Dealroom：2023年西班牙投資報(bào)告 Spain ecosystem

Spainecosystem

REPORT2023

April2023

Keytakeaways

TheSpanishtechecosystemisnow

worth€93B,up3.6xsince2018.

ThecombinedvalueoftheSpanishstartup

ecosystemhasreached€93B.

Thegrowthinthenation?secosystemvalue

hasbeendrivenbytheemergenceoffour

newhomegrownunicorns:Factorial,Fever,

DomestikaandTravelPerk.

Spainexperienceditssecondbestyear

onrecordforVCinvestment,with€4B

raisedin2022.

Spainranks6thinEuropeand16thglobally

fortotalinvestmentraisedin2022.

Spainshowedstrongerresiliencethanits

Europeancounterparts,withVCInvestment

droppingonly15%since2021.Earlystage

investmentreachedarecordhighof€1.8B.

LatinAmericancountriesrepresent3

ofthetop10recipientsofSpanishVC

investment.

141+fundingroundshavebeeninvested

fromSpanishinvestorsintoLatAmstartups.

ManySpanishinvestorssuchasSeayaand

Wayrahavebeenactiveininvestinginto

LatAm-basedstartupsandscaleups.

CombinedenterprisevalueofSpanishstartups

▊Valueofpubliccompanies▊Valueofprivatecompanies

€100B€93B

€75B

€50B

€25B

2016

2022

VCInvestmentinSpanishstartups

€4.7B

€4B

€4B

€3B

€2B

€1B

2017

20212022

NumberofroundsfromSpanishinvestorsinforeignstartups

Cumulatednumberofrounds2018-2022

UnitedStates

LatAm

UnitedKingdomFrance

Germany

Mexico

PortugalIsrael

BrazilColombia

141

130

69

58

49

38

34

32

28

250

Page/2

Source:Dealroom.co.

1stEdition

2021

2ndEdition

2023

Downloadthefirstreport

Tableofcontent

1TheSpanishTechEcosystem2Investors&Fundinglandscape

3Spain&LatAm:cross-investment

opportunities

Page/3

Co-authors

NinaChaloum

EcosystemInnovationAnalystatdealroom.co

AlexHamilton

EcosystemInnovationAnalystatdealroom.co

JaimeNovoa

PartneratKfund

Previouseditionsofthereport.

1TheSpanishTechEcosystem

€86B

3.6x

Spanishstartupsarenowworth€93B,up3.6xsince2018.Thevalueofprivatecompanieshasbeengrowingsteadilyandisup1.3xyear-on-year.

CombinedenterprisevalueofSpanishstartups(2016-2022)

?viewonline

▊Valueofpubliccompanies▊Valueofprivatecompanies

€100B

€93B

€75B

€50B

€26B

€25B

2016201720182019202020212022

EnterprisevalueofselectedEuropeanecosystems

Growth(2018-2022)

2018Valuegrowth2022

SwedenPortugalFrance

Spain

Germany ItalyNetherlands

€53B€10B€108B

€26B

€153B€17B

€137B

4.2x3.8x

3.8x

3.6x

2.9x

2.5x

2.4x

€225B

€37B

€332B

€93B

€448B

€44B

€326

Page/5

Source:Dealroom.co.

(1)EnterprisevalueconsistsofSpanishHQ?dandfoundedcompaniesfoundedsince1990.Visit

thislink

formoreinformation.(2)Sumofthevaluationsofallstartupsintheecosystem.UsingestimatedvaluationsbasedonmostrecentVCrounds,publicmarketsandpubliclydisclosedvaluations

130+15

+6

+4

Spainhaswelcomedfournewunicornsin2022.

Numberofunicornsand$1B+exits

▊Totalunicornsuntil2021▊Newunicornsin2022

SpainfoundedUnicornsand$1B+exitssince2022

>>viewmore

Industry

EventTech

Unicorn

HQlocation

Stockholm

FoundedinMadrid

60

38

+9

UnitedKingdom

Germany

France

36

+7

Sweden

27

25

Barcelona

+3

+3

EnterpriseSoftware

Netherlands

Switzerland

Berkeley,USA

14

Education

Spain

FoundedinMadrid

Denmark

Ireland

Norway

16–

10+4

Travel

Barcelona

10+2

Page/6Source:Dealroom.co.

BasqueCountry

Catalonia

Valenciancommunity

RestofSpain

Communityof

Madrid

ValencianCommunity

Andalusia

Andalusia

Spainbreakoutstartups&risingstars.

Basque

Country

Unicorns

FutureUnicorns

RisingStars

Catalonia

CommunityofMadrid

Page/7Source:Dealroom.co.Thelogosshownarenotexhaustivebutadiscretionaryselectionofthecompaniesofthecategory.

Discoverthemost

top100Spanish

startupsusing

predictivesignals.

?Top100SpanishStartupstowatch

MatureSpanishstartupsareprovidingtheidealenvironmentfornurturingSpain?sentrepreneurialscene.

Spanishstartupfounderfactories

?viewonline

?Viewmoreonline

Page/9Source:Dealroom.co.

Providedby

?Readmore

Benefitsforstartups

Upto15%TaxRatereduction,bettertaxtreatmentofstockoptions

Streamliningproceduresandcertifications

DigitalNomadVisa

Benefitsforinvestors

non-residentinvestorsnolongerneedtoobtainaforeigner?sidentificationnumber

Increaseinthemaximumdeductionbase

Specifictaxtreatmentforthe?carriedinterest?

Notacorporatespinout¬publiclylisted

Doesnotexceedanannualturnoverof€5M

Focuson:Spain?sStartupLaw.

Spain?sStartupLawaimstofacilitatethecreationanddevelopmentofstartupsinthecountry.

TheLawforthePromotionoftheStartupEcosystem,orStartupLaw,cameintoe?ectinJanuary2023.ConceivedundertheframeworkoftheSpainEntrepreneurialNationstrategy,toencouragethecreationanddevelopmentofstartupsinthecountry,byrecognizingtheiruniquestatusandrisks:businessmodel,potentialforgrowth,needforhighskillsworkerslocallyandabroad.

DefinitionofaStartupinSpain?sStartupLaw

Lessthan5yearsold-exceptsectorssuchasBiotech,Energy,etc.upto7yearsold

Innovativeproject,scalablebusinessmodel

Source:Dealroom.co,OpenInnovation.BBVA,Dobetter.E

“

TheSpanishStartupLawisasteptowardsenhancingSpain'sattractivenessforstart-ups,foundersandinvestors.

Thenewregulatoryframeworkaimstoreduceredtapeandbringscorporateandtaxbenefits.Weencourageallpartiesinvolvedtofinishtheimplementingregulationsandprocedures,sothatthebeneficiariescantakeadvantageoftheincentivesassoonaspossible.

Having

ENISA

inchargeofthestart-upcertificationareverygoodnews.Theyreallyknowthesector."

PedroFernández

Partner

atPérez-Llorca

Page/11

3Investors&Fundinglandscape

SpainshowedstrongerresiliencethanitsglobalcounterpartsandexperienceditssecondbestyearonrecordforVCinvestment,with€4Braisedin2022.

€4B

€3B

€2B

€1B

VCInvestmentinSpanishstartups

?viewonline

▊€(gè)0M-$1M(pre-seed)▊€(gè)1M-$4M(seed)▊€(gè)4M-$15M(seriesA)▊€(gè)15M-$40M(seriesB)▊€(gè)40–$100M(seriesC)▊€(gè)100–$250M▊€(gè)250M+

€4.7B

€4B

€2.2B

€1.3B€1.5B

€879B

201720182019202020212022

ChangeinVCInvestmentinselectedcountries,2021-2022

SwitzerlandFrance

Spain

UnitedKingdomCanada

China

UnitedStates GermanyNetherlandsBrazil

-11%Europeanaverage

21%

5%

-15%

-25%

-30%

-33%

-33%

-44%

-48%

-62%

Page/13

Source:Dealroom.co.

€5.7B

€5.4B

€5.8B

Sweden(#11)Switzerland(#12) Australia(#13)Brazil(#14)

Indonesia(#15)

Spainranks6thinEuropeand16thgloballyfortotalinvestmentraisedin2022.

TopHubsforVCInvestmentin2022

?viewonline

SpainvsGlobalCounterparts

?viewonline

SpainvsEuropeancounterparts

?viewonline

UK(#1)France(#2)

Germany(#3)

€31B

€15.9B

€12B

Sweden(#4)Switzerland(#5)

Spain(#6)

€4.4B

€4.3B

€5.8B

€5.7B

€4B

€4B

€3.8B€2.3B

Spain(#16)

Netherlands(#17)HongKong(#18)UAE(#19)

Ireland(#20)

€3.8B

€2.3B

Netherlands(#7)

Ireland(#8)

€2.1B

€1.9B

€2.3B

€2.3B

Finland(#9)

Norway(#10)

Page/14

Source:Dealroom.co.

VCInvestmentincludedforcompaniesfoundedandheadquarteredwithintheselectedcountries.

Spainhadanespeciallystrongstartto2022,witharecord€1.5BraisedinQ1,butaslowerrestoftheyear.

€1.5B

€1BM

€0.5B

VCinvestmentinSpanishstartups

?viewonline

€1.5B

€803M

Q12017

Q12018

Q12019

Q12020

Q12021

Q12022

Q4Q120222023

▊$250m+▊$100–250m▊$40–100m(seriesC)▊$15–40m(seriesB)▊$4–15m(seriesA)▊$1–4m(seed)▊$0–1m(pre-seed)

Growth

Breakout

Early

Page/15

Source:Dealroom.co.

Earlytomidstagefundinghasbeensteadilygrowing,reachinganalltimehighin2022of€1.8B,up2.4xfrom2017.

Investmentunder€40MinSpanishstartups

?viewonline

▊€(gè)0-1M(pre-seed)▊€(gè)1-4M(seed)▊€(gè)4-15M(seriesA)▊€(gè)15-40M(seriesB)

$1.5B

€1B

€0.5B

€1.8B

€1.7B

€1.2B

€1B

€0.7B

€0.8B

201720182019202020212022

KeyTakeaways

DomesticandEuropeansourcesmakeuponaverageover

60%

ofearlystagefundingroundsintoSpainsince2017*

2021wasarecordsettingyearfornumberofearlystageroundsraisedwithover1kroundsraisedintheperiod

EarlyStagefundingintoSpanishstartupsisupby2.4xsince2017

Over5kearlystagerounds

havebeenraisedsince2017

Page/16

Source:Dealroom.co.

Earlystageroundsaredefinedasroundsizeswithanupperlimitof€40M.

*[excl.]

2022sawarecordnumberofmegarounds($100M+)inSpain,greaterthan2020and2021combined.

Numberofroundsover$100M+

?viewonline

Spanishmegroundsin2022

1

2020

8

2021

11

2022

CompanyInvestmentsizeLocationanddate

€250MGrowthEquity

Madrid,Aug2022

€206MGrowthEquityMadrid,Aug2022

Barcelona,Jan2022

€200MSeriesD

€122MSeriesC

Barcelona,Mar2022

€113MSeriesBBarcelona,Jul2022

€109MSeriesC

Barcelona,Oct2022

Barcelona,Jan2022

€101MSeriesE

€100MGrowthEquity

Madrid,Apr2022

Madrid,Jan2022

€100MSeriesD

Page/17

Source:Dealroom.co.

PrivateEquity

CorporateInvestors

VentureCapital

SeriesC+(Growth)

SeriesA/B

(Early)

(Pre)Seed

UnlockingSpain'sstartuppotential:bridgingtheearly-stageandlater-stagefundingdivide.

GlobalInvestors

activeinSpain

Page/18

Source:Dealroom.co.

Thelogoshownarenotexhaustivebutadiscretionaryselectionoftheinvestorso?thecategory.

“

AsprovenelsewhereinEurope,localgrowthfundsplayanessentialroleinthematurationofentrepreneurialecosystems.Alongsidethis,localcorporatesupportviadirectinvestments(CVCs)oraslimitedpartnersinfundsisakeydi?erentiatorinboostingscaleups'revenuegenerationandbroaderinternationalmarketgrowth.Thischallengeisnowbeingtackledwiththefirstlocalearlygrowthfunds,likeourownLeadwindfundwithsupportfromcorporatessuchasTelefonica,BBVA,ProeducaorGo-Hubamongothers,orAndromedabySeaya.

WestillhavetofurtherimprovetheexposuretoEuropeanandinternationalinvestors,establishinglongtermrelationshipsandprovidingasu?icienttrackrecord.ThisisamustifwewanttobeabletocreatefundswithequivalentsizesandscopestoourcounterpartsinEuropeandtheUnitedStates.”

AfterseriesA,68%ofgrowth

fundingcomesfromabroadand

asaresult,morethan20%of

scaleupsintheregionmove

theirheadquarterstoother

marketswhentheyscale.This

leadstolossoflocalwealthand

jobcreationthatcouldbe

captured.

MiguelArias

GeneralPartner

atKfund

Page/19

300

200

100

NumberofroundswithparticipationfromCorporateinvestorsreachedanall-timehighin2022.

NumberofroundswithCorporate/CVFsinvestorparticipationinSpanishstartups

?viewonline

357

300

201720182019202020212022

LargestCorporate/CFVSroundsSpanishstartupsin2022

CompanyInvestmentsizeLocationanddate

€227MGrowthEquity

Madrid,Aug2022

€135MSeriesC

Barcelona,Mar2022

€113MSeriesBBarcelona,Jul2022

€78MLateVC

Madrid,Feb2022

Barcelona,Feb2022

€50MSeriesA

€31MSeriesEDerio,Mar2022

Barcelona,May2022

€30MSeriesB

€26MSeriesB

Aragon,Oct2022

Page/20

Source:Dealroom.co.

CorporateVCinvestmentinSpanishstartupsisonanupwardtrend,butremainsproportionallylowerthanotherEuropeancountries.

VCInvestmentinSpainperinvestortype

▊VentureCapital▊Corporate&CorporateVentureFund▊Other

%VCInvestmentraisedbyCorporates/CVFs(2022)

€5B

€4B

€3B

€2B

€1B

Sweden

Switzerland

Germany

UnitedKingdomFrance

Netherlands

Spain

23%

23%

21%

20%

18%

16%

15%

201720182019202020212022

Page/21

Source:Dealroom.co.

Spain-basedCorporate…InvestsinFundasLP

JMEVentures

KlimaEnergy

SCNetZeroTech

Kfund(Leadwind)

Mutua

Madrile?a

Acciona

Enagás

KiboVentures

Telefónica

Repsol

AnincreasingnumberofCorporatesinvestinSpanishfundsasLPsordirecta?iliates.

Spain-basedCorporate…InvestsinFundasdirecta?iliate

Telefónica

Santander

Group

Global

Omnium

Cemex

EnagásEmprende

Wayra

MouroCapital

GoHubVentures

CemexVentures

Enagás

Page/22Source:Dealroom.co.

4Spain&LatAm:cross-investmentopportunities

SelectedLatAmstartupswitho?icesinSpain

LATAMStartups

KAVAKMexicoCity,Mexico

Aivo

Cordoba,Argentina

Betterfly

Santiago,Chile

ReadmoreaboutSpanish

startupsinLatAm

BridgingtheAtlantic:howLatAmstartupsareexpandingintoSpain,andviceversa.

SelectedSpainstartupswitho?icesinLatAm

Secondaryo?icesAcrossSpain

MexicoCity,S?oPaulo,DominicanRepublic

Bogota,BuenosAires,MexicoCity,Lima,Montevideo,QuitoandSantiago

BeloHorizonte,MexicoCityandS?oPaulo

HQlocation

Barcelona

Stockholm

FoundedinMadrid

Factorial

Unicorn

Fever

Cabify

Madrid

Providedby

Page/24Source:Dealroom.co.

US

LatAmcountriesrepresent3ofthe

top10recipientsofSpanishVC

investment,thoughtheUS

remainsthemostattractiveto

Spanishinvestors.

Mexico

NumberofroundsfromSpanishinvestorsinforeignstartups

Cumulatednumberofrounds2018-2022

250

UnitedStates

141

LatAm

130

UnitedKingdom

69

France

Brazil

Colombia

58

49

Germany

Mexico

38

Portugal

34

Israel

32

Brazil

28

Colombia

Page/25Source:Dealroom.co.IncludesroundsincompaniesfoundedinSpainwhichrelocatedtheirHQabroad.

SelectedinvestmentroundsfromSpanishinvestorsintoLatAmstartups.

SelectedinvestmentroundsfromSpaintoLatAminthelast18months

SpainbasedInvestor……

BBVA

Bilbao

Mundi

Ventures

Madrid

Copernion

Madrid

KaloniaVenturePartners

Barcelona

BesantCapital

Madrid

participatedinround……raisedbyaLatAmstartup

Neon

€300MSeriesD

Feb2022

Brazil

€125MSeriesC

Feb2022

Betterfly

Chile

MUNCHER

Colombia

€27MSeriesB

Nov2022

Koibanx

Mexico

€22MSeriesA

Aug2022

Minu

Mexico

$10MEarlyVC

Feb2023

Page/26Source:Dealroom.co.

MexicoCity

Mexico

WallapopCabify

SEEMORE

BuenosAires

Argentina

Gear

Translations

SEEMORE

MexicoCity

Mexico

Santiago

Chile

FracttalCabify

GlampingHub

MascotaNube

SEEMORE

SEEMORE

Bewe.io

Tutum

Flipter

CornerJob

Filmijob

BNext

Atani

Cabify

MIORA

SpanishinvestorsarebackingprominentLatAmstartups,andviceversa.

Madrid

Spain

MercadoniInstaleap

SEEMORE

Busqo

UptimeAnalytics

Barcelona

Spain

Flink

Belvo

Dapp

Prometeo

SEEMORE

Docket

Addi

SEEMORE

Coru

MUY

SEEMORE

Madrid

Spain*

Voll

Madrid

Spain

SinDelantal

Gupy

Robinfood

SpanishinvestorswithinvestmentinLatAmstartups

Explorelist

LatAminvestorswithinvestmentinSpanishstartups

Explorelist

Page/27Source:Dealroom.co.*CurrentHQ,considersitselfaslocaltothecitiesitoperatesin.

RestofWorld

Asia

11%

Europe

USA

Undisclosed

Domestic

2.8%

RestofWorld

Asia

Undisclosed

19%

Europe

Domestic

LatAmstartupsstillgathermoreinterestfromUSinvestorshowever,whileEuropeaninvestorsarethebiggestcontributorsofVCinvestmentinSpain.

VCinvestmentinLatAmstartups

?viewonline

Investmentperlocationofinvestors

7%

9%

41%

14%

16%

VCinvestmentinSpanishstartups

?viewonline

Investmentperlocationofinvestors

3%

11%

37%

USA

27%

Page/28

Source:Dealroom.co.

UndisclosedinvestorsincludeanyinvestorsinwhichtheiroriginalHQlocationhasnotbeendisclosedpublicly.

5Methodology&Acknowledgements.

UnderlyingData

Dealroom?sproprietarydatabaseandsoftwareaggregatedatafrommultiplesources:harvestingpublicinformation,user-submitteddataverifiedbyDealroom,dataengineering.Alldataisverifiedandcuratedwithanextensivemanualprocess.

Thedataonwhichthisreportbuildsisavailablevia

app.dealroom.co

.Formoreinfopleasevisitdealroom.coorcontact

support@dealroom.co

.

VentureCapital,Investors

DomesticinvestorsrefertoSpanishinvestors.EuropeinvestorsincludestheentireEuropeancontinent,theUKandRussia,butexcludesTurkeyandSpain.

InvestmentarereferredtobytheirroundlabelssuchasSeed,SeriesA,B,C,…latestage,andgrowthequity.VCinvestmentsexcludedebt,non-equityfunding,lendingcapitalandgrants.

Scopeofthereport

WhilemanystartupsfoundedinSpainrelocatebeyonditstheborders,mostmaintainbusiness-criticaltiestotheirhomelands.

Inordertotakethisrealityintoaccount,thisreportincludesbothSpain-basedstartups,whichmaintaintheirmaincenterofbusiness(HQ)intheircountryoforigin,andSpain-foundedstartups,withtheirHQrelocatedoutsideofSpain.

LatinAmericareferstotheregioncomprisingofallthecountrieslocatedinCentralandSouthAmerica,includingthosesituatedsouthofMexicointheAmericascontinent.

Methodologyanddefinitions

Whatisastartup?

Companiesdesignedtogrowfast.Generally,suchcompaniesareVC-investablebusinesses.

Whenstartupsaresuccessful,theydevelopintoscaleups(>50people),grownups(>500people)andresultinbigcompanies.Onlycompaniesfoundedsince1990areincludedinthisreport.

Whatisastartup?

ByDealroom.co

Whatisaunicorn?

Unicornsare(former)startupsthatreachedUS$1Bvaluationorexitatonepointintime.

Page/30Source:Dealroom.co

Nationalstartup

ecosystemfacilitator

Kfundisafamilyoffundswithmorethan€450minAUMthatinvests€100kto€10MacrossSouthernEuropeandLatAminentrepreneurswiththecapacitytocreatedi?erentiated

technology-basedproductsandservices.

Weinvest€100Kto€10Minentrepreneurswiththecapacitytocreatedi?erentiatedtechnology-basedproductsandservices.Allthroughsimpleandeasytounderstandterms.

Page/31

Helpsinnovativeand

technologicalcompanies

grow

BBVASparkisBBVA'scomprehensiveproposaloffinancialservicestosupportinnovativecompaniesintheirdi?erentgrowthstages.

Sparkallowsthesecompaniestocoveralltheirfinancialneedsinoneplace,aswellasprovidesthemwithsophisticatedfinancingproductssuchasventuredebtorgrowthloans.

Todothis,BBVASparko?ersadi?erentialrelationshipmodelwithateamofspecialistswhospeakthesamelanguageofhighgrowthcompanies.

Leadingglobalcommunityof,by,andforHigh-ImpactEntrepreneurs—thosewhodreambigger,scalefaster,andpayitforward.

To