Who Funds Startups in Spain? The Complete Guide for Founders

At the idea and pre-seed stage, Spanish startups are funded mostly by their founders, friends and family, business angels, accelerators and start-up grants such as CDTI's NEOTEC. At seed stage, public participative loans from ENISA, regional grants (IVACE in the Comunitat Valenciana) and seed funds or equity crowdfunding come in. From Series A onwards, Spanish venture capital funds, corporate venture arms and venture debt take over.

General information, updated 04/10/2026. This is not a substitute for personalised advice. Amounts, deadlines and conditions change every year: always confirm them on the official website of each body before you apply.

This guide covers each source in order, starting with Valencia where it is relevant and then the rest of Spain. For each one you get who it is for, the amounts it has published, the main conditions, how to apply and where to check. If you want to see who is actually writing cheques in the region, our Valencia startup funding rounds observatory tracks the rounds closed by local startups.

Can you start with your own funds, friends and family, and grants?

Yes, and almost every Spanish startup does. Before any outside investor looks at you, you will usually finance the first months yourself or with money from people close to you.

• Own funds: savings, unpaid founder time, early revenue from first clients. These also count later: several public programmes, including ENISA, ask you to show a level of own funds (equity) before they lend.
• Friends and family: small amounts from your personal circle, usually in exchange for equity or as a loan. Put everything in writing, with a clear share price or loan terms, so the cap table stays clean for future investors.
• Start-up grants: for technology-based companies, CDTI's NEOTEC programme is the main national grant for very young companies (up to 3 years old). It is non-refundable and does not dilute your equity. Details are in the national public funding section below.

Who are business angels and where do you find them in Spain?

Business angels are private individuals who invest their own money in early-stage startups, usually at pre-seed or seed, in exchange for equity. Besides money, a good angel brings contacts, sector experience and credibility for the next round.

• Who it is for: startups with a team, a product or prototype and first signs of traction, which are not yet ready for a venture capital fund.
• Typical amounts: there is no official scale; it depends on each angel or each syndicate. Do not trust a figure you have not seen published by the network itself.
• How to find them: through business angel networks, accelerator demo days and introductions from other founders. At national level, AEBAN (Asociación Española de Business Angels) brings together business angel networks in Spain and is a good starting point to identify the networks active in your region.
• Official link: aeban.es

Can an accelerator or incubator fund your startup?

Yes. Many accelerators combine a programme (training, mentoring, workspace) with an initial investment or a convertible loan, sometimes in exchange for a small stake. They are often the bridge between friends and family money and the first seed round.

• In Valencia: Lanzadera, at Marina de Empresas, is the region's flagship accelerator. Our guide to Lanzadera and Marina de Empresas explains its phases and how to apply.
• Nationally: Wayra, Telefónica's open-innovation vehicle, runs both acceleration and corporate investment (see the corporate venture section below).
• How to apply: each programme has its own calls, often several per year, with an online application followed by interviews. Read the conditions carefully: equity taken, duration, and what you get in return.

What national public funding is available to startups in Spain?

Three national bodies cover most needs: ENISA for participative loans, CDTI for technology grants (including NEOTEC) and ICO for bank-mediated loans. None of them takes equity in your company.

ENISA: participative loans without dilution or collateral

ENISA (Empresa Nacional de Innovación) grants participative loans: debt that does not dilute your equity and requires no personal or real guarantee, with interest partly linked to how well the company performs.

• Main line: "ENISA Startups y Pymes" (managed via the FEPYME fund), up to €1,500,000 per operation.
• Young Entrepreneurs line ("Jóvenes Emprendedores"): for founders under 41, between €25,000 and €75,000.
• Term: repayment up to 7 years, with up to 5 years of grace period.
• Interest: two tranches. A fixed tranche (Euribor +2% or +4.25%, depending on the line) and an additional variable tranche of up to 8%, depending on the company's profitability.
• Own funds requirement: as a general rule, equity equivalent to 100% of the amount requested; 50% for the Young Entrepreneurs line.
• Ley de Startups: Law 28/2022, on the promotion of the emerging companies ecosystem, gives access to special conditions in some of these programmes, such as ENISA's "emerging company" certification.
• How to apply: online application on the ENISA website, with business plan and financial statements.
• Official link: enisa.es

These figures come from specialised Spanish consultancies that agree with one another (2026), not from a direct reading of ENISA's conditions. Confirm the exact amount and conditions on enisa.es before applying.

CDTI and the NEOTEC programme: a grant for young tech companies

NEOTEC is a non-refundable grant from CDTI (Centro para el Desarrollo Tecnológico y la Innovación) for young technology-based companies. It is not a loan: you do not pay it back.

• Who it is for: technology-based companies up to 3 years old, that have not distributed profits and have minimum share capital of €20,000.
• Amounts: up to 70% of the eligible budget, with a maximum of €250,000 per project. Up to 85% (maximum €325,000) if the company hires PhD holders.
• 2026 call budget: €20.38 million in total.
• Calendar: the 2026 window ran from 14 April to 14 May 2026 and is now closed. The programme repeats every year: check the current year's call before preparing your file.
• Official links: cdti.es and ciencia.gob.es

ICO: the "Empresas y Emprendedores" line through your bank

ICO (Instituto de Crédito Oficial) does not lend to you directly. You apply through a partner bank or credit institution, which studies the operation, takes the risk decision and formalises the deal.

• Modalities: loan, leasing, renting or credit line.
• Term: up to 10 years, with up to 2 years grace period for investment operations.
• Availability: line active until 31/12/2026 or until funds run out.
• How to apply: ask your bank directly for an ICO "Empresas y Emprendedores" operation; the bank sets the final conditions within the ICO framework.
• Official link: ico.es

What regional funding exists in Valencia and the other Spanish regions?

In the Comunitat Valenciana, IVACE and the Agència Valenciana de la Innovació (AVI) manage the main grants for innovative startups and R&D projects. Every other Spanish region has its own equivalent body.

IVACE: grants for innovative Valencian startups

• Startup line: for innovative startups under 5 years old, headquartered in the Comunitat Valenciana, that can prove their innovative character.
• Amounts: grant of up to 70%, for projects between €30,000 and €300,000.
• INNOVA-CV programme: grants of up to 45% for small companies and 35% for medium companies, with a 75% advance payment and a minimum budget of €30,000.
• Official link: ivace.es

Agència Valenciana de la Innovació (AVI)

AVI manages, together with IVACE, the Valencian R&D and innovation calls, under a strategic grant plan of €170 million running through 2026. Its calls are especially relevant if your startup works with a university, a technology centre or a larger company on an innovation project.

• Official link: avi.es

Not based in the Comunitat Valenciana? Every Spanish autonomous region (Madrid, Catalonia, Andalusia, the Basque Country and the others) has its own body equivalent to IVACE, with its own grants and calendar. Search for the "innovation agency" or the "business competitiveness institute" of your region, and check where your company must be headquartered to qualify.

Which Spanish venture capital funds invest in startups?

Venture capital funds invest in exchange for equity, usually from seed or Series A onwards, once you have a product, traction and a credible plan to grow fast. The funds below were active in 2026, based on information published by the funds themselves or by specialised media.

Angels is the investment vehicle of Juan Roig, the founder of Mercadona; our portrait of Juan Roig tells how he built his ecosystem in Valencia. Before pitching any fund, check its current thesis and recent portfolio on its own website: stage and sector focus change between fund vintages.

Is equity crowdfunding a good option in Spain?

Equity crowdfunding lets you raise money from many investors through an online platform, in exchange for shares. In Spain it is regulated by the CNMV, the stock market regulator, and it works well for startups with a product the public understands and a community ready to back it.

• Regulation: since November 2023, platforms must be authorised under the European ECSP Regulation and registered with the CNMV as PSFP (Proveedores de Servicios de Financiación Participativa).
• Limits for retail (non-accredited) investors: maximum €3,000 per project and €10,000 per year across all platforms. This caps how much each backer can put in, so plan for a large number of investors.
• Examples of regulated platforms: Capital Cell (biotech and life sciences, CNMV licence number 12, European ECSP passport), Crowdcube Spain (Spanish branch of the British platform Crowdcube) and Startupxplore (based in Spain, CNMV-authorised).
• Before raising or investing: check the official, up-to-date list of authorised platforms in the "financial participation service providers" section of the CNMV website, to confirm the platform is still authorised.
• Official link: cnmv.es

What are venture debt and corporate venture capital?

Venture debt: debt for startups that already have revenue

Venture debt is a loan designed for startups that already have revenue, usually taken alongside an equity round. It dilutes your equity less than raising the same amount through a funding round, but you have to repay it.

• Players: Claret Capital Partners is one of the European players that also invests in Spain.
• Market: in our sources there is no reliable list of funds dedicated exclusively to Spain. It is still an emerging market here, so get specialised advice before signing.

Corporate venture capital: when a big company invests

Corporate venture capital (CVC) is investment by large companies in startups that are strategic for their business. On top of capital, you can get a first major client, distribution or industry expertise. In exchange, check carefully what rights the corporate investor asks for.

• Wayra (Telefónica): open-innovation vehicle and CVC, with over €260 million invested in more than 1,200 startups since 2011 and an active portfolio of more than 520 companies.
• BBVA Spark: BBVA's banking and financing offer for scaleups.
• Mouro Capital: Banco Santander's CVC, formerly Santander InnoVentures.
• Mapfre and Iberdrola: both invest through their innovation and corporate venture arms.

Which financing fits which stage?

How do you prepare a funding round?

Whatever the source, investors and public bodies ask for broadly the same things: a clear plan, clean numbers and a company in good legal order. The points below are general; your own situation may require more.

Which documents will you need?

• A pitch deck: problem, solution, market, business model, traction, team, how much you are raising and what you will do with it.
• A business plan with financial projections, usually over 3 to 5 years.
• Your company's accounts and financial statements, if it already exists.
• Deeds of incorporation and an up-to-date cap table (who owns what).
• Proof of your innovative or technological character, for CDTI, ENISA, IVACE or AVI files.
• Proof that your tax and Social Security obligations are up to date, which is usually required for public funding.

How long does it take?

Plan for several months between your first contacts and money in the bank. Public calls have fixed windows (NEOTEC's 2026 window lasted one month), so watch the calendars well in advance. Private rounds depend on due diligence and legal negotiation. Start before you run short of cash, not when you have already run out.

What mistakes do founders often make?

• Missing a public call because the window closed while the file was still being prepared.
• Applying for ENISA without the required own funds.
• Giving away too much equity at friends and family or pre-seed stage, which scares later investors.
• Pitching funds whose stage or sector does not match yours.
• Raising on a crowdfunding platform without checking its CNMV authorisation.
• Signing venture debt or a corporate deal without specialised advice on the clauses.

Frequently asked questions

Who funds startups in Spain?

At the start, founders, friends and family, business angels and accelerators. Then public bodies (ENISA, CDTI, ICO, regional agencies such as IVACE), venture capital funds, equity crowdfunding platforms, corporate investors and venture debt players.

Does an ENISA loan dilute my equity?

No. ENISA grants participative loans, which are debt: they do not take equity and require no collateral. Part of the interest depends on your company's profitability. Confirm current conditions on enisa.es.

How much can I get from ENISA?

Up to €1,500,000 per operation on the Startups y Pymes line, and between €25,000 and €75,000 on the Young Entrepreneurs line for founders under 41, according to specialised consultancies in 2026. Check enisa.es before applying.

What is CDTI's NEOTEC programme?

A non-refundable grant for technology-based companies up to 3 years old: up to 70% of the budget (maximum €250,000), or up to 85% (maximum €325,000) if you hire PhD holders. The 2026 call is closed; check the current year's call on cdti.es.

Is there specific funding for startups in Valencia?

Yes. IVACE has a line for innovative startups under 5 years old headquartered in the Comunitat Valenciana (up to 70%, from €30,000 to €300,000), and AVI manages innovation calls. Other regions have their own equivalent agencies.

How much can someone invest through equity crowdfunding in Spain?

A retail investor can put in a maximum of €3,000 per project and €10,000 per year across all platforms. Only use platforms on the CNMV's official list of authorised providers.

Does ICO lend directly to startups?

No. You apply for the ICO Empresas y Emprendedores line through a partner bank, which studies and formalises the operation. Terms go up to 10 years, with up to 2 years of grace for investment.

What is the difference between venture debt and venture capital?

Venture capital buys equity in your company. Venture debt is a loan for startups that already have revenue, usually alongside an equity round; it dilutes less but must be repaid.

General information, updated 04/10/2026. This is not a substitute for personalised advice.

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