Discover the 20+ most active seed investors in Spain’s dual startup hubs. Get exact check sizes, sector focus, portfolio examples, and insider tips on which investors to approach based on your startup stage and geography.
You’re building a startup in Spain. Barcelona or Madrid. Maybe both. You need capital. But here’s the problem: Spain’s investor ecosystem isn’t as straightforward as Silicon Valley or London. The players are different. The check sizes vary wildly. And the cultural expectations around pitching, relationships, and follow-on funding can catch foreign founders off-guard.
Spain raised €1.9 billion in venture capital in 2024, with Madrid attracting €806 million in the first half of 2025 alone—outpacing Barcelona’s €690 million for the first time. The ecosystem has matured dramatically. Spanish startups now represent over €110 billion in enterprise value, more than double since 2020. But here’s the catch: Spain still lags behind the European average when it comes to graduation from seed to Series A—creating a bottleneck that kills promising companies.
This guide breaks down the top seed investors operating in Barcelona and Madrid, what they actually look for, their portfolio companies, and exactly how to position your startup for each one.
The Spanish Startup Ecosystem: Barcelona vs Madrid in 2025
Spain’s startup scene is fundamentally bipolar. Barcelona and Madrid dominate, but they play different roles.
Barcelona: The Innovation Factory
Barcelona is Spain’s startup capital by volume. As of 2024, Catalonia (primarily Barcelona) hosts 2,285 startups, with 86.7% concentrated in Barcelona’s metropolitan area. The city ranks as the third-largest startup hub in the EU, behind only Paris and Berlin.
Barcelona’s strengths:
- 38,000 tech jobs (vs. Madrid’s 33,000)
- 911 startups actively operating
- Strong in travel tech, fintech, healthtech, and climate tech
- Major success stories: Glovo, Wallapop, Typeform, TravelPerk
Barcelona has a more international and cosmopolitan vibe. Founders from across Europe flock here for the lifestyle, Mediterranean climate, and vibrant tech community. English is widely spoken in startup circles.
Madrid: The Funding Powerhouse
Madrid raised €806 million in venture capital in just the first half of 2025—overtaking Barcelona’s €690 million. For the first time, Madrid now has 937 startups compared to Barcelona’s 911.
Madrid’s strengths:
- €694 million raised in 2023 (vs. Barcelona’s €582 million)
- Stronger in fintech, enterprise SaaS, and deep tech
- Home to major corporate VCs (Telefónica’s Wayra, BBVA’s Propel)
- Better access to government grants and institutional capital
- Major success stories: Cabify, Jobandtalent, Factorial
Madrid is more corporate and financial. It’s Spain’s business capital, with stronger ties to banks, telecoms, and government. Deals tend to be larger and more institutional.
Madrid vs Barcelona: Key Differences
| Factor | Barcelona | Madrid |
|---|---|---|
| Number of startups (2024) | 911 | 937 |
| Tech jobs | 38,000 | 33,000 |
| VC funding (H1 2025) | €690M | €806M |
| Startup density | Higher per capita | Growing faster |
| Language | English-friendly | More Spanish-centric |
| Sector strengths | Travel tech, climate, health | Fintech, SaaS, deep tech |
| Vibe | International, lifestyle-driven | Corporate, business-focused |
For seed-stage founders, both cities offer strong ecosystems, but your sector and growth strategy should determine where you focus.
Top Seed Investors in Madrid
1. Kibo Ventures
Location: Madrid
Focus: Early-stage deep tech (AI, robotics, cybersecurity, advanced engineering)
Typical Check Size: €2M–€8M (late-seed to Series A, with 50% reserved for follow-ons)
Fund Size: €150M (Fund IV, deep tech-focused)
Website: kiboventures.com
Why they matter: Kibo is Spain’s most active deep tech investor. They led Spain’s largest-ever seed round—€18M into Barcelona robotics startup Theker in 2025. They’re thesis-driven and focus on software startups working on transformative tech.
Notable portfolio:
- Theker (AI robotics, €18M seed)
- Sateliot (IoT satellite connectivity)
- Devo (cybersecurity)
- Jobandtalent (marketplace for gig economy)
What they look for: Technical founders with deep domain expertise. They want to see proprietary technology, not just clever business models. If you’re building SaaS or consumer apps, Kibo isn’t your target. If you’re solving hard engineering problems with AI or robotics, they’re a top choice.
2. K Fund
Location: Madrid (HQ), with presence across Southern Europe and Latin America
Focus: Pre-seed to Series A in tech, healthcare, fintech, and SaaS
Typical Check Size: €100K–€10M
Fund Size: Fund II (€75M), Leadwind Fund (€250M, deep tech-focused)
Website: kfund.vc
Why they matter: K Fund is one of Spain’s most prolific seed investors, backing 83 startups since 2016. They’re known for being founder-friendly, with simple term sheets and hands-on operational support.
Notable portfolio:
- Factorial (HR SaaS, €65M Series C)
- Exoticca (travel marketplace)
- Bdeo (AI visual intelligence for insurance)
- Voicemod (audio tech, Series B)
What they look for: Founders in Southern Europe or Latin America with differentiated technology-based products. They invest from pre-seed (€100K) all the way to Series A (€2M+), making them ideal if you want a long-term partner who can follow-on.
3. Wayra (Telefónica)
Location: Madrid
Focus: Corporate VC arm of Telefónica, focuses on AI, connectivity, telecom-adjacent tech
Typical Check Size: €100K–€5M
Website: wayra.com
Why they matter: Wayra is one of Europe’s largest corporate venture arms. They bring not just capital but access to Telefónica’s massive customer base, distribution channels, and technical infrastructure.
What they look for: Startups whose technology can integrate with Telefónica’s operations or customer base. If you’re building B2B SaaS for telcos, IoT, 5G applications, or enterprise AI, Wayra offers strategic value beyond just money.
4. JME Ventures
Location: Madrid
Focus: Early-stage tech, with strong focus on B2B SaaS and marketplaces
Typical Check Size: €500K–€3M
Website: jmeventures.com
Why they matter: JME frequently co-invests with Kibo, K Fund, and other Spanish VCs. They’re active in follow-on rounds and known for being execution-focused.
Notable co-investments: Theker (with Kibo), multiple Kibo portfolio companies
5. Seaya Ventures
Location: Madrid
Focus: Seed to Series A, with emphasis on climate tech, health tech, and fintech
Typical Check Size: €1M–€10M
Website: seaya.vc
Why they matter: Seaya is one of Spain’s largest and most established funds. They’ve backed unicorns like Glovo and Cabify and have strong institutional backing.
What they look for: Category-defining companies solving big problems. Seaya invests across Southern Europe and Latin America, so if you have regional expansion plans, they’re a strong fit.
Finding the right investors for your stage and sector is crucial. Fundreef provides a searchable database of 10,000+ active VCs, angels, and funds—filtered by geography, check size, and industry focus. Stop sending blind emails and start connecting with investors actually writing checks in your space.
Top Seed Investors in Barcelona
6. Encomenda Smart Capital
Location: Barcelona
Focus: Seed-stage digital startups in Spain and Portugal (Iberian Peninsula)
Typical Check Size: €100K–€350K initial, up to €1.8M per company total
Website: encomenda.com
Why they matter: Encomenda bridges the gap between angel investing and institutional VC. They provide hands-on strategic support—financial planning, KPI analysis, fundraising prep—making them ideal for first-time founders.
What they look for: Iberian startups (Spain + Portugal) at seed stage with digital-first business models. Check sizes are smaller but they offer extensive operational support for free.
7. Antai Ventures
Location: Barcelona
Focus: Venture studio model—they co-found companies in climate tech, mobility, and marketplace models
Typical Check Size: Varies (they’re co-founders, not just investors)
Stages: Pre-seed, Seed, Series A
Website: antai.vc
Why they matter: Antai doesn’t just invest—they build companies from scratch. They co-founded Glovo, Wallapop, Cornerjob, and other major Spanish successes.
What they look for: Founders willing to partner deeply with Antai as co-founders. If you’re already incorporated and running, Antai isn’t a fit. But if you have a strong idea and want a studio to help you build, they’re one of the best in Europe.
Notable exits: Wallapop, Glovo, Cornerjob, ProntoPiso
8. Ysios Capital
Location: Barcelona
Focus: Life sciences—biotech, healthtech, therapeutics (early to mid-stage)
Typical Check Size: €1M–€20M
Website: ysioscapital.com
Why they matter: Ysios is Spain’s leading life sciences VC. If you’re building biotech or medtech, Ysios is the only game in town at seed stage in Barcelona.
What they look for: Early- and mid-stage biotech companies developing groundbreaking therapeutic solutions. They have deep expertise in regulatory pathways, clinical trials, and pharma partnerships.
9. Itnig
Location: Barcelona
Focus: Pre-seed and seed digital startups, venture studio model
Typical Check Size: €50K–€500K
Website: itnig.net
Why they matter: Itnig is part startup studio, part VC. They provide office space, mentorship, and early capital. Many Barcelona startups start at Itnig before raising larger rounds from institutional VCs.
Notable portfolio: Theker (co-investor with Kibo)
10. Inveready
Location: Barcelona (with presence in Madrid)
Focus: Pre-seed to Series A, strong focus on health tech, govtech, and biotech
Typical Check Size: €5M–€10M
Website: inveready.com
Why they matter: Inveready manages multiple funds and is particularly active in biotech and deep tech. They’re known for taking board seats and working closely with portfolio companies.
Notable portfolio:
- ADmit Therapeutics (biotech)
- ienai SPACE (aerospace)
- MiMARK (biotech)
Sector-Specific Investors in Spain
Some investors focus exclusively on specific verticals. If you’re in these sectors, prioritize these funds:
Climate Tech & Green Tech
| Fund | Location | Check Size | Notable Portfolio |
|---|---|---|---|
| Seaya Ventures | Madrid | €1M–€10M | Climate-focused fund |
| Antai Climate Fund | Barcelona | Varies | Climate tech studio |
| Ship2B Ventures | Barcelona | €500K–€2M | Impact-driven climate investments |
FinTech
| Fund | Location | Check Size | Notable Portfolio |
|---|---|---|---|
| Mundi Ventures | Madrid | €1M–€10M | Fintech-focused |
| K Fund | Madrid | €100K–€2M | Bdeo, Goin, multiple fintech exits |
| Seaya Ventures | Madrid | €1M–€10M | Multiple fintech unicorns |
HealthTech & Biotech
| Fund | Location | Check Size | Notable Portfolio |
|---|---|---|---|
| Ysios Capital | Barcelona | €1M–€20M | Spain’s leading life sciences VC |
| Inveready | Barcelona | €5M–€10M | ADmit Therapeutics, multiple biotech |
| Caixa Capital Risc | Barcelona | €1M–€10M | Deep tech and biotech focus |
SaaS & Enterprise Software
| Fund | Location | Check Size | Notable Portfolio |
|---|---|---|---|
| K Fund | Madrid | €100K–€2M | Factorial, Bdeo, Voicemod |
| JME Ventures | Madrid | €500K–€3M | B2B SaaS focus |
| Kibo Ventures | Madrid | €2M–€8M | Deep tech SaaS |
International VCs Active in Spain
Several international funds have opened Spanish offices or actively invest in Spanish startups:
11. Accel (London/Palo Alto → Madrid office)
Focus: Seed to growth-stage tech
Typical Check Size: €1M–€100M
Notable Spanish investments: Factorial, multiple Series A+ deals
Accel led K Fund’s early rounds and remains highly active in Spain’s growth-stage ecosystem.
12. Point Nine Capital (Berlin)
Focus: SaaS, early-stage B2B
Typical Check Size: €500K–€5M
Notable Spanish investments: Active in multiple Spanish SaaS companies
Point Nine actively scouts Spanish B2B SaaS startups and has become more aggressive in Iberia since 2022.
13. Blossom Capital (London)
Focus: European enterprise software, Series A–B
Typical Check Size: €5M–€50M
Notable activity: Increasingly active in Spanish growth rounds
How to Approach Spanish Seed Investors: Insider Tips
Spanish investors operate differently than Silicon Valley or London VCs. Here’s what actually works:
Tip 1: Warm Intros Matter More Than Cold Emails
Spain’s investor ecosystem is relationship-driven. Cold emails get ignored. Warm intros from portfolio founders, other investors, or ecosystem players (accelerators, lawyers, advisors) open doors.
How to get warm intros:
- Attend Spanish startup events (South Summit in Madrid, 4YFN in Barcelona, Startup Grind chapters)
- Join accelerators with Spanish presence (Wayra, Lanzadera, Barcelona Activa)
- Leverage LinkedIn to find second-degree connections to target investors
Tip 2: Speak Spanish (Or Have a Spanish Co-Founder)
Barcelona is more English-friendly, but Madrid investors often prefer pitches in Spanish. If you’re a foreign founder, having a Spanish co-founder or local advisor signals you understand the market.
Tip 3: Understand the Seed-to-Series A Bottleneck
Spain has a well-documented problem: strong seed ecosystem, weak Series A environment. Only 20% of seed-funded Spanish startups successfully raise Series A—well below the European average.
What this means for you:
- Choose seed investors who can follow-on (K Fund, Kibo, Seaya)
- Build relationships with international Series A investors early
- Plan for 18–24 months of runway from your seed round (you might need more time to close Series A)
Tip 4: Government Grants Complement VC Funding
Spain offers robust ENISA loans (0% interest, quasi-equity) and CDTI grants (R&D funding). Many Spanish startups layer government funding on top of VC rounds to extend runway.
Example: Sateliot raised €70M in 2025, including €36M from Spain’s PERTE program (government) and €34M private investment.
Tip 5: Barcelona vs Madrid—Pick Your Primary Hub
You don’t need to be in both cities initially. Pick one based on your sector:
- Choose Barcelona if: You’re in travel tech, climate tech, international B2C, or building a lifestyle brand
- Choose Madrid if: You’re in fintech, enterprise SaaS, deep tech, or need access to corporate buyers and institutional capital
Recent Seed Deals in Spain: Real Examples (2024-2025)
Theker (Barcelona) – €18M Seed
Investor: Kibo Ventures (lead), K Fund’s Leadwind, Inditex
Sector: AI robotics
Why it matters: Spain’s largest-ever seed round. Theker builds adaptive robots using AI—no custom programming needed for each task. Inditex (Zara’s parent company) invested strategically.
Lesson for founders: Deep tech with clear commercial applications (fashion retail automation) can command massive seed rounds even in Spain.
Murphy AI (Catalonia) – $13M Seed
Sector: AI-powered solutions
Why it matters: One of the largest AI seed rounds in Catalonia, showing international investor appetite for Spanish AI startups.
Banktrack (Barcelona) – $2.2M Seed
Sector: Fintech
Why it matters: Classic Barcelona fintech seed round—mid-sized, strong team, clear product-market fit.
Domma (Barcelona) – $1M Seed
Sector: E-commerce/marketplace
Why it matters: Smaller but significant for first-time founders. Demonstrates that €1M seed rounds are standard for Barcelona B2C companies with early traction.
Nester (Barcelona) – $1.3M Seed
Sector: IT/SaaS
Why it matters: Classic B2B SaaS seed round. Shows that €1M–€1.5M is the sweet spot for Barcelona SaaS companies at seed.
Seed Round Benchmarks: What to Expect in Spain
| Metric | Barcelona | Madrid |
|---|---|---|
| Typical seed round | €500K–€2M | €1M–€3M |
| Mega-seed (outlier) | €5M–€18M | €5M–€10M |
| Pre-seed/angel | €100K–€500K | €200K–€600K |
| Valuation (seed) | €3M–€10M | €4M–€12M |
| Dilution | 15–25% | 15–25% |
| Time to close | 3–6 months | 4–8 months |
Complete List: Top 20 Seed Investors in Spain
| Investor | Location | Check Size | Focus | Website |
|---|---|---|---|---|
| Kibo Ventures | Madrid | €2M–€8M | Deep tech, AI, robotics | kiboventures.com |
| K Fund | Madrid | €100K–€2M | SaaS, fintech, healthtech | kfund.vc |
| Seaya Ventures | Madrid | €1M–€10M | Climate, health, fintech | seaya.vc |
| Wayra | Madrid | €100K–€5M | AI, connectivity, telecom | wayra.com |
| JME Ventures | Madrid | €500K–€3M | B2B SaaS, marketplaces | jmeventures.com |
| Encomenda Smart Capital | Barcelona | €100K–€350K | Digital startups (Iberia) | encomenda.com |
| Antai Ventures | Barcelona | Varies | Venture studio (climate, mobility) | antai.vc |
| Ysios Capital | Barcelona | €1M–€20M | Biotech, life sciences | ysioscapital.com |
| Inveready | Barcelona | €5M–€10M | Healthtech, govtech, biotech | inveready.com |
| Itnig | Barcelona | €50K–€500K | Pre-seed digital startups | itnig.net |
| Caixa Capital Risc | Barcelona | €1M–€10M | Tech, biotech, impact | caixacapitalrisc.es |
| Ship2B Ventures | Barcelona | €500K–€2M | Impact investing, climate | ship2b.org |
| Mundi Ventures | Madrid | €1M–€10M | Fintech, insurtech | mundiventures.com |
| Alma Mundi Ventures | Barcelona | €1M–€5M | Deep tech, digital health | almamundi.vc |
| VitaminaK | Madrid | €100K–€1M | Early-stage digital | vitamina-k.com |
| Axon Partners Group | Barcelona/Madrid | €1M–€50M | Growth-stage (Series A+) | axonpartnersgroup.com |
| Leadwind (K Fund) | Madrid | €1M–€10M | Deep tech, blockchain, AI | kfund.vc/leadwind |
| Abac Nest | Barcelona | €100K–€500K | Pre-seed, seed | abacnest.com |
| Samaipata Ventures | Barcelona/Madrid | €500K–€10M | Seed to Series A | samaipata.vc |
| BigSur Ventures | Barcelona/Madrid | €1M–€5M | Seed to Series A tech | bigsur.vc |
Frequently Asked Questions
What’s the typical seed round size in Spain?
Typical seed rounds in Spain range from €500K to €2M, with Barcelona averaging slightly lower (€500K–€2M) and Madrid slightly higher (€1M–€3M). Outlier “mega-seed” rounds can reach €5M–€18M for deep tech or AI companies with strong teams and traction. Pre-seed rounds typically range from €100K–€500K.
Should I raise from Barcelona or Madrid investors?
It depends on your sector and growth strategy. Barcelona investors tend to focus more on consumer tech, travel, climate, and international B2C businesses. Madrid investors focus more on fintech, enterprise SaaS, and deep tech. If possible, target investors from both cities who match your sector rather than limiting yourself geographically.
Do Spanish investors lead rounds or just follow?
Top-tier Spanish investors like Kibo, K Fund, and Seaya regularly lead seed rounds. Smaller funds like Encomenda and Itnig typically co-invest or follow. International investors (Accel, Point Nine) increasingly lead Spanish Series A+ rounds but rarely lead seed. If you want a Spanish lead investor, target the larger funds with €50M+ under management.
How long does it take to close a seed round in Spain?
Expect 3–8 months from first meeting to closed round. Spanish investors move slower than Silicon Valley but faster than most of Europe. Madrid investors tend to take longer (4–8 months) due to more institutional processes. Barcelona investors move faster (3–6 months) with more angel-style decision-making. Plan accordingly and start fundraising with 12+ months of runway.
Can foreign founders raise from Spanish investors?
Absolutely. Barcelona especially attracts international founders, and many Spanish funds explicitly target Southern European or global startups. However, having a Spanish co-founder, local advisor, or clear local market strategy helps significantly. Foreign founders should emphasize why Spain is strategic (talent, market access, cost efficiency) rather than just “we’re remote-first.”
What’s the seed-to-Series A graduation rate in Spain?
Spain’s seed-to-Series A graduation rate is significantly below the European average—only about 20% of seed-funded startups successfully raise Series A. This is Spain’s biggest ecosystem challenge. To overcome this, choose seed investors who can follow-on (K Fund, Kibo, Seaya) and build relationships with international Series A investors early. Plan for 18–24 months runway from seed, not the standard 12–15 months.
