Investment in Spain has been (traditionally) far away from technology. Starting a company in Spain is not easy and people are generally looking for a stable job, they don't want to take the risk of starting a new company.
In my opinion, Spain doesn't have (in general) the culture of the entrepreneur even though some cities (like Barcelona) are trying to change it (22@, for example: http://www.22barcelona.com/index.php?lang=en).
Agree here; it's very painful to find people with an entrepreneur mindset in Spain. Even if you find someone who says he/she is an entrepreneur, usually they are very far removed from it compared to other countries; very little to no risk taking, always that hang to stability in income and living situation. Comfort over anything else.
On the other hand, this does open opportunities; Spain has one of the highest unemployment % of the world because of this; people want stable jobs and they want them provided on a silver platter, but there really is not too little work. If you open a company, on your own or with other people (foreigners included), there is tons of work for people who want to work. And then this unwillingness to take (even very small) risks, is a competitive advantage.
Just to give my 2 cents. Madrid is by far the Spanish city making the biggest effort to provide its inhabitants a nice entrepreneur-friendly environment.
And I'm missing a lot of them. The entrepreneurial scene and the agile people over here are making an enormous effort to bring this city as a true startup hub in Europe, and they've accomplished this in 1 year.
Like they say in reddit, IAMA guy sort of involved in this scene, ask me anything. Lol
I wonder if Spain could become the new hub for startups.