As we reflect on the past year, it is clear that the macroeconomic landscape in January was really quite different to the one we are facing now at the end of the year. While energy costs and supply chain disruptions had already caused price hikes, the general sentiment at the time was one of recovery, growth, and a return to normalcy.

On the 24th of February, everything changed as Russian troops crossed the border into Ukraine. Startup funding, driven by fear and uncertainty, hit the brakes. Companies that had high hopes for the year revised their forecasts downward and even made staffing adjustments, particularly the FAANG companies. Additionally, inflation began a sharp and almost unprecedented rise.

However, not all innovation and entrepreneurship hubs followed this trend. In fact, some even performed better than in 2021, such as the Valencian Community, where investment in the startup ecosystem has surpassed €160 million. These numbers solidify Valencia’s position as the third largest hub in Spain in terms of investment volume. To top it off, the city has also gained recognition as an ideal place to live.


Ranking of startups in the Valencian Community by investment volume in 2022 (+€1M)

1. Recover. The Alicante startup specialising in the circular economy of textile cotton has raised the most funding of any tech startup in the Valencian region in 2022, thanks to the over €90 million it raised in a round led by Goldman Sachs.

2. Sales Layer. The SaaS for catalogue management in electronic sales, led by Álvaro Verdoy and Ibán Borrás from the GoHub Ventures headquarters in Valencia, is the Valencian startup with the second highest investment in 2022 thanks to its €24 million round announced last June. The company plans to use this capital to internationalise its activity, particularly in the US market.

3. Sesame HR. According to a recent article in Valencia Plaza, the human resources software startup of the Valencian group Zeus “seduces multinationals and investors”. The startup, which counts IKEA, Puma and Balearia among its clients, announced a €10 million funding round in the first quarter of the year, led by the American fund PSG.

4. Embention. Once again, Alicante is represented at the top end of our ranking of the most funded companies of the year. The startup, which specialises in the design of autopilots and components for industrial drones (such as for package delivery, agriculture, and firefighting) and for transport (eVTOL), raised €7.5 million in July with Axon Partners and further increased its capital by an additional €7.5 million at the end of August.

5. ClimateTrade. Sustainability has become a key consideration for companies and brands as consumers increasingly demand environmentally-conscious products and practices. In this context, ClimateTrade has experienced significant growth with its API and Marketplace solutions that help reduce and offset carbon footprints. The company announced over €7 million in funding at the beginning of the year, which has helped to attract experienced professionals such as Kat O’Brien (formerly at Mastercard) and Diego Moya (formerly at Jeff and Entrenarme).

6. Bit2Me. Despite the fluctuations in the value of cryptocurrency in 2022, the adoption of blockchain technology is on the rise and the increasing regulation by financial institutions and governments is a clear indication of its unstoppable momentum. This cryptocurrency fintech from Elche recently completed a €5 million funding round, solidifying its position in this ranking.

7. iPronics. While photonic computing may not frequently make headlines, the Valencian Community is home to several successful companies in this sector. One such company, a spin-off from the Polytechnic University of Valencia, has earned a place on this ranking due to its €3.7 million funding round in 2022.

8. Tuvalum. The leading Valencian marketplace for buying and selling bicycles is looking to expand internationally, focusing on the German and Italian markets, as well as to bolster its presence in France. The company has received a boost in its journey towards success with the completion of a €3 million funding round, which included support from the IVF, Enisa, and Banco Sabadell.

9. Rosita Longevity. The startup, based in Cofrentes, aims to improve the quality of life for the elderly through its app, which offers personalised care and training. The company is looking to expand into the US market, where the concept of “active ageing” is becoming increasingly popular among seniors. The €2.4 million raised at the beginning of the year will provide a boost as they work towards achieving this goal.

10. Club Clínico. Without leaving the healthcare sector, although pivoting towards B2B in this case, this Valencian SaaS startup that digitalises the management of private clinics recently announced a €2.1 million funding round to improve its product, launch new services through partnerships, and begin international expansion.

11. Sheetgo. No-code start-ups are gaining significant investment, as demonstrated by this Valencian startup that has developed software for creating workflows that automate processes, a tool used daily by employees at Spotify,, and Blablacar. With €1.8 million in funding, this company is poised to make a big splash in the near future.

12. Wenalyze. Data is the new oil and this Valencian startup uses it exceptionally well to improve the processing of commercial insurance. The company is now looking to expand into the European market and will allocate a significant portion of the €1.7 million in investment announced this year towards this goal.

13. Woodea. Sustainable construction is gaining popularity as more companies and individuals consider their environmental impact when conducting construction work. This digital construction company, which specialises in the use of technical wood and has been supported by Zubi Labs since its inception, recently announced a pre-seed funding round of €1.4 million.

14. Indya. This subscription-based personal nutrition service for athletes has attracted the attention of notable investors including Pau Gasol, Iker Casillas, and Rudy Fernández in a €1 million funding round led by Valencian VC Draper B1.

15. Fourvenues. With a turnover of €12 million in the first half of the year and projected to reach over €40 million by the end of 2022, this Valencian tech company specialising in management software for the leisure sector has made it into the ranking of most funded companies with a €1 million funding round led by Draper B1 and supported by Angels.

It is also worth mentioning in this compilation that Vivood, a hotel company that was accelerated by Lanzadera in 2013, is working on an expansion project that involves building a new sports tourism complex in the Spanish capital. This project is valued at around €30 million.

Pending any potential last-minute funding rounds, as seen with Criptan and Quibim in 2021 (two companies high on the all-time ranking of most funded Valencian startups), investment in the Valencian startup ecosystem has kept growing in 2022 and all signs indicate that it will continue to do so in 2023.