Tech investment firm GP Bullhound has opened an office in Madrid to capitalise on Spain’s “attractive” technology ecosystem.

The UK-based advisory company said it was responding to a growing need for sophisticated technology advisory services in Europe’s fifth largest economy.

“During the last few years, we have closely analysed the rapidly maturing Spanish technology ecosystem,” said managing partner Per Roman.

“Our conclusion is that Spain is one of the most attractive internet and technology ecosystems under development.

“We intend to invest both time and money in Spain, and the opening of our Madrid office represents a significant milestone in our strategy of having local presence in the key technology hubs across Europe, the US, and Asia.”

GP Bullhound has already been active in Spain this year, having advised on the sale of The Cocktail to Wunderman (part of WPP).

In addition, the firm´s principal investment team has invested in two fast-growing Spanish mobile internet companies, Wallapop and Jobandtalent.

Olof Rustner, vice president of GP Bullhound and co-author of a new research report on Spain, said: “Spain has undergone tremendous change during the past ten years.

“The country has recovered from a financial crisis, and its government is making substantial investments in the domestic technology sector.

“Furthermore, Spain’s population is a leading adopter of mobile and internet technologies, and an increasing number of graduates coming out of its top-tier universities have their eyes set on entrepreneurship.”

GP Bullhound research recently suggested that Europe has the potential to build a $50 billion tech business.

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