A Spanish founder’s trip to San Francisco in 2012 proved so transformative that his CTO relocated within months. Matt Biilmann, a Danish engineer, co-founded Netlify two years later and has since secured $212 million USD (€192.3 million).
The One Way Summit in San Francisco gathered immigrant founders and investors in late October, where Biilmann explained that Spain simply lacked the ambition he found in California. His decision to move paid off dramatically.
Meanwhile, Spain’s startup ecosystem has changed beyond recognition over the past fourteen years. Spanish startups raised €3.1 billion in 2025, marking the largest venture investment leap since 2022. The ecosystem now carries a €125 billion valuation. Funding climbed again to €2.06 billion in the first half of 2026, with Madrid overtaking Barcelona as the country’s leading destination for capital for the first time.
However, challenges persist. Reports show Spain still struggles to produce globally competitive companies. A striking 58% of that half-year funding concentrated into just 11 megarounds.
Anna Piñol followed a similar path. After helping launch Amazon in Spain in 2013, she left for Stanford and eventually became a partner at NFX, a San Francisco seed fund. “Three of our partners, including myself, we came to the U.S. from somewhere else, as immigrants, and ended up starting companies here,” she told the summit’s VCs.
The difference, Biilmann noted, comes down to investor mindset. In San Francisco, investors push founders toward bolder visions. In Europe, venture capitalists focus more on short-term profitability and safe bets.
Manan Mehta, founding partner of Unshackled Ventures, described immigrant founders as “illegible, but personally very credible.” Piñol believes investors who made the move themselves can decode what outsiders need.
Biilmann nearly lost everything in late 2015 when his visa depended on raising $1 million from reputable U.S. investors. A small fund wrote the lead cheque on Christmas Day. “It was really with a gun to the head,” he said.
Spain now attracts talent through its Startup Law, with residence permits rising 286% between 2020 and 2024. But for the boldest builders, San Francisco still holds the pull. Biilmann called moving there “a no-brainer” for those optimizing for maximum potential.
