According to the latest report from the Startup Observatory, prepared by the Fundaci\u00f3n Innovaci\u00f3n Bankinter, startup investment in Spain reached 3.108 billion euros in 2025. Although the total volume is slightly reduced compared to the previous year, the number of rounds grew by 11%<\/strong>, reaching 376 operations. <\/p>\n\n This behavior reflects a more dynamic yet more contained ecosystem: more operations of smaller size, and a clear commitment to capital efficiency.<\/p>\n\n The adjustment is clearly observed when analyzing the financing phases. Capital is concentrated in more mature startups, with validated models and less technological or market uncertainty.<\/p>\n\n This shift is not temporary. It responds to a context in which investors prioritize profitability, traction, and execution capability over high-risk early-stage bets. <\/p>\n\n Although they represent only a small portion of the operations, mega-rounds account for almost half of the capital invested. The ecosystem is moving forward driven by a small number of companies with international reach, which act as catalysts for the market as a whole. <\/p>\n\n The reading is clear: the system rewards those who have already overcome the most critical phases of development and validation.<\/p>\n\n The report also confirms a sectoral shift. Software and artificial intelligence lead by volume, followed by biotech and life sciences. Science-based sectors are gaining weight, but only when they manage to translate knowledge into scalable projects. <\/p>\n\nMaturity displaces the early stage<\/h2>\n\n
Mega-rounds and the multiplier effect<\/h2>\n\n
Science and technology, yes\u2026 but when they scale<\/h2>\n\n