Spain’s Seed-Stage Startups Nearly 10 Points More Likely to Have Only One Tracked Round Than France

Across the 3,609 startups Brouky tracks in France and Spain whose first tracked round was at least two years ago, the share of seed-stage startups with exactly one tracked funding round shows a notable difference. Spain’s seed-stage startups have a 75.2% single-round share, exceeding France’s 70.7% by 4.5 percentage points. These shares may partly reflect Brouky's data coverage limitations, as some second rounds might be missing, inflating these numbers. However, the relative difference between countries remains meaningful for comparative analysis.

This comparison uses startups with first rounds old enough to allow follow-on rounds, excluding younger cohorts with insufficient time to raise again. The numbers reflect the share of startups with only one tracked round, not a definitive 'did not raise again' rate.