Barcelona remains the leader in Spain for growth-stage startups and the largest pool of funding for those firms. A recent update from the American innovation consultancy Mind The Bridge defines growth-stage companies as those raising more than one million dollars and identifies 306 Catalan firms. They closed investment rounds totaling 6.7 billion dollars, about 6.2 billion euros. Madrid is narrowing the gap, and last year the mature startups in Madrid surpassed Barcelona in total funding for the first time, signaling Madrid’s rise in the national startup ecosystem.
Looking back, Barcelona held a dominant share before the pandemic, accounting for about 47% of Spain’s growth-stage activity and roughly six in every ten euros raised by these companies. Today, 300 Catalan startups contribute around 44% of the total funding, amounting to approximately 6.7 billion dollars. Madrid, meanwhile, is expanding its footprint, shifting from 31% to 39% share in the mature startup segment and accumulating 5.1 billion dollars in funding so far, about 4.7 billion euros. These figures reflect Madrid gaining momentum through larger funding rounds and bigger deals.
The central point is that Madrid surpassed Barcelona in total money raised in 2021, a milestone driven by more substantial operations clustered in the capital. The Mind The Bridge study notes that the strong 2021 performance from both ecosystems was closely tied to several major deals that lifted the overall numbers.
big bullet
In Madrid, the report highlights strong job creation and talent pipelines, with notable rounds fueling growth. For example, a recent investment round reached 650 million euros for a local leader, and another round delivered 180 million euros for a rising star. In Barcelona, key players cited include Glovo, Wallapop, TravelPerk, and UserZoom, collectively driving around 600 million euros, with over 90 million euros completed in various transactions. Excluding these exceptional cases, Barcelona still outperforms Madrid on many fronts, according to study leaders.
The analysis concludes that Madrid’s ecosystem remains about 20% smaller than Catalonia’s overall and sits several positions behind in the European ranking. Barcelona stays in a leading position, with major hubs such as the United Kingdom, Paris, Berlin, and Stockholm ahead, followed by Madrid in tenth place, and Amsterdam, Copenhagen, Helsinki, and Munich further behind.
Barcelona Supremacy
The reasons behind Barcelona’s lead continue to be explored. Multiple sources point to high quality of life, access to talent, and strong local government support as key factors. At the same time, Madrid hosts many of Spain’s large corporate headquarters, suggesting the city has not yet fully captured the indirect impact of corporate venture activity. The Mind The Bridge team notes that both ecosystems together strengthen Spain’s position in European competition. The core takeaway is to keep investing, maintain a robust commitment to open innovation, and continue producing meaningful results that matter. The Mind The Bridge presentation was led by its director and CEO, who emphasized ongoing collaboration and strategic backing for startups across Spain.
The report emphasizes the ongoing role of large-scale corporate involvement and public-private collaboration in driving growth. It also highlights areas for future focus, such as nurturing local talent pipelines, expanding early-stage funding, and broadening international partnerships to accelerate Spain’s standing in Europe. The overall outlook remains positive as both ecosystems push for sustained investment and greater openness to innovation across industries.