Should I incorporate locally or flip to Delaware?

Start with a Spanish SL or Portuguese Lda/SA — most local funds prefer it and it preserves eligibility for ENISA, CDTI, Portugal Ventures, and Startup Law tax benefits. Plan the Delaware flip only when US-led follow-on is real, typically at Series B.

Which are the most active seed VCs in Iberia?

Nauta Capital, Kibo Ventures, Seaya, Samaipata, K Fund, JME Ventures, Bonsai, Athos, Adara, All Iron, Encomenda, Indico Capital Partners, Faber Ventures, Armilar, Bright Pixel, and Antler Barcelona are among the most consistent seed writers.

What is ENISA and how does it work?

ENISA (Empresa Nacional de Innovación) provides participative loans up to €1.5M with equity-like terms but no dilution — repayment is tied to company results. Nearly every Spanish seed round includes ENISA alongside VC equity.

How does Spain's Startup Law affect fundraising?

The Startup Law (2023) lowered corporate tax to 15% for eligible startups for the first 4 profitable years, created the Digital Nomad visa, and improved stock option tax treatment. It applies to companies under 5 years old with innovative activity.

What sectors get funded most in Iberia in 2026?

Fintech (Madrid), marketplaces and consumer (Barcelona), B2B SaaS, mobility, travel, proptech, healthtech, climate and cleantech, developer tools (Portugal), and AI/ML.

Iberia Fundraising: Spain & Portugal VCs

How to raise venture capital in Spain and Portugal. The active Madrid, Barcelona, Valencia, and Lisbon VCs.

Venture Capital & Angel Investors in Spain & Portugal

Iberia — Spain and Portugal — has grown into one of Europe's fastest-improving venture markets. Barcelona, Madrid, Valencia, Lisbon, and Porto now anchor an ecosystem that has produced Glovo, Cabify, Wallapop, Idealista, Jobandtalent, Factorial, TravelPerk, Typeform, Feedzai, Unbabel, Farfetch, OutSystems, Talkdesk, and Remote.

Why Iberia matters in 2026

Spain and Portugal combine a rapidly maturing local fund base, unusually strong operator networks (Glovo, Cabify, Wallapop, Typeform, OutSystems, Talkdesk, Feedzai, Unbabel alumni), and generous non-dilutive stacks. Barcelona is a global magnet for engineering and design talent; Madrid concentrates fintech and B2B; Lisbon has become an English-first hub for founders relocating from London, Paris, and Berlin.

For founders, Iberian rounds tend to be well-priced at seed, competitive at Series A, and pair strong local leads with pan-European or US Series B follow-on.

Barcelona — the anchor

Barcelona concentrates consumer, marketplaces, B2B SaaS, mobility, and travel. Active funds: Nauta Capital, Kibo Ventures, Seaya Ventures, Samaipata, Bonsai Partners, Athos Capital, Adara Ventures, Encomenda, Faraday Venture Partners, All Iron Ventures, JME Ventures, K Fund, Inveready, and Antler Barcelona.

Angel and operator networks: Barcelona Tech City coordinates the ecosystem; operator syndicates around Glovo, Wallapop, Typeform, Factorial, TravelPerk, Jobandtalent, and Fever alumni write regularly. Itnig and Conector Startup Accelerator anchor early-stage support.

Madrid — fintech and B2B

Madrid concentrates fintech, insurtech, B2B SaaS, proptech, and enterprise. Active funds: Kibo Ventures, Seaya, K Fund, JME Ventures, Samaipata, Bonsai, Athos, Adara, Big Sur Ventures, Alma Mundi, Onza Capital, and Draper B1.

Corporate venture is unusually deep: BBVA Spark, Santander InnoVentures / Mouro Capital, Telefónica Wayra, Mapfre, and Iberdrola Ventures all write regularly. Madrid's IE Business School and IESE alumni networks anchor angel activity.

Lisbon, Porto, Valencia, and Bilbao

Lisbon: Indico Capital Partners, Faber Ventures, Portugal Ventures, Armilar Venture Partners, Iberis Capital, Bynd Venture Capital, 200M Ventures, and Shilling Founders Fund. Web Summit anchors the ecosystem; Lisbon's D7 visa and NHR tax regime (now revised) have attracted a wave of international founders.

Porto: Bright Pixel Capital (formerly Sonae IM), Portugal Ventures. Valencia: Angels Capital (Juan Roig), Draper B1, Zubi Capital. Bilbao and San Sebastián: All Iron Ventures, Orza, Ekarpen, and strong Basque government co-investment via Seed Capital Bizkaia and Gaia.

ENISA, Portugal 2030, and the non-dilutive stack

Spain: ENISA provides participative loans (préstamos participativos) up to €1.5M with equity-like terms but no dilution — nearly every Spanish seed round includes ENISA. CDTI grants and NEOTEC funding cover deep tech R&D. Regional programs (Extenda, ACCIÓ, SPRI) add matching capital. The Startup Law (2023) created the Digital Nomad visa and lowered corporate tax to 15% for eligible startups for the first 4 profitable years.

Portugal: Portugal Ventures (state co-investor), Startup Portugal programs, Portugal 2030 EU structural funds, and IAPMEI innovation vouchers. StartUP Visa fast-tracks non-EU founders. The now-revised NHR tax regime still applies to founders who arrived under the original scheme.

How Iberian deals are typically structured

Spain: most rounds close on SL (Sociedad Limitada) structures with participative loans (ENISA) at pre-seed, priced rounds with preferred shares from seed. SAFEs are increasingly accepted but participative loans remain the dominant early-stage instrument. Portugal: Lda (Sociedade por Quotas) or SA (Sociedade Anónima); SAFEs are standard at pre-seed.

Founder vesting (4-year, 1-year cliff) is standard. Option pools are 10–15% pre-money at Series A. Liquidation preferences are typically 1x non-participating. Iberian closings take 4–8 weeks with experienced local counsel; a Delaware or Dutch flip is common by Series B when US-led follow-on becomes the norm.

Common mistakes when raising in Iberia

Skipping ENISA in Spain — leaves €300K–€1.5M of non-dilutive capital on the table. Ignoring corporate venture (BBVA Spark, Mouro/Santander, Wayra, Mapfre, Iberdrola, Sonae/Bright Pixel) — they write meaningful seed and Series A checks. Under-pricing rounds at seed — top Iberian companies now price close to pan-European comparables. Flipping to Delaware too early — most local funds prefer local structures and a flip triggers ENISA repayment complications.

Frequently asked questions

Should I incorporate locally or flip to Delaware?: Start with a Spanish SL or Portuguese Lda/SA — most local funds prefer it and it preserves eligibility for ENISA, CDTI, Portugal Ventures, and Startup Law tax benefits. Plan the Delaware flip only when US-led follow-on is real, typically at Series B.
Which are the most active seed VCs in Iberia?: Nauta Capital, Kibo Ventures, Seaya, Samaipata, K Fund, JME Ventures, Bonsai, Athos, Adara, All Iron, Encomenda, Indico Capital Partners, Faber Ventures, Armilar, Bright Pixel, and Antler Barcelona are among the most consistent seed writers.
What is ENISA and how does it work?: ENISA (Empresa Nacional de Innovación) provides participative loans up to €1.5M with equity-like terms but no dilution — repayment is tied to company results. Nearly every Spanish seed round includes ENISA alongside VC equity.
How does Spain's Startup Law affect fundraising?: The Startup Law (2023) lowered corporate tax to 15% for eligible startups for the first 4 profitable years, created the Digital Nomad visa, and improved stock option tax treatment. It applies to companies under 5 years old with innovative activity.
What sectors get funded most in Iberia in 2026?: Fintech (Madrid), marketplaces and consumer (Barcelona), B2B SaaS, mobility, travel, proptech, healthtech, climate and cleantech, developer tools (Portugal), and AI/ML.

Related fundraising verticals (40)

Investor directory · Fundraising library · Articles A–Z · Company funding database