Venture Capital & Private Equity investments (number) by company size in 2023 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 markets. Of the 844 investments made in Spain by PE&VCs in 2023, 691 were made in SMEs with fewer than 100 employees. According to transaction size, as in previous years, business finance below €1M ranked first (with 56.6% in 2023), while 26.9% of the investee companies received between €1 and 5 million, 6.5% between €5 and 10 million, 2.6% between €10 and 25 million and 3.3% between €25 and 100 million. The rest (1.2%) relates to transactions of more than 100 million. Among these segments, the €2.5M–€5M segment (73 investments) and the lower middle market segment (investments between €5 and €10M) stood out, continuing the intense activity of recent years with a total of 55 investments. The lesser intensity in the large transactions and middle market segments resulted in a lower average amount per investment, which fell to €7.9M in 2023 (the average in 2022 was €9.6M). As regards companies, each of the 569 companies receiving funding in 2023 raised an average of €11.8M in Venture Capital and Private Equity financing, compared to €13.9M in 2022. Investment