Dealflow.es #492: TitanOS raised €50M. Conversia & Paraty acquired for €100M+ each.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
Titan OS, the Barcelona-based startup providing an independent operating system for Connected TV, secured €50M in a Series A round led by Highland Europe
MyInvestor, the neobank backed primarily by Andbank, completed a €30M capital increase to support its rapid growth in deposits, which currently stand at €3.9 billion. The operation was led by Andbank, which maintained over 50% ownership, and valued the digital entity at nearly €300M
Alinia AI, a New York and Barcelona-based startup, secured $7.5M in a seed round led by Mouro Capital. The company provides a compliance platform and Guardrails API to help regulated industries, such as banking, deploy generative AI safely. More info here
ScrapAd, an Eibar-based platform for trading recyclable metals, raised €6M in a Series A investment round led by Inclimo Climate Tech and Suma Capital
Adcities, the adtech startup that digitizes Out-of-Home (OOH) advertising with real-time data, raised over €3M in a seed round led by Adara Ventures
Stamp closed a seed round of nearly €2M to fund its expansion. The company provides a technology solution that allows tourists to receive VAT exemption (tax-free) instantly at the point of sale
Didit, the Barcelona-based identity verification platform, secured ~$2M in fresh capital and officially joined the Winter 2026 batch of Y Combinator
HeyDiga, a Madrid and Barcelona-based startup applying generative AI and voice agents to customer engagement, closed a €1M seed round led by Kfund
M&A news 🚀
British investment firm Oakley Capital acquired a majority stake in Malaga-based hotel booking software provider Paraty Tech. Founded by siblings Gina and Franz Matheis and bootstrapped to date, Paraty specializes in direct reservation management and pricing tools for hotels
Legaltech Conversia completed its sale to British consultancy Wilmington for €121.6M. Conversia was majority owned by Inveready, who acquired the company for around €55M in 2022-2023
NPAW (Nice People At Work), the Spanish streaming video analytics software company, hired GP Bullhound as a financial advisor to explore strategic alternatives. Founded in Barcelona in 2008 and currently 25% owned by Suma Capital, the profitable company boasts an ARR of €25M and an estimated EBITDA of €8M, with over 95% of its sales generated outside of Spain
Unibo, the Barcelona-based startup offering a neobank-like platform for property managers and homeowners’ associations, was acquired by US investment firm TPG for over €15M. The company did €2.5M in annual revenues
Indexa Capital lifted the ‘lock up’ agreement for its historical investors seven months ahead of the July 2026 deadline to increase market liquidity and flexibility. The agreement’s termination allows a dozen core shareholders, including the founding team, Cabiedes & Partners, All Iron, and Fides Capital, to trade their shares. Indexa Capital currently trades at a market cap of €165M
Investor & accelerator news 🚀
Javier Santiso’s firm, Mundi Ventures, received CNMV authorization for Kembara Fund I, a mega-fund targeting up to €1.25B. Anchor investors include the European Investment Fund with €350M and Criteria Caixa with €100M, aiming for a first close once €600M is secured. You can read the filing here
Draper B1 announced the final closing of its new vehicle, Draper B1 Frontier Tech, raising over €20M
Crescenta, the digital platform democratizing access to alternative assets for retail investors, launched the third vintage of its flagship vehicle, Private Equity Growth Top Performers III, raising its target size to €50M. Concurrent with this fundraising, Crescenta onboarded its first Spanish fund, investing in Qualitas Energy VI, a €3.25B vehicle
Spanish funds active abroad:
Iris Ventures led a $15M investment in French medical-grade skin care clinic network Innerskin
International funds active in Spain:
Ecotechers published an overview of the activity of international VC firms in Spain. From the days of Accel and Index being quite active, to a period now with more presence from Creandum, Atomico and others
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 💡
Startup financials
Cabify closed 2024 with net losses of €53.8M, a slight improvement from the previous year. While the ride-sharing platform achieved its best-ever operational EBITDA (€30M) and secured new capital through an internal financing round and a convertible note, the balance sheet remains under stress, largely due to accumulated debt management. The company is valued by Seaya at approximately €660M
Yaba, the Barcelona-based ecommerce brand aggregator, secured court approval for its debt restructuring plan. French fund Tikehau Capital, which provided €50M in debt, will become its main shareholder through a debt-for-equity swap
Other news
Sifted put together a list of “15 Spanish startups to watch, according to VCs”
Clikalia entered the alternative financing market, offering credit to housing developers to reactivate stalled construction projects
Creditas, the fintech specializing in secured lending in Brazil, acquired Andbank’s banking license in Brazil and raised €100M at a €3B valuation, bringing Andbank into its cap table
Recruitment and freelance platform Shakers expanded its model into Portugal
US legal tech startup Harvey AI, backed by OpenAI and valued at $8B, to accelerate its international expansion by reinforcing its presence in Spain and beginning to hire professionals in Madrid
Revolut, the UK-based fintech giant, increased its bet on Spain, where it currently serves 4.5 million customers, by announcing plans to surpass 7 million users by 2027. I recently saw this silde about Revolut’s market share and penetration in Spain. Quite remarkable!
Big company & policy news 🤓
Inditex achieved record results during the first nine months of its fiscal year 2025, reporting a 3.9% rise in net profit to €4.622B on sales of €28.171B. The results were primarily driven by the strength of its integrated model, with digital income now nearing 30% of total sales (over €8B), leading the company to forecast “strong online sales” in 2026
Moeve (Cepsa) formed a strategic alliance with French startup Mistral AI to develop generative AI solutions focused on boosting energy efficiency and productivity
The PSOE party requested the appearance in the Spanish Congress of Meta founder Mark Zuckerberg, COO Javier Oliván, and Public Affairs Director José Luis Zimmermann over alleged espionage and privacy violations involving millions of users
The Spanish Navy will soon receive the Sead23, the country’s first maritime drone capable of carrying anti-submarine torpedoes, which was manufactured in Galicia by Zelenza’s subsidiary Seadrone in Vigo
Interesting reads 🤓
Marcos Rubio, CTO of Tucuvi, shared a thoughtful reflection on the gap between AI hype and real-world impact in healthcare. Reacting to a WSJ article on Yann LeCun, he criticized the overpromises of GenAI startups aiming to automate clinical workflows, stressing the need for orchestrated AI systems that blend deterministic logic with LLMs to ensure safety, trust, and scalability in care delivery
Málaga TechPark now generates over one-third of Málaga’s GDP, contributing €4.84B to Andalusia’s economy (2.33% of regional GDP) and supporting 71,000+ jobs