Startups in Spain are not far behind in the business world, in recent years Spanish entrepreneurs have launched themselves into the market, thus creating innovative and lucrative businesses local and international wise.



A report by Pricewaterhouse Coopers (PwC) reveals that Spain has 11,100 startups (in 2022), employing 140,000 people, making it the fourth European country in number of startups, behind the United Kingdom, France and Germany. The Spanish entrepreneurial ecosystem also has 6,446 private investors, 366 investment groups, 149 accelerators and 99 incubators; it also achieved a record investment in its startups in 2021, with 4,260 million euros.

Madrid currently concentrates the largest volume of investment and surpasses, for the first time, Barcelona, ​​which had remained the leader until 2021. The Community of Madrid has 3,000 startups and 40,000 employees, making it one of the most important hubs in Europe. In addition, it is the second European city in number of exits above 100 million euros in 2020, and the fourth in number of venture capital investment rounds.

The PwC report also reveals that 95% of the Ibex-35 companies are committed to open innovation as a collaboration formula with the rest of the ecosystem agents and already have platforms where they can collaborate and obtain innovation from outside their organizations. This is reflected in corporate investment in Spanish startups, which has grown at a compound annual rate of 40% between 2013 and 2021, reaching 650 million last year.

Business context in Spain 

One of the main advantages of this type of companies is that it proposes disruptive businesses, which allows it to obtain a significant market share before other possible competitors. Precisely, the advances in digitization as a result of the situation caused by the COVID-19 pandemic are opening up a world of possibilities in sectors such as telemedicine, online training, or cybersecurity.

The Spanish unicorns

With a well-nourished number of ventures that have had the support of large companies and organizations worldwide, these have been the Spanish startups that have exceeded the barrier of 1,000 million dollars valuation:

Cabify. Currently valued at 1,400 million dollars, Cabify was founded in 2011, offering in a single app a complete experience for private passengers and drivers in which technology and transport go hand in hand, guaranteeing customers a safe, geolocated trip with the best drivers duly identified, the most modern cars, the best rates and, above all, the possibility for passengers to easily select their travel preferences.

Copado. Became the new Spanish unicorn in 2021 by closing a financing round of 140 million dollars (120 million euros) in September. This startup is a development platform for salesforce, which is aimed at both SMEs (Small and mid-size enterprises) and large companies. It uses SaaS services (Software in the cloud) to eliminate bugs and boost product launches.

Devo. Cloud-native data security and analytics company that has developed a real-time data analysis platform in the cloud that, although companies can use it for different purposes (such as monitoring the performance of their services, for example), ends up being the main source safety. It became a unicorn after a $250M Series E funding round, achieving a $1.5 billion dollars valuation, making it the first cybersecurity startup in Spain to achieve such status.

Domestika. In January 2022, the Domestika creative community announced a $110 million dollars (more than €96.7 million) capital raising, bringing its total valuation to $1.3 billion dollars (more than €1.14 billion). The company grew out of an online forum and became one of the fastest growing communities in the world with more than 8 million users. Domestika offers nearly 2,000 courses taught by more than 1,300 professors. Every month more than 110 new courses are published and, to date, users have already completed more than 13 million courses. The platform has courses in 12 countries in Europe and America, produces all content in-house and is selected to ensure a satisfying learning experience.

Fever. The leisure and events startup, Fever became the tenth Spanish unicorn after closing a financing round for 227 million dollars (about 201 million) in January 2022. It is currently present in more than 60 cities in Europe, America, Asia and Oceania. The US is its largest market.

Glovo. The company works at the service of the population to bring their shipments to their home entrance. Food, shopping, gifts, whatever they fancy. Currently, it is valued at $1 billion dollars.

Idealista. One of the top benchmarks in the real estate sector in Spain, Idealista is a company with more than 20 years in the real estate market and is responsible for providing support to approximately 40,000 real estate agents and 38 million monthly unique visitors in southern Europe, through online classified ads for home buyers and sellers.

Jobandtalent. Benchmark for Internet job searches in Spain that seek to fill the need of many people to find work from their computers. Currently, Jobandtalent has a presence in the United Kingdom, Germany, France, Sweden, Mexico and Colombia. In October of this year, its valuation rose to 2,070 million euros after a round of financing for 40 million euros.

TravelPerk. It reached a valuation of 1,300 million dollars (around 1,100 million euros) after closing its last round of investment in which it obtained 115 million dollars ( little more than 100 million euros); TravelPerk creates specific solutions for companies in connection with their business travels.

Wallbox. Most valuable Spanish startup in the world. The company founded in Barcelona is dedicated to the automotive sector, specifically in the field of electric cars, creating recharging points for this type of vehicle that are installed in any home, regardless of whether or not they belong to the brand, since everything is a reference for this type of chargers. This unicorn is already around 1,500 million dollars and it has its sights set on the stock market.


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