2023-05-11-dealroom.co-2023年西班牙投资报告_33页_12mb

Summary of the 2023 Spain Tech Ecosystem Report

Core Content

The 2023 Spain Tech Ecosystem Report highlights the robust growth and development of Spain's startup scene, which has reached a combined enterprise value of €93B as of April 2023, representing a 3.6x increase since 2018. This growth is attributed to the emergence of four new homegrown unicorns: Factorial, Fever, DOMESTIKA, and TravelPerk. The report also underscores the resilience of Spain's venture capital (VC) investment, which hit a record €4B in 2022, the second best year on record, and remained relatively stable compared to other European countries with only a 15% drop from 2021. Spain ranks 6th in Europe and 16th globally in terms of total VC investment raised in 2022.

Main Points and Key Information

1. The Spanish Tech Ecosystem

• Enterprise Value: The total value of Spanish startups has grown to €93B, up 3.6x since 2018, with a year-on-year increase of 1.3x.
• Unicorns: Four new unicorns emerged in 2022, contributing to the ecosystem's value growth.
• Resilience: Spain's VC investment showed stronger resilience than its European counterparts, with early-stage investment reaching a record €1.8B in 2022.
• Growth in Early Stage Funding: Early-stage funding has increased by 2.4x since 2017, with over 5,000 rounds raised since then, and 1,000 rounds in 2021 alone.
• Maturities and Scale-ups: Mature Spanish startups provide a strong foundation for the entrepreneurial scene, with many companies expanding internationally.

2. Investors & Funding Landscape

• VC Investment in 2022: Spain raised €4B in VC investment, making it the second best year on record.
• Investment Distribution: Domestic and European investors accounted for over 60% of early-stage funding in Spain since 2017.
• Corporate VC: Corporate investors, including Telefónica Wayra, BBVA, and GoHub Ventures, have increasingly participated in funding rounds, with €227M invested in one of the largest rounds in 2022.
• Investment by Stage:
  • Series A: €4–15M
  • Series B: €15–40M
  • Series C: €40–100M
  • Growth Equity: €100M+
• Investor Types: The report notes that corporate and venture capital fund investments are growing, although they still represent a smaller portion of the total compared to other European countries.

3. Spain & LatAm: Cross-Investment Opportunities

• LatAm Investment: Latin American countries represent 3 of the top 10 recipients of Spanish VC investment, though the US remains the most attractive.
• Spanish Investment in LatAm: Over 141 funding rounds from Spanish investors have been invested in LatAm startups, with notable companies like Seaya and Wayra being active in this space.
• Cross-border Startups: Spanish startups have established secondary offices in LatAm, and vice versa, indicating a growing cross-border collaboration.
• Examples of Spanish Startups in LatAm:
  • Factorial: HQ in Barcelona, offices in Mexico City, São Paulo, and the Dominican Republic.
  • Cabify: HQ in Madrid, offices in Bogota, Buenos Aires, Mexico City, Lima, Montevideo, Quito, and Santiago.
  • Fever: HQ in Stockholm, founded in Madrid, offices in Belo Horizonte, Mexico City, and São Paulo.

Key Takeaways

• Ecosystem Value: The Spanish startup ecosystem is now valued at €93B, a 3.6x increase since 2018.
• Unicorn Growth: Four new unicorns were added in 2022, contributing significantly to the ecosystem's growth.
• Resilience in Investment: Spain's VC investment showed resilience, with only a 15% drop from 2021.
• Early Stage Funding: Early-stage investment reached a record €1.8B in 2022, up 2.4x from 2017.
• Corporate Involvement: Corporate VC investment is on the rise, with companies like BBVA, GoHub Ventures, and Kfund playing a significant role.
• Cross-border Investment: Spanish investors are actively investing in LatAm startups, and Spanish startups are expanding into LatAm, creating a two-way investment trend.

Startup Law in Spain

• Startup Law (2023): Aims to support the creation and development of startups by reducing administrative burdens and offering tax incentives.
• Definition of a Startup: Less than 5 years old (up to 7 years in sectors like biotech and energy), innovative, scalable, and not a corporate spinout or publicly listed.
• Benefits for Startups:
  • Up to 15% tax rate reduction.
  • Better tax treatment for stock options.
  • Streamlined procedures and certifications.
  • Digital Nomad Visa.
• Benefits for Investors:
  • Specific tax treatment for carried interest.
  • Non-resident investors no longer need a foreigner's identification number.
  • Increased maximum deduction base.

Investors and Ecosystem Players

• Kfund: A national startup ecosystem facilitator with over €450M in AUM, investing in Southern Europe and LatAm.
• BBVA Spark: A financial services platform supporting innovative companies through venture debt and growth loans.
• Endeavor: A global community for high-impact entrepreneurs, supporting over 2,400 founders with combined revenues of over $42B.
• GoHub Ventures: A €60M fund focused on B2B SaaS startups, investing from Seed to Series A.
• Dealroom.co: A global startup and venture capital intelligence platform providing data and insights on ecosystems.

Methodology & Acknowledgements

• Data Sources: Dealroom's proprietary database and software aggregate data from public sources, user-submitted data, and data engineering.
• Definition of a Startup: Companies founded since 1990, designed to grow fast, and VC-investable.
• Definition of a Unicorn: Startups that reach a valuation of $1B or an exit.
• Scope: Includes both Spain-based startups (HQ in Spain) and Spain-founded startups (HQ relocated outside Spain).

Conclusion

The Spanish tech ecosystem is on an upward trajectory, supported by a growing number of unicorns, increased VC investment, and a more favorable regulatory environment. Cross-border investment with LatAm is expanding, and corporate involvement is playing a crucial role in funding and scaling startups. The Startup Law and initiatives by investors like Kfund, BBVA, and GoHub Ventures are contributing to Spain's growing appeal as a hub for innovation and entrepreneurship.