinary entrepreneurs in establishing leading firms that target trillion-dollar industries and support the boldest and bravest entrepreneurs in making a positive impact on the world.
Year of Inception: 1999
Stage: Seed, Series A, Series B, Series C
Focus: Internet
Notable Portfolio: From the Bench, Glovo, Gigas, Salupro, Paack, Bodas.net
Bonsai Venture Capital invests in domestic online firms with a strong focus on mobile and global aspirations. They prioritize mobile businesses in classifieds, e-health, gaming, payments, security, travel, and other high-growth industries.
Year of Inception: 2018
Stage: Seed, Series A, Series B, Series C
Focus: Life Sciences
Notable Portfolio: SpliceBio, MedLumics, Deepull, CaraCare, Koa Health
Based in Barcelona, Asabys is a venture capital firm that invests in healthcare and life sciences innovation that poses disruptive solutions to health challenges. They strive to push the limits of science and medicine in order to improve the lives of patients through fostering discoveries in healthcare.
Year of Inception: 2008
Stage: Seed, Series A, Series B, Series C
Focus: Life Sciences, Biotech
Notable Portfolio: Adcendo, AELIX Therapeutics, CVRx, MedLumics, Sanifit
Ysios Capital is a science-driven venture capital firm with the goal of fostering medical discoveries. They invest in startups that address significant unmet medical needs and produce transformational medicines to benefit patients and society. Since their inception, they have funded 17 medical products from lab to market, with currently over 50 medical products at the clinical stage for serious diseases.
Samaipata Ventures
Year of Inception: 2016
Stage: Seed, Series A, Series B, Series C
Focus: Technology
Notable Portfolio: Fintecture, Retraced, DeporVillage, Matera, Legl
"If you dare to be bold. To think differently. To better the world. We’ll back you", that is the slogan of Samaipata Ventures. They are a venture capital firm that invests in digital platforms with network effects. They champion thinking differently to achieve breakthrough innovations and change the world.
Year of Inception: 2015
Stage: Series A, Series B, Series C
Focus: InsurTech, FinTech, DeepTech, ClimateTech, HealthTech, RetailTech
Notable Portfolio: RubiconMD, Hokodo, Geoblink, Consentio, Citibox, Sherpa.ai
Mundi Ventures is a venture capital firm that invests in early to growth-stage tech firms, with the long-term purpose of assisting individuals, businesses, and society in managing an increasingly risky environment using technology. They are particularly interested in insurtech/insurance-adjacent technology, fintech, corporate technology, and innovative enterprises founded by (or servicing) the worldwide Spanish-speaking diaspora.
Year of Inception: 2007
Stage: Seed, Series A
Focus: Life Sciences, Industrial Technology, Information Technologies
Notable Portfolio: Aelix Therapeutics, Codee, GlyCardial Diagnostics, Glovo
Caixa Capital Risc is the venture capital arm of CriteriaCaixa, an investment holding company in Spain. They invest in innovative firms at the startup and growth stages, currently managing over EUR 200 million via 9 specialized vehicles. They have completed over 250 investments, some of which have been successfully acquired by blue-chip companies.
Angel Investors in Spain
The Angel investors listed below are part of an Angel community located throughout Spain. They may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
AEBAN is the Spanish Association of Business Angel Networks that carry out direct private investment activity in the initial stages. As a network, they provide startups with a space to publish their project that requires a seed investment and collaborate in the promotion and exchange of investment projects.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: Panapop, Discocil, Ekuore, Boatjump, Flywire
BIGBAN, founded in 2007 as a private and independent entity, is an association committed to the private investment ecosystem in startups. The association brings together more than 130 business angels and connects startups with smart capital. Since their establishment, they have channeled over 55 million in investments and funded over 300 startups.
Closing Thoughts on VCs and Angel Investors in Spain
Spain's startup ecosystem is young yet vibrant. Increased startup involvement, high investment activity, and a solid cohort of scaleups growing competitively in domestic and foreign markets are testaments to the burgeoning scene in Spain. A distinguishing element of the Spanish ecosystem among its European counterparts is the presence of two major hubs, Barcelona and Madrid, among a vast amount of towns and regions that are also building up their rapport, such as Valencia, Bilbao, and Malaga, to name a few. Today, Spain is growing as a desirable location with promising prospects for individuals seeking to innovate and build disruptive businesses.
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Frequently Asked Questions on VCs and Angel Investors in Spain
How is Spain's venture capital and startup ecosystem structured?
Spain's venture capital ecosystem has grown significantly, centered in major hubs like Madrid, Barcelona, and Valencia. Key players include the Spanish Venture Capital & Private Equity Association (ASCRI), ENISA (National Innovation Company), and established VC firms like Kibo Ventures and Seaya Ventures. The ecosystem benefits from Spain's strong entrepreneurial culture and growing international investor interest. Government support comes through CDTI (Centre for Industrial Technological Development) and ICO (Official Credit Institute). Regional initiatives like Barcelona Tech City and Madrid in Motion provide additional ecosystem support.
What funding options are available for Spanish startups?
Spanish startups can access diverse funding channels: seed funding through ENISA (€25,000-€300,000), business angel investments via networks like AEBAN (€50,000-€500,000), and early-stage VC funding (€500,000-€3M). The FOND-ICO Global program provides fund-of-funds investment. Additional support comes through EU programs and regional development agencies. Scale-up funding often involves international VC partnerships, particularly from UK and US firms. Corporate venture arms of Spanish companies like Telefónica and Santander offer strategic investment opportunities.
Which sectors attract the most investment from Spanish VCs and angels?
Spanish investors show strong preference for technology sectors: fintech (particularly payment solutions and neobanks), mobility tech, e-commerce platforms, and travel tech solutions. There's significant interest in deeptech areas including AI/ML and biotech. The gaming industry attracts substantial investment, leveraging Spain's creative talent. Emerging areas include foodtech, sustainable energy solutions, and proptech. B2B SaaS companies targeting European and Latin American markets are particularly attractive.
What criteria do Spanish investors use to evaluate startups?
Spanish VCs typically prioritize teams with strong execution capability and international ambitions. Key requirements include clear intellectual property rights, demonstrated market traction, and scalability potential. Most investors expect startups to have Spanish company registration and understanding of both local and international markets. ESG (Environmental, Social, Governance) considerations are increasingly important. Focus on expansion capabilities into Latin America and Europe is often crucial for later-stage funding.
How can entrepreneurs connect with Spanish investors?
Key networking channels include South Summit, 4YFN (Mobile World Congress), and Startup Olé events. Accelerators like Wayra and Lanzadera provide direct access to investor networks. Local tech hubs and innovation centers organize regular pitching events. Industry-specific platforms like Barcelona Health Hub facilitate targeted connections. Many Spanish VCs maintain strong relationships with European and Latin American investors, offering potential for cross-border funding opportunities. The Spain Startup network and ICEX Next program help facilitate international connections.
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