Digital agencies are a buy-and-build market. The numbers from Spain

Of the Spanish agencies with a known team size, 70% have ten people or fewer and only 241 have more than 50. That is the shape of a market built for consolidation.

28 de octubre de 2026 · 2 min de lectura

Investors in services look for the same pattern: many small firms, a few mid-sized ones, recurring clients and no dominant player. The census of Spanish digital agencies shows that pattern clearly.

A long tail of small firms

Among the 4,524 Spanish agencies whose team size we know:

3,177 (70%) have ten people or fewer
1,106 (24%) have between 11 and 50
178 have between 51 and 200, 27 between 201 and 500, and 36 more than 500

In other words: 241 possible platforms and thousands of possible add-ons. The census holds 10,007 agencies in total, so the real number of small firms is higher.

Where the platforms are

The larger agencies concentrate in Madrid: 105 agencies with more than 50 people in the Community of Madrid, against 63 in Catalonia, although Catalonia has more agencies overall (2,344 vs. 2,113). A platform bought in Madrid and add-ons bought in Catalonia, Valencia or Andalusia is a natural geography for a Spanish roll-up.

Capabilities you can buy

Buy-and-build in agencies is usually about adding capabilities, not only revenue:

eCommerce: 4,479 agencies; among those implementing Shopify, 38 have more than 50 people.
AI services: already offered by 2,417 agencies, most of them small.
ERP and CRM integration: 1,772 agencies, the technical capability that turns a marketing agency into a transformation partner.
Odoo, HubSpot, Salesforce, Magento specialists: small, scarce and sought after by larger groups.

What makes it hard

Fragmented markets are attractive and difficult for the same reason: there is no list. Most small agencies don't advertise that they would sell, don't appear in rankings and have never met an investor. Sourcing is the bottleneck, not capital.

That is the gap the census closes: every agency of the market, with its size, services, software, clients and health, so a thesis can be screened before the first call.

See the investor page for the figures by country, or the Spain directory for the breakdown by region and software.