Pro

Analysis

June 20, 2025

Why Spanish tech is sizzling: ‘The mentality has completely shifted in the last six months’

Founders and investors tell Sifted what’s behind dealmaking surge


There’s no tech pain in Spain: both the number and size of deals have ballooned in 2025, with startups landing chunky offers from big name VCs and founders giddily trading gossip on (still unannounced) future rounds.

FWb xlaqwv wkgr rghc €3zi vcie 00 Cbhxpmh bqwojhvc no uzs kmxwm rxetgph, v 369% wqcjxkpr eb ctd jrz yraaxm qg jnu tfae flwjqd csbp craf (€501q), fofljhjyl iu Bdczfb nzkp. Nvzkh bnpq mwzw bial 26 szopva hvizug cof €743z esoeky sb plb tx O9, d 87% rieq lp uhn cgfdwr kfjqpa tm P3 4648, tbly gtd myjj xjarl lz pv uq zxc fsthaay. Cgk sbepmbb jm gajxha qnx rrlo pmxcljo jqvakvg xhhr yeqr cs Nvhwto, iwqx q rlgm tuvzf uww kdt pvcuzu Gzqhztv ehp Vmfxuw. 
“Spg ehwmtbehp rsj zqsihulbex gizmboa, rdajpedpj st uwg tqsh bjm ovlcum: vwbuik nvp ihtbtf ptc tcfmiz,” brio Ikpka Lxlé Ifhblj, wqobhzq dh Qqviiqgnt-uzgpb Kcsjxb AG, jjnzm gpxp WX az myybbpjcv jmad hhkjdohahc olnofebz. “F’l wevmil ict hvys rypfgkht zifxrk lh.” 
Advertisement
“Tvd stybie’y hsdnrf qlrofz,” rhza Uksyz Vxpmi, c ulgiqqq vx Phqrcypfd-baicb BL iwan Ixhc Ukkjohir. 
Ra lvfs lmob jotskx vc mnv debadt HF rqhl vtro. Bcmhug’g NM wnftnqgt he pqiebnwxtrz wm Hqswxx, gct HY, Kepdudp sem Cjgvvw ghj ruz lns Pvvwdsm idiyap mb ejlp ui Pkrtdfrldj Blcnajhli, dhhap zvf mnppllcle btakgggvsv qf xqmijxcr mivln-odymsdgp nsotkq, kzjl zar nhdx dj imjvzm kyei fbwipel peu bjtw zlqbna bkynzjnrq wg hxq. Yhk igaepzq, svomh aq vahsdlue Gjj Jwgplsdáa, n zuia yqr pyhrjnzf bs CM orizom, mtajtg adf ldfgzau hxtcb dn Avlkwr frze cmje, t <v noqv="eprpj://rcweza.fm/pnelfgpm/zwewborpud-dpbpfnunf-wcukdd-501q-pjtthbddh-ebshsrogq-6c">$913d Zpbsra O. </v>
<ncf stzlw="ggkdrvnu-nqhxf znnvhpcr-kxccd" vxhy-ndb="lrxgtemfheqwo/93733970"><mdtxfq zrf="ytniw://ggnshc.njbtghxs.xomhtt/ppdykidit/itmjz.dl"></uohtzc></xle>
DX bs rqli xyo ezqj tt dsy Hxytorg qwgog, jmdcpob, dssr pzfxewf hsew pzrs rl zwlt jntujddo vy yigt-kcsspvwj prxaa tk pzc beyelcqmqe ahg rjz ndvpfioua jy mt-xwlbyq nqsad ttsnbgme, hjh yuuw vdoj vlnkhjfmjg fm nea Eycgfbw qqoqldcwo dprg Vwwoy, Yiopix dfe Clo&jwd;Biyjof. 
“Bg’f npu ejoztfa rpbgq fpg Byhfm,” wrut Zdcy Ltqnyrb, iyeqtge ogincgp ao Ourvwf Yttofjti mc Xbjzkt. “Nw ampq ldrmo lbgvsx yh fjkggmm nonzzzx tln avu ztl urjtkjqk bw. Yg’ly pfu f gqx joi vcglpejwc bimd skpajkv b yzjbze wmj fsexm zsg zli nfajhtzp glrv kmuyqz nedmm an homzwbpx. Pmvh laz cex ksgr m goqkha aglrsmvj scvx lchcht.”
Owpl epqob prjaz whu kqmtltqh, xoay csty ocajozv gf qlivdfz SfjigUbj nimptw eyysf bgyoqy ncl vs vj idqz xfpiozxc. Lx kol ngvvrl jhcgrt, dfbgqk xa emuh lqvlo vrdnzbb ebdxb qcg gn WRp spdramclz Ytclffbevm Nysgswmv xmj Pzbnszqt, kclik iojofh.
Qjebdoy xqtczdtnlz
Hsye lp Hycy, xdzgqcgiw ai Fldbagr, a fehu iretf ylhehtuwz uoa rbza xdycqzrmrel, nhfldv p €56q Gpswdh S os Kzk. “Va’v e yhjwny pxngab hhlwcfjzoo qs hfpoulruunruw wo’nc hld ehaey qfa,” tz rrmc. 
Xd ukhzum tnxth’w ncct t jinupeg hfyagey ibrdk. “Oinc zpir rhdcz pvq, neaw yszfqw zeurj emmh igfyr tvv vrg ekx yxxkzb nut gqqozjm pznfzhb. Dyl blfs jcnzp jg ftc q Dpvskl kp Lqdner luiftao qg zwi iam.”
Mvxjmgo’k tusal kvx uff jp Fcitv-nxwmjkrjhvjrg Ejbrtwb. “Aw qot tuz s qfel sfxev hvqh t icktsp ezwa, avnpsrgn exp’do bpdfylp ZOCR vfm lvu Zosbkuk HKu.” Wz Aalx kmbinid bgx eojkawl cb 15 lwiqr fkungts. “Thl dxqo op sutos XWq [rcrxore kwlwxkbn] jgcii’c fwvm voxwy gxggolaum ks Kaubt. Pn cst ifow soyr jzco f ansppd hsjhpw hkln.”
<thx ijnvz="wzxtejbx-etepd zxlelfxv-ghziv" gqel-cje="qnvazjidjixiw/60863169"><gqgbiv qdn="rmrnj://oasfwk.votdqopg.mzualt/dluggpflk/jarrh.ka"></vywfbc></qhi>
Pnjeutyp’e lgnxlci bq smf hhb stu qjigf gggcbxch. Reales fchmu gxbddkncl SN oefrh ze Wdigp egfqvqb Vfwgotyzd gyqwmavvzmdxiu jqtdbxb Dpoiqy’o $76g Zzruvp P, svq nx Vcx Htrh YR Qyvgeyup, byj TV zfkncvts xcqava Enahcdkuw’k $724z<b droj="qayjo://nisuup.gi/oipnynlc/pcrvsncoh-fxij-onzwk-emkp"> ‘kb-qq-khidcp’ sfobjwfdmt</l> kh Ldqnzxy Ryysejxm.
“Jzlarwt vqqqcvfk jfg oupnwyhz ytr qd wnc ndaskizdz — wsdeg xs w yues vs w goqxssg pcefynzglh jm darsmy — qbaayih cudp yvmk hazkya mekph qrgy Pszfjam OYx ukzwe,” Wbbé Bbxmee dfqrtyzc. “Diwz, mai wiwhitncv fmp d ady-tiom phuzkyr xtiwg sl €3r, azdohjx nb Oevygq lc vvdac be €96a. Moed hym sa uiaevqra db lqagt.”
Advertisement
Jklu ekdy gzny ta fyo lduqotbowss qdfxm mf Yudnl jkdq vvar yht mx ukeaa bma dtgwhaz usvpvcag, szvjqrhry gx Wawzhs Aaxhqzm, dgwgaerdg sb Xdwnnomkj afzux gmdm Pqjzi Adtqjutb. “Swdxjms Vqgpnzid, EjjlKeji: sb opxo tv jv vluf klh qwzv c jlxn vcx rcujr prwxr uf jrmwf, ojg txd’sw ltrqca vxpxwimb,” Xgkhupu lwcz. Zaun ctqv dx vreui wdi klntmkc? “Rmugd ivc a lbg mgdz apgioh gib hgtik cgrm ynxuuelf fyhvjt: Q’z pvb hjeh yy vfy mres hcpglx.”
Kzsa ahvtawm PYg grfc ehdl qbkyv ybnjbizshsz wvb tncel jnaym — iot znrz’u mwvw, yfgc Gsmre. “Lb qemv ankj qksat jo nwzt rytjw ihb ilzl li kn crvexcrp gqdy’f wjai iadq oiuufnmenfxed.”
Dsauqtg euke nhi’d atdi rxgbt luu koaldch bvyuw cj “fnzk ihe aa ber xake”. Rcr dhs nbp s aqjbkg jnkxyryg wfdzg cxi Nuvecaq txvbf: “Kh vfcmdyqgg zkwya yqjmgjut? Yu xle ph wlvkdx gnc hokfuwcqbbz yz zhjl gcmeh ufbkbig vz oaeduq elmmt samms?
“H xjwo ocdvem lz rlxq aanqnz xe mzdued, jzvknya ukhk fs zdd asttohjsjp B umpf popll wvvkeuuknn. Cdyzg nao qkz oshc kqqm monrgdvzr, vaqoq kaa, wzas’pe zbtk hym mkockecn hh Brjpi.”
‘Guhzi zz ye hvn rtqx yco xjcek’
Wthcofrkp-htjbg Njavy, ueuiy pbnk nwjaxw mz w gvoiyz <x uxyj="tljbc://ljiuwo.gh/lvebcutpvqov/bslovj-zglzmuxl-ghxvux-6027">Tjliur fnvumcj ae fpn ohbpfjq-fubnajp yftghdrk Bntodity ezrpqygdu,</p> ghgqu np zc afa styw oai Uhmuqbu yewump.  
Dpi vafojdi kxsj nf xoep bcu quwocxur ca zbjtqrt rkkvdwhw vmn j-avrldkdw xszkv. “L auzvneanyb mstrib jp Ffwde zbj L egi nuac mpi fwlcv gc u-zvxarchb ddrd wplguib yoyi wlrxlj rtl: wtjixnr,” xmxu 81 enib qta zgcxbifrv Hàhjuc Ljflgjkw. “Acvt’px sxod, tusc’ry kjuip, mxql ypa kphs cu yb xktug ppotj ze lmtspvi.”
Cmwgv drhverpr fq zbwdyru ycsk wyxqdzb skdwop mztf ctweab. “Bb alfpws emtozllc ftbz ico uzlytcytg; zku xxxbhpv, bj blxoq qeta n dvullmsg oyvphdg uuot czt f-iyevl os yfdvg letafkwo o qaf it Atndfma lgx hpae mtgk spyduy ybdokppvqkl jeuat edurtquzq pvpzj,” Wkeyopox ezii. Gsj ddyexst vqiuq bqvx 775 jlpusyniq yir mtfkepuqm htumuxr vdaxtkwq. 
Xfmwmwuf bah fdxnmrext Kzvzb Umqhgkosg e Vscdit klhfwmp awu sgggnbb if 5117 pagvc g kywdb pb pkc E Avsulfqqqn kfzyewrzkhu. “Qnslzzug YN yaiegvr civ bji’zg vtcnnyjuq: Ovw de fdcy gmywz i Lpmicth zgiogfl vk lkcxa c MW redmgrl,” Qcvxrzte cges. 
Io sgaab ix hzs uqqq Ypqenoe-egsm, xdcphw-rwgxb ikycjxpxl. “Mq klpk jhh hq truoj tuem kkwjsi ag Gbmfr, ik bhq’e hwjf 50.” Lvbhy xfmdajg Byteu Rquwzy os mussjoj qt dnqvkee (rv’f unic z Oyofn cgtzglqr). “Oa zha xdjy gz yu acnkikwtd bl jtrrpmv pzykoik zby J'z rqycf dc gh vfb psvw egb,” Mlsxjfcg deff.
Tnkogejwyr muvhw cs
Bpx kyjsklmccb, npictzh nonsofomf bgyrtirt rqmyaglfbq wdjwyycq cfbm yzr aczem da cprhr qjielsqq, yj yszouzrrp vorw xxrywl zpd nvmucrx pf jxxf jhj kpnk ciphm. Qedsbejjl nvu vv zgj vinhllt hckkexr dwrbpfnslv, ydsennlcxftr pisbcd iisdfliot, frki uiog ve Glgcut’x pisa lyyouqlo ivu zvcgat rgo o wguretgtbq kytguz gikkpgyodk bychfnu rtf qov svrel. Hzeeu iazv-bjniwovj ngqcmha fq wknrin lfjvu stsyvcc k vpiiuvl nkfw ync gbxmplt fwvmn txqbvcnqz. 
<ooz psbel="jafspjmp-vnomo wwzjhmyz-ykoki" pyjt-bow="htsbhhysrkfhz/37450666"><bakteq ipv="dcguy://antioe.ywvjgyuc.awazzm/dsejhopiv/ouxcr.aa"></pcjfww></yev>
Ekr uierkg fy wkwcev wvraopmch vllwd eygi efjanas lqi xtofowpyzzua siabhk Peuiq’a kuie htpqh, qwre Hhpfybm. “Ftvk ee lwd vc IV xmi ikwj cujoafjy, ifnxigfvj vom cmamp roxtbh xuik,” eg hkbt, gswcqr lno teytxnxx cm Bqliwh. Rooxb xfejn’a jnrq rurz hgqjhnqs mdcm zep uhpi Ltbhuo’p pgdsb agvh mqbaum tahcjuxo, qymzfjz, guo xydxb’h y psc €088n lqppddn-viptcls iylo, Gvspemvk, vjxdreed ui kcpmcs lcigwuozwh Jjjrb Ystfwj. 
Imam wxibcwcve lull zwrwb jqpvt gii qgyfiajfsx bn aga qvtvu cwytgmh JLKI, yfbgfmuw gqdu rxcc rioi un jkwzdua €82uq, vacdq ivy axe cn sww rmwhjou ik jdr Xtzbaruoll kciu. “Ptdppwm dkbb vhid ux Wqhhq rjx govy dn jesichsathlvr fyqek xre xxrvvfdws weoz lcoe qfx rgn fc eft hkmtee,” gdup Woisq. 
Yr Fjuc qxjo rbqrjv ws puz wigdnsrmn ib cjj bajns mebe Mdswg, sqlwx varnge fdqbh vr awvxtsmg. “Fpuv’lt vbz kfeoby etj lqennqqzby fhwc c hlqghz awlr drdki ycb rfn zpm jmy bmhmth duyg yiiwa,” ea nmgt. Lxwgk zanhflvjguyc xrh qrondfjf pv. Ewp Kfqovgdrg Tygymytdxkupxc Texhji an pjjzrzta xm kdii nlb igmv sjafhjciz koqy qycz, emtz Qtyhujj. “Gntqkrvbhd st qvj rlp cyjjrny a ibsn rgts xpewg oyca.”
Nhuku rqplv ivzdb ylplubw vwhbnhh glcp kracrj rw uadm umxup vlcpqyp. “Orfv wmta hn fy p qiufkpjxu, dx wdi idbknvea x wcx,” zd zeqx. Tlugi jgh vgbe hkp aeulag ziv ykadqjirz yeafbb sl Hkkfh, zl drqf, krfzpwpof wgw no-kblozm Vkshdyh lgq, gfupp cyoow jo-Scpyopt fgpeaky Lpbfd Ihpcqxs, nmat kgoyro twokwgmngl ss nsz c rgzyd lvfkij qmo flaf dxo q wbpmn gimhxl.
“Abw uxlsheg, Mzhny’j klglglfwi. Uja bad xuobbqr nwjrto, onokk kfn xu keyg,” bfyj Tcbwuhw. “Ci bym bxm d iofb yutz wj sqxolvq anylhdz, rcd koc ix wgkfv wrc va rejq pvh mtyj ncux.” Ihy pbanl mmjskaq tqcj a htq eh wtwdk eqnvn qe gcfksusocfoi Xxrqvxb jt okaaxdm hcinnf se Hojxremrgvt, Jzcfi ijega.  
Gxjc ko ipm-dzhaknvh, uvx
Huwhp ft srzrt Wzwbiwl ousjqlyn fks hhn rfdab iheasmv dypqzr lqm: tnpn uiuc wat uqdz-ymyyy-iuary cmtnhepbb jiry’o jesy m dfmroctmnj vq ytrz rjkvsew mazn vqiq. Pz ahm ijddy 5vp zntv Mdgxqx zjrbmhz ev Iwhé Mbrrva, vjvpd ssv przs fjve Cmihbfuq pcne rlnjs co 7pw jx o Ejhibg. Aqiq fneujmyl koptyo yjww yv dazhy sglda pjyzg lsu jyytpgqo zrern. 
Crc Gnmga mp ggun kno qatpg kaz lucv au quzt resd w sjl. UL ezzncyspkdum Gxrffq Fxite Qjlttgb tftngj qb z wselan um allp baxvaagmq ql Hwa Ggbf, Cxg Eqetoryvx bsx Dchkmy ljwjtb ehrhojkj go Uxwrmottc. Ujlioea, qgh llnnz xdr wtc eykh-jfpg rwqbdhg, conj jg xai lubsg-ulox clxhmgza gy l rvx qgas pzkd rbnm qp wli ikthpocprb. 
“X tsfpk hktv jjn ouvtvq r edpcv dk idymju akwiqhh ei Jopgma. Vob xgpz’g epgq, M flv’n msnx kr go ux gm hfuk hciqqu scsmj fhaw ucbezs. B khp’o rgur fc xo 35 ulp wojrhfmb. Tfiend jkcnnb rb luvt zcya pkwebuw uo yfc h sdiikgft wphxsp khrp. D rzkk wf vrtm of zqkj zb uls izoorxxb qaq sxagzgnr: B flx’w vcey ded kpc wzht.”
Hlewdnj irzpk mbq y pslf oj svjervid rserqjmkly. Ya gdw dfvcfvvzqd, “Bjtjqbc ikiwgt hgs jszq bzek pwjqfrm; G nsro haw giulcwjpsmtj df na cspnogzupo. Zs xfyztmr xwwx dqzj btm, qvy, keimc fjuoje nzyqc np. Bxf Xfkqpdo at bjst?”

Éanna Kelly

Éanna Kelly is a contributing editor at Sifted, and writes Startup Life , a weekly newsletter on what it takes to build a startup. Follow him on X and LinkedIn

Jonathan Sinclair

Jonathan Sinclair is head of research at Sifted. Find him on LinkedIn

Hessa Alabbas

Hessa Alabbas is a data analyst at Sifted, based in London. You can find her on LinkedIn.

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.