Spain’s early-stage startups show a 2.7 percentage point higher single-round funding share than Sweden
- 53.8% of Spanish startups raised only one round versus 51.1% in Sweden
- Pre-seed single-round share is 52.5% in Spain, slightly above Sweden’s 50.2%
- Seed-stage single-round share is 49.4% in Spain compared to 46.9% in Sweden
Across the 2,048 startups Brouky tracks whose first tracked round was at least two years ago, Spain’s early-stage startups have a 53.8% share of single-round fundraises, compared to 51.1% in Sweden. This metric indicates the share of startups that have not raised a subsequent round within the tracked data.
At the pre-seed stage, Spain’s single-round share is 52.5%, which is 2.3 percentage points higher than Sweden’s 50.2%. This suggests a marginally higher proportion of Spanish startups stall or do not raise beyond their initial pre-seed round relative to Swedish counterparts.
SINGLE-ROUND FUNDING SHARE BY COUNTRY AND STAGE
Looking at the seed stage, Spain again records a higher single-round share at 49.4%, compared to Sweden’s 46.9%. The consistent pattern across both early stages shows Spain’s startups are slightly more likely to have only one tracked funding round.
These differences reflect variations in early-stage funding dynamics between the two countries and may partly reflect expanding data coverage. The data basis excludes startups younger than two years to allow sufficient time for follow-on rounds, and the single-round share should be interpreted as a "did not raise again" rate within tracked data rather than a startup failure rate.
Related insights
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- Cross-Country AnalysisFinance & Blockchain's 6.2pp decline cedes ground to Energy, Environment & Mobility's 1.9pp gain
- Cross-Country AnalysisHealthcare's 2.4pp share drop contrasts with Industry & Hardware's 5.9pp rise in seed funding
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