Dealflow.es #496: Biorce raising €50M. Zepo raised $15M. Manfred's 2025 salary report.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
Welcome to another edition of Dealflow. If you’ve been forwarded this email but you’re not a subscriber, please do so here. If you’re interested in sponsorship opportunities, send me an email at jaime@dealflow.es and I’ll share more details
This week’s newsletter is sponsored by zinco:
Que la burocracia no te robe el runway
Cada hora que pierdes en gestoría es una hora menos de producto, ventas o fundraising. Y cuando la burocracia se acumula, los errores fiscales o laborales salen caros —y siempre llegan en el peor momento.
Zinco se ocupa de tu gestión fiscal, contable y laboral, para que vuelvas a centrarte en crecer.
Mas de 3.000 clientes ya confían en Zinco para proteger su runway y escalar sin fricciones
Kfund’s SpaceTech Thesis: From SpaceTech to Space Infra
Following our investment in LookupSpace, we’ve published our evolving thesis on space and satellite technology. The core insight: space is undergoing the same transformation that cloud brought to computing. What was once a capital-intensive, government-driven domain is becoming modular, software-driven, and increasingly investable.
What changed: Launch costs have collapsed from ~$400,000/kg in the 1960s to ~$6,500/kg today (thanks largely to SpaceX), while satellite hardware has shifted from bespoke machines to standardized microsatellites. APIs, onboard compute, and integration tools are abstracting complexity—you no longer need to build or operate a satellite to benefit from one.
Spain specifically has accelerated rapidly. Since 2021, Spanish orbital payloads have more than tripled (21 → 69). Companies like FOSSA Systems have deployed 20+ satellites with less than €10M in funding. Notable recent rounds include Aistech Space (€8.5M), Kreios Space (€8M seed), and Pangea Propulsion (€23M Series A).
Where we’re cautious: Moats remain thin—launch is commoditizing, data is often replaceable, and many teams are tech-led rather than market-led. The biggest bottleneck? Customers don’t buy data; they buy answers.
Where we’re looking: Abstraction layers that let non-space companies access space assets, latency reducers (onboard compute, smart scheduling), and workflow integrators delivering insights into industries like climate, agriculture, and insurance—without asking customers to become space experts.
Kudos to my colleagues Pablo Ventura and Paula Andreu for putting this together! Read the full report with our industry maps and Spanish ecosystem Airtable here.
Startup funding news 💸
€50M+ rounds:
According to Echotechers, Biorce, the Barcelona-based AI startup revolutionizing clinical trial preparation, is finalizing a €50M funding round led by DST Global, marking the global fund's first major Spanish investment
€10M+ rounds:
Zepo Intelligence closed a $15M seed round led by Kibo Ventures, eCAPITAL, and TIN Capital. Zepo is a human-centric security startup provides a workspace platform that simulates AI-driven social engineering attacks to identify vulnerabilities and train teams against threats like deepfakes and personalized phishing
€1M to €5M rounds:
Tetraneuron completed a €5M funding round to advance its gene therapy for Alzheimer's disease to clinical development. Founded in 2012 as a spin-off from Instituto Cajal, Tetraneuron targets neurodegeneration causes rather than symptoms.
RepScan, the startup specializing in legal protection and removal of harmful online content, closed a €3.5M funding round. The round was managed through Startupxplore and included investors like Bonsai Partners, Swanlaab Venture Factory, and Pinama Capital 23
Ringr raised €3M led by Pangram Capital to accelerate European expansion of its enterprise conversational AI platform. Ringr achieved 600% revenue growth, operates in 12 countries
Mediterranean Algae Technologies secured €2M in European funding through CDTI to commercialize its marine bioremediation technology BIOREMED ALGAE®
Sub €1M rounds of funding:
Revicasa raised over €600k led by The Lab Ventures to scale its home inspection platform across Spain
Swipet, an insurtech specializing in hyper-personalized veterinary insurance, closed a €400k pre-seed round led by Aticco
REIDITE Industries, a Spanish electronics and industrial technology company, closed a €300k funding round led by Seed and Grow Ventures
Bankinter joined Bit2Me's €30M funding round announced in August. The investment aims to explore technological synergies and positions Bankinter in DLT solutions development alongside a national tech partner
M&A news 🚀
French multinational Audensiel, owned by private equity firms Sagard and Capza, acquired a 75% stake in Spanish tech consultancy Kairós DS for around €100M. Founder Carlos Moure retains 25% and stays as CEO of the €45M revenue company
Syngoi Technologies, a Basque biotech company developing synthetic DNA platforms for gene and cell therapies, was acquired by US-based Artis BioSolutions. Founded in 2021 and backed by Columbus Venture Partners, the company will maintain its Bilbao operations while expanding to the US through Landmark Bio to scale its enzymatic DNA production technology globally.
According to El Confidencial, Spanish streaming platform Filmin struggles to find buyers after a year-long sale process by majority owner Nazca Capital. Despite €26.8M revenue and 1M subscribers, founders demand over €50M valuation—well above industry estimates of €40-50M. Potential acquirers balked at the premium pricing for a content curator lacking owned IP, while timing coincides with sector-wide uncertainty.
Blu Selection acquired Qamyno and merged both operations under the blu brand to build a pan-European talent recruitment platform.
Investor & accelerator news 🚀
Nazca Capital announced Airbus as a strategic investor in its €425M+ aerospace and defense fund, Spain's largest sector-focused fund. The fund has completed two investments: Teltronic (critical communications) and Ravenloop (AI-based cyber intelligence)
Samaipata published a summary of its investment activity in 2025, with €17M deployed across 13 deals
Zubi Group appointed Javier Megias as Chief Operations Officer to coordinate strategic and operational activities across its impact investment initiatives
Spanish investors active abroad:
Nauta participated in the $10M Series A round of Berlin-based NetBird
Goparity received investment from Spanish impact investing platform Bolsa Social to strengthen its presence in Spain and accelerate European expansion
Startup news 💡
New startups and product updates
Perk Events launched its event planning platform after starting as an experimental project with just 4 people in September 2024. The product leverages Perk’s travel expertise and internal events experience to help companies streamline event planning, and is already being used by some of the company’s largest customers.
Genesy built an internal AI-powered system enabling non-engineers to ship code directly from Slack. The platform uses AI Engineer for Slack-native requests, autonomous Cursor agents for coding, and Xata’s database branching for preview deployments with production data.
Glucovibes partnered with Garmin to integrate wearable data into personalized nutrition plans.
finReg360 and wealth management tech firm Flanks have launched EDX (European Data Exchange), Europe’s first standardized protocol for financial data exchange between custodial banks, wealth managers, and advisory firms. More info here.
Industry Labs expanded its manufacturing software business across Spain and Latin America, particularly Mexico, through new client acquisitions and platform evolution. The Barcelona-based company launched Agentic AI, an intelligent agent platform for factories that interprets data and recommends decisions. Founded in 2000, Industry Labs develops MES, APS, and warehouse management solutions.
Startup financials and personnel moves
Tradeinn reached record revenue of €585M in 2025, up 5.6% YoY, after US fund Apollo acquired 30% stake from Suma Capital for ~€300M in July. The sports e-commerce platform shipped 9.2M packages and targets €2B revenue medium-term while expanding its Girona warehouse from 30k to 50k sqm with automation to handle 150k daily orders.
Holaluz emerged from a 2024 financial crisis through a €22M investment from French industrial partner Icosium Investment, which now holds 33% of the company. The green energy firm operates 10,000 energy communities and 250,000 contracts across Spain, offering unlimited flat-rate electricity subscriptions. President Carlota Pi credits AI implementation and operational restructuring for the recovery.
Innovamat closed 2025 with €25M revenue, nearing profitability despite US market losses. The Catalan math education company became the first non-American firm approved by California’s education department, enabling classroom implementation from September 2026. Operating in nine countries with 600k students, Innovamat expects the US to become its main revenue source within two years.
Payflow shared that they’ve hit $8M.2 of ARR
Profile of companies
Uxia co-founder Borja Díaz-Roig argues that modern UX failures stem from validation lag, not lack of user understanding. The Spanish startup uses synthetic users to validate design decisions at prototype speed, helping teams avoid skipping research due to time constraints
Other news
Harvey appointed Jorge Bestard to lead EMEA sales. The legal AI company continues expanding its European presence with teams in London, Spain, Germany, and a new Paris office, building partnerships with leading law firms and in-house legal teams across the region.
Urbanitae, Spain’s largest real estate crowdfunding platform, created Urbanitae Asset Management to launch private capital funds. The move expands beyond its crowdfunding model, targeting institutional investors with diversified real estate funds across Spain, Portugal, Italy and France.
German AI agents startup Parloa tripled its valuation to $3B after raising $350M in Series D funding led by General Catalyst. The company, which became a unicorn in 2024 with a $1B valuation, will expand operations in the US and Europe, including Madrid and London offices.
Big company & policy news 🤓
Uber's Spanish operations showed contrasting results in 2024. Its mobility division multiplied profits eightfold to €3M, while Uber Eats posted €28.2M losses due to €172M in provisions for labor sanctions over alleged misclassification of delivery riders as freelancers instead of employees.
Interesting reads 🤓
Manfred's 2025 Tech Salary Report is out. AI-related roles dominate, with Data Scientists, AI Engineers, and MLOps commanding top salaries (€70-100K+ for seniors). Full-stack developers gained value as startups prioritize hybrid profiles. Meanwhile, frontend, mobile, QA, and product design roles saw salary declines and fewer opportunities. The market shows a growing divide: professionals integrating AI see rising compensation, while traditional roles stagnate. On-site positions now require ~20% salary premiums as remote work remains the preference.
Alex Vaughtton (Nocodehackers) published “Un año haciendo proyectos con IA para clientes reales. Esto es lo que aprendimos”
Madrid's podcast studio market has exploded with nearly 50 recording spaces now operating across the city - more than its 29 functioning cinemas.
Tech entrepreneur Iñaki Berenguer shared his 10 predictions for 2026, including stablecoins going mainstream despite reaching $35T volume in 2025, robotaxis launching in 10+ European cities, and AI video becoming software rather than just content