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Country comparison

Sweden vs Spain: startup funding compared

Since 2 June 2025, startups in Sweden raised $3.7B across 91 rounds, 1.7 times Spain's $2.2B.

SwedenvsSpain
$3.7BCapital raised$2.2B
91Rounds145
$6.3MMedian round$3.5M
0.5%Share of all capital0.3%
55%Early-stage rounds57%

Capital raised running total by month

$3.7B$1.8B Sweden, end of Jun 25: $84.8MSweden, end of Jul: $298MSweden, end of Aug: $529MSweden, end of Sept: $601MSweden, end of Oct: $964MSweden, end of Nov: $985MSweden, end of Dec: $1.4BSweden, end of Jan 26: $1.4BSweden, end of Feb: $1.5BSweden, end of Mar: $2.1BSweden, end of Apr: $2.2BSweden, end of May: $2.2BSweden, end of Jun: $2.2BSweden, end of Jul: $2.9BSweden, end of Aug: $3.4BSweden, end of Sept: $3.6BSweden, end of Oct: $3.7BSweden, end of Nov: $3.7BSpain, 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
SwedenSpain
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Where the money goes share of capital by sector

Sweden

  • AI57%$2.1B
  • Health22%$831M
  • Climate & Energy10%$383M
  • Fintech4%$164M
  • Other3%$124M
  • Robotics & Hardware2%$62.3M

Spain

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

Biggest rounds

Sweden

  1. Neko Health $699M 1
  2. Legora $550M 2
  3. Lovable $400M 3

Spain

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

Stage mix share of rounds

SwedenSpain
46%Pre-Seed and Seed46%
9%Series A12%
4%Series B5%
5%Series C and later1%
35%Other or undisclosed37%

Most active investors rounds joined

InvestorSwedenSpain
CDTI·9
Kfund·8
Antler52
Industrifonden7·
Almi Invest6·
Inveready·6
JME Ventures·6
Kibo Ventures·6
Luminar Ventures6·
Visionaries Club33
4Founders Capital·5
Adara Ventures·5

Startup hubs rounds and capital by city

Sweden

  • Stockholm61$2.2B
  • Lund5$79.4M
  • Nora1$35.3M
  • Gothenburg8$23M
  • Linköping2$11.7M
  • Umea1$8.5M

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, Sweden or Spain?

Sweden. Since 2 June 2025, startups in Sweden raised $3.7B across 91 rounds, against $2.2B across 145 rounds in Spain, 1.7 times more. That is 0.5% and 0.3% of all the capital FundraiseBase tracked worldwide over the period.

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

91 rounds in Sweden and 145 rounds in Spain since 2 June 2025, about 5 and 8 a month.

Are startup rounds bigger in Sweden or Spain?

The median round is $6.3M in Sweden and $3.5M in Spain, and the average round $40.6M 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 Sweden?

The biggest startup rounds in Sweden since 2 June 2025 are Neko Health ($699M, Series C, 15 Jul 2026), Legora ($550M, Series E, 10 Mar 2026) and Lovable ($400M, Series C, 12 Aug 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 Sweden and Spain?

In Sweden, AI ($2.1B, 57% of the capital), Health ($831M, 22%) and Climate & Energy ($383M, 10%) lead. In Spain, AI ($745M, 34% of the capital), Health ($391M, 18%) and Robotics & Hardware ($339M, 16%) lead.

Is Sweden or Spain better for early-stage startups?

Early-stage rounds (Pre-Seed, Seed and Series A) make up 55% of rounds in Sweden and 57% in Spain. Sweden recorded 42 Pre-Seed or Seed rounds and Spain 66 Pre-Seed or Seed rounds, with a median of $2.9M and $2.3M.

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

Startups in Sweden raised $2.4B in 9 Series B or later rounds, 65% of the country's capital. In Spain, $783M in 8 rounds, 36% of the capital.

Who are the most active startup investors in Sweden?

Industrifonden (7 rounds, 4 led), Luminar Ventures (6 rounds, 2 led) and Almi Invest (6 rounds) are the most active investors in Sweden.

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 Sweden and Spain?

13 investors joined rounds in both countries. The most active: Antler (5 in Sweden, 2 in Spain), Visionaries Club (3 in Sweden, 3 in Spain), Andreessen Horowitz (3 in Sweden, 1 in Spain), General Catalyst (3 in Sweden, 1 in Spain) and Northzone (3 in Sweden, 1 in Spain).

Which cities lead startup funding in Sweden and Spain?

Stockholm leads Sweden with $2.2B across 61 rounds, ahead of Lund ($79.4M). Barcelona leads Spain with $1B across 60 rounds, ahead of Madrid ($461M).

Which month brought the most startup funding?

In Sweden, July 2026 ($702M). In Spain, June 2025 ($568M).

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

In the 90 days to 5 Nov 2026, startups in Sweden raised $751M across 14 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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