Spain’s tech surge

tecnologías-inversionSpain is the fifth country in the world in terms of investments in technology firms from abroad. According to a recent from the firm Atomico, in 2017, 672 million euros was invested in such companies from other countries.

The four countries above Spain in this table are the UK at 4,530 million euros, Germany at 2,110 million euros, France at 1,770 million euros, then Sweden with 760 million euros.

Atomico, an international investment firm in technology companies, analysed the state of the sector in Europe and also concluded that the number of developers in Spain increased last year from 228,304 to 268,149.

It surveyed 3,500 people from across Europe, and interviewed some of the biggest names in European tech, such as Herman Narula, Ilkka Paananen, and Robin Klein.

Madrid’s place on the map

Also according to Atomico’s data, Madrid is the fourth largest European centre by number of professional developers with London, Paris and Moscow respectively ahead.

The investment firm highlights that, according to a survey, 36 per cent of the founders of European companies in Spain consider that tax regulations are one of their main challenges, while 22 per cent cited data protection.

The document also notes an increase in salary levels and indicates that the average salary of a software engineer in Barcelona this year is €34,380. This compares with Berlin where they make €50,450 on average, and London where the average salary in the sector is €46,311.

In southern Europe, 33 per cent of respondents said that artificial intelligence should be the first objective of the sector, with 28 per cent believing focus should be on cryptocurrencies.

Meanwhile, Barcelona came out as the third favorite European city for entrepreneurs to begin projects with London placing first and Berlin second.

A continuing trend

It also affirms that Spain, together with Germany, has the least centralized technological ecosystem in Europe, with only 32 per cent of the technological community located in the capital of the country.

There was one downbeat discovery. In terms of capital invested per capita, Spain trails the rest of Europe, with 14 euros per capita, compared to 300 euros in Israel.

However, all the upward news is following a trend that was seen in September when it was reported that 79 per cent of Spanish managers had faith that the economy would continue to improve.

And in the second quarter of 2017, it was reported that Spain has the second strongest growth in the Eurozone, behind only the UK.

For more information, please contact corporate law firm Argali Abogados

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