Venture Capital investment (volume) by sector 2,500 2,000 1,500 1,000 500 0 € Millions 2018 2019 2020 2021 2022 2023 Digital 243.0 409.0 256.2 1,036.5 1,091.5 316.5 Industrial & Others 78.4 121.4 170.3 278.7 280.9 261.6 ICT 116.5 118.9 270.7 670.6 532.4 169.7 Life Sciences 67.5 72.5 136.0 122.4 219.7 151.2 Catalonia and Madrid led Venture Capital investment in Spain. The overlapping of several funding rounds over €10M in Madrid and Catalonia positioned these autonomous communities as the main recipients of Venture Capital investment. Specifically, of the 16 medium size (€10-100M) rounds in 2023, 9 start-ups were headquartered in Madrid (Blue Marble, Cabify, Fever, Getlife, Samy Road, Student Finance, Revel, The Wise Seeker, Trucksters), 5 in Catalonia (Innovamat, Mitiga, Paack, Travelperk, Wallapop) and 2 in the Community of Valencia (Arthex Biotech, Payload Aerospace). By volume, Catalonia received a total investment of €346.6M (38.6% of the total) and Madrid received €358.1M (39.8%). Both regions together accounted for 78.4% of total Venture Capital investment in Spain, 10 p.p. more than in 2022, maintaining their position as the main hubs of innovation and entrepreneurship, with the number of scale ups standing out. In distant third, the growth in recent years of the Community of Valencia as a hub is worthy of mention, with €93M invested in start-ups in the region. The Basque Country and Andalusia also showed momentum, receiving investments of €37.6M and €20.5M, respectively. Catalonia led by number of start-ups funded, with 136; followed by Madrid (110 start-ups), the Basque Country (48), the Community of Valencia (45), Andalusia (24), Asturias (18), Navarre and Castille-León (15 in both cases). Details on the distribution of investments by stage of development in each region is provided on statistical annex.