Press release


According to the first estimates obtained by SpainCap through the European EDC platform, the investment volume in Spain reached €3,005M in the first half of the year, 46% less than in the same period of 2022. The change in the interest rate environment, concerns about macro developments and the impact of high inflation have reduced investment activity in terms of value.  Nevertheless, the second best historical record in terms of number of investments (469) was achieved. From the second quarter of 2023 onwards, investment activity has picked up again, which, together with the abundant resources available for investment by the sector (Drypowder), suggests that the year will end on a positive note.

Oriol Pinya, President of SpainCap says: «This first half of the year, marked by the prudence of fund managers and investors, will give way to a more active second half of the year in terms of investment and the reactivation of the middle market and large market segments. Despite 2023 being a year full of challenges, SpainCap continues to work for positive impact investing, diversity and transparency.

By type of investor, international fund managers maintain their investment appetite and interest in Spain, with abundant liquidity both from private equity and venture capital funds. In this first half of the year, international private capital funds contributed with 75% of the total value invested in Spanish companies, maintaining the trend of recent years, with 105 investments. Domestic private fund managers invested €659M in 273 deals.

By size of investments, the economic environment has impacted the large market and middle market segments (operations between €10-100M), which closed the period with a value of €800M in a total of 38 investments. In addition, another 427 investments were closed with a size between €0 and €10M.

Eliminating the effect of the large rounds of 2021 and 2022, the maximum amount of investment in Venture Capital  has been reached, with €529M distributed among 369 investments. These data shows the maturity and strength of the Spanish start-up ecosystem, with increasingly innovative projects and a calling for a clear international profile.

Overall, the sectors that received the largest combined volume of private capital investment were Healthcare (49%), Consumer Products (10%) and ICT (10%).

Rasing new funds

Fundraising (funds raised by private capital to invest) from domestic private investors reached €1,343M, 22% more than in the first six months of 2022, which was the best first half of the year ever. The positive returns of the sector, the high liquidity of investors (LPs) and the support of the State-backed fund of funds programs Fond-ICO Global, NextTech (Axis), Innvierte Program (CDTI), EIF and ICF in their firm commitment to the sector, have contributed to these record levels. These initiatives will be joined from the second half of 2023 by new funds to be launched by Cofides (FOCO and FIS).


Disinvestments (at cost) during the first semester of 2023 exceeded €502M (-58% vs first semester of 2022) in a total of 143 transactions (-17% YoY) mainly due to fewer exits in large transactions.

Venture Capital & Private Equity Industry Data in Spain

  • 514,165
Employees in investee companies
  • 48,335M€
Funds under management
  • 2,720
Current investee companies


Note to the editor:

SpainCap represents the Venture Capital & Private Equity industry in Spain. Chaired by Oriol Pinya, it brings together more than 163 national and international Venture Capital & Private Equity firms, 94 service providers and 19 institutional investors. SPAINCAP is the association that brings together Venture Capital & Private Equity entities in Spain, as well as their investors, including insurance companies and pension funds.

SPAINCAP members invest in medium and long term in unlisted companies, from startups to established companies, providing not only stable financing through equity, but also innovation and management support. The mission of the association is to connect all industry players in Spain, representing their interests before the Government, the media and public opinion, both nationally and internationally, through alliances and synergies in Europe and Latin America.

For more information:

Silvia Martín


+34 91 411 96 17 / +34 617 822 852