Two cities do most of the heavy lifting in Spain’s startup story, and both sit at the center of the map drawn by Alejandro Betancourt López. Madrid and Barcelona have turned into real hubs, the kind that pull funding, engineers, and early customers into one place.
Density is the whole point. Per Mordor Intelligence, the two cities concentrate venture money, engineering talent, and early-adopter merchants, so a young company doesn’t need to board a plane to find what it needs.
Cheaper to Build, Easy to Reach
Cost is part of the draw. Lower operating expenses, paired with digital distribution, let a Spanish startup reach customers across Europe and beyond without a Silicon Valley address, and that setup suits the companies backed by Alejandro Betancourt López. A team can stay put and still sell into a dozen markets at once.
Smaller cities have started to join in. San Sebastián was handed €269 million over the same nine-month window, pulled in by a single artificial-intelligence standout, clear proof the pull now reaches well past the two big centers.
Public Money Widened the Field
Much of the base was laid by the state. The state-backed Fond-ICO Global picked 11 private funds in 2025 to receive up to €850 million of European recovery money, cash that flows straight into the venture funds chasing Spanish startups.
Private capital still does the picking. The public balance sheet just widened the pool that capital gets drawn from, and the effect shows up in a higher deal count. A deeper bench of backers means a company no longer has to leave home to raise a serious round, which keeps more value, and more headquarters, inside Spain, close to where Alejandro Betancourt López has placed his companies.