What 1% of a company costs
At Kfund we have been writing 1st cheques in Spain since 2016. Across 4 funds and 136 investments, we went back and priced every one of them the same way: what did 1% of the company cost on the day we invested? This is our own portfolio rather than the market, but 10 years and 136 companies is a decent sample of how the local ecosystem has moved.
Since 2016, valuations of Spanish startups have roughly increased by 3.5 and the median round we entered grew from €820k to €3.3M.
One way to feel the shift: a €1M cheque bought 23% of a company in 2016, and buys about 7% today. Prices tripled, round sizes quadrupled, and the funds that stayed in the game have responded by writing bigger cheques rather than accepting smaller positions, which also has an impact on fund size.
I’ll continue to bring more data points as I continue to analyze all of the data that we have.
This week’s newsletter is brought to you by Nova:
¿Cuáles son las 50 scale-ups con más talento de España? Todas las startups presumen de tener el mejor talento. Pero nadie se ha parado nunca medirlo. Hasta que llegó Nova Recruiter.
Hoy, en exclusiva en Dealflow, lanzamos el ranking de las 50 startups con más densidad de talento de España. Y si la tuya no está: ¿cómo de densa en talento es tu empresa? ¿Cómo compara con los competidores
Startup funding news 💸
👉 Friendly reminder that we now have Dealflow Data, where all of 2026’s funding rounds and exits are visible and searchable.
iPronics, a Valencia-based photonics startup building optical switches to connect GPUs in AI data centers, raised €107M ($125M). The round marked Nvidia’s first major investment in Spanish tech, alongside Criteria, Maverick Silicon and Light Street. Iñaki Berenguer served for 6 years as president and board member and is now stepping down from both roles. He wrote about his involvement here. More about iPronics here and here
Barcelona-based fintech ID Finance secured a €21M debt facility from German asset manager nordIX to expand its consumer lending business in Spain. In H1, it originated more than €190M in loans and reported around €100M in revenue
Valencia-based Ipremom, which commercializes prenatal diagnostics, raised €15M in a round led by Spain’s Asabys and UK-based Amadeus
MOA Foodtech, a Navarra-based biotech company, raised €3.3M from the EIC Fund, Swanlaab Innvierte Agri Food Tech, and CDTI-Innvierte. The company uses AI to turn agri-food byproducts into functional ingredients
M&A news 🎊
Factorial acquired German startup Empion, a Berlin-based specialist in AI-powered candidate and employee assessments. The deal strengthens Factorial’s push into Germany, its first market outside Spain. More from Jordi Romero here
British fund Everfield acquired Playoff, a Sabadell-based platform for managing sports clubs, federations, academies and associations. Playoff closed 2025 with €1.6M in revenue
Eurofirms Group, the Catalan HR company, acquired Avanza Externalización de Servicios, the outsourcing division previously owned by unicorn Jobandtalent, which had paid €9.36M for it in 2021. Avanza billed €72M last year
Startup news 💡
Startup financials:
Idealista‘s parent compay posted €345.7M in revenue and €155.4M EBITDA in 2025
Perk (TravelPerk) said that it has no immediate plans to go public. The company is nearing $400M in annual revenue while growing 50% YoY and without burning cash. The choppy debut of rival Navan on the stock market has reinforced its patience
Wallapop closed 2025 with €116M in revenue, up 15% YoY, though losses widened 12% to €28M due to a €84M incentive plan tied to Naver’s full acquisition. Wallapop Envíos drove €85M in sales, while subscriptions and visibility services added €27M. The company expects to reach profitability next year.
Cooltra turned 20. Profitable since 2021, the firm reached gross sales of roughly €63M in 2025 and expects €68M this year. Bikes now make up 10% of its fleet, targeting 30–40% within a few years.
Product launches and new companies:
Multiverse Computing launched Quasar 438B, a reasoning model for enterprise-scale agents and coding. There was a ton of backlash on X about the launch, since the company was not fully transparent about the fact that it’s a compressed GLM 5.2. Both tweets about the launch now have community notes, here and here
Toni Perez (Bloobirds/Harmonix) announced his new company OpenDome
Trade Republic incorporated funds from Spanish star managers Cobas, Azvalor and Magallanes, plus Groupama, letting clients buy from just €1
MyInvestor partnered with VIVLA, a company specializing in co-owned second homes, to offer its clients access to premium properties in top Spanish destinations
Map of Spain’s startups deploying drones, AI, thermal sensors and LiDAR to prevent and fight fires. The list includes Aeromedia UAV, Cazallamas, Deliciouspack, Dendron, Forest Bank, Ignite Siniestros, IMS Drones, Tecnobosque, Vallfirest and Skyboria
Odilo rebranded as Letmino, closing a turbulent chapter marked by the exit of its founder, internal fraud accusations and an ERE
Qamarero, the Seville-based SaaS platform for hospitality management, said that it has been adding around 200 clients monthly and reached ARR of roughly €2.6M last year
Profile of XRF, the dual-use tech startup led by Gustavo Medina, which has developed “visual intelligence” tools that recreate armed conflicts and natural disasters in real-time 3D
Holaluz returned to BME Growth after it faced a government procedure to disqualify it over unpaid debts to electricity distributors. Holaluz said the invoices are fully settled. Before suspension, it was valued at €27.15M
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Investor news 🤑
Profile of Mission, the VC firm managed by Jorge Dobon and born from Demium’s pivot to pure early-stage investing. It’s raising a new €35M fund
Marina de Empresas, the Valencia entrepreneurship hub backed by Mercadona by Juan Roig, opened a 3rd building after a €25M investment. Juan Roig’s personal contribution to the hub now exceeds €70M
SeedRocket has put together the 18th edition of its Campus for Business Angels, which will take place in mid October
Spanish investors active abroad:
Sorare, the fantasy sports NFT platform, closed a new funding round backed by longtime investors Benchmark, Accel, Partech and Kibo Ventures
Big company & policy news 🏢
Spain’s videogame studios are rolling back remote work. Unions claim return-to-office mandates aim to force voluntary exits and dodge severance. Ubisoft Barcelona Mobile workers began a strike over
eDreams reported an 80% drop in adjusted net profit to €4.7M in Q2 of fiscal 2026, citing a deliberate investment phase tied to its November 2025 strategy shift
More info and debate about Spain’s Ministerio de Transición Ecológica proposal for stricter energy rules for data centers. SpainDC estimates the sector could mobilize €67B by 2030, though Amazon, Meta, and Merlin Properties warn the plan threatens their investments.
Interesting reads 🤓
Miguel Carranza on being a founder in Spain and building new companies from here. He’s right
Just a suggestion on the rounds' valuation evolution, as you mention that you will share more data. It would be interesting to make it relative to ratios relative to the size, such as ARR / 1 M€ investment, adjusted for growth, etc.
I am surprised to see the evolution, given that 21-22 is always refered to as the easiest period to access capital.
Thank you for sharing.