Dealflow.es #495: Perk hits $360M in revenue. Tucuvi raised $20M. IriusRisk sold for +$100M.

A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.

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Startup funding news 💸

Tucuvi raised $20M in Series A funding led by Kfund and Cathay Innovation. The Spanish clinical voice AI startup's platform uses AI agents like LOLA to conduct patient phone calls, execute clinical workflows, and escalate to human teams when needed. We wrote about the investment here

Lookiero completed its integration with German rival Outfittery and raised €17M in funding, including €7.25M from SETT ('Sepi Digital')

Hannun, the BME Growth-listed sustainable furniture company, approved a €1.9M capital increase with preferential subscription rights to strengthen its financial structure and support business development

PoolComet raised over €800k in a round led by Bewater II FCRE and other investors

Pragmatech AI Solutions raised €655k in a funding round led by Valencia-based First Drop

Movements secured €150k in pre-seed funding through convertible notes from notable business angels. Co-founded by Paco Polo, the platform enables users to convert causes into sustainable movements by combining mobilization, community building, and economic support in one space. Profile here

Deudafix, a Spanish debt mediation platform specializing in Second Chance Law services, seeks new investors through Lincoln International. CEO Matthew Osborn holds 40% while Axon Partners owns 20% after investing €5M in 2023. The company posted €12.4M revenue in 2024 with €1.6M operating profit, helping 8,000+ families resolve debts in Spain's rapidly growing personal insolvency market

M&A news 🚀

IriusRisk, the Huesca-born cybersecurity startup specializing in threat modeling, was acquired by US-based ThreatModeler for over $100M. The company had raised around $37M from various investors, including JME, Swanlaab and Inveready

Movilia emerges from the merger between fleet management companies Movertis and Localizador Sherlog, with financial backing from Seaya Andromeda. The new tech group manages 100k vehicles and serves 10k clients in Spain, with €10M in recurring revenue

Indian eyewear giant Lenskart acquired Spanish sunglasses brand Meller for over €40M, with €23M going to external investors led by Grupo Peralada, €11.6M to founders, and €5M in earnouts. The deal delivered 100x returns to early angels who invested since 2014 on total funding below €500k. Meller generated €28.2M revenue (+32%) and €5.5M EBITDA in 2024

Widhoc Smart Solutions acquired ec2ce's assets and business portfolio for nearly €1M to strengthen its precision agriculture solutions with AI and predictive analytics

White Vega, a Madrid-based SaaS platform specializing in physical and real estate asset management, received a majority investment from Nzyme, the private equity fund by Kibo Ventures and Oliver Wyman. The transaction becomes Nzyme's fourth platform investment from its recently closed €160M fund

Investor & accelerator news 🚀

4Founders launched a new €60M hospitality fund targeting underperforming hotels in Tier 2 cities with strong tourism. The Barcelona-based VC, which manages €125M across tech investments, hired Gaiarooms founder Enrique Domínguez to lead hotel investment strategy

Jose de Cabo, former co-founder of Olapic, unveiled Clara.Ventures a fund that will give continuation to their investment strategy, which they’ve been doing for more than 8 years (50 portfolio companies)

CaixaBank reached €30M across seven venture debt operations in its first year, deploying capital from its €150M fund launched in December 2023

Spanish investors active abroad:

• Articul8, a GenAI enterprise software company spun off from Intel, secured Series B funding led by Adara Ventures

• At Kfund we recently backed Xavier (Jack), founder of mo1, an Amsterdam-based motion graphics startup. Other investors in the round include Itnig and David Okuniev (co-founder of Typeform)
  

Startup news 💡

Startup financials and personnel moves

Perk (TravelPerk) hit $360M in peak annualized revenue in 2025, achieving 76% gross margins and 48% YoY growth. Profile of the company here

Indexa Capital closed 2025 with €4.5B in AUM, reaching over 130,000 clients and €100M monthly inflows with average returns near 9%

LOGI (formerly GOI Travel) has filed for bankruptcy after failing to restructure its debt with creditors including Banco Sabadell and Bankinter. The company cut its workforce by half this year amid financial difficulties. A group of partners is expected to present a rescue offer in coming weeks

Wallbox continues restructuring negotiations with banks and lenders over nearly €180M in debt, mostly short-term with variable interest rates. The EV charger manufacturer extended payment suspension deadlines again after reporting to the SEC, as debt has driven up financial costs and complicated capital structure

Civitatis founder Alberto Gutiérrez will step down as CEO on January 1st, with current CPTO Andrés Spitzer taking over. The online activities platform, which serves 1.2M monthly travelers, has maintained positive cash flow since its 2008 founding and received majority investment from Vitruvian Partners in 2022

Juan Miqueo, co-founder of MyBooking, shared on Twitter that the company closed 2024 with €462.5k in total revenue and €36.7k MRR, serving over 150 clients. The company grew 62.9% in revenue

PJ Lobster, the Barcelona-based optical startup founded in 2018, filed for voluntary bankruptcy in November while seeking business continuity

Profile of companies

Profile of HappyRobot. The company raised $44M in 2025 led by Base10 Partners and a16z, totaling over $60M since inception. The company creates AI voice agents that negotiate freight rates and handle logistics calls for clients including DHL and Flexport, improving margins by up to 20%

Profile of Heydiga. Founded by David Zafra (ex-Tuenti, Hawkers, Jobandtalent), the company raised €1M led by Kf for its AI customer service agents targeting SMBs like salons and restaurants

Profile of Bound4blue, a Cantabria-Barcelona scaleup, raised $44M in Series B funding led by Octave Capital. The company develops steel tube wind-propulsion systems for ships, reducing fuel consumption and emissions by 20% on average

Other news

Altia president Constantino "Tino" Fernández advocated for consensus to help Spain and Europe compete with China and the US in tech. Altia expects to close 2025 with €300M in sales

Alias Robotics won the international NeuroGrid CTF competition as the world's best AI cybersecurity agent. The Basque startup combines AI and cybersecurity for robotics, serving clients like Guardia Civil and regional police forces

Revolut reached 6M customers in Spain, making it the UK digital bank's third-largest market after Britain and France

Big company & policy news 🤓

Telefónica and Wayra veteran Gonzalo Martín-Villa left the company after 30 years to pursue new business ventures

Spain's government significantly scaled back its digital transformation ambitions, cutting SETT's investment target from €20B to €3.3B. The Perte Chip program was reduced from €12B to €1.5-2B. The Next Tech fund was also reduced to €1.5B from an initial €4B target

Spain's competition authority CNMC has begun analyzing Swedish fund EQT's acquisition of Adevinta's Spanish operations, including major platforms Fotocasa, InfoJobs, Milanuncios, Habitaclia, Coches.net and Motos.net

Interesting reads 🤓

Miguel Carranza (RevenueCat) wrote “My role as a founder CTO: Year Eight”

Marcos Rubio (Tucuvi) wrote “On Build vs Buy in Clinical AI. A realistic look at the hardest question in AgenticAI today”

Adria Blancafort (Factorial) wrote “Training an LLM from Scratch: A bit of theory, the process I followed and some helpful resources“

Adrian Galea (VP Finance at VC firm Bitkraft) published “Capital Allocation into European venture capital: potential met by structural fragmentation”

Joshua Novick (Bondo Advisors) published “¿Y SI TU EMPRESA ES DEMASIADO RENTABLE PARA VENDERLA BIEN? El error habitual al pensar que más EBITDA siempre implica más valoración”

Miguel Arias (Kfund) published “Mis predicciones para 2026 en emprenderagolpes”

Simon Muñoz (Voicemod) published “El proceso te protege de la mala ingeniería”

German Del Zotto (Workato) published “Code review in the AI era: what actually matters when AI writes the code”

Felix Lopez (Technosylva) wrote “Nuestra estrategia para la adopción de AI”

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