The Rise of Bilbao as a Global Innovation Hub: Insights from Slush’D 2025
In the dynamic landscape of entrepreneurship, there are those who wait for change and those who actively create it. The recent national debut of Slush Helsinki in Spain, specifically the Bilbao Slush’D 2025, has firmly placed the Basque Country in the latter category. With an ambitious vision, meticulous execution, and the support of major global players in the ecosystem, Bilbao is emerging as a pivotal hub for innovation and venture capital.
A Turning Point for Bilbao
The event held at the Bilbao Exhibition Centre (BEC) transcended the typical conference experience; it marked a significant turning point for the region. As the first edition of Slush in Iberia, Bilbao Slush’D 2025 adopted a “north-to-north” strategy, connecting the vibrant entrepreneurial spirit of Southern Europe with the strategic pragmatism of Nordic-Baltic ecosystems. With over 850 participants from 40 countries, including 95 speakers, 385 startup founders and managers, 250 international investors, and 185 corporates, the event showcased the potential of Bilbao as a nexus for innovation.
Attracting Major Investment
One striking statistic from the event was the €8 billion in assets under management (AUM) concentrated within its confines. This figure underscores the immense opportunities available, with investment heavyweights like BlackRock, Goldman Sachs, and McKinsey & Company in attendance. The presence of the Big Four accounting firms—Deloitte, PwC, EY, and KPMG—further solidified Bilbao’s status as a burgeoning hotspot for global funds.
Over the course of two days, the event featured six side-events, 26 panels, and 10 workshops, generating over 1,200 networking opportunities and 415 investor-founder meetings. This level of engagement illustrates how a city can transform into a global innovation hub through conviction and strategic ecosystem-building efforts.
Spotlight on Startups and Emerging Talent
Bilbao Slush’D 2025 was not just a platform for established players; it also provided a stage for promising early-stage and growth-stage startups. Many of these companies were backed by renowned accelerators like Y Combinator and Sigma Squared Society, showcasing innovations across various sectors, including AI, fintech, sustainability, and biotech. Investors were eager to discover the next breakout success, making the event a fertile ground for new ideas and collaborations.
The event also welcomed Kauffman Fellows, a prestigious network in venture capital known for shaping the future of investment and entrepreneurship. Their participation, along with key national investor networks like BIGBAN Investors Spain and the Spanish Association of Business Angels (AEBAN), created vital connections between startups and early-stage capital, ensuring that emerging founders had direct access to potential investors.
Embracing Diversity and Inclusion
A notable theme at Bilbao Slush’D was the evolving landscape of venture capital, where new generations are advocating for greater openness, accessibility, and diversity in investment opportunities. The event featured Included VC, a fellowship focused on representation within the industry, and baby vc, a community dedicated to making the startup ecosystem more accessible to the next generation of innovators. This emphasis on diversity and inclusion reflects a broader shift in the venture capital landscape, where the future is seen as more equitable and inclusive.
The Reverse Pitch: A New Approach to Investment
In a unique twist, Bilbao Slush’D introduced a reverse pitch session, flipping the traditional script where entrepreneurs compete for investors’ attention. Instead, investment funds presented their strategies and visions to startups, emphasizing that venture capital is about more than just funding—it’s about forming strategic alliances and fostering mutual growth. Participating funds included JME Ventures, Notion Capital, and Plug and Play, among others, showcasing a diverse array of investment strategies.
The event also highlighted successful scaleups like Goparity, an impact-driven investment platform, and Red Points, a promising scaleup recognized with the Future Unicorn Award 2023. These companies exemplified the potential for growth and innovation within the European startup ecosystem.
Insights into the European VC Landscape
The European venture capital and startup ecosystem is thriving, with record investments and a growing number of unicorns emerging from unexpected regions. In 2023 alone, European startups raised over €90 billion, demonstrating resilience amid global economic uncertainties. Deep tech and AI startups are at the forefront, with significant funding rounds in sectors like cybersecurity and climate tech.
In Spain, private equity and venture capital funds reported an increase in their average Total Value to Paid-In (TVPI) from 1.5x to 1.6x in 2023, reflecting a robust market despite challenges. Nordic funds, particularly those focused on tech innovation, reported even higher TVPI figures, showcasing the strength of these ecosystems.
The Nordic Model of Innovation
Key discussions at the event revolved around the Nordic model of innovation, where leaders from Finland, Estonia, and Sweden shared insights into how tech-focused policies and public-private collaborations have fostered competitive startup ecosystems. The emphasis on scaling born-global companies from day one resonated with many attendees, highlighting the importance of international expansion.
Another significant topic was the integration of AI in venture capital operations, with firms leveraging machine learning for deal sourcing and portfolio monitoring. This technological advancement is transforming investment workflows, enabling firms to make data-driven decisions that enhance fund performance and startup success rates.
Building the Future of Venture Capital
The event also focused on the rise of impact investment, emphasizing the need for mission-driven startups that balance profitability with long-term sustainability. As regulatory frameworks increasingly push for ESG compliance, the demand for ethical innovation is growing.
Conversations with industry veterans provided valuable insights into navigating the complexities of hypergrowth and attracting global capital. The event tackled various industries, including biotech, femtech, health tech, foodtech, AI, deeptech, fintech, insurtech, SaaS, cleantech, and greentech, ensuring a comprehensive exploration of the current landscape.
Common Threads in Innovation Ecosystems
Despite geographical differences, Finland, Estonia, and the Basque Country share remarkable similarities in their approach to entrepreneurship and innovation. Each region boasts strong industrial roots, fostering deep-tech and industrial innovation. Government-backed initiatives play a crucial role in their development, with substantial public funding directed toward R&D and entrepreneurship.
Their startup ecosystems thrive on collaborative networks where startups, corporations, and investors engage closely. This environment fosters trust and accelerates the growth of early-stage companies, setting them on a path to success.
Celebrating the Next Generation of Innovators
Before the main event, the BBK Unicorn Night brought together visionary founders, investors, and ecosystem leaders for strategic networking and deal-making. This side event, originally created at Hanken Business School in Finland, set the stage for Europe’s next wave of high-growth startups, unifying the distinct regional ecosystem of Spain in Bilbao.
Bilbao Slush’D attracted influential figures from the global startup ecosystem, including Peter Vesterbacka, creator of Angry Birds, and Fiona Garvey, CEO of Softonic. Their insights on the future of software, diversity, and scalable product development enriched the discussions and inspired attendees.
Bilbao Slush’D has unequivocally demonstrated that innovation is not something to wait for; it is something to actively build. Startups seek partners who share their vision, while investors look for impactful opportunities. The event showcased that talent knows no borders, positioning Bilbao as a key player in the global innovation landscape. If you aim to be at the forefront of this evolution, Bilbao Slush’D is the place to be, where innovation is not just followed—it is created.
