One of the most important trends identified in the latest report from the Spanish Association of Business Angels (AEBAN) is the presence of foreign investors. In 2021, more than 40% of investors shared an investment with a foreign business angel. This figure is lower (35%) for international investment funds.

According to the 2022 AEBAN Business Angels Report: Investment in startups: activity and trends - which has the institutional support of ICEX-Invest in Spain - in Spain, “There has been a shift from a national to a more international environment due to interest by foreign investors in the Spanish innovative ecosystem, which has not slowed down despite the pandemic.”

The increased interest of foreign investors in the Spanish ecosystem has therefore led to investment rounds being closed solely with foreign investors in certain cases. However, mixed rounds (locals and foreigners) were the most common.

The most active foreign investors in Spain were from the United States, the United Kingdom and France.

The trend towards increased foreign presence was also seen in the private equity and venture capital segments. The report also highlights that international funds are maintaining their investor appetite due to their abundant liquidity and the strength demonstrated by the Spanish ecosystem.

^{Read the full report: AEBAN | Informes AEBAN}