# Where Startups in Southern Europe Are Based: 2026 Map of 2,490 Companies

> Map of where 2,490 funded startups in Southern Europe are based, city by city: Barcelona, Madrid and Milan lead. $51B raised between them.

Source: https://millionrounds.com/geo-maps/where-southern-europe-startups-are-based (Millionrounds; every figure on the page links to its filing or article)

Each circle is a city, sized by how many startups are based there. Countries are shaded by their count.

## Leading cities

- Barcelona 394 $4.3B
- Madrid 263 $6.1B
- Milan 191 $7.6B
- Valencia 71 $377M
- Lisbon 55 $534M
- Rome 52 $1.1B
- Milano 47 $789M
- Turin 43 $151M
- Athens 40 $1.9B
- Porto 22 $110M
- Bilbao 17 $455M
- Limassol 16 $269M
- San Sebastian 15 $856M
- Sevilla 13 $101M
- Alcobendas 12 $484M

## By country

- Spain 1,334 $27B
- Italy 803 $18B
- Portugal 195 $1.9B
- Greece 92 $2.3B
- Cyprus 49 $689M
- Malta 17 $706M

## Best-funded

- [**COX Group** Spain · $2.6B](https://millionrounds.com/company/cox-group)
- [**Open Fiber** Italy · $2.5B](https://millionrounds.com/company/open-fiber)
- [**Eni Plenitude** Italy · $2.3B](https://millionrounds.com/company/eni-plenitude)
- [**Global Power Generation** Spain · $1.5B](https://millionrounds.com/company/global-power-generation)
- [*N* **N26** Spain · $1.4B](https://millionrounds.com/company/n26)
- [**Bending Spoons** Italy · $1.3B](https://millionrounds.com/company/bending-spoons)
- [**Fraport Greece** Greece · $1.3B](https://millionrounds.com/company/fraport-greece)
- [**Matrix Renewables** Spain · $1.0B](https://millionrounds.com/company/matrix-renewables)
- [**Domyn** Italy · $1.0B](https://millionrounds.com/company/domyn)
- [*L* **letgo** Spain · $975M](https://millionrounds.com/company/letgo)
- [**HORSE** Spain · $792M](https://millionrounds.com/company/horse)
- [**Multiverse Computing** Spain · $785M](https://millionrounds.com/company/multiverse-computing)

**How this map is made.** Every startup here has raised money in rounds we track. Each is placed at the city we hold for it, matched to that city's position in GeoNames (cities of 15,000 people or more; geonames.org, CC BY 4.0); startups without a city on record count in the totals but not on the map. Rebuilt nightly; updated 15 November 2026.

## More geo maps

[All geo maps](https://millionrounds.com/geo-maps)

[Region **Where startups in Europe are based** 22,758 startups](https://millionrounds.com/geo-maps/where-europe-startups-are-based)[Region **Where startups in North America are based** 45,068 startups](https://millionrounds.com/geo-maps/where-north-america-startups-are-based)[Region **Where startups in East Asia are based** 4,721 startups](https://millionrounds.com/geo-maps/where-east-asia-startups-are-based)[Region **Where startups in DACH are based** 3,096 startups](https://millionrounds.com/geo-maps/where-dach-startups-are-based)[Region **Where startups in the Nordics are based** 2,274 startups](https://millionrounds.com/geo-maps/where-nordics-startups-are-based)[Region **Where startups in Latin America are based** 2,230 startups](https://millionrounds.com/geo-maps/where-latin-america-startups-are-based)

## Raising where these startups are?

Find the investors who back startups in these cities, with their cheques, rounds and partners, in the app with filters, lists and exports.

[Find investors](https://millionrounds.com/login?join=1&next=/app/investors)[Market maps](https://millionrounds.com/market-maps)