Dealflow.es #484: 011h raised €20M. New Spaniards in YC. Factorial & Jobandtalent go AI.
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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This week’s newsletter is sponsored by Premios EmprendeXXI:
🔥 La 19ª edición de los Premios EmprendeXXI es TU VENTANA DE OPORTUNIDAD 🔥
CaixaBank y Enisa llevan 18 ediciones impulsando talento a través de los Premios EmprendeXXI. +560 empresas ganadoras y €9,9M en premios entregados. Con 3 categorías para emprender sin límites: Fase Regional, Retos del Mañana y Accésits, buscamos proyectos de base tecnológica e innovadores que tienen impacto real en la sociedad, las personas y el planeta.
Si tu startup es una de las ganadoras, disfrutarás de premios en metálico, visibilidad, formación internacional y acceso a inversión y networking global.
El 22 de octubre la ventana se abre. Haz el pre-registro de tu candidatura en el siguiente enlace y atrévete a cruzarla.
Startup funding news 💸
Barcelona‑based construction‑tech company 011h has raised €20M led by Ship2B Ventures and CDTI. Founded in 2020 by Privalia’s Lucas Carné and José Manuel Villanueva, 011h builds modular, low‑carbon housing using engineered wood and light metal structures
Clevergy, a Madrid-based climate-tech startup, has raised €3.2M in a round co-led by Racine² and Axon Partners Group. Clevergy offers a SaaS platform for utilities to monitor energy consumption, optimize solar performance, and manage smart devices
Nymiz has raised €2M in funding led by Amsterdam’s TIN Capital. The Bilbao‑based privacy‑tech scaleup’s AI platform automates data anonymisation and pseudonymisation and already serves more than 70 clients in finance, legal and healthcare
Multiverse Computing is reportedly attracting international investors for another “megaround.” Ecotechers says funds and investment banks are circling the Basque quantum‑software company just months after its last deal, with valuations approaching €2B and annualised revenue topping €40M. Details remain behind a paywall
TeraDx, a Valencian biotech startup, has welcomed Zubi Labs as a new strategic investor to advance a saliva‑based diagnostic test for head and neck cancer
Investor & accelerator news 🚀
AltamarCAM Partners, in partnership with Galdana Ventures, launched Galdana Ventures 2026, a €100M fund of funds aimed at top-tier VC funds focused on AI, cybersecurity, fintech and SaaS. The fund will also pursue direct investments through secondaries and co-investments, with 60% of its capital targeted at the U.S., 30% in Europe, and 10% in Asia
Inclimo Climate Tech, the VC fund backed by Sorigué, Antai and Fernando Casado, completed its final close at €33.6M—€7.2M more than in July 2024—after adding new investors like ICF and several family offices. The fund has already invested €7M in 13 climate-focused startups across Europe
Spanish investors active abroad:
Kibo Ventures co-led a $7M round in US company HyperSpectral, an AI-powered spectral intelligence company
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 and product launches
Three new companies unveiled:
Karumi, a new company from former Stack AI engineers Toni López and Pablo Omenaca, got accepted to YC’s new batch. Karumi is “an AI engine that truly understands your software. We help sales, marketing, and support teams stay in sync with engineerin”
Predictable Machines has launched to combine AI and formal verification for trustworthy, accountable data. Cofounders Justin, Nick, Spaniards Raúl Raja and Jorge Galindo explain in their LinkedIn post that they aim to build products making sensitive data reliable. More info here
GCO Ventures, the corporate venture arm of Grupo Catalana Occidente, launched Aurela, its fourth startup. The platform connects patients with psychologists to offer accessible, personalized therapy, aiming to improve both clinical outcomes and the therapist experience
New products:
Factorial unveiled One, a new AI agent designed to transform how companies manage HR, finance and operations. One acts as a digital coworker: it automates administrative tasks, generates reports, plans shifts, summarizes meetings, and co‑creates documents. More info here
Jobandtalent founders Juan Urdiales and Felipe Navío are betting big on AI to lead a radical reinvention of workforce management. The Spanish unicorn has launched AI agents like Clara, Sara, and María to automate hiring, monitor absenteeism, and boost worker productivity, aiming for gross margins of 90%
Endor has open‑sourced Rover, an AI coding‑agent manager. Rover lets multiple agents work simultaneously in isolated local environments, supporting Claude Code, OpenAI Codex, Google Gemini and Qwen
Recovo, the Barcelona-based circular fashion startup, has pivoted from its B2B textile stock marketplace to launch Recovo Recommerce, a resale SaaS platform enabling brands to integrate secondhand clothing sales directly into their websites
Startup financials
Opositatest, a Coruña-based edtech startup for public exam prep, expects to reach €7M in revenue this year without raising major funding. With over 70,000 paying users in 2024, it plans to hit €10M in 2026 and €15M by 2027. Founded in 2016, it blends test tech with human-curated content and now aims to expand beyond Spain through verticals and potential acquisitions, while leveraging AI for personalization.
Busup has expanded to Mexico and strengthened its U.S. presence; the U.S. market is expected to rise from 5.5% to 25% of revenue within two years. The corporate‑transport platform now runs 4.5k daily routes, moving 60k passengers for 140 clients and has moved >20M passengers since launch.
Other news
El Referente put together a list of 15 Spanish fintech companies to keep an eye on. The list spans AI‑driven startups like BlabMoney (AI portfolio communications), Debalia (debt consolidation), Fibady (collections with AI), Finmetric, insurNOW!, Instant Factoring, Keibo, Kloutit, Murphy AI and others
Profile of Fossa founder Julián Fernández. The satellite maker now has 50 employees and scaled revenue from €200k in 2023 to €1M in 2024. Fossa builds satellites and devices in‑house and already has four small satellites in orbit; it plans an 80‑unit constellation to deliver low‑bandwidth connectivity for livestock, military vehicles and IoT devices
Yaba, the Amazon brand aggregator, is undergoing a shareholder restructuring as it struggles to refinance its €75M debt raised in 2022. French lender Tikehau Capital is set to take control by converting debt into equity, pending court approval. The move will heavily dilute early backers like JME Ventures, Crossbeam, and Inveready, as Yaba shifts focus to health & wellness brands amid sector-wide consolidation
Glovo’s former legal chief, Marita Rancé, has testified in an ongoing criminal investigation against the company and CEO Óscar Pierre, stating he had final say over labor-related decisions—though based on external legal advice. Pierre responded via LinkedIn, defending her testimony as technically sound and denying she intended to incriminate him, calling the media coverage misleading and sensationalist
Seedtag, the Madrid-founded adtech scaleup, is doubling down on global growth under new CEO Brian Gleason, former CRO at Criteo. In a recent interview, Gleason highlighted the company’s expansion into CTV and its privacy-first, AI-powered “neuro-contextual” model. Seedtag recently reported 120% YoY growth in North America
Big company & policy news 🤓
Telefónica is reportedly preparing a large-scale workforce reduction that could affect up to 6,000 employees and cost around €2.3B, despite claiming no official layoff plan is on the table yet. The restructuring aligns with its upcoming strategic plan and follows a 2024 ERE affecting 3,400 staff
Sngular reported strong 1H 2025 results: revenues grew +10% and EBITDA surged +30%, hitting a historic sales record and nearly matching its highest-ever EBITDA. Operating margin improved by 200bps to 12.5%, and operating profit per employee rebounded to €10.5k, nearing 2021 highs
Booking.com has reached an agreement with workers in Spain to conclude an ERE affecting 33 employees—28 of them in Barcelona. Departing staff will receive generous severance packages: 45 days per year worked with no cap, a minimum of €30,000, and 80% of their annual bonus
Interesting reads 🤓
Forbes published “How Marbella Became A Haven For The C-Suite Elite”. Fun fact, I had no idea Spotify co-founder Daniel Ek spends time in the area and owns a house