👉 Friendly reminder that we now have Dealflow Data, where all of 2026’s funding rounds and exits are visible and searchable.
This week’s newsletter is brought to you by zenital:
Has invertido en Claude y aún no ves el retorno.
Muchas organizaciones han destinado ya recursos significativos a herramientas de IA y, tras las primeras semanas, ven que la adopción se ralentiza o se estanca. “Comprar” IA, sin adopción, es invertir sin obtener retorno.
De ahí surge AI Adoption & Productivity Program, desarrollado por expertos en datos e IA:
Impulsa el uso continuado de Claude en toda la organización
Ayuda a los usuarios a obtener mejores resultados
Detecta nuevas oportunidades y casos de uso reales con potencial
Los equipos que trabajan (de verdad) con Claude ya cuentan con una mayor ventaja competitiva. Que el tuyo no se quede atrás.
Startup funding news 💸
Biggest deal of the week was Fever’s. If I’m not mistaken, Fever is now Spain’s most valuable tech company, at €4.5B:
Primary round: Fever raised $250M in a round led by EQT, with Point72 Private Investments, Baillie Gifford and existing investors.
Vitruvian secondary: Vitruvian Partners acquired Atresmedia’s remaining 5% stake for €227M, valuing Fever at more than €4.5B.
Atresmedia’s return: Including partial exits in 2023 and 2024, Atresmedia generated €296M in proceeds and approximately €264M in after-tax gains from an investment that began through media-for-equity in 2015, delivering a MOIC above 10x.
Fever has more than tripled revenue over the past three years while remaining EBITDA-positive
€10M+ rounds:
011h Sustainable Construction, the Barcelona-based proptech, secured up to €12M from Axis, ICO’s VC arm
€5M to €10M rounds:
BATTIA, a Gipuzkoa-based deeptech spin-off, raised €7.8M from the IDAE’s RENOCICLA program. BATTIA recycles EV batteries using AI and robotics
€1M to €5M rounds:
Health Force, a Barcelona-based startup developing AI agents for hospital operations, raised €4.2M in a seed round led by LUMO Labs, with Next Tier Ventures, Step Venture, Target Global, and Calm/Storm participating
Quartz, a London and Barcelona-based fintech for personal finance and wealth management, raised €3.2M in a pre-seed round led by Daphni, with Outward VC, Kfund
OkCargo, a Madrid-based logistics startupm closed a €2M growth debt round with CaixaBank’s debt fund
Cubicup, a Valencia-based proptech specializing in sustainable full-home renovations, raised €2M in a round led by Suma Capital, with participation from Fondo Bolsa Social
Nearby Computing, a Barcelona-based spin-off of the Barcelona Supercomputing Center (BSC) and the Universitat Politècnica de Catalunya (UPC), raised €1.4M, with €680k from Spain’s SETT. The startup develops software to orchestrate and automate distributed cloud, edge, and AI infra
International companies with relevant presence in Spain:
Open Cosmos, the London and Barcelona-based satellite infra company, raised €300M in a round led by Lightrock, with ETF Partners, the Institut Català de Finances, Entrepreneurs First and Phoenix Court among the backers. Reports put contracts signed over the past 4 years at €320M to more than €370M
M&A news 🎊
a3Satel, a company specialized in software and services for firms, advisories, and professional offices, has acquired Agrisoft, a provider of payroll and labor management software
Startup news 💡
Holded closed 2025 with €35.5M in ARR. Holded was acquired by Visma in 2021 for over €190M, when it reported €6.8M in revenues
Revolut surpassed 7M clients in Spain, becoming the country’s 4th-largest bank by users
Housers is facing complaints from investors who say they cannot recover funds from projects. According to laSexta, around €66M of the €150M invested through the real estate equity crowdfunding platform remains unpaid
According to El Periodico Glovo cofounders Oscar Pierre and Sacha Michaud studied a management buyout to regain control of the following markets: Spain, Portugal, Poland, Romania y Moldavia
Perk (TravelPerk), launched Perk Spend in the US following its European debut last November. The US accounts for 30% of Perk’s new global business
Anthropic landed in Spain with a new Madrid office. It will be led locally by Cristina Pitarch, former Google Cloud Security director for EMEA
Quiver launched Arrow 2, its most significant update yet for AI-powered vector design. Quiver is a Kfund and JME portfolio company, based in the US but co-founded by Spaniard Joan Rodriguez
Olesym, a new deeptech company launched by Zubi Group’s venture builder, develops European-made ingredients for detergents and cosmetics without palm oil or petroleum
AWS Startup Advisor: free AI assistant for architecture, costs, security & scalability. Works in Kiro, VS Code, Cursor & Claude Code. Connects to AWS Activate credits. From first line of code to scale. Do you want to chat? click here.
Investor news 🤑
CDTI invested €11.3M across 9 coinvestment deals in July and August. Since January 2026, Innvierte has committed €85.9M across 38 companies and €650.1M in 10 investment vehicles.
Antai hired three new team members, including former Inveready and Wallbox professionals, to strengthen its operations, investment, and legal divisions. The moves come as the firm raises between €40M and €75M for The Extension Fund II, a debt vehicle backing Spanish startups in AI, digital services, and software.
Big company & policy news 🏢
Spain’s data-centre debate intensified this week:
Government position: PM Pedro Sánchez published an op-ed in Bloomberg titled “How to Stop Data Centers From Grabbing Too Much Power”
Paul Meaney, head of AWS data centres for Europe, asked the government to adhere to existing EU regulations for data centres
Industrial backlash: Spain’s heavy industry filed objections through the Alianza por la Competitividad de la Industria Española, demanding priority over AI infrastructure
The DGT has urged caution on the rollout of robotaxi trials in Spain, which last week was said that could begin in Q4 2026. The EU noted that European homologation rules won’t take effect until January 2027
On the topic of self-driving technology, Tesla announced it has completed two years of FSD supervised testing across Spain, covering 460,000 kms
Spain’s Ministry of Trabajo thinking of proposing a law that would bar the reuse of artists’ voices or images in AI
The ERE of over 2,000 content moderators for Meta‘s platforms in Barcelona reached Catalonia’s High Court
Interesting reads 🤓
If true, this is terrible. I h Spain’s Intellectual Property Commission blocked several domains of Archive.today. The restriction was imposed without a court ruling, with apparently some Spanish ISPs now redirecting users to a government page. At least with my ISP, I can still access Archive through various domains
Alex Bryszkowski (VP B2B & Partnerships at Holafly) published “La convergencia silenciosa: Cómo las APIs están transformando el viaje corporativo”
Inditex Tech published “Engineering Zero-Downtime Deployments for Large-Scale Industrial Automation”
Javi Santana (Tinybird) published “Forward Deployed Engineer a pie de calle”. Here also in English