Santalucía Impulsa and El Referente publish the Insurtech Ecosystem Report 2025

Santalucía Impulsa, the Santalucía Group's Entrepreneurship and Open Innovation ecosystem, has presented the Insurtech Ecosystem Report 2025. This is an evolution of the Insurtech Map, a report that analyzes the development of technological companies in the insurance sector.

The document is framed within the National Tech Companies Report 2025, prepared together with El Referente, specialized medium. In it, among the many companies from different sectors that have participated, Santalucía Impulsa stands out as a main partner.

National Tech Companies Report 2025

El National Report of Tech and Innovative Companies 2025, which is obtained through the data platform Startup Ecosystem, states that the technological ecosystem in Spain consolidates its expansion and economic relevance, with a total of 8,580 technology companies active in 2025, which represents an increase of 22% compared to the previous year. This business fabric generates 108,000 direct jobs and an economic impact of 14,816 million euros per year, reinforcing its role as an engine of innovation and growth.

The report also shows the Rebound in investment, which grew in 2024 and reached 2,920 million euros, compared to 1,824 million the previous year (growth largely due to the rise of venture debt, which exceeds 572 million, representing 19.59% of the total invested).

El Increase in the number of startups reflects the boom in entrepreneurship, going from 3,640 in 2024 to 5,010 in 2025, a growth of 38%. These figures are accompanied by a generation of 28,900 jobs and an economic impact that exceeds 1,329 million euros.

Insurtechs in Spain: 100 million in turnover and almost 1,000 jobs

The Insurtech Report 2025 reveals that In Spain there are more than 250 startups and scaleups that bring innovation, new developments and business windows to the insurance world. Of them, 65 companies (36 startups, 8 scaleups and 21 SMEs) would be considered purely insurtech.

In the insurtech ecosystem, despite having reduced the number of jobs, from 1,100 to 949 this year, it has managed to bring the turnover back to above 100 million euros, with an average of 1.5 million invoiced per company.

Ángel Uzquiza, Director of Innovation at Grupo Santalucía and Santalucía Impulsa, points out in this report that:

”Spanish insurtechs have a competitive advantage: they know the terrain, they have a high density of specialized talent, and an international ambition to grow without borders. Eight years ago, we launched Santalucía Impulsa as a platform for developing projects with startups for the insurance industry, and every year it is becoming more important. At Santalucía, whose vocation is to accompany people in the most important moments of their lives, we firmly believe that innovation requires listening, anticipating and adapting. And it's something that our entrepreneurs value especially when they work with us: transparency, realism and a listening capacity that turns each project into a lasting relationship of trust”.

Madrid: the rise of capital in the insurtech sector

Madrid repeats in first place and with figures higher than 2024: one investment of more than 30 million euros, 23 insurtechs and 505 employees (13 startups, 2 scaleups and 8 SMEs).

The boom in the insurtech field consolidates the capital as the Leading city in number of startups, scaleups and technology companies, surpassing Barcelona for the first time in the main indicators:

• Number of technology companies: from 1,560 to 1,553.
• Number of startups: from 937 to 911.
• Number of scaleups: from 112 to 93.

This overtaking reflects the growing dynamism of capital as a hub of innovation and entrepreneurship.

Investment in Barcelona, in second place, rose to 19.4 million euros in 13 companies, although with almost half of the employees (139, in 6 startups, 13 scaleups and 4 SMEs).

In third and fourth place are Malaga and Valencia, with 2 insurtechs each, and a reduction in their funding of between 55% and 90%, respectively.

At the regional level, however, Catalonia remains the community with the highest number of tech companies (2,351), followed by Madrid, which grew strongly, adding 512 new companies in a single year to 2,189. The top 10 is completed with:

• Valencian Community (966)
• Basque Country (831)
• Andalusia (714)
• Galicia (388)
• Region of Murcia (207)
• Castile and Leon (139)
• Navarre (135)
• Asturias (124)

These figures reflect a growing regional distribution of innovative talent and the digital business fabric across the country.

Less investment and fewer women in insurtech startups

Despite the boom in the number of insurtech startups in Spain, which is now close to one hundred, this ecosystem continues to show a Irregular evolution in terms of investment. In 2024, the sector attracted 28.5 million euros, 7.2% less than in the previous exercise.

Lower investment and fewer transactions, in line with the trend in the Spanish market, which went from 7 to 3. An even more moderate figure compared to the 52.9 million raised in 2022.

This is because investors in the sector are characterized by avoiding risks and entering advanced phases of consolidated startups, leading to a concentration of investment in a few projects.

The contraction in insurtech activity contrasts with the Increase of the technological ecosystem overall: last year it grew by 22% (almost 8,600 companies) and startups skyrocketed by 38%.

In addition to the drop in investment, the report by Santalucía Impulsa and The Referent also shows that The gender gap remains, and even increases slightly.

Of a total of 116 people who founded insurtech companies (6 fewer than last year), only 7% are women (8), two points lower than last year. The percentage of men, on the other hand, rises two points to 93% (108).

This disparity in insurtech more than doubles that of the Spanish startup ecosystem, where women represent 17% of the 13,300 founders of tech companies.

Santalucía Impulsa: 35 projects and more than 25 million euros

Santalucía Impulsa has consolidated its position as a reference in these areas. Since its creation in 2016, it has connected to more than 3,000 entrepreneurs and analyzed more than 2,000 projects, of which 35 have been accelerated or incubated and more than 30% implanted.

Thanks to this collaboration, and through its different programs, both with emerging companies, with company employees (165 entrepreneurs) and with universities (13 since 2022), the startups supported by Santalucía Impulsa have achieved in these eight years More than 25 million euros in funding. These figures indicate that the acceleration platform continues to be a key driver of transformation and innovation.