Top Venture Capital firms in Spain in 2025

Valerie Charoux
3 days ago
3 min read

Investment News Europe – Here are the Top Venture Capital firms (VCs) in Spain in 2025, according to a report by CBInsights dated October 23^rd, 2025:

Here are the Top 20 Venture Capital firms (VCs) in Spain in 2025:

1 – Kibo Ventures

Kibo Ventures ranks No. 1 Venture Capital firm (VC) in Spain in 2025 with 33 deals since 2023 and 12 exits.

Kibo Ventures leads the VC ranking with 33 startup deals between 2023 and the 30^{th of} September 2025. Of those investments, over one-fifth went to AI companies, including sustainability intelligence platform Clarity AI and industrial robotics startup Theker.

Kibo Ventures also has the best exit track record, backing 12 startups since 2018 that went on to exit. The biggest exits across the fund include monthly car subscription service Bipi that was acquired by RCI Banque and global payment platform Flywire through an IPO in May 2021.

2 – Kanoar Ventures

Kanoar Ventures ranks 2^nd Venture Capital firm (VC) in Spain in 2025 with 44 deals since 2023 and 8 exits.

3 – Acurio Ventures

Acurio Ventures ranks 3rd Venture Capital firm (VC) in Spain in 2025 with 35 deals since 2023 and 7 exits.

4 – Telefónica (Venture Arm)

Telefónica ranks 4^th Venture Capital firm (VC) in Spain in 2025 with 5 deals since 2023 and 2 exits.

5 – Nauta

Nauta ranks 5^th Venture Capital firm (VC) in Spain in 2025 with 21 deals since 2023 and 9 exits.

6 – 4Founders Capital

4Founders Capital ranks 6^th Venture Capital firm (VC) in Spain in 2025 with 37 deals since 2023 and 4 exits.

7 – INNVIERTE

INNVIERTE ranks 7^th Venture Capital firm (VC) in Spain in 2025 with 51 deals since 2023 and 0 exit.

8 – Inveready

Inveready ranks 8^th Venture Capital firm (VC) in Spain in 2025 with 35 deals since 2023 and 4 exits.

9 – Seaya Ventures

Seaya Ventures ranks 9^th Venture Capital firm (VC) in Spain in 2025 with 23 deals since 2023 and 7 exits.

10 – Encomenda

Encomenda ranks 10^th Venture Capital firm (VC) in Spain in 2025 with 30 deals since 2023 and 5 exits.

11 – Sabadell Venture Capital

Sabadell Venture Capital ranks 11^th Venture Capital firm (VC) in Spain in 2025 with 19 deals since 2023 and 7 exits.

12 – JME Ventures

JME Ventures ranks 12^th Venture Capital firm (VC) in Spain in 2025 with 29 deals since 2023 and 4 exits.

13 – Mundi Ventures

Mundi Ventures ranks 13^th Venture Capital firm (VC) in Spain in 2025 with 21 deals since 2023 and 6 exits.

14 – Caixa Capital Risc

Caixa Capital Risc ranks 14^th Venture Capital firm (VC) in Spain in 2025 with 12 deals since 2023 and 8 exits.

15 – Wayra (Venture Arm)

Wayra ranks 15^th Venture Capital firm (VC) in Spain in 2025 with 28 deals since 2023 and 3 exits.

16 – AXON

AXON ranks 16^th Venture Capital firm (VC) in Spain in 2025 with 23 deals since 2023 and 4 exits.

17 – NINA CAPITAL

NINA CAPITAL ranks 17^th Venture Capital firm (VC) in Spain in 2025 with 25 deals since 2023 and 3 exits.

18 – Demium

Demium ranks 18^th Venture Capital firm (VC) in Spain in 2025 with 31 deals since 2023 and 1 exit.

19 – ADARA Ventures

ADARA Ventures ranks 19^th Venture Capital firm (VC) in Spain in 2025 with 19 deals since 2023 and 4 exits.

20 – ANGELS

ANGELS ranks 20^th Venture Capital firm (VC) in Spain in 2025 with 26 deals since 2023 and 2 exits.