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Country comparison

Canada vs Spain: startup funding compared

Since 2 June 2025, startups in Canada raised $4.8B across 114 rounds, 2.2 times Spain's $2.2B.

CanadavsSpain
$4.8BCapital raised$2.2B
114Rounds145
$6MMedian round$3.5M
0.7%Share of all capital0.3%
55%Early-stage rounds57%

Capital raised running total by month

$4.8B$2.4B Canada, end of Jun 25: $206MCanada, end of Jul: $392MCanada, end of Aug: $1.1BCanada, end of Sept: $1.1BCanada, end of Oct: $1.2BCanada, end of Nov: $2BCanada, end of Dec: $2BCanada, end of Jan 26: $3.2BCanada, end of Feb: $3.7BCanada, end of Mar: $3.9BCanada, end of Apr: $3.9BCanada, end of May: $4BCanada, end of Jun: $4.5BCanada, end of Jul: $4.5BCanada, end of Aug: $4.7BCanada, end of Sept: $4.7BCanada, end of Oct: $4.7BCanada, end of Nov: $4.8BSpain, end of Jun 25: $568MSpain, end of Jul: $656MSpain, end of Aug: $690MSpain, end of Sept: $788MSpain, end of Oct: $874MSpain, end of Nov: $944MSpain, end of Dec: $1.1BSpain, end of Jan 26: $1.2BSpain, end of Feb: $1.2BSpain, end of Mar: $1.5BSpain, end of Apr: $1.7BSpain, end of May: $1.7BSpain, end of Jun: $2BSpain, end of Jul: $2BSpain, end of Aug: $2BSpain, end of Sept: $2.1BSpain, end of Oct: $2.2BSpain, end of Nov: $2.2B Jun 25SeptDecMarJunSept
CanadaSpain
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Where the money goes share of capital by sector

Canada

  • AI43%$2.1B
  • Robotics & Hardware25%$1.2B
  • Other13%$611M
  • Enterprise software8%$372M
  • Fintech4%$190M
  • Health4%$181M

Spain

  • AI34%$745M
  • Health18%$391M
  • Robotics & Hardware16%$339M
  • Enterprise software15%$324M
  • Fintech5%$99.5M
  • Other5%$98.5M

Biggest rounds

Canada

  1. Waabi $750M 1
  2. Clio $500M 2
  3. Cohere $500M 3

Spain

  1. Multiverse Computing $219M 1
  2. PLD Space $209M 2
  3. Factorial $150M 3

Stage mix share of rounds

CanadaSpain
39%Pre-Seed and Seed46%
16%Series A12%
10%Series B5%
8%Series C and later1%
27%Other or undisclosed37%

Most active investors rounds joined

InvestorCanadaSpain
CDTI·9
Kfund·8
BDC Capital6·
Garage Capital6·
Inovia Capital6·
Inveready·6
JME Ventures·6
Kibo Ventures·6
4Founders Capital·5
Adara Ventures·5
Bonsai Partners·5
Clave Capital·5

Startup hubs rounds and capital by city

Canada

  • Toronto37$2.3B
  • Vancouver15$903M
  • Montreal25$535M
  • Montréal1$302M
  • Calgary9$155M
  • Richmond3$122M

Spain

  • Barcelona60$1B
  • Madrid35$461M
  • San Sebastián1$219M
  • Derio1$67M
  • Valencia10$59.9M
  • Paterna1$17.7M

Latest rounds

Questions

Which country raised more startup funding, Canada or Spain?

Canada. Since 2 June 2025, startups in Canada raised $4.8B across 114 rounds, against $2.2B across 145 rounds in Spain, 2.2 times more. That is 0.7% and 0.3% of all the capital FundraiseBase tracked worldwide over the period.

How many startup funding rounds were announced in Canada and Spain?

114 rounds in Canada and 145 rounds in Spain since 2 June 2025, about 6 and 8 a month.

Are startup rounds bigger in Canada or Spain?

The median round is $6M in Canada and $3.5M in Spain, and the average round $42.2M and $14.9M. The median shows the typical round; the average is pulled up by a few very large ones.

What is the biggest startup round in Canada?

The biggest startup rounds in Canada since 2 June 2025 are Waabi ($750M, 30 Jan 2026), Clio ($500M, Series G, 10 Nov 2025) and Cohere ($500M, 14 Aug 2025).

What is the biggest startup round in Spain?

The biggest startup rounds in Spain since 2 June 2025 are Multiverse Computing ($219M, Series B, 12 Jun 2025), PLD Space ($209M, 5 Mar 2026) and Factorial ($150M, Series D, 3 Jun 2026).

Which sectors attract the most startup funding in Canada and Spain?

In Canada, AI ($2.1B, 43% of the capital), Robotics & Hardware ($1.2B, 25%) and Enterprise software ($372M, 8%) lead. In Spain, AI ($745M, 34% of the capital), Health ($391M, 18%) and Robotics & Hardware ($339M, 16%) lead.

Is Canada or Spain better for early-stage startups?

Early-stage rounds (Pre-Seed, Seed and Series A) make up 55% of rounds in Canada and 57% in Spain. Canada recorded 45 Pre-Seed or Seed rounds and Spain 66 Pre-Seed or Seed rounds, with a median of $3.3M and $2.3M.

How much growth funding (Series B and later) goes to Canada and Spain?

Startups in Canada raised $1.9B in 20 Series B or later rounds, 39% of the country's capital. In Spain, $783M in 8 rounds, 36% of the capital.

Who are the most active startup investors in Canada?

BDC Capital (6 rounds, 2 led), Inovia Capital (6 rounds, 1 led) and Garage Capital (6 rounds, 1 led) are the most active investors in Canada.

Who are the most active startup investors in Spain?

CDTI (9 rounds), Kfund (8 rounds, 3 led) and Kibo Ventures (6 rounds, 3 led) are the most active investors in Spain.

Which investors back startups in both Canada and Spain?

9 investors joined rounds in both countries. The most active: Endeavor Catalyst (1 in Canada, 3 in Spain), General Catalyst (2 in Canada, 1 in Spain), Wayra (1 in Canada, 2 in Spain), New Enterprise Associates (1 in Canada, 1 in Spain) and Andreessen Horowitz (1 in Canada, 1 in Spain).

Which cities lead startup funding in Canada and Spain?

Toronto leads Canada with $2.3B across 37 rounds, ahead of Vancouver ($903M). Barcelona leads Spain with $1B across 60 rounds, ahead of Madrid ($461M).

Which month brought the most startup funding?

In Canada, January 2026 ($1.2B). In Spain, June 2025 ($568M).

How much did startups in Canada and Spain raise in the last 90 days?

In the 90 days to 10 Nov 2026, startups in Canada raised $274M across 9 rounds and in Spain $141M across 12 rounds.

Where does this data come from?

FundraiseBase lists startup funding rounds from public announcements: press releases, company posts and news coverage, checked and updated every day. Amounts are in US dollars. Some rounds are never announced, so the figures show what was made public, not every round. Corrections are welcome.

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