Key investment sectors and trends in Spain: an analysis of the entrepreneurial ecosystem in 2025

The entrepreneurial ecosystem in Spain continues to consolidate itself as one of the most dynamic in Europe, driven by a sustained recovery in investment, greater sector diversification and an increasingly balanced geographical distribution. 

The analysis of the trends of 2025, based on data from the Dealroom.co Entrepreneurship Map available on the ONE Platform, offers an accurate x-ray that shows where capital is being directed, which sectors are arousing the greatest interest and which regions are emerging strongly, beyond the traditional hubs of Madrid and Barcelona.
 

After the notable investment boom experienced between 2020 and 2022, the Spanish ecosystem experienced a period of adjustment in which the figures decreased, especially in advanced stages of financing. However, the most recent data for 2025 show a significant recovery that returns the sector to levels similar to those of the pre-pandemic stage. 

Pau Vidal, head of B2B sales at Dealroom.co, underlined this trend during the webinar "Maximizing networking – The power of the Entrepreneurship Map" held on April 24: "We are at pre-pandemic levels. The recovery has been gradual after previous declines... and now, in 2025, we are on track to far exceed 2024." 

In particular, the early stages have shown remarkable strength, maintaining the interest of investors even in the most uncertain periods. In contrast, large rounds, over €100 million, which were most affected during previous years, are also beginning to show signs of recovery.

With regard to the sectors that are attracting the most financing in 2025, the outlook has evolved significantly. 

According to the data analysed during the webinar, the travel sector currently leads the cumulative investment volume, reflecting the recovery of tourism after the pandemic and its growing commitment to digitalisation. This sector has surpassed others that had dominated in previous years, such as fintech and healthtech, which led the top positions in 2024. Even so, these sectors continue to maintain a prominent presence in the investment ecosystem. 

If we extend the analysis to the last five years, we can see that enterprise software has been a constant sector in the ranking of sectors with the highest funding, although it is currently being surpassed by areas more linked to the real economy and services to people, such as health and digital finance. This change reflects an adaptation of capital to new social and economic needs, as well as to the advance of technological innovation.

Another of the most relevant phenomena shown by the Entrepreneurship Map is the growing decentralisation of investment. Although Madrid and Catalonia continue to lead the way in raising capital, other autonomous communities are gaining prominence at an accelerated rate.

Catalonia, for example, closed 2024 with nearly 1,000 million euros raised, consolidating its position. While Madrid raised around 500 million euros.

For its part, the Valencian Community has registered exponential growth since 2020, as Pau highlighted in the webinar: "... If we look before 2020, the levels were around 50 million, and below 100 million. As of 2021, Valencia exceeds 100 million and this year it is clearly above". Examples of this growth include rounds such as Quibim, which raised 50 million in a Series A. 

Other regions such as the Basque Country, Andalusia or Castilla y León have also begun to attract significant rounds, contributing to the creation of a more territorially balanced ecosystem with a greater diversity of proposals.

At the same time, the map of active investment agents is also diversifying. Along with traditional venture capital funds, corporate funds have increased their presence, as well as family offices and business angels specialising in specific verticals, such as Mundi Ventures in the insurtech field, MC Ventures in energy or Lánzame Capital in food innovation. 

This trend makes it possible to clearly identify who is betting on each sector and facilitates the connection between startups and investment agents aligned in their strategic objectives. Thanks to the filtering tools of the Entrepreneurship Map, it is possible to check which investment agents are most active in each sector or region, which facilitates both the search for financing and the analysis of the market.

Another aspect that is gaining strength in 2025 is the growth of new emerging verticals. Within the framework of the Sustainable Development Goals (SDGs), Climate Action and Responsible Consumption stand out as the areas with the highest volume of investment in Spain. This growing interest in sustainability also coexists with the emergence of sectors that until recently were marginal, such as space tech and defence tech, which, although they still represent a small part of the total, are experiencing accelerated growth and generating interest from specialised investors. 

All in all, the picture of the Spanish ecosystem in 2025 is that of a solid recovery, a more mature investment environment and greater territorial capillarity. Sectoral and geographical diversification, the growth of new verticals and the professionalisation of the actors involved anticipate a period of consolidation with real opportunities for startups in all their stages of development. 

Dealroom 's Entrepreneurship Map is confirmed as a key tool to follow these trends in real time, allowing entrepreneurs, investors and public policy makers to make decisions based on updated and comparable data.

Below, you can find the video pill extracted from the full webinar on the Entrepreneurship Map.