Dealflow #522: Fever valued at almost €4B. viterbit acquired by InfoJobs. Santander AI team.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
This is the last issue of the newsletter before the summer break. I’m going to take a few weeks and come back in September. I have some small projects related to the newsletter that I’d like to work on in August, so hopefully a couple of nice surprises in September that I think are going to be useful to the readers. At least, in my mind, they’re super useful to me!
See you soon and if you do take a break, enjoy your holidays!
This week’s newsletter is brought to you by AWS:
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Startup funding news 💸
€50M+ rounds:
Revel, a Madrid-based car renting company, is reportedly negotiating an investment of over €75M from Banco Santander, valuing the firm at €300M. Revel closed 2025 with €27M in revenue and 200 employees
Arrakis, a seven-month-old London- and Paris-based startup building an AI “operating system” for industrial companies, emerged from stealth with $38M in funding from Blossom, Accel and others. The company is founded by Spaniard Rafa Quintanilla, who was previously at Accel
€5M to €10M rounds:
Kaleidos, the Madrid-based company behind open-source Figma alternative Penpot, raised €6.9M, including a €1.92M public investment from SETT
€1M to €5M rounds:
Coverwatch, a SF-based startup co-founded by Spaniard Miquel Llobet, raised $4.5M in pre-seed funding led by CoFound and Restive Ventures, with participation from us at Kfund. The startup is building an AI-native commercial insurance brokerage
CoCircular, a Valencia-based startup specializing in circular waste management, raised €1.9M in a round led by Seven Seas Capital
PageMind, a Barcelona-based startup that helps create personalized ecommerce experiences, raised €1.2M in a round led by 4Founders Capital, with participation from Tradeinn CEO David Martín
Other rounds of funding:
Mentelem, a Valencia-based healthtech specializing in corporate mental health, raised €600k
ART Technologies, a Valencia-based startup specialized in advanced quality control in the food industry, raised €200k
M&A news 🎉
InfoJobs acquired viterbit, a Spanish Hiring OS platform. According to Ecotechers, the deal valued viterbit at €20M and the company was doing around €3M in ARR
Coruña-based tech consulting firm Altia acquired 100% of Ednon, a Santiago de Compostela-based tech consultancy, for up to €12.6M. Ednon closed 2025 with €18.2M in revenue and €1.8M EBITDA
Italian AI firm Contents acquired financial educational company Balio. Balio is also behind the popular podcast Nudismo Financiero, which I quite like
Italian startup CommerceClarity acquired Barcelona-based Katalogo.ai, which builds AI agents for e-commerce catalogs
Aggity, a Spanish tech group specialized in data, AI, and Industry 4.0, acquired Bluenest from Globalvia, marking its entry into the dual defense/AI market
FlexMyRoom, the Spanish startup offering cancellation insurance for hotel bookings, has been fully acquired by Atlántigo
VC news 🚀
Atresmedia raised the value of its investment in Fever by 54%, to €197M, implying a total valuation near €3.94B. Atresmedia entered Fever in 2015 via Media for Equity and previously sold a 2.7% stake for €59M. Atresmedia still has a 5% position in Fever
Spanish investors active abroad:
Arq, a quantum technology startup, raised €1.2M from Big Sur Ventures, among others
Hilo, a blood-pressure monitoring company developed by Switzerland’s Aktiia, raised a $19M Series B extension. We had previously backed Hilo and we doubled down in this round, which was led by the family office of Dell founder Michael Dell
Startup news 💡
Sponsor: Amazon Bedrock Guardrails: ship AI you can trust.
More details of the Holaluz situation: the company faces the possible loss of its commercial license after Spain’s government opened disqualification proceedings over unpaid grid tolls and charges of roughly €6M, including €4M to Endesa and €1M each to Iberdrola and Naturgy. The company’s shares were suspended on BME Growth, where it was a market cap of €27M. Holaluz will appeal
zernio, a bootstrapped start offering a unified API for social media and messaging across 15 platforms, launched an open-source dashboard that consolidates ad spend across Meta, Google, TikTok, LinkedIn, and X into a single screen. The company also announced that it did $188k in MRR in June
Magnific (Freepik) closed the collective layoff with 100 voluntary exits, down from the 111 initially proposed
Filmin closed 2025 with over €2M in net profit for the second consecutive year, on record revenue of €30.6M (+12%). EBITDA rose to €5.8M
Musky, the pet insurance startup launched by GCO Ventures (Grupo Catalana Occidente), launched a new insurance product tailored for indoor cats
Profile of Flipflow, the Valencia-based retail intelligence startup. It raised €3M in June
UARX Space unveiled Ossie, Spain’s first orbital transfer vehicle, developed entirely in Nigrán, Pontevedra
Catalyxx, a Seville-based renewable chemicals company, announced a €120M investment to build its first commercial plant in Sines, Portugal
Big company news 🏢
Santander poached AI executives from rival BBVA, hiring Jon Ander Beracoeche and Álvaro Martín to join Ricardo Martín, its Data & AI Officer poached from BBVA a year ago
Amadeus formalized the acquisition of French group Idemia Public Security (IPS), a biometrics and identity services firm, for €1.2B, plus €150M in earn-outs
CaixaBank placed AI at the core of its 2025-2027 strategy through Cosmos, a €5B tech plan to simplify processes and improve customer experience
Common sense! LaLiga‘s anti-piracy strategy faced a setback after the EU Court of Justice ruled that offering a VPN doesn’t automatically make providers liable for how customers use it
Amazon launched its first Distribution Center in Spain, ZAZ8, in La Muela (Zaragoza). It marks Amazon’s fourth facility in Zaragoza, where it already employs over 1,000 people across 40 sites nationwide.
Aena launched a €66M tender to build the “digital brain” of its 46 Spanish airports
Interesting reads 🤓
We at Kfund unveiled our healthcare investment thesis, moving from opportunistic bets to a deliberate focus after 10+ health investments over five years: “Inside Our Healthcare Investment Thesis”
ElPais looked at the unprofitability of the food delivery sector: “El reparto a domicilio no encuentra la puerta de la rentabilidad y acelera su concentración”