Santalucía Impulsa, the entrepreneurship and open innovation ecosystem of the Santalucía Group, has developed together with El Referente the Insurtech Ecosystem Report 2025, as part of the National Report on Tech and Innovative Companies 2025.
Ecosystem evolution
The report reflects an expanding technological ecosystem, with 8,580 active companies, an economic impact of 14,816 million euros and more than 108,000 direct jobs.
In the insurtech field, the evolution of insurtech startups and scaleups in Spain is analyzed, where they have been identified more than 250 startups and scaleups, of which 65 are considered purely insurtech. Your billing once again exceeds 100 million euros, consolidating its weight in the insurance industry, and is approaching 1,000 jobs created.
Geographic distribution
Madrid is consolidating itself as the epicenter of the sector with leadership in all sectors compared to other cities: a investment of more than 30 million euros, 23 insurtechs and 505 employees (13 startups, 2 scaleups and 8 SMEs). The second place is occupied by Barcelona, followed by Malaga and Valencia in third and fourth place, respectively.
Despite the growth in the number of startups, investment in insurtech has fallen 7.2% compared to 2023, standing at 28.5 million euros.
Founders profile
The report also reflects a persistent gender gap: it reveals that only the 7% of founders of these startups are women, evidencing a significant disparity.
The role of Santalucía Impulsa
For its part, Santalucía Impulsa, since its creation in 2016, has accelerated 35 projects, generating more than 25 million euros in funding. These figures reaffirm their commitment to transforming the insurance sector through innovation.
Main findings of the report
- More than 250 startups and scaleups are part of the Spanish Insurtech ecosystem.
- 65 companies are considered purely insurtech: 36 startups, 8 scaleups and 21 SMEs.
- The ecosystem has generated 949 jobs and more than 100 million euros in turnover annual.
- Sustained growth in number of startups, although investment has shown an evolution spotty.
- Madrid leads with 23 insurtechs, 505 employees and a turnover of more than 30 million euros.
- Three key transformation vectors are identified: hyperpersonalization, always-on ecosystems, and advanced AI and analytics.
- The Spanish ecosystem is oriented towards models: scalable, exportable and with an international vision.
