Valencia and its innovation ecosystem are gearing up for the final quarter of the year. Good news for Valencian startups keeps coming like masclets (a traditional Valencian firecracker famous for its deafening sound and often set off in rhythmic sequences during local festivities), each headline louder than the last.
Vidext raises €6M, boom. Maisa.ai announces €25M, boom, boom. Plus, VDS is just around the corner, BOOM.
Far from resting on these successes, Nacho Mas (CEO & Executive VP of Startup Valencia) urges all players to “keep working”. In a recent interview, he stressed that “financing of startups is one of the main indicators to understand the state of the entrepreneurial ecosystem, and in Spain we have been proving for years that it is in good health, but it is also important to highlight that we still face shortcomings in financing at more advanced stages”.
Mas added that “it is essential to keep working to improve taxation, legal certainty, and reduce the bureaucracy that slows down the development of innovation”.
Bureaucracy, legal certainty, and taxation remain Europe’s biggest pain points when compared to the US, as we covered recently in this blog post.
Investment landscape in Spain: Doubling 2020 figures
The latest ranking from Power Law Investors by Dealroom confirms that Spain is experiencing a period of strong momentum in venture capital.
The title is not accidental: in venture capital, the power law describes how a tiny fraction of startups generate the vast majority of returns. In other words, while most startups fail or deliver modest results, a few “outliers” return multiples that define the success of entire funds and ecosystems. Tracking where these outliers come from, and how they scale, is the best way to measure the health of an ecosystem.
And Spain’s picture is encouraging, according to the following highlights of the mentioned report:
– The combined enterprise value of Spanish startups has now exceeded €110 billion, more than doubling since 2020.
– In 2024, Spanish startups raised €1.9 billion.
– In just the first half of 2025, that figure has already been surpassed, reaching €1.95 billion.
Meanwhile, certain sectors are clearly driving this growth:
– Artificial Intelligence and Climate Tech each attracted over €300 million in 2024.
– Venture debt is on the rise, reaching €2.3 billion in 2024.
– Corporate investment was involved in nearly 20% of all rounds, signaling a closer connection between established companies and the startup ecosystem.
Investment landscape in Spain: Leading Funds
This momentum wouldn’t be possible without the funds actively shaping Spain’s venture capital landscape. Among the most relevant today:
– Kfund, a benchmark in early-stage and scale-ups.
– Acurio Ventures (formerly All Iron) closed its third fund at €150 million, with a pan-European outlook.
– 4Founders Capital, recently launched its third fund with a target of €65 million.
– Kira Ventures / K Green Tech Ventures focused on the energy transition, with tickets up to €2.5 million.
– GVC Gaesco launched a new alternative investment manager with a starting portfolio of around €200 million.
– Samaipata, managing €150 million and investing in fintech, SaaS, and marketplaces.
– JME Ventures, with €120 million invested in early and growth-stage companies.
– Kibo Ventures, with more than €200 million deployed in early and growth-stage tech companies.
– Bonsai Partners, with a strong track record in digital and consumer internet investments.
– Nauta Capital, managing over €600 million and focused on B2B software, with offices in Barcelona, London, and Berlin.
Other notable players include GoHub Ventures, Adara Ventures, Sabadell Venture Capital, Draper B1, Faraday Venture Partners, Wayra Ventures, Encomenda VC, and Caixa Capital Risc.
Together, these funds are not only fueling Spanish startups but also strengthening the country’s position as one of Europe’s fastest-growing innovation ecosystems.
Investment landscape in Valencia: Latest rounds and overall view
Zooming in on Valencia’s startup scene, several standout rounds illustrate the region’s growing ability to attract capital:
– Matteco, founded by renamed entrepreneur Iker Marcaide to accelerate the decarbonization of the economy, closed a €15M round last October.
– Quibim, the medical imaging deeptech company, announced a $50M Series A in January 2025, bringing its total funding to €60.9M.
– PLD Space, Spain’s pioneering private rocket company, has secured €147M to date, with the bulk raised in 2024 through a mix of public investment, venture debt, and private capital.
– Maisa.ai, the AI-native startup, recently raised €25M, consolidating itself as one of the fastest-growing ventures in the ecosystem.
– Vidext, focused on video technology, secured €6M, adding to the momentum of early-stage success stories in Valencia.
These rounds signal that Valencia is not only nurturing promising early-stage projects but is also producing companies capable of competing in advanced funding stages and deeptech verticals.
Events like VDS, returning this year with an agenda heavily focused on innovation and sustainability, provide the perfect stage to connect capital, talent, and high-impact projects.
The message is clear: Spain’s ecosystem is healthier than ever, but the real work lies ahead as Nacho Mas remarked.
Conclusion: challenges ahead for innovation and startups in Spain
All in all, Spain’s startup ecosystem is entering the last quarter of 2025 with robust momentum. Valencia exemplifies this dynamic, with companies like Quibim, PLD Space, Matteco, Maisa.ai, and Vidext raising rounds that firmly place the region on the European map. Events such as VDS provide the perfect platform to connect local strengths with international investors.
Yet, Startup Valencia CEO & Executive VP reminds us, the job is far from done. Spain still struggles to attract larger, late-stage tickets (rounds above €100 million represent just 32% of total VC investment, well below other leading European ecosystems). This is precisely where international capital, networks, and expertise can play a decisive role. “We believe in an internationalization that does not replace but strengthens the territory’s own assets,” Mas stresses.
Hard work and consistency remain key to fully capitalize on these tailwinds and to keep the ecosystem’s noise as loud as a Valencian masclet.
