2021 Startup Investment Report


The Observatory of the Startup Ecosystem in Spain, of the Bankinter Innovation Foundation, presented the 2021 Investment Trends Annual Report.

This Observatory has been created to act as a barometer of the situation of the entrepreneurial field within the economy, while offering information and detection of useful trends for entrepreneurs.


The year 2021 has been a record year for the Spanish ecosystem, multiplying the investment received almost fourfold. Mega rounds, solid operational activity or growth in foreign investment, as a clear commitment to Spanish startups, have characterized 2021. For their part, local VC (Venture Capital) funds have taken a step forward, both in ambition as in maturity and volume invested.

If we focus on the volume of activity, Madrid and Barcelona are the two most outstanding entrepreneurial poles, although there are relevant business operations and projects throughout the Spanish geography.


Investment volume and operations

2021 implies a historical investment record, which almost quadruples the volume raised compared to 2020. 409 investment operations have been closed in Spanish startups for a total of almost 4,300 million euros, the best figure in the historical series and which confirms a excellent ecosystem health.

“The fact that the volume of investment has grown in Spain by 287% and operations only by 20% implies a significant growth in the average size of the rounds, which goes from 3.27 million euros in 2020 to 10.5 million euros. euros in 2021 (a superior 221%), with a median of 1 million euros (a superior 25%). In addition, even if mega-rounds are eliminated from the equation (operations of > 50 million euros), the growth and health of the ecosystem is confirmed, with 1,322 million euros raised (+60%) in 389 operations (+15%)”.

VC Funds

One of the most outstanding points of 2021 is the significant increase in activity and participation in rounds of VC (Venture Capital) funds, assuming a +263% over the volume of 2020 and a +25% in terms of number of operations.

This is something that is happening in line with the growth experienced in the rest of Europe, as a result of the great liquidity of the last year. On the other hand, corporate investment decreases slightly (-10% in volume, -5% in operations) compared to 2020.

It is also noteworthy the important weight of the funds of private equity in the rounds of more mature phases, which are the second investor by volume of participation in rounds. Also noteworthy is the drop in crowdfunding in terms of the number of operations in which it participates, 28% less than in 2020.

top sectors

The sectors that attract the most investment are Business & Productivity and Real Estate & Proptech, followed by Mobility and logistics, fintech and insurtech. Despite the general increase in investment in practically all sectors, those that grew the most in percentage terms compared to 2020 are Real Estate & Proptech (+4.058%), Software (+1.427%) and Business & Productivity (+599%). In terms of number of operations, the most active sectors were Fintech and Insurtech with 56 operations (+36%), Health and Wellbeing (51 operations, +4%) and Business & Productivity (+5%).

Foreign investment

The investment of funds of foreign origin soars to 2,170 million euros, 335% more than in 2020. The investment segment of European and North American funds grows significantly. The rounds covered only by foreign investors in 2021 occurred in 17% of the operations and accounted for 50% of the volume invested

On the other hand, local investment (rounds covered only by Spanish investors) also grew to 338 million euros, almost 50% more than in 2020. However, the great growth of mixed rounds is very interesting, with 1,785 million euros ( one more 367% compared to 2020).

Geographical distribution

Madrid surpasses Barcelona in investment captured by 977 million euros, but not in number of operations, assuming between the two 93% of the total investment volume. Valencia remains in third place, followed by the Basque Country.

2021 has meant the consolidation of Madrid as the main investment destination in Spain, which for the first time has surpassed Barcelona (1,510 million euros vs. 2,487 million euros, a difference of 977 million euros, although from the perspective of activity Barcelona he still holds first place (144 vs. 133).

In any case, both hubs they grow very significantly over 2020 (212% in the case of Barcelona, 589% in Madrid).

company sales

We are facing a historical record in company sales, even surpassing the year 2020, where a leap in scale has already taken place. During 2021, the total volume of exits of 2020, with 3,553 million euros (+37%) distributed in 68 exits (+44%).

Leave a Reply

Your email address will not be published. Required fields are marked *