👉 Welcome to another edition of Dealflow. If you’ve been forwarded this email but you’re not a subscriber, please subscribe. And if you’re interested in sponsorship opportunities for 2027, send me an email at jaime@dealflow.es for more details.
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 Ontier NextGen:
Ontier NextGen asesora a empresas familiares, emprendedores e inversores en el crecimiento, la inversión y la expansión de sus negocios, ofreciendo soluciones estratégicas para garantizar su desarrollo y continuidad. Más sobre Ontier NextGen aquí.
Startup funding news 💸
€10M+ rounds:
Impress, the Barcelona-based orthodontics company, secured €40M in venture debt from the European Investment Bank. Impress reported positive EBITDA and €103M in revenue, up 32%, and targets €145M in 2026.
€5M to €10M rounds:
ALLOX, a Barcelona-based biotech combining experimental biology and AI for drug discovery, raised €9.4M ($10.5M) in seed funding led by Asabys, with CDTI and ICF
€1M to €5M rounds:
Crescenta, the Madrid-based digital private-markets investment manager, secured a €4M debt facility from funds and accounts managed by BlackRock
Artiso, the Barcelona-based AI platform for fashion teams, raised over €3M in a pre-seed round led by Criteria Venture Tech, with Swanlaab Venture Factory, Bynd Venture Capital and angels David Tomás and Nicolaj Reffstrup
Talky Labs, a Madrid-based startup automating accounting and financial operations with AI, raised €1.5M in a pre-seed round led by HelloWorld (Rodrigo Martinez), Silence VC and Motive Force
FitnessKPI, an analytics and AI platform for fitness operators, raised €1.3M led by Encomenda Capital and Angels Capital
YK-Robotics raised a €1M seed round co-led by Draper B1 and First Drop. YK Robotics develops AI software that controls robotic cells for manufacturers in food, chemicals and furniture
Other rounds of funding:
OmniWallet, a Barcelona-based loyalty and omnichannel-marketing platform, raised €220k
M&A news 🎊
Gameto, the reproductive-health biotech co-founded by Martín Varsavsky, agreed to be acquired by Ferring Pharmaceuticals for up to $1.38B. The deal has not yet closed. The startup had raised $117M. Varsavsky also shared his account of the company’s journey
Startup news 💡
New startups:
XploreAI came out of stealth with backing from Lightspeed and Dwarkesh Patel. Based in Madrid and San Francisco, it builds virtual training and testing environments that help AI tackle mechanical, electrical and aerospace engineering
Peptaris emerged from stealth, founded by Manu Martín, César de la Fuente, William Herbert and Marcelo Der Torossian. The Philadelphia-based biotech is building AI models and laboratory capabilities to design next-generation peptides. Peptaris website here
kontaktu AI is building an AI operating system for real-estate sales teams
Company financials:
Perk expects to close 2026 at around $450M in annualised revenue and $5B in transaction volume, growing 35% YoY. The US accounts for 25% of business while Europe remains 70% of revenue
Deporvillage reported €203.36M in FY2025 revenue and €5.37M in net profit, up 25.7%. EBITDA rose 17.4% to €8.1M
Travel tech company GrandVoyage reported €13.3M in first-half revenue, down 21.1%, with EBITDA falling 32.8% to €930k as the Gulf conflict disrupted long-haul travel and raised fuel costs
Zernio passed 10,000 paying customers
New products and features:
Magnific launched Magnific Move, which creates motion graphics from natural-language instructions. Also about Magnific, José Florido shared how the company, formerly Freepik, pivoted towards generative AI and grew 10x in under 3 years
Marketgoo is repositioning its SEO software for hosting companies and WordPress towards a broader data and intelligence layer for online visibility
Karumi introduced an AI customer-success agent that works inside a product, talking to new users and guiding them through the actual interface
Sperid Labs released Idol, an open model that generates a complete 3D object from a single image
Liminal, a dual-arm robotics project built by a team including Spaniards Javier Gil Avilés and Tomás Leggeat Bargueño, won the Black Forest Labs track at Zurich’s ERH Physical AI Hackathon. The project automates maintenance tasks such as servicing electrical cabinets.
Company profiles:
Profile of Outlandish, the Madrid agency founded by Luis Esteban to manage brands’ TikTok Shop sales. Its 10-person team generates generating €200k–€300k in monthly client sales
Profile of Krea, the San Francisco-based AI image-generation and editing startup founded by Barcelona founders Víctor Pérez and Diego Rodríguez
Profile of Libelium, the Zaragoza-based IoT and data-governance company marking its 20th anniversary. Libelium expects more than €14M in 2026 revenue
Other news:
Monzo launched in Spain, its first major market outside the UK and Ireland, with a savings account paying 4% APR on balances up to €5k
Bit2Me received CNMV authorisation for a blockchain-based exchange through Bit2Me STX. The planned 24/7 market targets private companies, scaleups and funds, offering immediate settlement.
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 🤑
Talde Gestión, the private-markets manager 63%-owned by Kutxabank, launched Gálate Deeptech I, targeting up to €125M for Spanish technology-led SMEs
Inveready raised €20M at the 1st close of Inveready Searchers I, its first search-fund vehicle
BY Venture Partners closed its 3rd fund at $60M. The Dubai-based firm is opening a Lisbon office, with Spain a priority market
Plug and Play deployed €6M–€7M from the €20M fund it launched with EA Ventures in March 2025 for Spanish startups and founders abroad
Big company & policy news 🏢
Data centres:
The Spanish government sent its proposed regulation to the Council of State, aiming to finalise it before the 29 November election
Ferrovial hired Bank of America to find a partner for its Alcobendas campus, sharing an estimated €1B investment
Microsoft outlined its Zaragoza data-centre projects across Parque Venecia, Villamayor de Gállego and La Muela
Tech consulting firm Altia reported €167.2M in first-half revenue, up 11%, and €9.2M in net profit, up 15.4%. EBITDA rose 3.8% to €12.9M
Madrid’s regional high court upheld a videogame developer’s ERE plan that cited AI-driven productivity gains in 3D modelling
Interesting reads 🤓
Great data, analysis and vizualiations! NotHiring analysed 19.5k Spanish tech job postings from July to September
Jorge Hermo (Omnia) published “How Omnia Agent Took a New Product to #1 in AI Search”.
Ignacio Perez Pozuelo (Edra, previously Palantir) wrote “The Most Ready Man Alive”
Miguel Arias published “La reunión de la transición”.
Helmcode published “DeepInfer explained: how DeepSeek’s inference engine works”.