Venture Capital & Private Equity investments (number) by company size in 2022 Venture Capital Private Equity Source: SPAINCAP/webcapitalriesgo 100% 80% 60% 40% 20% 0% 0 to 99 employees 100 to 199 employees 200 to 499 employees More than 500 employees 4,000 3,000 2,000 1,000 0 Venture Capital and Private Equity activity in Spain primarily focused on financing SMEs. Investments in SMEs are dominating the Spanish market. Of the 960 investments made in Spain by PE&VCs in 2022, 811 were made in SMEs with fewer than 100 employees. According to transaction size, as in previous years, business finance below €1M ranked first (with 53% in 2022), while 26% of the companies received between €1 and 5 million, 7% between €5 and 10 million, 6.7% between €10 and 25 million and 5% between €25 and 100 million. The rest (1.6%) relates to transactions of more than 100 million. Among these, the €2.5M–€5M segment (82 investments) and the lower middle market segment (investments between €5M and €10M) stood out, continuing the intense activity of recent years with a total of 67 investments, a re-cord high showcasing the positive role of Private Equity & Venture Capital in pro-moting the youngest industrial fabric (Venture Capital) as well as small traditional companies with a scope to reaching another stage of maturity. The recovery of large transactions resulted in a renewed increase in average amount per investment, which grew to €9.6M in 2022 (the average in 2021 was €8M). As re-gards companies, each of the 665 companies receiving funding in 2022 raised an average of €13.9M in Venture Capital and Private Equity financing, compared to €11.8M in 2021. Investment