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Country comparison

France vs Spain: startup funding compared

Since 2 June 2025, startups in France raised $11.8B across 366 rounds, 5.4 times Spain's $2.2B.

FrancevsSpain
$11.8BCapital raised$2.2B
366Rounds145
$6.9MMedian round$3.5M
1.7%Share of all capital0.3%
66%Early-stage rounds57%

Capital raised running total by month

$11.8B$5.9B France, end of Jun 25: $622MFrance, end of Jul: $1BFrance, end of Aug: $1BFrance, end of Sept: $3.7BFrance, end of Oct: $4.3BFrance, end of Nov: $4.6BFrance, end of Dec: $5BFrance, end of Jan 26: $5.4BFrance, end of Feb: $5.6BFrance, end of Mar: $6BFrance, end of Apr: $6.2BFrance, end of May: $6.5BFrance, end of Jun: $7.2BFrance, end of Jul: $7.5BFrance, end of Aug: $7.5BFrance, end of Sept: $11.2BFrance, end of Oct: $11.7BFrance, end of Nov: $11.8BSpain, 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
FranceSpain
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Where the money goes share of capital by sector

France

  • AI66%$7.7B
  • Other8%$883M
  • Health6%$752M
  • Fintech5%$594M
  • Climate & Energy4%$453M
  • Robotics & Hardware3%$383M

Spain

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

Biggest rounds

France

  1. Mistral $3.5B 1
  2. Mistral AI $2B 2
  3. Alan $547M 3

Spain

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

Stage mix share of rounds

FranceSpain
47%Pre-Seed and Seed46%
19%Series A12%
5%Series B5%
3%Series C and later1%
26%Other or undisclosed37%

Most active investors rounds joined

InvestorFranceSpain
Bpifrance55·
Kima Ventures461
EIC Fund102
Daphni11·
Seedcamp92
Speedinvest101
50 Partners10·
Better Angle10·
Y Combinator10·
Alven9·
BNP Paribas Développement9·
CDTI·9

Startup hubs rounds and capital by city

France

  • Paris198$6.1B
  • Grenoble13$327M
  • Marseille5$150M
  • Malakoff1$117M
  • Lyon8$104M
  • Bordeaux7$87.2M

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, France or Spain?

France. Since 2 June 2025, startups in France raised $11.8B across 366 rounds, against $2.2B across 145 rounds in Spain, 5.4 times more. That is 1.7% and 0.3% of all the capital FundraiseBase tracked worldwide over the period.

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

366 rounds in France and 145 rounds in Spain since 2 June 2025, about 20 and 8 a month.

Are startup rounds bigger in France or Spain?

The median round is $6.9M in France and $3.5M in Spain, and the average round $32.1M 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 France?

The biggest startup rounds in France since 2 June 2025 are Mistral ($3.5B, Series D, 8 Sept 2026), Mistral AI ($2B, Series C, 9 Sept 2025) and Alan ($547M, 29 Jun 2026).

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 France and Spain?

In France, AI ($7.7B, 66% of the capital), Health ($752M, 6%) and Fintech ($594M, 5%) lead. In Spain, AI ($745M, 34% of the capital), Health ($391M, 18%) and Robotics & Hardware ($339M, 16%) lead.

Is France or Spain better for early-stage startups?

Early-stage rounds (Pre-Seed, Seed and Series A) make up 66% of rounds in France and 57% in Spain. France recorded 172 Pre-Seed or Seed rounds and Spain 66 Pre-Seed or Seed rounds, with a median of $3.1M and $2.3M.

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

Startups in France raised $6.8B in 30 Series B or later rounds, 58% of the country's capital. In Spain, $783M in 8 rounds, 36% of the capital.

Who are the most active startup investors in France?

Bpifrance (55 rounds, 8 led), Kima Ventures (46 rounds, 5 led) and Daphni (11 rounds, 8 led) are the most active investors in France.

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 France and Spain?

43 investors joined rounds in both countries. The most active: Kima Ventures (46 in France, 1 in Spain), EIC Fund (10 in France, 2 in Spain), Speedinvest (10 in France, 1 in Spain), Seedcamp (9 in France, 2 in Spain) and Kfund (1 in France, 8 in Spain).

Which cities lead startup funding in France and Spain?

Paris leads France with $6.1B across 198 rounds, ahead of Grenoble ($327M). Barcelona leads Spain with $1B across 60 rounds, ahead of Madrid ($461M).

Which month brought the most startup funding?

In France, September 2026 ($3.7B). In Spain, June 2025 ($568M).

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

In the 90 days to 12 Nov 2026, startups in France raised $4.2B across 29 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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