Short answer: a seed round in Spain usually ranges from €500,000 to €3 million, takes three to six weeks to prepare and three to six months to raise. You need a working product and early signs of traction, a story that is clear on first read and a short list of funds chosen by thesis, not a long one. Public data on Spanish venture adds something more: big seeds, seeds with a foreign fund and seeds that choose their first investor well reach Series A far more often.
We write this from Senda Partners, which prepares rounds with founders and invests at pre-seed. The data comes from Pablo Santana's analysis of the rounds announced by the roughly 35 most active funds in Spain, built on questions we put to him: What I learned letting a fundraising advisor interrogate my data (October 2026).
Before you start: is your round a seed?
Your stage is decided by what you already have, not by what you want to raise.
| Stage | What you need to have | Typical range in Spain | Who usually invests |
|---|---|---|---|
| Pre-seed | Team, validated problem, first version of the product | €100k to €750k | Business angels, pre-seed funds, ENISA |
| Seed | A working product and early signs of traction | €500k to €3M | Seed funds, experienced angels, CDTI |
If you are torn between the two, you are almost always at pre-seed, and then how to prepare a pre-seed round will serve you better. Asking for a seed with pre-seed metrics is the fastest way to burn meetings.
What the data says about Spanish seeds
| Data point | What it means for your round |
|---|---|
| Seeds over €2M reach Series A 48% of the time; seeds under €1M, 13% | Size is a symptom, not the cause: a big seed signals that good investors already dug in and liked what they saw. If you are torn between trimming and raising a bit more, the statistics side with whoever convinces more people |
| In 88% of startups that reach Series A, at least one seed investor comes back | Your first investor will almost always be in your next round. Choose them for how they will back you, not only for the valuation |
| Seeds with a foreign fund reach Series A 36% of the time, against 16% without one | Foreign capital rarely leads a seed, but it shows up at the A: it validates before it leads. It is worth having on your list even if it will not open the round |
| The median seed has 2 or 3 investors | That is the floor that gets announced: small angels rarely make the press release. Expect to coordinate more people than it seems |
| Public money invests directly in 4% of seeds, but sits behind around 80% of them as an investor in the funds | The State barely puts a euro straight into your round and, at the same time, is an investor in almost every fund that will listen to you |
These are correlations, not recipes: startups that attract big seeds or foreign funds were probably better to begin with. But they show where the funds' conversation is.
How to prepare the round, step by step
- The story before the deck. You need to explain in two sentences why your startup is an investment, not just what it does. If it does not fit in two sentences, the pitch deck will not fix it.
- The documents that are always requested. A 10 to 15 slide deck, a three-year financial model with assumptions you can defend and a data room in order before the first meeting: incorporation deeds, cap table, metrics and key contracts.
- How much and at what valuation. Raise what you need to reach the next milestone with margin, usually 18 to 24 months of runway. Typical seed dilution is between 15% and 25%.
- A short, ordered list. A few dozen funds chosen by thesis, stage and ticket, in waves: first the ones who can lead, then the ones who follow. Writing to all of them at once burns the market.
- Every meeting prepared for that fund. Who decides, what they will ask you and what you keep for the second meeting.
- The term sheet with the next round in mind. The clauses you sign today will follow you into your Series A.
Mistakes we see from the investor side
- Starting to raise with less than nine months of cash. Founders who raise with their back to the wall negotiate worse, and funds notice.
- Pitching the product instead of the investment. A fund does not buy your product: it buys the chance that it becomes worth much more.
- A list of a hundred funds with no order. The first noes arrive before the story is sharp.
- Hiding what is not working. It will come out in due diligence, and then it costs trust.
How we work on these rounds at Senda
We prepare the round with you from the side of the people who decide, because we invest too: story, deck, model, data room, list of funds and every meeting. You run the meetings. We charge for time and dedication, never a success fee, because whether the round closes depends on you and your project; our part is getting you to a yes, or a no, sooner. We explain it in how much a fundraising advisor costs.
Frequently asked questions
How much is raised in a seed round in Spain? Usually between €500,000 and €3 million, depending on sector and traction.
How long does a seed round take? Three to six months from first contact to money in the bank, plus three to six weeks of preparation.
How much dilution is normal in a seed? Between 15% and 25% of the company.
What share of seeds reach Series A? Among Spain's most active funds, from 13% of seeds under €1M to 48% of seeds over €2M, according to Pablo Santana's October 2026 analysis.
For the whole process, from pre-seed to Series A, see the guide to fundraising for startups in Spain.
Nacho Sánchez is an early-stage investor at Archipélago Next and Suda. At Senda, he helps founders raise their round from the investor's side. Before that he was at Antler, Adara Ventures and Demium.