INVESTMENT in tech start-ups in Spain grew 45 per cent in 2017 to €780 million, according to a study for the Mobile World Capital conference.
This compares to €207 million in 2013m and there are now 3,500 start-ups in the country, up a fifth from 2016.
Aspiring entrepreneurs have been encouraged by a growing number of big-ticket sales to larger companies, which have proved that people can make real money out of creating a new company.
There are also a number of businesses that have reached the “unicorn” status of being worth more than $1 billion (€880 million).
Maxi Mobility, the parent company of the taxi app Cabify, this year raised €140 million from investors.
Classified advertising app LetGo, which was started in Barcelona, also became worth more than $1 billion (€880 million) last year.
Entrepreneurs say they are attracted to Spain in part because of the high quality of life and low cost of living.