Spanish startups raised €345 million in the latest analysed round, which is 26% less than the previous year, although participation reached 1,006 applications and artificial intelligence attracted €72.7 million, 59% more. The report from DayOne from CaixaBank and Afi confirms greater investor selectivity and a decentralisation of the entrepreneurial landscape.
Spanish startups raised €345 million in the latest analysed sample, which represents 26% less than in the previous round and 43% below the €606 million recorded two years ago. This is noted in the report prepared by DayOne from CaixaBank and Afi, as published by actualidadecommerce.com, based on the more than a thousand applications submitted for the EmprendeXXI Awards, a sample equivalent to nearly one-fifth of the startups identified in Spain.
The drop in capital coexists with a record level of participation: 1,006 applications were submitted, slightly above the previous edition, confirming that there are more projects competing for more cautious capital. Investors have become more selective, prioritising projects with traction, proprietary technology, and the ability to internationalise.
"Capital has become a filter," point out the authors of the report, who indicate that funds are waiting for somewhat more established companies and are looking for truly differentiated projects in artificial intelligence.
The profile of the participants has also changed. 60% are less than two years old and the proportion of companies aged three to four years has dropped from 19% to 14%. This youth explains why the median funding is modest at the beginning: just over €100,000 for those under a year, rising to over a million for those aged three or four years.
Founders are arriving better prepared, with high-quality training and previous experience in other projects. Internationalisation is no longer seen as a distant goal: 44% sell outside their country and these sales account for an average of 35% of revenue. The dominant model remains B2B, while B2C is losing relative weight.
Artificial intelligence is the major exception to the downward trend. It is present in one in four analysed startups, ten points more than a year earlier, and AI companies raised €72.7 million, a 59% increase. This boost brings them nearly on par with the biotechnology sector, which hovers around €73 million. For the first time, AI ties with a vertical that has been a favourite among investors for years.
The reason is not just the trend. AI reduces the cost of validating an idea: it allows for market research, prototype construction, competitor analysis, preparation of commercial materials, and task automation with fewer resources. Small teams can take on functions that previously required several specialised profiles, which lowers the capital burned in initial phases.
It also helps in seeking funding, though with caution. AI tools assist in identifying investors, comparing calls, or drafting a first pitch draft. The mistake, warn the consulted experts, is to copy and paste without adding one's own voice, delegating listening, or sending out a hundred customised proposals that sound the same. Investors detect that artificial tone, and trust is built in conversation, not in automated text.
The entrepreneurial landscape is also becoming more distributed. Madrid and Catalonia remain at the forefront, followed by the Valencian Community and Andalusia, but innovation is decentralising. Castilla-La Mancha and Castilla y León are emerging in agrotech; Navarra is specialising in biotechnology; Extremadura, Cantabria, and Portugal are gaining ground in AI.
Navarra is a notable case: it accounts for just 2% of the applications, but concentrates 11% of the Top 100 with the highest scalability potential. Its startups achieve a median funding of €75,000, according to the report.
The challenge for entrepreneurs is to use AI as an advantage, not as a label. Funds are looking for projects where technology adds differential value, not just simple layers of AI over existing businesses. As AI becomes more transversal, any SaaS, fintech, or edtech will need to integrate it to remain competitive.
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