Spain’s High-Growth Companies (HGCs) are transforming the country’s economy, driving job creation, innovation, and internationalization. According to the latest PwC & South Summit report, just 0.7% of Spanish businesses generate 66.7% of the country’s corporate revenue, highlighting their massive impact.
With 15,276 HGCs in Spain, these companies thrive on technology, exports, and strong entrepreneurial ecosystems. Let’s explore the key trends, opportunities, and challenges shaping their success.
What Defines a High-Growth Company?
According to the OECD, HGCs are businesses with an annualized growth rate of over 20% for three consecutive years. This report focuses on companies that:
✅ Started with at least 10 employees
✅ Generated over €500,000 in revenue in 2022
✅ Showed consistent revenue and employment growth
These companies contribute 35% of Spain’s corporate revenue and employ 1.28 million people, reinforcing their importance.
Key Trends in Spain’s High-Growth Business Landscape:
Surging Revenue and Employment
• €567.9 billion in revenue in 2022 (+128% since 2019).
• 55% more jobs created compared to 2019.
• The average HGC employs 84 people and generates €37 million in revenue.
Internationalization Fuels Growth
• 35% of HGCs engage in global trade, 7X more than average businesses.
• Expanding abroad reduces risks and increases profitability.
Innovation & Digital Transformation
• A 10% rise in innovation investment leads to a 7% increase in HGCs.
• 1 in 3 startups in Spain uses AI for innovation.
• Technology adoption is crucial for maintaining competitiveness.
Regional Hubs for High-Growth Companies – Spain’s largest startup and innovation hubs concentrate most HGCs:
• Madrid & Barcelona – Home to 41% of HGCs, benefiting from strong investment networks and top talent.
• Valencia & Andalusia – Rapidly growing as new business centers.
• Basque Country – A high-tech and industrial economy, hosting 5% of HGCs.
The Role of the Entrepreneurial Ecosystem
A strong startup ecosystem is key to HGC success. The report finds that 80% of Spain’s HGC growth is tied to the strength of its startup landscape.
How the Ecosystem Supports HGCs: Boosts innovation and collaboration; Attracts foreign investors and funding; Provides access to highly skilled talent; and Strengthens Spain’s global business reputation-
Challenges & Opportunities
Despite their strong growth, Spanish HGCs face several challenges:
🔹 Securing investment – Capital remains a top priority for scaling.
🔹 Talent retention – Competition for skilled professionals is fierce.
🔹 Regulatory and tax barriers – Simplified policies could further boost expansion.
High-Growth Companies are shaping Spain’s future, leading innovation, and scaling globally. Strengthening digital infrastructure, fostering entrepreneurship, and expanding international markets will be key to sustaining momentum.