UDC 001.895; 338; 330.322
DOI: 10.36871/ek.up.p.r.2025.06.01.012
Authors
Timofey I. Malashenko,
National University of Science and Technology “MISIS”,
Lomonosov Moscow State University
Abstract
The study analyzes the phenomenon of Spanish unicorns – startups valued at over $1 billion –
in the context of the national economic transformation. The author identifies five companies (Cabify, Jobandtalent,
TravelPerk, Recover, Factorial) that emerged in 2018–2022 and analyzes their role in modernizing
traditional industries through digital innovation and sustainable practices. The study reveals key trends: the
dominance of B2B solutions in corporate technologies (60% of cases), accelerated scaling (up to 2 years for
new unicorns), and the integration of ESG principles as a competitive advantage.
Three factors underpin the success of Spanish startups. First, the concentration in the tech hubs of Madrid
and Barcelona, with exceptions such as Recover, which attracted Goldman Sachs thanks to its innovative
textile recycling in a small city. Second, the symbiosis of international investors (SoftBank, Atomico) and local
funds, providing both financing and global expertise. Third, government support, including the Startup Law
(2022), which reduces corporate tax to 15% to stimulate the ecosystem. However, the predicted slowdown of
the Spanish economy and the regulatory fragmentation of the European Union (EU) create risks.
The author emphasizes that Spanish unicorns demonstrate a new development model relevant for countries
with an average level of startup ecosystems. Their strategies – a focus on narrow B2B niches, hybridization
of technologies and ESG, rapid global scaling through modular platforms – offer an alternative to
competing with tech giants. For example, Cabify (electric cars) and Jobandtalent (artificial intelligence for HR)
illustrate how a combination of innovation and adaptability allows overcoming crises. The study serves as
a basis for analyzing the effectiveness of government support measures and forecasting growth trajectories
in conditions of economic instability.
Keywords
business, “unicorns”, Spain, innovations, venture investments, high technologies
