Spain's entire $1B+ tech roster fits on a single slide, and half of Spain's largest tech firms have already been acquired or went public.
The country has over 10 companies currently valued at $1B+. As of October 2026, Amadeus valued at $26.7B is the largest tech company in Spain, followed by Indra Sistemas worth $26.7B, and Allfunds valued at $6.6B.
What are the unicorns of Spain?
This ranking includes Spanish tech companies valued above $1 billion. It includes private, public and acquired companies. Most private valuations are last reported or recently rumoured.
On ZIRP-era (2020-2022) valuations: we exclude companies that latest reported valuation would be enough to hit the list, but it is expected that the company is now valued significantly lower.
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1
AmadeusFounded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits.
$26.7B
$7.3B
4.1x
Public
2
Indra SistemasIndra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific.
$12.3B
$6.1B
1.9x
Public
3
AllfundsAllfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.
$6.6B
$731M
9.0x
Public
4
FeverFever is a live-entertainment discovery and ticketing technology company founded in 2014. Its consumer platform helps users find and book concerts, exhibitions, sports, theater, festivals and other local experiences across international cities. Fever also works with artists, venues, brands and intellectual-property owners to develop, price, market and distribute events using audience and demand data. The company earns revenue from ticket commissions, event production and technology-enabled services to experience partners. It operates across more than 40 countries and said its platform inspired more than 300 million people to discover live entertainment during the year before Portugal Ventures' exit. Fever is headquartered in New York and maintains technology and operating teams in several markets, including Portugal and Spain.
$5.2B
–
–
Private
5
idealistaidealista is a Madrid online property marketplace founded in 2000 and active in Spain, Italy and Portugal. Consumers search listings for homes, commercial premises, land and other real estate offered for sale or rent. Estate agents, developers and individual owners use the platform to advertise properties and manage enquiries from prospective tenants and buyers. The company also provides pricing information, mortgage-related tools, professional software and data products for participants in the housing market. Revenue comes from listings, advertising, subscriptions, lead generation and services sold to real-estate professionals. idealista has expanded through acquisitions that added vacation rentals, mortgage services, professional software and market data. It remains one of the principal digital distribution channels for property inventory in its operating countries.
$3.1B
$289M
10.7x
Acquired
6
PerkTravelPerk is a Barcelona-headquartered business travel management platform that combines booking for flights, hotels, and car rentals with policy compliance, expense reporting, and 24/7 support. The all-in-one tool serves corporate teams across Europe and beyond, integrating with expense systems for streamlined operations.
$2.7B
$300M
9.0x
Private
7
GlovoGlovo is a Barcelona-based technology company that operates an on-demand local-commerce and delivery marketplace. Founded in 2015, its application connects consumers with restaurants, grocery chains, pharmacies and other retailers and coordinates delivery by independent couriers. Glovo earns commission and service revenue from transactions facilitated through the platform, while also offering rapid grocery and retail delivery and logistics services to merchants. The company expanded across Southern Europe, Central and Eastern Europe and Sub-Saharan Africa through both organic launches and acquisitions of local delivery platforms. Glovo said in 2025 that it had surpassed one billion orders since inception and that its quick-commerce business generated more than EUR 1 billion of annual partner sales. Delivery Hero acquired control of Glovo in 2022, after the Donesi transaction had completed.
$2.6B
$406M
6.4x
Acquired
8
FactorialFactorial is a Barcelona-based human-resources software company founded in 2016 by Jordi Romero, Bernat Farrero and Pau Ramon. Its cloud platform gives small and medium-sized businesses a shared system for employee records, time and attendance, payroll workflows, recruiting, performance management and expense administration. The product replaces spreadsheets and disconnected point tools with configurable workflows, employee self-service and reporting. Factorial sells primarily to business customers through recurring software subscriptions, with modules that can expand as an employer's needs grow. Its customer base spans multiple countries, supported by localized product capabilities and international offices. Acquisitions have broadened the platform beyond core HR, including spend management through Fuell and technical capabilities through Codegram and YepCode. At the Codegram transaction date, Factorial was scaling its engineering organization following venture financing and rapid European expansion.
$2.5B
–
–
Private
9
Multiverse ComputingMultiverse Computing is a Donostia-San Sebastian software company founded in 2019. It develops quantum and quantum-inspired computing products for optimisation, simulation and artificial-intelligence workloads. Its Singularity platform gives financial institutions, industrial companies, energy businesses and other enterprises access to algorithms that can run across quantum and classical infrastructure. The CompactifAI product compresses large artificial-intelligence models to reduce computing, memory and energy requirements. Customers pay for software subscriptions, licences, implementation and technical services. The company works with hardware providers, research organisations and cloud platforms while expanding in Europe, North America and other markets. Venture funding has supported product engineering, international offices, sales and acquisitions. Clave invested in 2021 and reported completing its exit during 2025.
$2.3B
–
–
Private
10
Adevinta SpainAdevinta Spain is a Madrid-based operator of digital classifieds sites including Milanuncios, Fotocasa, and Coches.net. The platforms facilitate transactions in second-hand goods, property rentals, vehicle sales, and job searches across Spain. As part of the Adevinta group, it leverages pan-European expertise for mobile-first user experiences and monetization tools.
$2.2B
–
–
Acquired
11
HBX GroupHBX Group International PLC is a travel-technology marketplace. The company is engaged in the intermediation of hotel accommodations and complementary travel products between travel suppliers and travel distributors. With the help of its subsidiaries, the Group also assists hotels in optimising their direct online channel, creating booking engines, and supporting digital marketing. The company's maximum revenue is derived from hotel bookings. The company connect between supply and demand, empowering businesses and their travellers, with choice and confidence.
$2.1B
$873M
3.2x
Public
12
ApplusApplus+ is a Spain-headquartered testing, inspection, and certification company operating over 350 offices and labs in more than 60 countries. It delivers compliance solutions for assets and products in mobility, energy, infrastructure, and industry sectors meeting environmental, quality, health, and safety standards.
$1.8B
–
–
Acquired
13
AccelyaAccelya is a global provider of software and technology services for airlines and travel industry organizations. Its products support passenger and cargo revenue accounting, financial settlement, commercial processes, revenue management and airline retailing. The group served more than 400 clients across the world when Vista Equity Partners announced its acquisition in November 2019. Accelya operates internationally through subsidiaries and combines financial processing capabilities with technology used to sell and distribute airline products. Its global holding company is distinct from the separately listed Accelya Solutions India subsidiary. The group added Farelogix in 2020 to expand its airline commerce and distribution software capabilities.
$1.7B
–
–
Acquired
14
Job&TalentJob&Talent is a Madrid workforce platform founded in 2009 that connects companies with temporary and flexible workers. Its technology handles recruitment, matching, scheduling, time tracking, payroll and workforce administration through mobile applications and employer tools. The company operates as a digital staffing provider rather than only a job-listing marketplace, employing workers in many markets while supplying labour to logistics, retail, manufacturing and hospitality customers. Job&Talent earns service and staffing fees from employers based on work performed through the platform. It has expanded from Spain into Europe, the United States and Latin America through organic growth and acquisitions. Kibo was its first institutional investor and has continued supporting the company through later venture and growth rounds.
$1.5B
$2.1B
0.7x
Private
15
CabifyCabify is a Madrid-headquartered ride-hailing service operating in Spain, Portugal, and Latin American countries including Mexico, Colombia, and Peru. The app offers economy, comfort, and premium vehicle classes with licensed professional drivers. Launched in 2011, Cabify integrates carbon offset options and corporate accounts for fleets. It competes in markets like Santiago and Buenos Aires with fixed pricing during peak hours.
$1.5B
$900M
1.7x
Private
16
Proeduca AltusProeduca Altus is a Spanish listed higher-education group built around online university and professional-learning brands including UNIR. It delivers accredited degree programmes, postgraduate education and continuing professional training through digital teaching platforms and academic support services. Students, working professionals and corporate or institutional partners use its programmes across Spain, Latin America and other international markets. Revenue is generated mainly through tuition and programme fees, with recurring academic cohorts and online delivery supporting scale. The group serves a large international student population and combines regulated university operations with technology-enabled learning capabilities. FOCO invested EUR 90 million directly in July 2025 as a long-term co-investor supporting the company’s international growth strategy.
$1.5B
–
–
Private
17
RecoverRecover™ is a leading materials science company that transforms pre- and post-consumer textile waste into high-quality, mechanically recycled cotton fibers and blends. Their process promotes a circular economy in the fashion industry by significantly reducing water, chemical, and carbon footprints.
$1.1B
–
–
Private
18
Schibsted Classified Media SpainSchibsted Classified Media (SCM) Spain was a major subsidiary of the Norwegian media group Schibsted, operating premier digital marketplaces in Spain, including platforms for real estate, jobs, mobility, and general classifieds. Today, this entity operates under the name Adevinta Spain after Schibsted spun off its international marketplaces into an independent company.
Adevinta Spain maintains some of the most visited digital destinations in the country—such as Fotocasa, InfoJobs, coches.net, motos.net, Habitaclia, and Milanuncios. The company develops technology platforms and provides advanced advertising solutions that allow millions of users and businesses to easily buy, sell, or recruit online.
$1.1B
$167M
6.5x
Acquired
19
vLexvLex is a Barcelona legal-information and legal-technology company founded by Lluis and Angel Faus in 1999. It operates a subscription research platform used by law firms, corporate legal departments, universities and government bodies. The service aggregates legislation, case law, books, journals and other legal sources from publishers and public institutions across many jurisdictions. Search, workflow and machine-learning tools help professionals find, compare and apply that material. At the 2012 financing, vLex reported more than 62 million documents, over 40,000 paying users, relationships with more than 1,000 publishers and a workforce exceeding 120 people. The company later added artificial-intelligence products and expanded further through acquisitions. Oakley Capital acquired vLex in 2022, and legal-software provider Clio subsequently agreed to purchase the business in 2025.
$1.0B
–
–
Acquired
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
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