Dealflow.es #487: Securitize SPAC. Sesame secures €50M. Amazon ERE.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
Sesame secured a financing line of up to €50M from BBVA Spark. The Valencia-based HR SaaS, with €20M ARR and 15k clients, will expand into France and Germany. The deal debuts a the non-dilutive instrument from BBVA. There’s not a lot of details about the instrument works, but the description from BBVA and Sesame (here) reminds me of General Catalyst’s financing program, which Factorial has used a couple of times
Startups looking for funding:
Playtomic launched an equity crowdfunding campaign on Crowdcube. The racket-sports platform has processed over €346M in bookings, grown 51 % YoY, and serves 4.7M players globally
2EyesVision, backed by Bullnet Capital, has opened a €1M funding round via Capital Cell to accelerate its international expansion. The company develops simulation tech lets patients preview post-surgery vision, already validated in 19 countries
M&A news 🚀
Biggest news of the week 🎉
Securitize will go public on Nasdaq through a merger with Cantor Equity Partners II at a $1.25B valuation. The deal includes a $225M PIPE and $244M from the SPAC’s trust, giving up to $469M in proceeds. Here’s a thread from founder Carlos Domingo about the news. More details also here.
Securitize has tokenized over $4B in assets for firms like Apollo, KKR, and VanEck. It posted $69M in 2025 revenue and will be the first listed company focused on onchain securities, even tokenizing its own shares under the ticker SECZ. The startup raised funding from 4Founders Capital very early own, as well as Mouro Capital and other funds. 4Founders sold its stake in a previous round. Congrats to Carlos Domingo & team!
Orange acquired the remaining 50% of Masorange for €4.3B from KKR, Providence and Cinven, taking full control of Spain’s second-largest telecom operator by revenue. Meinrad Spenger will remain CEO, and the move cements Spain as Orange’s second-largest market in Europe
Solfy acquired the residential solar and aerothermal business of Samara, which will also invest in Solfy’s current funding round. Samara is selling this unit to focus entirely on energy solutions for buildings and “energía colectiva”
Queka Real Partners has formed B2group by partnering with B2com, Smartgroup and Datos 101, creating an integrated SME provider across telecoms, cloud and cybersecurity
NEXT DIGITAL acquired Lean Mind. The deal brings together NEXT DIGITAL’s data and software engineering muscle with Lean Mind’s team‑mentoring and code‑quality expertise. This was also the first deal for Petalo, David Bonilla and Diego Mariño’s M&A firm
Insurance broker PIB Group acquired Vitaance, a startup specialising in employee wellbeing and benefits. Kfund is an investor in Vitaance
Investor & accelerator news 🚀
Profile of Ignacio Vilela, cofounder and managing partner of Junípero Capital. Junípero manages over $50M in assets and tends to invest in pre-IPO companies as well as participate in IPOs (Coreweave, Klarna, Coinbase, Airbnb, SpaceX, Stripe, Groq, etc). Since founding the firm in 2015, Vilela has liquidated 4 funds, all with net IRRs above 44%. The first, Junípero Fund I, returned 4.6x capital in under five years, achieving a 44% IRR and 3.5x DPI
Fond-ICO Global has generated €147.6M in cumulative net profit since its launch in 2013. After initial losses exceeding €15M between 2013 and 2015, the program turned profitable, earning over €152M between 2020 and 2024, driven by exits from early vehicles
CriteriaCaixa and Banco Santander will invest in the Scaleup Europe Fund, a new EU-backed tech megafund aiming to raise over €20B to finance late-stage European scaleups
The Lab Ventures closed its second fund at €29.1M, expanding its capacity to back early-stage B2B startups in Spain and the Gulf region. With offices in Madrid and Dubai, the fund has already invested in seven companies since its first close in 2024
International activity of Spanish investors:
COFIDES committed €100M to French fund InfraVia Growth Fund. At least 2x the investment will be directed to Spanish companies
Iris Ventures invested in Goddess, a U.S. biotech beauty brand. More info here
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
New companies:
HeyDiga is a new startup founded by David Zafra (ex Tuenti, Hawkers) and Sergio Espeja (ex JobandTalent), that has developed an AI voice agents platform. We (Kfund) are investors. The company already serves 80+ clients across sectors like automotive, hospitality, and beauty. More info here
Tuyo launched TUYO Rewards, a multi-season program to reward users. Built on Ethereum and Base, Tuyo positions itself as a universal stablecoin account merging DeFi, payments, and banking
Robotics startup Robopedics unveiled Awake, a unilateral bionic device to help stroke survivors walk again. Robopedics has raised ~€3M to date, with Mondragón as lead investor and Erreka as manufacturing partner
Other launches:
Data center cooling company Submer launched InferX, a new subsidiary focused on AI infrastructure and monetization. News here. The spin-off aims to deliver “factories of intelligence” by merging Submer’s liquid-cooling tech with sovereign AI cloud and telco-edge services. Backed initially by €30M in internal funding, Submer plans to raise €400–600M by year-end. More info here
Chift, the Belgian API startup simplifying financial integrations for SaaS companies, has expanded into Spain. Its unified API lets vendors connect once and integrate with tools like Holded, Sage, A3 ERP, Netsuite and Odoo
Startup financials
Holaluz cut its revenue by 48% to €79M in H1 2025 and increased losses by 9% to €14.7M, weighed down by delays in executing its new restructuring plan.
Other news
WhatsApp recently announced that it won’t allow AI bots from third parties. LuzIA, which started off with that format, says WhatsApp’s upcoming ban on general chatbots won’t hit its growth —the Spanish AI app has shifted focus to its mobile apps, now its main channel with 70M+ downloads. The company has diversified with contextual ads, in-chat shopping tools (live in Brazil with Amazon and Mercado Libre), and plans a premium tier next year
Profile of Urbanitae, the real estate crowdfunding platform founded in 2017. It has consolidated its position as a key alternative investment player in Spain and Portugal with €520M invested across 230 projects and €105M returned. It employs 85 people
Big company & policy news 🤓
Amazon initiated a collective layoff process in Spain affecting up to 1,200 corporate employees in its Madrid and Barcelona offices—about 4% of its 28,000 local workforce. The move follows a global restructuring cutting 14,000 positions across the company’s corporate units
Indra posted a €291M profit between January and September, up 58% YoY, driven by soaring defence contracts. Revenue reached €3.61B (+6.2%)
Interesting reads 🤓
Carlos Arboleya published “How AI hype pushed us to $100k ARR - and then killed us 6 months later”. In the article he goes into a lot of detail about lessons learned in the process of building and shutting down Luca, an AI Running Coach on Whatsapp
Joao Alves (head of engineering at Adevinta) published “Disasters I’ve seen in a microservices world”
Mobile World Capital Barcelona published the second edition of its report “El ecosistema de spin-offs deep tech en España 2025”