We investigated the electronic structure of the bcc metastable phases involved in the fcc to bcc transition of Fe. Ultrathin Fe films were grown on a 2-monolayer (ML) Ni/W(110) substrate, where a fcc lattice is stabilized at low Fe coverages and the transition proceeds through the formation of bcc nuclei showing a specific "Kurdjumov-Sachs" orientation with the substrate. A comprehensive description of the electronic structure evolution is achieved by combining spin-resolved UV photoemission spectroscopy and ab initio calculations. According to our results, an exchange-split band structure is observed starting from 2 ML of Fe, concomitant with the formation of ferromagnetic bcc nuclei. Continuous modifications are observed in the spin-resolved photoemission spectra for increasing Fe coverage, especially for what concerns the minority states, possibly indicative of the progressive relaxation of the strained bcc phase starting from the bcc/fcc interface.