Notwithstanding the challenging environment, 844 investments1 were made in Spain Spanish SMEs were the main recipient of Venture Capital and Private Equity investment International Venture Capital and Private Equity GPs confirmed their confidence in the Spanish business fabric Summary of 2023 Notes Tighter debt market conditions, economic and geopolitical uncertainty and differing company valuations by buyers and sellers impacted the main variables for Venture Capital and Private Equity activity, both in Spain and globally. Following two great years, investment in Spain by Venture Capital & Private Equity GPs returned to pre-pandemic levels Total capital injection of €6,709M in Spanish companies. Third best figure on record. Investments were made in 569 companies, 90% of which were SMEs. Contributing 75% of investment volume for the year across 166 investments in Spain.