Spain Seed Startups Show 13 Points Higher Single-Round Share Than France
- 75.2% of Spanish seed startups raised only one round
- France’s single-round share at seed stage is 62%
- Spain’s seed stall rate exceeds France’s by 13 points
Across the 3,695 startups Brouky tracks in France and Spain whose first tracked round was at least two years ago, the share of seed-stage startups raising exactly one round and never raising again differs notably. Spain’s seed-stage startups have a 75.2% single-round share, compared to France’s 70.5%. Spanish seed-stage startups have a notably higher single-round share, suggesting differences in fundraising patterns between the two countries.
The share of seed-stage startups raising only one round is 85.2% in Spain and 72.4% in France. This 13-point gap aligns with the single-round share difference, suggesting Spanish startups are more frequently represented as single-round in the data.
Pre-seed startups in both countries show similar stall shares at 71.4% in Spain and 70.5% in France, indicating the divergence emerges more strongly at the seed stage. The data coverage note clarifies that some second rounds might be missing, inflating these shares, but the cross-country comparison remains meaningful. This may partly reflect expanding data coverage.
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