Dealflow.es #472: Spain is hot. Submer reaches €150M in revenue. Throxy's quick round.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
🇪🇸 Good article in Sifted about the strong beginning of the year for Spanish tech. Spain’s tech scene is on fire, with startups raising over €1B in Q1 2025 — up 184% YoY — and another €910M so far in Q2, driven by global investor appetite and AI momentum. Sifted explores the country’s transformation, from an underdog to Europe’s 4th most-funded ecosystem this year
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Startup funding news 💸
Quantix Edge Security, a newly created cybersecurity and microelectronics company, secured a €19.6M public investment from SETT as part of Spain's Recovery Plan. The company will build a center in Murcia focused on secure microchip personalization and post-quantum cybersecurity technologies
Steryon, a Barcelona-based startup specializing in industrial cybersecurity, raised €1M in its first funding round, led by 4Founders and Abac. Abac wrote about the investment here
Captoplastic, a startup developing technology to eliminate microplastics from water, raised €2M in a round led by BeAble Capital
Tether, a startup enabling electric vehicles to function as grid-connected energy storage, raised €1.5M in a round led by Draper B1 and Kfund
Phenyx Health, a digital health startup based in Vigo, raised €600k. The company offers a telehealth platform combining data analytics and AI to deliver personalized medical care
Spanish founders building abroad:
Throxy, a startup co-founded by Spaniards Pablo Jiménez de Parga and Arnau Ayerbe, raised $6M to scale its AI sales agents. The round was led by Base10 (Adeyemi Ajao) with participation from Y Combinator. GoHub Ventures also participated.The round came at a $50M cap and Throxy currently has $1.5M in ARR, apparently one of the fastest growing companies in YC’s latest batch
Other rounds of funding:
Robopedics, a startup developing robotic orthotic solutions, raised an undisclosed amount from CDTI Innovación and Mondragón FCR
M&A 🎉
Dawn, the crypto wallet startup co-founded by Spaniard Isaac Rodriguez, joined Tools for Humanity, the team behind Worldcoin. Launched in 2023, Dawn combined a mobile-first, self-custodial wallet with an AI assistant and Safari extension, enabling seamless DeFi access. The company had raised $2M from Variant and Geometry. More here and here
Hastee, a Barcelona and UK-based financial wellbeing platform offering earned wage access and money management tools, was acquired by Zellis Group, a provider of AI-driven HR, payroll, and benefits solutions
Cooltra, the Barcelona-based shared mobility company, acquired the Italian operations of German group Cycle, adding 700 e-bikes and 500 delivery subscriptions in Milan, Rome, and Turin. The deal strengthens Cooltra’s presence in Italy’s last-mile delivery market
Hubtype, a Barcelona-based startup specializing in AI-powered customer service via messaging apps, was acquired by UK software group Aries Global for an undisclosed sum. Hubtype is a Kfund portfolio company. More info here
Pablo Grueso, founder of Tecnofor, responded publicly to a report published by esdiario alleging legal issues surrounding Sngular's acquisition of TecnoFor, calling the claims false and defamatory. Grueso clarified that TecnoFor was not under legal dispute at the time of sale and that no claims exist against Sngular or the acquired company
Investor & accelerator news 🚀
Spanish investors active abroad:
Xepelin, the fintech focused on streamlining financial operations for SMEs in Latin America, secured $140M in debt financing from BBVA Spark. The Chilean-founded company will use the funds to expand its financial services platform for Mexican SMEs
Batir a largo plazo al mercado es complicado, y poca gente lo consigue. Si además no tienes tiempo o conocimientos para invertir en bolsa, lo mejor que puedes hacer es utilizar Indexa Capital.
Startup news 💡
New startups, products & key features
Silbo Money, a Spanish fintech, launched a payment service that allows users to send and receive money directly via WhatsApp. Backed by figures like Ángel Cano (ex-BBVA) and Enrique Tellado (ex-Evo Banco), the company raised €1.5M
Krea.ai released Krea 1, its first proprietary image generation model, now available in public beta. Built in collaboration with Black Forest Labs
Startup financials
Submer, the Barcelona-based startup pioneering liquid immersion cooling for data centers, was featured in Bloomberg for its growing role in cutting energy use in AI-driven data centers. The company has partnered with Intel and Dell, and now operates in 17 countries. Its biodegradable, non-conductive coolant enables servers to run submerged, reducing energy and water use. Submer reached over €150M in revenue in 2024
Playtomic, the Spanish racket sports booking platform, plans to expand aggressively in the US. With over 3M users and operations in 60+ countries, the company aims to hit €31M in net revenue in 2025
Bit2Me is preparing a new funding round to expand into Europe and Latin America, following the implementation of the MiCA regulation. The company tripled its revenue in 2024 to €24M and forecasts €26M in 2025.
We Are Knitters, the Spanish DTC brand known for its knitting kits, received a rescue offer from Caracas Lab after filing for insolvency. The winning bid includes €120k in cash, the assumption of €88.5k in labor liabilities, and the acceptance of €705.5k in strategic supplier debt. More info here
Other startup news
According to Ecotechers, Jobandtalent restructured its board following its €92M funding round. Co-founder Felipe Navío stepped down as executive board member but remains involved as an observer. On LinkedIn, Felipe publicly denied claims that he is leaving the company. He clarified that he remains fully involved in day-to-day operations and continues as a board observer
Glovo marked its 10th anniversary by announcing that 100% of its riders in Spain will be under employment contracts starting July 1. The move signals a major shift after years of legal battles over its use of freelancers.
Big company & policy news 🤓
Microsoft will open a global R&D hub in Valencia, focused on technology applied to sports, health, and entertainment. More info here
Indra has appointed Luis Fernández Hernando as the new head of Minsait
Interesting reads 🤓
Marc Subirats (Nina Capital) published “The most common mistakes made by HealthTech founders, and how to avoid them!“
Luigi Mallardo published “SaaSifying a Corporate Giant: A CRO’s GTM Playbook for BAT Italy (Pilot Project)”
Iñaki Berenguer (LifeX) published “Reflections of a VC. TL;DR: Building a company is brutally hard. Being a VC is not.” and also this on “the New Playbook to Win in Traditional Industries: Rollups + Leapfrogging from Digital to AI-Native”
Capital allocation in Spain is heating up, but where are the IPOs?