Capital raising services in Spain
Spain's venture market has scaled materially over the last decade, with Madrid and Barcelona now hosting a critical mass of mid- to late-stage companies capable of attracting the continent's leading growth funds.
TravelPerk, Glovo and Factorial have raised landmark rounds from Tier 1 investors, validating the depth of the Spanish ecosystem across travel SaaS, logistics and HR tech.
We partner with mid- to late-stage Spanish companies to raise growth capital on the best possible terms - our extensive VC investor network spans Madrid, Barcelona and the major European and US funds, and we manage thorough preparation, pitch deck building, operating and financial model build, and the full end-to-end fundraising process.
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VC rounds raised in the last 12 months in Spain
$6.5M
Median VC valuation (across all stages) in Spain
-
Median VC revenue multiple (across all stages) in Spain
$223M
Largest VC round raised in Spain in the last 12 months
Raising venture capital in Spain
Spain's venture market has scaled substantially in the last decade, with Madrid and Barcelona as the main hubs and a clear cluster of local Spanish VCs (Kibo Ventures, K Fund, Samaipata, Seaya, Nauta) operating alongside major continental and US funds. The Startup Law has materially improved structuring options for venture-backed Spanish companies.
ASCRI-aligned documentation
ASCRI is the Spanish private capital association. Spanish VC rounds typically use ASCRI-aligned documentation reflecting industry conventions, with country-specific provisions for Spanish company law and the Startup Law overlay. Series A and later rounds tend to converge on a familiar template.
Pre-priced rounds
Convertible loan notes (préstamo convertible) and pre-priced equity instruments are the standard formats in Spain. SAFEs are used occasionally where the lead is US- or UK-based but are less universal than in the US. Conversion typically at the next round at a discount or capped valuation.
Startup Law tax structuring
Most Spanish seed and Series A rounds are now structured to preserve Startup Law tax benefits - 15% corporate tax, the 50% investor income tax deduction and the deferred-tax option scheme. Round documents reference the company's Empresa Emergente certification and the conditions to maintain it.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is now standard in seed and Series A documentation. Spanish company law requires capital increases via public deed before a notary - a recurring closing-day cost.
Foreign investment screening
Royal Decree-Law 8/2020 (as extended and amended) requires authorisation for non-EU investors taking 10%+ stakes in Spanish companies in sensitive sectors - defence, dual-use, critical infrastructure, AI, biotech. Adds notification time and conditions to scoped transactions.
Notarised closings
Capital increases and share transfers in Spanish SLs and SAs require a public deed (escritura pública) recorded before a Spanish notary, followed by filing at the Registro Mercantil. Closings are therefore notary-driven events with associated formalities and fees. Standard practice and well-understood by Spanish counsel.
Largest private tech companies in Spain
Horse Powertrain valued at $7.9B is the largest still privately-owned company in Spain.
See all large tech companies in Spain| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Horse Powertrain | | Horse Powertrain is a global supplier of hybrid and combustion powertrain systems designed for sustainable mobility, targeting the projected 900 million vehicles on roads by 2040. The company engineers engines compatible with alternative fuels like biofuels and hydrogen, operating from facilities in Europe and Asia. Horse Powertrain collaborates with automakers on electrification transitions, producing transmissions and components that reduce emissions in commercial fleets. | - | - | $7.9B | |
TravelPerk | | TravelPerk is a Barcelona-headquartered business travel management platform that combines booking for flights, hotels, and car rentals with policy compliance, expense reporting, and 24/7 support. The all-in-one tool serves corporate teams across Europe and beyond, integrating with expense systems for streamlined operations. | Jan-25 | $200M Series E | $2.7B | |
Job&Talent | | Job&Talent is a global staffing marketplace connecting temporary workers with companies in sectors such as logistics, hospitality, and retail. Madrid-headquartered since 2009, it operates in 10 countries including Spain, the United States, and Brazil, placing over 340,000 workers into 2,500 firms in 2022. Backed by SoftBank and Goldman Sachs, the platform manages workforces through its mobile app for shift scheduling and payments. | Apr-25 | $104M Series F | $2.4B | |
Cabify | | Cabify is a Madrid-headquartered ride-hailing service operating in Spain, Portugal, and Latin American countries including Mexico, Colombia, and Peru. The app offers economy, comfort, and premium vehicle classes with licensed professional drivers. Launched in 2011, Cabify integrates carbon offset options and corporate accounts for fleets. It competes in markets like Santiago and Buenos Aires with fixed pricing during peak hours. | Mar-23 | $65M | $1.5B | |
Factorial | | Factorial is a human resources management platform automating processes for companies of all sizes. Barcelona-headquartered and serving over 7,000 organizations across Europe and Latin America, it streamlines holiday tracking, payroll processing, document storage, and employee benefits administration. The software provides centralized data visibility, compliance tools, and performance insights to enhance HR efficiency. | Oct-22 | $120M Series C | $1.0B |
Startups who recently raised money in Spain
Largest VC round raised recently in Spain was a $130M Series B of Xoople in April 2026.
See all VC rounds in Spain| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | Xoople | | Xoople is an earth intelligence company that leverages satellite imagery and AI to monitor physical changes on Earth's surface. Its platform delivers actionable insights for industries including agriculture, forestry, and urban planning. Headquartered in Europe, Xoople serves clients seeking systematic analysis of environmental shifts through high-resolution data processing. | Buenavista Equity PartnersCentre for the Development of Industrial Technology (CDTI)+3 | $130M | - | Series B | |
Apr-26 | EYSA | | EYSA is a Spanish provider of integrated mobility solutions for urban environments, emphasizing smart city transformations. The company deploys technology for public transport optimization, citizen connectivity, and sustainable management models across European cities. | CofidesTikehau Capital | $104M | - | Undisclosed stage | |
Dec-25 | Titan Operating System | | Titan OS is a London-headquartered developer of a customizable smart TV operating system deployed on millions of devices in Europe. The platform integrates streaming apps, free content, linear channels, and personalized recommendations via partnerships like CANAL+ Group for premium movies and series. Titan OS operates Titan Ads for targeted advertising on connected TVs from manufacturers such as Vestel and Toshiba. | Highland EuropeMangrove Capital Partners | $58M | - | Series A | |
Feb-26 | Biorce | | Biorce is a medtech startup based in Boston developing an AI platform for clinical trial optimization. Its tools automate protocol design, site feasibility, and patient recruitment using a database of 100,000 annotated studies. Launched in 2023, Biorce partners with pharma and CROs to cut timelines by 30 percent while ensuring regulatory compliance. | Albert NietoArthur Mensch+6 | $52M | - | Series A | |
May-26 | Embat | | Embat is a Madrid-headquartered treasury management platform serving mid-sized and large enterprises across Europe. The service provides real-time cash visibility, automated bank reconciliations, and AI-driven analysis through its TellMe tool, which detects anomalies and forecasts cash flows. Operating in Spain, Germany, and the United Kingdom since 2021, it centralizes payments, liquidity tracking, and forecasting to reduce manual finance tasks by up to 75 percent. | 4Founders CapitalCathay Innovation+3 | $35M | - | Series B | |
Jan-26 | Fracttal | | Fracttal is a cloud-based CMMS and EAM software provider for asset management. Santiago, Chile-headquartered, its Fracttal One app manages maintenance for equipment, vehicles, and facilities via mobile interfaces, integrating with ERPs like SAP. Serving 1,000 clients including Acciona, Unilever, and FedEx in manufacturing, energy, and transport, it reduces failures by 25% and costs by 15%. Predictto adds AI predictive maintenance using machine learning on asset data. | Amador HoldingsGoHub Ventures+3 | $35M | - | Undisclosed stage | |
Jan-26 | Lookiero Outfittery Group | | Lookiero Outfittery Group operates as an online personal styling and shopping service across Europe. | 10x GroupAcurio Ventures+4 | $20M | - | Undisclosed stage | |
Jan-26 | Tucuvi | | Tucuvi develops CE-marked conversational AI platforms for phone consultation automation in healthcare. Czech Republic-based, the health technology firm creates clinically validated tools for care pathways, enabling teams to enhance efficiency, patient outcomes, and satisfaction through scalable, personalized interactions. | Cathay InnovationFrontline Ventures+3 | $20M | - | Series A | |
Jan-26 | Zepo | | Zepo delivers AI-enhanced cybersecurity solutions that target human-related vulnerabilities for businesses. | eCAPITAL ENTREPRENEURIAL PARTNERSKibo Ventures+1 | $15M | - | Seed | |
Feb-26 | WtEnergy | | WtEnergy is an Austrian cleantech company pioneering gasification and waste-to-energy technologies for sustainable power generation. | Cemex VenturesShell Ventures+1 | $12M | - | Undisclosed stage | |
Apr-26 | Incapto Coffee | | Incapto Coffee is a Helsinki-based provider of automated coffee machines and bean subscription services. Its smart dispensers connect via app for remote monitoring and usage analytics, installed in offices, hotels, and co-working spaces across Finland and Sweden. Customers select from single-origin roasts and blends, with pods compatible for espresso, drip, and iced brews. The model ensures hygienic, on-demand brewing without barista staffing. | AtresmediaBanco Sabadell+5 | $12M | - | Series B | |
Dec-25 | Alinia AI | | - | Mouro CapitalPrecursor Ventures+2 | $7.5M | - | Seed | |
Dec-25 | Zynap | | Zynap is a Tel Aviv-based cybersecurity firm offering automated threat detection and response platforms. The Zynap system uses behavioral analytics and machine learning to identify anomalies in networks, endpoints, and cloud environments, providing automated remediation for ransomware, phishing, and insider threats. Integrated with SIEM tools like Splunk, it operates across on-premises and hybrid setups. Launched in 2022, Zynap serves enterprises in finance and healthcare sectors throughout Israel and Europe. | K FundKibo Ventures | $7.0M | - | Seed | |
Dec-25 | ScrapAd | | ScrapAd is a Poland-based online marketplace connecting buyers and sellers of scrap materials including ferrous and non-ferrous metals, plastics, paper, cables, and batteries. It operates globally with listings from suppliers in Europe and Asia for bulk recycling transactions. | Berge y CiaBstartup Banco Sabadell+5 | $7.0M | - | Series A | |
Dec-25 | Pack | | Pack is a Paris-headquartered platform delivering global mentoring programs for corporate talent development. The company pairs employees with mentors from over 10 countries using a methodology blending neuroscience, behavioral science, and positive psychology. Programs track performance metrics and employee happiness via HR dashboards. Pack addresses retention challenges amid high turnover rates, serving enterprises seeking to implement scalable mentoring initiatives across remote and hybrid workforces. | Acadian VenturesAticco Ventures+2 | $6.7M | - | Series A |
Top VCs and strategic investors in Spain
CDTI Innovación's INNVIERTE program, Eoniq.fund, K Fund and SETT funded the most startups in Spain in the last 12 months.
See all VCs in Spain| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
CDTI Innovación's INNVIERTE program | | CDTI Innovación's INNVIERTE program is a Madrid-based initiative under Spain's National Agency for Innovation and Sustainable Development. Launched within the Spanish Science, Technology, and Innovation Strategy, it funds venture capital investments in startups across energy, biotech, and digital technologies. The program allocates public resources to private funds, aiming to mobilize €1 billion for R&D-intensive enterprises by 2027. | LuxQuantaPadmiPolimerbio+2 | 23 | Seed | |
Centre for the Development of Industrial Technology (CDTI) | | Centre for the Development of Industrial Technology is a Madrid-headquartered public entity under Spain's Ministry of Economy and Competitiveness. Established in 1976, it funds over 2,000 R&D+i projects yearly for Spanish firms, channeling €1.5 billion in national and EU grants. With 300 staff mostly engineers, it maintains offices in Tokyo, Beijing, Washington, D.C., and Mexico City to support international tech transfers. Key initiatives include Eureka program participation and loans for aerospace, biotech, and renewable energy innovations. | Golden Owl®XoopleCocuus+2 | 23 | Seed | |
Draper B1 | | Draper B1 is a Valencia-based seed and early-stage venture capital firm founded in 2010, concentrating on B2B and B2B2C startups. The fund deploys capital in European technology companies across SaaS, fintech, and healthtech sectors. Draper B1 leverages the Draper family network for follow-on funding and mentors portfolio firms through acceleration programs in Spain. | StowlogDostVidext+2 | 19 | Seed | |
Eoniq.fund | | Eoniq.fund is a Sevilla-headquartered venture capital fund targeting Spanish startups outside Madrid and Barcelona. The generalist investor backs teams with scalable models, MVPs, and initial traction in tech sectors. Eoniq.fund emphasizes value-added support including mentorship and networks for portfolio companies across Andalucía and beyond. | DostNZEROTennders+2 | 18 | Pre-seed | |
K Fund | | K Fund is a Madrid-headquartered multi-stage venture capital firm investing in early-stage digital companies across Spain, Portugal, and Latin America. It backs startups in fintech, healthtech, edtech, and marketplaces, with a portfolio of over 60 companies including Glovo and Jobandtalent. Managing two funds totaling 100 million euros, K Fund provides operational support through its Barcelona and Lisbon offices. Launched in 2016, it fosters the Iberian tech ecosystem. | TucuviInfiniteWatchZynap+2 | 18 | Seed | |
JME Ventures | | JME Ventures is a Madrid-headquartered early-stage venture capital fund targeting tech startups in Spain. Established in 2009, it manages €50 million across two funds and invests in sectors like fintech, healthtech, and SaaS. The firm has backed over 30 companies, including unicorns such as Cabify, and maintains an office in Barcelona for deal sourcing. | TietAIIncapto CoffeeGaltea+2 | 18 | Seed | |
EASO Ventures | | EASO Ventures is a San Sebastián-headquartered venture capital firm investing in early-stage startups and SMEs across the Basque Country. It provides funding from €50,000 in Phase 0 acceleration via partner BerriUp to €1 million in Phase 1 for growth projects, backed by nearly 100 local companies and entrepreneurs. The firm targets tech, biotech, and industrial sectors, leveraging an investment committee and mentor network for portfolio support. | DARWIN BiomedDYNAMICS VRMettis AI+2 | 16 | Seed | |
SETT | | SETT is a Madrid-headquartered public investment entity under Spain's Ministry of Digital Transformation that manages funds for disruptive technologies in the public sector. Established in 2021, it channels capitalizations and loans into areas like quantum computing, AI, biotechnology, and cybersecurity through specialized vehicles. SETT collaborates with regional governments and private investors to deploy over €200 million initially, fostering startups and scale-ups that align with Spain's Digital Spain 2026 agenda. The organization operates across 17 autonomous communities, creating frameworks for public-private partnerships in semiconductors and advanced manufacturing. | Lookiero Outfittery GroupHeuristikIDEADED+2 | 11 | Undisclosed stage | |
Axon Partners | | Axon Partners Group SA is an investment and consulting firm. It offers advisory services in the area of Cybersecurity, Digital Platforms, Cloud, Fog & Edge Computing, AI & Big Data, Cleantech, and Sustainability, among others. It also investment strategies consisting Direct Investment, Fund of Funds, Corporate Venture Capital, and Special Opportunities. | BasquevoltDYNAMICS VRGrodi+2 | 11 | Seed | |
Abac Nest | | Abac Nest is a Barcelona-based venture capital fund targeting seed-stage startups in Spain. It invests in technology sectors including fintech, healthtech, and SaaS, providing capital alongside mentorship from Abac Group's network. Portfolio companies span consumer internet and enterprise software, with a focus on scaling businesses across Europe. | GalteaStuveoAnyformat+2 | 9 | Seed |
What if not VC? Non-equity funding in Spain
Spain's non-dilutive stack scaled materially under the Startup Law. Between ENISA, CDTI, the 25% R&D tax credit and the Startup Law's 15% reduced corporate tax, Spanish startups can extend runway substantially without giving up equity.
Startup Law investor relief
50% income tax deduction for individual investors in qualifying Empresa Emergente companies on up to €100k per year. Drives most structured Spanish angel investment outside professional funds. Five-year minimum holding period to preserve the relief.
Spanish R&D and innovation tax credits
25% credit on R&D expenditure (42% on the increase above prior-year average) and 12% on innovation expenditure. Refundable in cash for SMEs subject to holding and reinvestment conditions. One of the most generous R&D credit regimes in Europe, stackable with Startup Law and ENISA funding.
ENISA participative loans
ENISA provides participative loans (€25k–€1.5M) to innovative Spanish SMEs with extended grace periods. The main non-grant public funding option; commonly used as a bridge or complement to a private VC round.
CDTI grants and loans
CDTI is the Spanish R&D and innovation agency. Provides Neotec grants (up to €325k for tech startups), Línea Directa de Innovación loans, and access to EU R&D funding programmes. Slow process but no equity given up.
Crowdfunding
Crowdcube (the UK platform operating in Spain), Capital Cell and Startupxplore are the main equity crowdfunding platforms. Used for raises typically €300k–€2M, often layered on top of a lead investor and structured to be Startup Law-compatible.
Revenue-based financing
Capchase, Wayflyer and Spanish providers like Ritmo advance cash against forward revenues for ecommerce and SaaS businesses. Repaid as a share of monthly revenue. Faster to draw than venture debt; particularly useful given Spain's strong ecommerce ecosystem in Barcelona.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Spain and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Spain.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Spain
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Spain
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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