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InsurTech snapshot: the Spanish ecosystem over the last 3 years


I recently deep dived into around 300 InsurTech fundraising rounds announced in the European InsurTech scene. That is covering a time period from Q1 2020 to Q1 2023.

The idea was to assess how the first quarter of this year compares to previous one, as the startup and tech scenes are currently facing tough time.

And to go a bit further, I had a specific look at local ecosystems as insurance innovation is clearly spreading across Europe.

Let’s have a look at the Spanish market, which has long been active at a broader startup level (see the South Summit organized every year in Madrid).

The Spanish InsurTech scene

Overall, 16 deals were announced in the Spanish startup scene in the last 13 quarters. This is a bit more than 5% of all InsurTech rounds unveiled over the same period of time.

Interesting to see that the peak investment happened in late 2021 and early 2022, basically slightly later than when the startup ecosystem was booming more broadly. On the other hand, this has been a long term journey as there were already nice activities back in 2020. And overall, there are regular deals announced in the Spanish InsurTech space, which shows the ecosystem is vibrant.

Disclaimer: at we have invested in 3 of these players (Weecover doing Embedded InsurTech ; Vitaance doing Life InsurTech ; Wenalyze doing Open Data for SME insurers)

In addition, you can read again our yearly analyses on InsurTech Europe in 2020, 2021, 2022 and our quarterly analysis on Q1 2023).

📊 KPI on InsurTech investments in Europe:

📝 Research on the Europe InsurTech market:

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