From Helsinki to Madrid — reflections on the two ecosystems

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From Helsinki to Madrid — reflections on the two ecosystems

We feel the Spanish ecosystem is developing at an incredible pace. I can tell you that Spain is definitely worth a visiting on a regular basis — even from Finland! After having visited different events (South Summit most notably) and after catching up with some great entrepreneurs and local VCs, I thought it would only be right to share some of my thoughts on the local ecosystem, as someone coming from the opposite side of Europe.

When thinking of the top startup hubs in Europe, people usually tend to think of London, Paris, Stockholm, and Berlin — and rightly so. Madrid and Barcelona don’t necessarily come to mind at the top 3 cities. But little did you know that Spain is actually the only country to boast two cities comprising the top 10 list of startup hubs (reference).

The time I spent in Spain made me realize what makes the Spanish ecosystem not only unique but on the rise, and why I actually felt more at home than I initially thought — and for those of you who know me, I promise it has nothing to do with the fact that Spanish is my native language.

I have to make a special note on South Summit, where I got a chance to speak at last fall. It was a really well-organized event that was a pleasure to attend. I actually remember meeting Maria Benjumea, the founder and CEO of South Summit, when she visited Slush 5 or 6 years ago. At the time I was part of Slush’s core team and Maria was traveling around Europe, visiting different conferences, to learn more about how to build a well-regarded conference for her local startup ecosystem. Needless to say, I’m really happy about how things have picked up since and Maria has certainly achieved what she envisioned back then!

The increased recognition and funding from international investors is a testament to the accelerated development in the Spanish startup ecosystem. Furthermore, the valuations would be considered relatively attractive, especially next to the UK and France. Based on my observations though, I doubt these valuations will remain at these juicy levels in the long-run. From an investment perspective, all European VC’s should make more frequent trips to Spain. But, first, I urge my fellow Finnish investors to make a trip down to Spain and find out for themselves why it really makes sense to fly 3000 km. Believe it or not, you will be positively surprised to find out that it’s not all about the friendly people, great tapas, shrewd founders, and sunny weather — that’s all just a bonus!

As part of OpenOcean’s investment team, Juuso focuses especially on B2B SaaS companies in France, Spain, and Sweden. Always looking forward to connecting with eager and visionary entrepreneurs building delicious software and fellow VCs!

From Helsinki to Madrid — reflections on the two ecosystems

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From Helsinki to Madrid — reflections on the two ecosystems

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