Times have changed in Spain. While five to ten years ago the capital available to tech startups was restricted and dominated by a handful of firms, the local investment ecosystem has vastly changed over the past few years as more VC firms and business angels -both local and foreign- have joined the party.

As highlighted in our 2014 summary, the number of deals and euros invested into Spanish startups continues to increase at a fast pace -though still relatively slower in comparison to more mature ecosystems such as London, the Nordics or Berlin- and at the early stage most investors and entrepreneurs tend to agree that capital is not limited anymore.

“We see a lot of capital available at the early stage”, says Aquilino Peña from Kibo Ventures, the second most active fund in 2014 in Spain. “The equity gap that was previously present in post-FFF rounds has moved up, to 2 to 3 million euro rounds and higher.”