Cross-Country Analysis
August 3, 2026

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

75.2%
Spain seed single-round share
70.7%
France seed single-round share
80.2%
Spain seed stall share
69.7%
France seed stall share
  • 75.2% of Spain’s seed startups raised only one tracked round
  • 70.7% of French seed startups raised a single round
  • Spain’s seed single-round share exceeds France’s by 4.5 points

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.

SEED STAGE SINGLE-ROUND FUNDING SHARE (%)

Looking deeper, the share of startups stalled at seed stage—those that did not progress beyond seed—is 80.2% for Spain versus 69.7% for France. This 10.5-point gap indicates a higher concentration of Spanish startups that do not advance past seed funding rounds in the tracked data.

SEED STAGE STALL SHARE (%)

Interestingly, preseed-stage startups have more similar stall shares: 76.6% in Spain and 75.3% in France. This suggests the divergence in single-round shares grows more pronounced at the seed stage rather than earlier.

Overall, the data shows Spain’s seed-stage startups are more frequently represented by single-round fundraises, while France exhibits a somewhat lower share, indicating relatively more startups progress to multiple rounds in the observed period.

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