{"id":23948,"date":"2020-12-07T06:55:00","date_gmt":"2020-12-07T06:55:00","guid":{"rendered":"https:\/\/imnovation.acciona.com\/?p=23948"},"modified":"2022-11-18T08:29:23","modified_gmt":"2022-11-18T08:29:23","slug":"spanish-startup-ecosystem-growth-stopped-covid19-impact","status":"publish","type":"post","link":"https:\/\/imnovation.acciona.com\/en\/spanish-startup-ecosystem-growth-stopped-covid19-impact\/","title":{"rendered":"Spanish startup ecosystem growth won&#8217;t be stopped by COVID19 impact"},"content":{"rendered":"\r\n\r\n\r\n<div class=\"module-hero module is-standalone\">\r\n    \r\n<nav class=\"breadcrumbs\" aria-label=\"breadcrumbs\">\r\n    <div class=\"grid\">\r\n        <div class=\"grid-container\">\r\n            <div class=\"breadcrumbs-content\">\r\n                <div class=\"breadcrumbs-left label--m\"><span><a rel=\"nofollow\" href=\"https:\/\/imnovation.acciona.com\/en\/\" rel=\"v:url\" title=\"Home\" class=\"link label--m\">&nbsp;Home<\/a><\/span><\/div>\r\n                                        <a id=\"back\" class=\"back link label--m\" href=\"javascript:history.go(-1)\" title=\"Back\" >\r\n                          <svg width=\"12\" height=\"12\" viewBox=\"0 0 12 12\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M8 10L4 6L8 2\" stroke=\"white\"><\/path><\/svg>                          <span>Back<\/span>\r\n                      <\/a>\r\n                  \r\n\r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/nav>\r\n    <div class=\"grid\">\r\n        <div class=\"image-container\">\r\n            <div class=\"image-wrapper\">\r\n                <div class=\"image\" key=\"0\">\r\n                                                                                                        <picture>\r\n                                                                                                                <source media=\"(max-width: 1023px)\" srcset=\"https:\/\/cdn-imnov.comun-pro.eu-west-1-aws.cloud-acc.net\/wp-content\/uploads\/2022\/11\/30110319\/2022_MTB_TechScaleupSpain_Report2022_cover-scaled-1-aspect-ratio-768-1024-2.png\">\r\n                                                                                                                                                    <img decoding=\"async\" src=\"https:\/\/cdn-imnov.comun-pro.eu-west-1-aws.cloud-acc.net\/wp-content\/uploads\/2022\/11\/30110320\/2022_MTB_TechScaleupSpain_Report2022_cover-scaled-1-aspect-ratio-2000-1024-2.png\" alt=\"\" \/>\r\n                                                                    <\/picture>\r\n                                                                                        <\/div>\r\n            <\/div>\r\n\r\n\r\n        <\/div>\r\n        <div class=\"grid-container\">\r\n            <div class=\"grid full-width module-carousel\">\r\n                <nav class=\"sliders\">\r\n                    <div class=\"cursor-left\"><\/div>\r\n                    <div class=\"cursor-right\"><\/div>\r\n                    <ul class=\"items text-wrap\" data-current-frame=\"1\">\r\n                        <li class=\"panel-text\" key=\"0\">\r\n                            <p class=\"title--xs uppercase\">\r\n\r\n                            December 07,  2020\r\n                            <\/p>\r\n                            <h1 class=\"title--m\">Spanish startup ecosystem growth won&#8217;t be stopped by COVID19 impact<\/h1>\r\n                        <\/li>\r\n                    <\/ul>\r\n                <\/nav>\r\n                <nav class=\"bullets\" data-current-frame><button class=\"change-active-frame\" key=\"0\" data-frame=\"0\"><span>0<\/span><\/button><\/nav>\r\n            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\r\n\r\n\r\n\n\n\r\n\r\n<div class=\"module-wysiwyg \">\r\n\r\n\r\n    <div class=\"grid\">\r\n\r\n        \r\n        \r\n\r\n            \r\n                \r\n                    \r\n                    \r\n\r\n                        <div class=\"grid-container\">\r\n\r\n                                                            \r\n                                \r\n                                                                                                                                                                <h2 class=\"title--m\">Spanish ecosystem confirms as one of the best performing in southern Europe. The growth has been sustained for 10 years. Investment contraction in Spanish scaleups stood at 10% compared to a 20-30% ratio on the European average. <\/h2>\r\n                                                                            \r\n                                    \r\n                                    \r\n                                \r\n                                \r\n                                    \r\n                                                                            <p><p>However, the gap between Spain and the main European countries (Germany, France and Sweden) remains. Meanwhile, the United Kingdom is the biggest ecosystem which is between seven and nine times the size of the Spanish one. Spain only has 12 scaleups that have raised more than 100 million, while the United Kingdom has 92, Israel 87, Germany 46 and France 44.<\/p>\n<p>In 2020 we definitively crave for good news. According to the very last <strong>Report issued by Mind the Bridge and Acciona <a href=\"\/media\/1408\/2020_spain_mtb_tech_scaleup_spain-2020_report.pdf\">\u201cTech Scaleup Spain 2020\u201d<\/a>,<\/strong> Spanish tech scaleup ecosystem shouldn\u2019t be seeing its growth trend reverted by Covid-19. The country should close the year slightly below the<strong> 1 billion mark in new funding and with about 40 new scaleups<\/strong>.<\/p>\n<p><em>\u201cThis represents an approximate 10% contraction versus 2019, while we are expecting a downturn in the 20-30% range at European level. It\u2019s a good signal for Spain: it means that, despite its severe consequences on people and the global economy, there\u2019s a hope for scaleups to go through this pandemic &#8211;<\/em> commented <strong>Alberto Onetti, Chairman of Mind the Bridge<\/strong> <em>&#8211; Their lean approach to market and speed to react make them more resilient. Unfortunately the same cannot be said for the seed and early stage segments that are more hit by the crisi<\/em>s.<em> \u201d<\/em><\/p>\n<p>Looking at the evolution of the Spanish scaleup ecosystem over the past 10 years, the Report tracks two main turning points: In 2014, when capital invested into scaleups moved up to $.0.5B from approximately $0.2B average for the period 2010-2013; and in 2017, when annual funding jumped to $1B per year on average. Without Covid-19, 2020 might have been a year of further consolidation for the Spanish ecosystem. Looking at the initial 9 month period (January &#8211; September 2020) Spain poured<strong> $0.6B in fresh capital with 31 new scaleups<\/strong> joining the national innovation landscape. Now the general slowdown of the global economy caused by the pandemic shouldn\u2019t revert the growing trend of the Spanish tech scaleup economy.<\/p>\n<p><em>\u201cSpain confirms to be the most performing innovation ecosystem among the Southern Europe countries. The less good news is that the gap with the main European countries and global ecosystems still remains large\u201d, <\/em>added <strong>Alberto Onetti. <\/strong><\/p>\n<p><strong>Spain ranks 6th in Europe per number of scaleups and 7th in terms of capital raised.<\/strong> The country hosts in total <strong>4.4%<\/strong> of the total number of European scaleups <strong>(407) <\/strong>which attracted approximately 3% of the overall capital injected into the European tech scaleup ecosystem <strong>(\u20ac6.9B) that represents 0.35% of the country\u2019s GDP (the European average is 0.73%). <\/strong>The other Southern countries lag far behind Spain. Italy ranks 10th, Portugal 15th, and Greece 18th. France, Germany and Sweden have a number of scaleups that is almost double the amount of that in Spain and overall financing is three to four times bigger. Not to mention the UK where numbers are seven or even nine times higher.<\/p>\n<p>However, compared to last year, Spain increased its <strong>Scaleup Investing Ratio<\/strong> up to 0.35%, almost 4 times higher than Italy (0.10%), 2.5 times higher than Greece (0.13%) and 0.5 times higher than Portugal (0.25%); on the other side, the <strong>Scaleup Density Ratio<\/strong> raised from 0.7 to 0.86 scaleups every 100K people, that is less than European average (1.4) but higher than Italy (0.43) or Greece (0.50). As a consequence, its position on Mind the Bridge\u2019s Matrix* furtherly moved up and right, which reflects a consistent, relative increase in the capital invested and number of scaleups in Spain.<\/p>\n<p>The gap with the main European ecosystems remains huge: the UK, for example, shows a Scaleup Investing Ratio equal to 1.97% and 4.34 scaleups every 100k inhabitants.<\/p>\n<p>In addition, Spain registers<strong> \u201conly\u201d 12 scalers,<\/strong> that is companies able to raise over $100M (Italy and Portugal even less than that) and (still) no super scalers ($1B+ in capital raised). As a reference, UK has 92 scalers and 6 super scalers, Israel 87 scalers, Germany 46 scalers and 3 super scalers while France 44 scalers.<\/p>\n<p><em>\u00a0<\/em><em>&#8220;It is time for Spanish corporations to take a leap forward in financing and acquiring startups. This will be key for a further impulse of the startup ecosystem in Spain, the emersion of a more mature scaleup landscape and the dynamization of tech IPOs\u201d &#8211; <\/em><strong>Telmo P\u00e9rez Luaces,<\/strong> Chief Innovation &amp; New Business Acciona, added.<\/p>\n<p>The Spanish ecosystem is relatively new: 80% of Spanish scaleups were founded in the last 10 years.<\/p>\n<p>Spanish scaleups raised a total amount of $6.9B in funding, representing 4.1% of the total amount raised in Europe. The research recorded 71 scaleups that raised their last funding in 2020 and 81 in 2019.<\/p>\n<p>The vast majority of the capital <strong>($6.3B, 90% of total) comes from Venture Capital funds.<\/strong><\/p>\n<p>The <strong>IPO<\/strong> channel remains quite unexploited ($0.6B, equal to <strong>9% of the total)<\/strong>: the only one was recorded in 2020, the first since 2016. Marginal is also the capital raised through <strong>ICOs (1%<\/strong> of total).<\/p>\n<p>An important role is played by <strong>corporates<\/strong> in scaleup financing. Companies &#8211; either through their <strong>CVC<\/strong> arms or directly (off-balance investments) &#8211; participated in approximately<strong> 11%<\/strong> of the funding rounds that <strong>equal to the 20%<\/strong> of the total capital raised ($1.5B). The majority are Spanish companies (such as Telefo\u0301nica, Caixa, Banco Sabadell), with the exceptions of few international\/global corporate players (such as Naspers, Softbank, Rakuten, Intel).<\/p>\n<p>The largest contributors are <strong>US investors<\/strong> that accounted for <strong>28% <\/strong>of the investments ($1.7B). <strong>Spanish investors, <\/strong>despite leading the vast majority of transactions (491, 59% of the total), contribute to only <strong>23% ($1.4B) <\/strong>of all the capital poured into Spanish scaleups. <strong>UK<\/strong> contributed for <strong>9%, <\/strong>other <strong>EU investors for 13%<\/strong>, <strong>South Africa for 11%.<\/strong><\/p>\n<p><strong>Business &amp; Productivity Software<\/strong> is the dominant specialization of Spanish tech scaleups (60 scaleups,14.7% of the total, able to raise $0.7B, equal to 10% of capital raised). <strong>E-commerce, Retail &amp; Shopping <\/strong>with 44 scaleups able to cumulatively attract $1.6B, Fintech and Advertising do follow.<\/p>\n<p>While European startups and scaleups tend to aggregate around one main hub per country, typically the capital city, Spain represents quite a rather unique case with two large hotspots: <strong>Barcelona <\/strong>(193 scaleups equal to 47% of the total and $4.1B funding raised, equal to 60% of the total) <strong>and Madrid<\/strong> (130 scaleups, equal to 32% of the total, able to raise $2.1B, that is 31% of the total). <strong>Valencia<\/strong> (22 scaleups, $0.4B raised) and other emerging hubs like <strong>San Sebastian, Bilbao, Alicante, Seville, and Malaga<\/strong>, follow.<\/p>\n<p>On the<strong> M&amp;A <\/strong>side, we registered an acceleration of startup acquisitions after 2025. 44 scaleups (85% of the total acquisitions since 2010) exited in the last 5 years. Overall, <strong>E-commerce, Retail &amp; Shopping<\/strong> scaleups are the most attractive with 13 companies, the main ones being Privalia (acquired by the French Veepee for $0.6B) and Ticketbis (bought by eBay for $0.2B). Traveltech with 8 (15%). Advertising and Productivity Software (6 each, i.e. 12% of the total) do follow.<\/p>\n<p><em>\u201cThis situation of undercapitalization Spain and Southern Europe suffer can be solved only by pouring in more capital,<strong> firstly by domestic investors<\/strong> &#8211;<\/em> added <strong>Alberto Onetti<em> &#8211;<\/em><\/strong><em> More VCs are needed, especially later stage funds. <strong>A second channel <\/strong>could be international investors, since they proved to be able to raise capital internationally. <strong>A third way <\/strong>could be represented by <strong>stock exchanges<\/strong>. Finally, by <strong>corporations<\/strong>: <strong>open innovation<\/strong> is growing in Spain and an extra push both domestically and internationally is needed to go beyond the current contributions in terms of investment\u201d.<\/em><\/p>\n<\/p>\r\n                                    \r\n                                    \r\n                                                            \r\n                        <\/div>\r\n\r\n                    \r\n                \r\n            \r\n\r\n\r\n        \r\n    <\/div>\r\n\r\n    \r\n<\/div>\r\n\r\n\r\n    \r\n                    \r\n                                    \r\n                        \r\n                        \r\n                                    \r\n            \r\n                                    \r\n                        \r\n                        \r\n                                    \r\n                    \r\n    \r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n<div class=\"module-actualidad 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class=\"title--xs\" href=\"https:\/\/imnovation.acciona.com\/en\/imnovation-2026-extends-the-deadline-for-startup-applications-until-30-april\/\" target=\"_blank\">\r\n        I\u2019MNOVATION 2026 extends the deadline for startup applications until 30 April      <\/a>\r\n    <\/div>\r\n<\/li>\r\n<li class=\"grid full-width\" style=\"background-image: url(https:\/\/cdn-imnov.comun-pro.eu-west-1-aws.cloud-acc.net\/wp-content\/uploads\/2026\/03\/04200218\/acciona_networkhd-aspect-ratio-2000-1024.jpg);\" >\r\n    <div class=\"item-header\">\r\n        <a class=\"label--tag\" href=\"https:\/\/imnovation.acciona.com\/en\/imnovation-no-tiene-fronteras-como-colaborar-con-acciona-desde-cualquier-parte-del-mundo\/\" target=\"_blank\">\r\n            <div class=\"label--m\">NEWS<\/div>\r\n        <\/a>\r\n        <div class=\"date\">\r\n            <div class=\"label--m\">5 March 2026<\/div>\r\n        <\/div>\r\n    <\/div>\r\n    <div class=\"item-content\">\r\n      <a class=\"title--xs\" href=\"https:\/\/imnovation.acciona.com\/en\/imnovation-no-tiene-fronteras-como-colaborar-con-acciona-desde-cualquier-parte-del-mundo\/\" target=\"_blank\">\r\n        I\u2019MNOVATION Has No Borders: How to Collaborate with ACCIONA from Anywhere in the World      <\/a>\r\n    <\/div>\r\n<\/li>\r\n<li class=\"grid full-width\" style=\"background-image: url(https:\/\/cdn-imnov.comun-pro.eu-west-1-aws.cloud-acc.net\/wp-content\/uploads\/2026\/03\/03075136\/GeoRisk_Geprode-aspect-ratio-2000-1024.png);\" >\r\n    <div class=\"item-header\">\r\n        <a class=\"label--tag\" href=\"https:\/\/imnovation.acciona.com\/en\/geprode-prediccion-geologica-avanzada-para-proyectos-de-tunelizacion-con-tbm\/\" target=\"_blank\">\r\n            <div class=\"label--m\">NEWS<\/div>\r\n        <\/a>\r\n        <div class=\"date\">\r\n            <div class=\"label--m\">3 March 2026<\/div>\r\n        <\/div>\r\n    <\/div>\r\n    <div class=\"item-content\">\r\n      <a class=\"title--xs\" href=\"https:\/\/imnovation.acciona.com\/en\/geprode-prediccion-geologica-avanzada-para-proyectos-de-tunelizacion-con-tbm\/\" target=\"_blank\">\r\n        GEPRODE \u2013 Advanced geological prediction for TBM tunneling projects      <\/a>\r\n    <\/div>\r\n<\/li>\r\n<li class=\"grid full-width\" style=\"background-image: url(https:\/\/cdn-imnov.comun-pro.eu-west-1-aws.cloud-acc.net\/wp-content\/uploads\/2026\/03\/03123441\/Multimedia-1-1-scaled-aspect-ratio-2000-1024.jpg);\" >\r\n    <div class=\"item-header\">\r\n        <a class=\"label--tag\" href=\"https:\/\/imnovation.acciona.com\/en\/acciona-drives-innovation-at-4yfn-within-the-mobile-world-congress\/\" target=\"_blank\">\r\n            <div class=\"label--m\">NEWS<\/div>\r\n        <\/a>\r\n        <div class=\"date\">\r\n            <div class=\"label--m\">2 March 2026<\/div>\r\n        <\/div>\r\n    <\/div>\r\n    <div class=\"item-content\">\r\n      <a class=\"title--xs\" href=\"https:\/\/imnovation.acciona.com\/en\/acciona-drives-innovation-at-4yfn-within-the-mobile-world-congress\/\" target=\"_blank\">\r\n        ACCIONA drives innovation at 4YFN within the Mobile World Congress      <\/a>\r\n    <\/div>\r\n<\/li>\r\n<\/ul>\r\n                            <\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\r\n\r\n\r\n    \r\n        \r\n        \r\n    \r\n\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"<p>El ecosistema espa\u00f1ol se confirma como uno de los mejores del sur de Europa.<br \/>\nEl crecimiento se ha mantenido durante 10 a\u00f1os.<br \/>\nLa contracci\u00f3n de la inversi\u00f3n en scaleups en Espa\u00f1a se ha situado en un 10% frente a un ratio del 20-30% de media europea.<br \/>\nSin embargo, la gran distancia entre Espa\u00f1a y sus socios europeos destacados (Alemania, Francia y Suecia) se mantiene, por no citar a Reino Unido que tiene un tama\u00f1o entre siete y nueve veces el espa\u00f1ol.<br \/>\nEspa\u00f1a s\u00f3lo tiene 12 scaleups que hayan levantando m\u00e1s de 100 millones de euros, mientras que Reino Unido tiene 92, Israel 87, Alemania 46 y Francia 44.<\/p>\n","protected":false},"author":7,"featured_media":29031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-23948","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spanish startup ecosystem growth won&#039;t be stopped by COVID19 impact | IMNOVATION#Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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El crecimiento se ha mantenido durante 10 a\u00f1os. La contracci\u00f3n de la inversi\u00f3n en scaleups en Espa\u00f1a se ha situado en un 10% frente a un ratio del 20-30% de media europea. Sin embargo, la gran distancia entre Espa\u00f1a y sus socios europeos destacados (Alemania, Francia y Suecia) se mantiene, por no citar a Reino Unido que tiene un tama\u00f1o entre siete y nueve veces el espa\u00f1ol. Espa\u00f1a s\u00f3lo tiene 12 scaleups que hayan levantando m\u00e1s de 100 millones de euros, mientras que Reino Unido tiene 92, Israel 87, Alemania 46 y Francia 44.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/imnovation.acciona.com\/en\/spanish-startup-ecosystem-growth-stopped-covid19-impact\/\" \/>\n<meta property=\"og:site_name\" content=\"IMNOVATION#Startups\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-07T06:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-18T08:29:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cdn-imnov.comun-pro.eu-west-1-aws.cloud-acc.net\/wp-content\/uploads\/2022\/11\/30110320\/2022_MTB_TechScaleupSpain_Report2022_cover-scaled-1-aspect-ratio-2000-1024-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" 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