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Country comparison

Spain vs Italy: startup funding compared

Since 2 June 2025, startups in Spain raised $2.2B across 145 rounds, 1.2 times Italy's $1.8B.

SpainvsItaly
$2.2BCapital raised$1.8B
145Rounds117
$3.5MMedian round$3.8M
0.3%Share of all capital0.3%
57%Early-stage rounds57%

Capital raised running total by month

$2.2B$1.1B Spain, 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: $2.2BItaly, end of Jun 25: $56.9MItaly, end of Jul: $171MItaly, end of Aug: $177MItaly, end of Sept: $245MItaly, end of Oct: $720MItaly, end of Nov: $897MItaly, end of Dec: $1BItaly, end of Jan 26: $1.1BItaly, end of Feb: $1.1BItaly, end of Mar: $1.1BItaly, end of Apr: $1.2BItaly, end of May: $1.4BItaly, end of Jun: $1.4BItaly, end of Jul: $1.4BItaly, end of Aug: $1.4BItaly, end of Sept: $1.8BItaly, end of Oct: $1.8BItaly, end of Nov: $1.8B Jun 25SeptDecMarJunSept
SpainItaly
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Where the money goes share of capital by sector

Spain

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

Italy

  • AI30%$544M
  • Enterprise software20%$358M
  • Health19%$335M
  • Other10%$178M
  • Robotics & Hardware6%$116M
  • Cybersecurity6%$101M

Biggest rounds

Spain

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

Italy

  1. Exein $270M 1
  2. Bending Spoons $270M 2
  3. AAVantgarde Bio $141M 3

Stage mix share of rounds

SpainItaly
46%Pre-Seed and Seed44%
12%Series A13%
5%Series B3%
1%Series C and later3%
37%Other or undisclosed36%

Most active investors rounds joined

InvestorSpainItaly
CDP Venture Capital229
Vento·11
CDTI9·
Kfund81
360 Capital·8
United Ventures·8
JME Ventures61
Enzo Ventures51
Inveready6·
Italian Founders Fund·6
Kibo Ventures6·
4Founders Capital5·

Startup hubs rounds and capital by city

Spain

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

Italy

  • Milan53$976M
  • Rome9$381M
  • Genoa2$85.9M
  • Turin10$49.5M
  • Pianezza1$23.5M
  • Cantù1$17.2M

Latest rounds

Questions

Which country raised more startup funding, Spain or Italy?

Spain. Since 2 June 2025, startups in Spain raised $2.2B across 145 rounds, against $1.8B across 117 rounds in Italy, 1.2 times more. That is 0.3% and 0.3% of all the capital FundraiseBase tracked worldwide over the period.

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

145 rounds in Spain and 117 rounds in Italy since 2 June 2025, about 8 and 7 a month.

Are startup rounds bigger in Spain or Italy?

The median round is $3.5M in Spain and $3.8M in Italy, and the average round $14.9M and $15.3M. The median shows the typical round; the average is pulled up by a few very large ones.

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).

What is the biggest startup round in Italy?

The biggest startup rounds in Italy since 2 June 2025 are Exein ($270M, 15 Sept 2026), Bending Spoons ($270M, Growth, 30 Oct 2025) and AAVantgarde Bio ($141M, Series B, 3 Nov 2025).

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

In Spain, AI ($745M, 34% of the capital), Health ($391M, 18%) and Robotics & Hardware ($339M, 16%) lead. In Italy, AI ($544M, 30% of the capital), Enterprise software ($358M, 20%) and Health ($335M, 19%) lead.

Is Spain or Italy better for early-stage startups?

Early-stage rounds (Pre-Seed, Seed and Series A) make up 57% of rounds in Spain and 57% in Italy. Spain recorded 66 Pre-Seed or Seed rounds and Italy 52 Pre-Seed or Seed rounds, with a median of $2.3M and $2.3M.

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

Startups in Spain raised $783M in 8 Series B or later rounds, 36% of the country's capital. In Italy, $461M in 8 rounds, 26% of the capital.

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.

Who are the most active startup investors in Italy?

CDP Venture Capital (29 rounds, 10 led), Vento (11 rounds) and United Ventures (8 rounds, 6 led) are the most active investors in Italy.

Which investors back startups in both Spain and Italy?

24 investors joined rounds in both countries. The most active: CDP Venture Capital (2 in Spain, 29 in Italy), Kfund (8 in Spain, 1 in Italy), JME Ventures (6 in Spain, 1 in Italy), Enzo Ventures (5 in Spain, 1 in Italy) and Seaya Ventures (4 in Spain, 1 in Italy).

Which cities lead startup funding in Spain and Italy?

Barcelona leads Spain with $1B across 60 rounds, ahead of Madrid ($461M). Milan leads Italy with $976M across 53 rounds, ahead of Rome ($381M).

Which month brought the most startup funding?

In Spain, June 2025 ($568M). In Italy, October 2025 ($474M).

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

In the 90 days to 12 Nov 2026, startups in Spain raised $141M across 12 rounds and in Italy $391M 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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