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Analysis

November 21, 2025

Is Spain Europe's AI dark horse?

Spanish AI-native startups have raised €442m across 39 equity deals so far this year, compared with €56m across 11 deals in 2024

With little over a month of 2025 still to go, AI-native startups in Spain have already raised close to eight times the amount they did last year, as the country’s tech ecosystem vies to keep pace with the buzziest companies in Europe.

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Tom Nugent

Tom Nugent is Sifted’s managing editor. He covers university spinouts and robotics. Follow him on X and LinkedIn

Maya Dharampal-Hornby

Maya Dharampal-Hornby is a reporter, covering UK tech for Sifted, based in London. She's also the producer of Startup Europe — The Sifted Podcast .

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