Dealflow.es #482: Orbio raised €6.5M. idealista ends Kyero M&A. Invivo launches €100M fund.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
Dealflow.es aims to be the best way to keep up with Spain’s startup ecosystem. This is a side project of mine. I spend the vast majority of my time investing in early stage startups as part of Kfund. We make investments of €100k to €10m. If you want to chat, drop me an email at jaime@kfund.vc
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Startup funding news 💸
Orbio raised $7.6M (€6.5M) led by Visionaries Club, with participation from Plus Partners, Enzo Ventures and 2100 Ventures. Orbio has developed an AI‑native HR platform. Its AI agents have automated hiring, onboarding and retention, processing 60k interviews for clients like AT&T, Verisure, Vicio and Honest Greens
New York research shop Manifest AI was profiled by Forbes. Founders Jacob Buckman and Spaniard Carles Gelada, ex‑OpenAI/Google Brain, lament that humans—not machines—decide which tokens models keep and drop. Their “power retention” architecture lets models decide what to forget, promising faster, cheaper training and inference. The 2023‑founded lab has raised $5.5M and plans to release an open‑source coding model
US and Barcelona-based voice AI startup Prosper AI raised a $5M seed, led by Emergence Capital, to tackle healthcare’s $450B admin crisis. Prosper’s agents automate calls for hospital networks, pharma firms and billing companies—handling appointment scheduling, benefits checks and claims follow‑ups
Barcelona‑based recruitment marketplace Workfully closed a €4M round led by Shilling VC. Founded in 2022, Workfully empowers independent recruiters with AI‑powered CRM tools and monetisation features, letting them own and monetise their talent pools
Nilo raised a $4M seed round led by Supercell, with participation from a16z Speedrun, Kfund, Next Tier Ventures and others. Nilo is remote first, but its founder and CEO is based in Valencia. Nilo’s browser‑based, AI‑native platform lets users build interactive 3D worlds instantly, making game creation as fun as playing
Konvo AI secured €3.5M in funding led by Samaipata. The Berlin/Barcelona startup’s AI agents handle e‑commerce customer queries end‑to‑end—including contacting couriers—turning support into a sales engine
Other rounds of funding:
Crossmint has announced a strategic investment from Circle. The partnership integrates USDC stablecoin infrastructure into Crossmint’s wallets, ramps and embedded finance APIs
M&A 🎉
Idealista abandoned its acquisition of UK property portal Kyero after Spain’s CNMC imposed requirements deemed “disproportionate” and restrictive. The deal, signed in Dec 2024, would have added Kyero’s 33‑person team and 7k agents to Idealista, but the board concluded prolonged negotiations and tough conditions made the deal unviable
Mio Group launched a voluntary tender offer to delist from BME Growth. The Arbeloa‑brothers‑led marketing consultancy says the move will give it more strategic flexibility
Ecotechers published the story of Tiendeo and its +€30M exit to DoveConviene
Investor & accelerator news 🚀
Invivo Partners announced a €100M fund, Invivo Ventures AI, focused on investing at the intersection of AI and life sciences. It will back 12–15 early‑stage Spanish deep‑tech startups with tickets of €4–8M, with first deals expected in 2026
Nazca Capital has taken a 35.7% stake in Lãberit via a €10M capital increase, aiming to fuel the tech firm’s acquisition-driven growth. Based in Valencia and focused on healthcare IT, public administration, and industry, Lãberit plans to triple its current €72–73M revenue in five years
Spanish investors active abroad:
Kfund participated in 2501.ai’s €2M pre‑seed round. The Paris‑based startup is building autonomous AIOps agents to handle incident response and maintenance across complex cloud, hybrid and on‑prem environments
Yellow participated in Alpic AI’s $6M pre‑seed round. Alpic provides a Model Context Protocol (MCP)-native cloud platform so developers can deploy and manage MCP servers for AI agents in minutes, with built‑in security, analytics and tooling
ABANCA opened applications for the 11th edition of its ABANCA Innova Startup Program, running until 7 November. The call targets startups in fintech, insurtech, regtech, cybersecurity, sustainability and other finance‑impact technologies
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 💡
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Startup financials
Girona‑based e‑commerce group Tradeinn is aiming for €2B in sales while sticking to its pure‑player model. The company operates 20 specialist stores, sells in 190 countries and generated €555M in 2024. After Suma Capital exited its 30% stake, Apollo Global Management has come in to support further international expansion
In 2024, Jobandtalent recorded revenues of €1.8B, down ~1.5% YoY. Meanwhile, its adjusted EBITDA rose 23% to €61.3M. The company attributes its resilience to its AI‑powered platform, which enabled revenue per employee growth of 21% and improved efficiency
Real‑estate crowdfunding platform Urbanitae has surpassed €105.1M in returns to its investors across 68 completed projects, with more than 40k investors and an average of 600 per project. Urbanitae reports an average annual return of 12.2%, with 61% of capital returned from debt projects and 39% from equity
New startups and product launches
VirusTotal founder Bernardo Quintero and a five‑person team at Google Málaga are building Omnia, an AI‑powered cybersecurity platform dubbed “ChatGPT for cybersecurity.” Omnia automates malware analysis, lets experts and citizens ask questions, share prompts and workflows and will soon be opened beyond the 800 Google analysts currently testing it. Quintero says the tool aims to become a community resource and could launch publicly this month
Holo, a digital‑health startup, is launching a health companion app. CEO Francesc Navarro says the €199/year subscription combines advanced lab testing (+110 biomarkers), wearable data from Apple Watch/Oura/Garmin/Whoop, AI‑tailored guidance, clinician notes and daily insights
Crescenta launched its third PE growth fund, targeting €70–100M to invest in top‑performing tech growth funds. The fund opens private equity to retail investors from €10k, following earlier vehicles that raised €30M; Crescenta boasts over 2k clients (95% retail)
Other news
Qualcomm’s Devang Aggarwal showcased Voicemod running AI voice‑transformation effects on Snapdragon X Elite and new X2 Extreme NPUs. The on‑device integration delivers low‑latency, high‑fidelity voice effects in games like Fortnite, freeing CPU/GPU cycles and improving privacy
Luxury co‑ownership startup Vivla has entered Madrid with two prime homes and sells eight shares per property giving six weeks’ use each. Most buyers are Mexican; Vivla has 400 owners nationwide, €40M in GMV and raised €8M in July, and plans to add 100 more owners in Madrid using a €20M debt vehicle
Factorial released the company’s biggest AI Report 2025. The report offers 100+ AI prompts, 20+ everyday tools and insights from 1,500 European leaders on the present and future of AI
Startup profiles
Ecotechers talked to Miguel Carranza and RevenueCat about rejecting a $500M offer and other topics related to company building
Big company & policy news 🤓
MasOrange launched its own advertising platform to connect brands with its 30M customers and challenge Google’s dominance. The omnichannel service, MasOrange Advertising, aims to bill up to €500M annually and ensures privacy by analysing 2 B data points in just two seconds
Google AI strategy director Pilar Manchón told El País that each industrial revolution transforms work rather than destroying jobs; for every job the internet eliminated, 2.6 were created
Indra has secured all necessary international approvals for its €725M acquisition of Hispasat and expects final clearance from Spanish authorities soon, aiming to close the deal in October. The move strengthens Indra’s Space division, which includes Hisdesat and Deimos, and targets €1B in revenue by 2030. Combined, Hispasat and Hisdesat are projected to generate €400M in revenue and €190M in EBITDA by 2026.
Digital Realty, a global provider of data center, colocation, and interconnection solutions, will invest €230M in a new 21MW facility in Sant Adrià de Besòs (Barcelona), set to launch in early 2026
Interesting reads 🤓
Samuel Gil wrote “El auge Forward Deployed Engineer”
Ignacio Arriaga wrote “Productos malos que lo petan”
Anna Piñol wrote “Pricing the AI Workforce: From Pilots to Real Revenue”
David Bonilla wrote “Nadie quiere pagar por las pruebas”