The Spanish startup ecosystem attracts €3.827 billion by September, a 49% year-on-year increase and 22% above the total for 2025. The number of rounds has fallen by 5%, down to 274 operations.
The Spanish startup ecosystem has raised €3.827 billion in the first nine months of 2026, a 49% increase compared to the same period in 2025 and 22% above the €3.132 billion raised throughout the previous year. Data from the third quarter of the Bankinter Innovation Foundation Startup Observatory, collected by larazon.es, shows a rising market in capital but with fewer operations: rounds have decreased by 5%, down to 274.
The average investment per operation has surged by 53%, reaching €15.8 million, driven by megaround. Operations of €50 million or more total €2.560 billion between January and September, accounting for 67% of all investment, with 16 rounds more than doubling the volume from the same period in 2025 (+113%).
The standout performer is Multiverse Computing, which has raised €500 million, the highest round recorded by the Observatory. It alone represents 13% of the capital raised so far this year and surpasses the previous record of Clikalia in 2021 (€460 million). Following are Open Cosmos with €300 million, and PLD Space with €288 million. Together, these three account for €1.088 billion, 28% of the total.
Completing the list of major operations are Fever (€217 million), Twinco (€165 million), HappyRobot (€130 million), Factorial (€129 million), Preply (€128 million), EOS-X Space (€120 million), Xoople (€115 million), iPronics (€108 million), and Citibox (€100 million).
By funding phase, the evolution is uneven. Seed rounds have grown by 22%, reaching 104 operations, while PreSeed rounds have fallen by 29% (55 operations) and Series C rounds have decreased by 35%. In mature phases, Growth operations have increased by 33%.
The investor map maintains a close competition between Barcelona and Madrid, nearly tied with €1.175 billion and €1.153 billion respectively. The gap has narrowed to €22 million, although the volume is influenced by large operations.
There is more capital, but it is spread across fewer operations
The report indicates that the accumulated record points to an exceptional year for startup financing, but also highlights a transformation in the market. The behaviour of the last quarter will determine whether the rebound extends to the entire ecosystem in 2026.
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