Dealflow.es #490: Voltrac raised €7M. Dost picked up €6M. ICO's direct+indirect activity.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
Valencia-based deep-tech robotics startup Voltrac secured €7M in seed funding, led by Extantia. Voltrac develops “Thor,” an autonomous electric tractor (UGV) for agriculture and logistics
Barcelona-based AI financial automation platform Dost raised a €6.7M Series A round, led by Octopus Ventures. The capital will fuel Dost’s launch in the UK market and accelerate its proprietary AI solution for automating financial document processing
Barcelona startup Tacmind, founded by Taclia founder Àlex Casals, raised €2.4M from investors including CUSP Capital, Stage 2 Capital, and THCAP. The company developed an AI visibility platform designed to help brands understand and improve how they appear in the results of generative AI engines
Spanish and Mexican startup Cofers, developers of treasury management software, raised $1.5M. The round saw participation from Sabadell Venture Capital, 4Founders Capital, and JME Ventures
Other rounds of funding, with size undisclosed:
Albert Pereta launched BuildForever and unveiled its first product: Extra, a reimagined email app focused on clarity and ease. Backed by top investors like Felicis, Elad Gil, SV Angel, and DST Global, the Barcelona-born designer had previously sold his previous startup, Icebers, to Pinterest, where he spent 10 years
Barcelona-based FP&A platform Abacum announced a new fundraising addition, welcoming US-based FOG Ventures as an investor. Abacum, which has now raised over $100M in total, was chosen by FOG Ventures—a community of world-class operators—as their preferred FP&A platform after extensive due diligence
M&A news 🚀
Additional details have surfaced regarding the acquisition of Metricool by Belgian software and hosting group Team Blue. While the sale price remains undisclosed, the acquiring group purchased 50.9% of the shares.The change of control unlocked a phantom share incentive plan, distributing €3.6M among the team. In 2024, the year of the sale, Metricool closed with net revenues of €15.3M, nearly doubling the previous year’s figure, and maintaining a net profit of over €3M. Founder stakes (Juan Pablo Tejada and Laura Montells) dropped from 81% to 40.25%, and Axon Partners’ stake was reduced from 17.8% to 8.7%.
Nazca Capital acquired a majority stake in Ravenloop, a Madrid‑based software company specializing in AI‑driven predictive cyber intelligence for defence and national security
Investor & accelerator news 🚀
Ecotechers published a breakdown of ICO’s Next Tech activity over the years:
Direct investments: Wallapop (€20M), Cabify (€20M), Sparc (€17M), Wallbox (€9.5M), Xoople (€10M), Paack (€10M, now valued at €4M), Inbrain Neuroelectronics (€7.5M)
Indirect (investments in funds), measured as % of total commitments in the fund: Korelya Capital (10% of the whole fund), GP Bullhound (18%), SC Net Zero (41%), Invivo Ventures III (31$%), A&Energy Transition Tech (36%), Leadwind (45%), Seaya Andromeda (33%)
Indirect, measures a millions comitted: Zubi (€8M), Big Sur (€40M), Axon Innovation Growth II (€85M), Armilar (€20M)
Profile of global VC platform IDC Ventures, founded in 2019, that manages $850M in assets, with its largest team base of 40 professionals located in Madrid. The firm specializes in growth capital with a strong focus on fintech and marketplaces across Europe, the US, and LatAm
Ship2B Ventures launched its second impact VC fund, BSocial Impact Fund II, with a target size of €80M and a first close at €65M
Grow Venture Partners launched Spin-off Launchpad, a permanent support program to help researchers and PhDs launch science-based startups. GVP will co-found and invest up to €1M in the most promising projects.
The Spanish government, via the Sociedad Española para la Transformación Tecnológica (SETT), announced an €8M investment in the Spanish fund Zubi Capital
ENISA announced it has approved 407 participatory loans totaling €65.3M so far this year. Figures for 2025 were not available, so it’s tough to compare if that’s an increase of activity or not
Spanish investors active abroad:
Mouro participated in the $40M round of UK startup Hyperlayer
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Startup news 💡
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Profile of Opositatest. Founded nearly a decade ago in A Coruña, OpositaTest has become Spain’s top online platform for civil service exam preparation, serving 1.5 million users and projecting €6.5 million in revenue for 2025. It has 80 employees
Prosper AI, the AI voice agent platform for the healthcare sector with offices in the US and Barcelona, announced a recent period of explosive growth. The company reported a 4x revenue increase in 60 days and secured eight new clients, including a $5B healthcare organization
Sesame, the Valencia-based HR tech startup, has grown to €20M in ARR and 350 staff, despite posting €6M in losses in 2024. The company says that it has rejected several acquisition offers “in the hundreds of millions” and recently set up a €50M funding vehicle with BBVA Spark
Spanish startups like Holded, Quipu, Declarando, and Billin are gearing up for Verifactu, the anti-fraud invoicing system that becomes mandatory in Jan 2026. All businesses must use compliant software that generates QR-coded, real-time invoices to the tax agency
Emprendedores published an article about ‘Rocket Internet Spain Mafia’, alumni who have gone on to build or lead startups like Playtomic, Payflow, and Blank, or join VCs such as Samaipata and 468 Capital
Back Market, the French refurbished electronics marketplace with its third-largest office in Barcelona, expects to reach €3B in sales in 2025 — up 30% year-over-year. Spain, its third-largest market, represents 18% of revenue and 70% of online refurbished phone sales
Big company & policy news 🤓
A Spanish court has ordered Meta to pay €479 million ($552 million) to 87 Spanish digital media companies for unfair competition and breaching EU data protection rules. More info here
KPMG is launching a new dedicated business called KPMG Startup Connect. The program is aimed at boosting the growth of young companies across all stages. To reinforce its capabilities, KPMG has hired Marta Echarri, former General Director of N26 in Spain as an external advisor
eDreams shares plummeted over 40% after the company cut its FY2026 cash EBITDA forecast from €215M to €155M, citing slower Prime subscriber growth and reduced access to Ryanair
BBVA appointed Jordi García Bosch, former head of the failed Sabadell integration office, as its new Head of Strategic Projects for AI and Data
Interesting reads 🤓
Sifted asks if “Is Spain Europe’s AI dark horse?”. Spanish AI-native startups have raised €442m across 39 equity deals so far this year, compared with €56m across 11 deals in 2024
Ecotechers talked to Atomico’s partner Tom Wehmeier, backer of Factorial, Perk, and Abacum. Atomico expects $2B in Spanish VC investment in 2025 (+18% YoY) and plans to keep investing. Wehmeier praises Spain’s maturing ecosystem but sees structural gaps: limited pension fund involvement, weak global investor base, and cultural hesitation around risk
El Referente put together a list of Spanish journalists and publications writing about tech
Samuel Gil (JME) published “Tokenización de activos”