Barcelona's Weekly Tech Update

By Scott From Barcinno • Issue #527

Barcinno Media
July 08, 2024

Hello and happy Monday,

Q2 Barcelona startup funding analysis 💰️ 🔬

🌞 With summer in full swing here and Q2 already over, it’s time for a roundup of the data we’ve tracked on startup funding in Barcelona & Spain.

First interesting thing: comparing Q1 and Q2.

Barcelona startups raised €618.3M in Q1 and €267.3M in Q2
Rest of Spain startups raised €385.5M in Q1 and €498.7M in Q2

So actually, the total funding for Barcelona startups and non-BCN Spanish startups this year is almost the same: €885.7M for BCN and €884.3M for the rest of Spain.

🔎 Other insights:

April:

Barcelona startups secured nearly half (46%) of Spain's total funding in April, totaling €123.430M across 10 rounds–a strong month showing a significant contribution to the national funding landscape.
This was partly due to two large rounds in particular: Factorial (€75M) and Holaluz (€21M).
BCN also accounted for a third (33%) of the total funding rounds in Spain, so there was also vigorous activity in terms of number of deals closed.

May:

There was a sharp decline in BCN funding in May to €13.7M–just 5% of Spain's total. Evidently, major investments were concentrated elsewhere in the country (i.e. Madrid-based Capchase getting €105M).
Despite the low funding amount, Barcelona still contributed to 26% of the total funding rounds in Spain, due to the prevalence of smaller funding rounds/seed investments.

June:

June saw a Barcelona startup funding bounce back at €130.2M, 56% of Spain's total. This significant recovery was over just 3 rounds, owing to TravelPerk’s recent €126M ($135M) credit facility.

Such is the dynamic nature of startup funding, where monthly variations can be huge and often driven by the timing of large deals or funding rounds.

Have a great week!

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