And… I’m back! Hope you all had a great summer.
During August I worked on this: Dealflow data.
I’ve been meaning to build it for a while but could never find the time. It’s basically a simple database of every round, exit and new fund closed or raised in Spain since the beginning of 2026 (around 330 deals so far). For now it’s fairly basic and probably has some mistakes in the data, but I’ve been using it to track certain companies, help a few of our portfolio companies find potential customers, and other small things.
A few things to note:
I’m treating “Spain” the way we do at Kfund: Spanish companies and Spanish founders abroad. I’m not trying to build the single source of truth for the Spanish tech ecosystem, just something that’s useful to me (and hopefully to some of you).
I update it every week, right after the newsletter goes out, so it stays current.
I only include confirmed deals (closed rounds and announced exits, no rumours), and I try to remove duplicates when the same deal gets reported across several issues.
All the charts on the site are clickable and will filter the entries below them. For example, if you click “€1-5M” in the Rounds by size chart, you’ll only see rounds of that size. I’m planning to make it possible to combine several charts so the results stack (e.g. €1-5M rounds in Barcelona), but that’s not ready yet.
You can use the search bar for simple queries like “rounds over €10M with Kfund”. It works most of the time, but not always, and for now it doesn’t support every type of query.
There are only two external links per entry: the company/fund’s website and the Dealflow newsletter issue where the round or deal first appeared.
At some point I’ll perhaps add data going back several years, but not yet
The site isn’t integrated into Dealflow.es yet, because I’m changing a few other things and also migrating the site to another provider, but it will be (hopefully soon).
That’s it! If you have suggestions, feedback, etc., let me know.
Startup funding news 💸
€100M+ rounds:
HappyRobot raised $150M in a Series C round led by Prysm Capital and co-led by Eurazeo, at a $1.2B post-money valuation. We (Kfund) invested in HappyRobot a few months ago, which is now being disclosed. HappyRobot is headquarterd in San Francisco but has a significant and growing presence in Spain, with offices in Madrid and Barcelona
Volta, London-based company founded by Spaniards Ricard Boada and Sofia Gumuzio, came out of stealth to finance AI infrastructure at scale. The company announced a Seed and Series A valuing it at $2.4B, backed by Azora, a16z, Altimeter, NVIDIA and others. Volta also accouned a $10B partnership with a leading AI lab for a European AI Factory
€10M+ rounds:
Job&Talent raised around €22M from existing shareholders in a tranched Series G, according to Ecotechers. The new shares carry a 1.5x liquidation preference
€1M to €10M rounds:
PuntoPost, the Mexican last-mile logistics startup founded by Spaniards, raised $4.8M
Fuvex, the Navarre-based startup specializing in long-range drones for power grid inspection, security, and defense, raised €3M in an oversubscribed round backed by Sodena, SEGO Venture, Izertis Ventures, and several family offices
Nomade Nation, a Terrasa company specializing in premium camper design, raised €1.8M in a round led by Prodinco
Reental, a Madrid-based fintech specializing in tokenized real estate investment, raised $1.7M led by Akka
Other funding news:
Qilimanjaro Quantum Tech, the Barcelona-based quantum computing startup, is raising €55M, with €20M already secured and the rest expected after summer
Incapto, the Barcelona-based specialty coffee startup offering connected machines and recurring subscriptions, is working with Abante on a fund to atract more investment. Incapto posted €14.85M in revenue last year
Eholo, the Barcelona-based SaaS for mental health practices, raised an undisclosed round from GCO Ventures and CRB Health Tech
M&A news 🎊
Exits with disclosed amounts:
Marosa, the Vigo-based VAT compliance and e-invoicing startup, was acquired by Wolters Kluwer for €112M in cash. Marosa did €10M in revenue in 2025. CEO and founder Pedro Pestana appeared on the itnig podcast a few months ago. He published a post about the deal here. I’ve heard that Pedro had a 60% stake in the company, so huge deal for him and the company. Massive congrats. Marosa had done a €12M round with a PE firm in 2024
Virtualware, the Bilbao-based VR firm, signed an agreement to acquire UK-based Virtalis. The deal combines a fixed €5M payment with a variable component tied to 2026–2027 results. The combined group projects €10M revenue and €2.5M EBITDA
Other exits:
Alantra acquired a 75% majority stake in Deudafix, a debt-management fintech. Deudafix had raised funding from Axon Partners and does around €40M in annual sales with 250 employees
Cluber, the Coruña-based sports management software platform, acquired Kaantera, a training planning and analytics platform applying AI to sports clubss
Taptap Digital, a Spanish adtech company, acquired Manchester-based audience design platform Skyrise
Mapfre acquired a 38.9% stake in digital insurer Tuio for an undisclosed amount
Startup news 💡
Early stage startups growing fast:
Zernio, a fully bootstrapped startup building social and messaging infra for AI agents and devs, crossed $3M in ARR just 13 months after launch. It only has 8 employees
Media startup LongStories crossed $1M in annualised revenue run rate, scaling from nearly zero to $90k/month in just seven months
Startup profiles:
Profile of Salvador Mas and his most recent startup, GPTadvisor, in the wealthtech space. We’re investors. He said that company has €3M in ARR
Profile of Heydiga, the Barcelona-based voice AI startup for SMBs. It aims to close 2026 with €1.5M in revenue
Fintech news:
MyInvestor surpassed 1M clients
Trade Republic reached 2M users in Spain, its second-largest market, where it says it is already profitable
Profile of Diego Bestard and Urbanitae. The company has channeled over €670M across 290 projects and has returned €210M to investors
Deale, the M&A platform for Spanish SMEs, facilitated 18 deals worth €52M in H1 2026
Startups touching the physical world:
PLD Space was selected by the European Space Agency, securing a €169M contract to strengthen Europe’s sovereign access to space
Theker partnered with Mango to deploy its robots at the textile group’s logistics center in Lliçà d’Amunt
Data centre cooling company Submer committed to invest $2B in Madhya Pradesh’s semiconductor sector, in India
Wordsmith AI, a Scottish legal-AI startup co-founded by ex-Perk executives, landed in Barcelona with an office and plans for a second in Madrid. Yellow is an investor in the firm
Holaluz avoided losing its electricity supplier license after Spain’s Energy Ministry archived proceedings that could have transferred its ~140,000 clients to Iberdrola, Endesa, Repsol, and Naturgy
Investor news 🤑
Carles Reina, first investor in ElevenLabs and also Head of GTM, announced his departure from the company after 3.5 years. Carles said that he will now focus on new problems while continuing to invest through his fund Baobab Ventures
Iberian Ventures, a firm founded by Luis Reyes (ex-McKinsey and Google) alongside two former Santander executives, launched a venture fund targeting up to €100M to back Spanish SMEs in fire-protection services
Fund-of-funds activity:
Altamar launched Galdana Ventures 2027, a new €100M fund-of-funds targeting leading VC firms in the US and Europe
Creand Asset Management launched a fund-of-funds targeting €25M, advised by Blue Opal and focused on the US market
Spanish investors active abroad:
Iris Ventures acquired a minority stake in Krème, a French organic dermocosmetics startup
Big company & policy news 🏢
This is super relevant. Spain has opened consultation on a decree that could reset the economics of every data centre in the country. Anything above 1 MW would need 80% renewable power matched hour by hour, backed by new generation built in the previous 18 months, plus an EU based operator and data kept in the bloc. The pitch is bubble prevention, with over 12 GW of grid rights granted since 2021 against a 4 GW target, while Moncloa now holds the veto over projects the regions already blessed.
Salesforce promoted Spaniard Miguel Milano to COO under CEO Marc Benioff
BBVA reorganized its top management with 10 major changes, including 7 promotions and 9 executive departures. Carlos Torres promoted a younger generation of internal executives to tackle AI transformation
Stripe reshuffled its Spanish leadership after the departure of Mattia Gamberoni, head of Iberia and Italy for nearly five years. Existing employees Roldan Pérez and Jeff Niuman will jointly steer the firm
Telefónica sold Zeleris, its parcel and device logistics subsidiary, to OnTime Transporte y Logística for nearly €100M
Could Waymo soon be available in Spain soon?
Interesting reads 🤓
Miguel Carranza of RevenueCat released data indexing the App Store to settle a familiar debate: is it worth selling apps to Spanish users, or are Spaniards reluctant to pay for software?
SLNG tpublished: “It’s the amnesia, stupid: Voice AI’s missing cache layer.”
Christian Palou of TheirStack shared a presentation titled: “De desarrollador a Product Engineer”
It’s a sad state of affairs for Spanish education
