Dealflow.es #498: Wallapop exit completed. Urbanitae sells shares at €200M. Mito raised $4.5M.
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 subscribe. And If you’re interested in sponsorship opportunities, send me an email at jaime@dealflow.es and I’ll share more details
Last week I published a long article on Twitter explaining how I’m using Claude Code to automate a lot of the work behind this newsletter. It’s in Spanish, and you can read it here.
LLMs can summarize content much better than humans. What LLMs can’t do -yet- is add context to news items based on what I know about a company, a deal, a person, etc. That’s what I’m planning to do. Let LLMs write most of the summaries and focus a lot of my time on creating more original content and more context to the news that I share in the newsletter.
This week’s newsletter is sponsored by Crescenta:
Si crees que estás sobreexpuesto a bolsa, no frenes tu inversión: diversifícala. Aprovecha la traspasabilidad para reinvertir tus plusvalías en Private Equity con una estrategia total: Growth, Buyouts y Real Assets en un solo vehículo y sin impacto fiscal inmediato.
Pásate al Lado Lima con el nuevo FIL de Crescenta. Tenlo todo en una cartera diseñada para potenciar y descorrelacionar tu futuro.
Startup funding news 💸
€5M+ rounds
Nu Quantum, the UK quantum computing startup founded by Spanish physicist Carmen Palacios-Berraquero, secured €9.75M from the Spanish government as part of a $60M Series A round. The Cambridge spinout will establish its first subsidiary outside the UK in Spain, creating 30-40 specialized jobs
€1M to €5M rounds
MITO AI raised $4.5M in pre-seed funding led by Lightspeed Venture Partners for its AI video production platform. Kfund also participated in the deal, as well as Kibo Ventures and other angels and firms. The startup helps filmmakers storyboard, organize, and generate AI assets through integrations with Runway, Veo 3, and Pika. More info here. Iñaki Berenguer, co-founder and CEO, wrote a out the launch here
Warden, a startup co-founded by Spaniard Luis Vaello, closed a $4M strategic funding round at a $200M valuation from infrastructure partners including 0G, Messari, and Venice.AI. Warden is an AI-powered cryptocurrency wallet and trading platform that describes itself as an "Agentic Wallet."
STAMP raised €4M in funding led by Dozen. The Madrid startup digitizes VAT refunds by applying tax benefits directly at point of sale, eliminating traditional post-purchase reimbursement processes
BigGuardian closed a €1.5M funding round led by Swanlaab Innvierte Agrifood-Tech. The precision veterinary startup develops IoT-based continuous monitoring platforms for livestock body temperature to enable early detection of infectious diseases in cattle and pigs
TetraxAI, an AI-powered B2B SaaS platform transforming due diligence and risk management in renewables, closed a €1.2M pre-seed round led by The Footprint Firm
AI-powered vocational guidance platform for schools Growth Road closed a €1M funding round led by Archipelago Next VC and Dozen Investments
Other rounds of funding:
AI-powered recruitment startup NovaHiring closed a €350k pre-seed round led by Solvo Global and Angels Capital
Navarra-based Opportunity Health raised €334k to develop Yarnasa, an automatic choking intervention device
iMeureka, an insurtech startup specializing in tech solutions for the insurance sector, closed a corporate operation with two investment firms acquiring 20% of the company
M&A news 🚀
After holdout investors including fund 14W finally accepted the offer following legal challenges, South Korean tech giant Naver has completed its acquisition of Wallapop for €600M. The deal values the Barcelona-based secondhand marketplace below its 2024 valuation of €806M
Urbanitae completed a secondary transaction, selling a 5% stake for €10M to institutional investors including family offices and real estate developers, reaching a €200M valuation. We (Kfund) have been investors in Urbanitae since the very beginning and they continue to deliver on their promise. The company also recently received CNMV authorization for its asset management arm, enabling three investment channels: crowdfunding, direct investments, and fund management
“How a Small Spanish OTA Scooped Up 2 UK Travel Brands 50 Times Its Size”. A story about Destinia, the Madrid-based OTA with just €7.5M revenue, that recently acquired Travel Republic and Netflights from Emirates Group’s dnata. Despite the UK companies being significantly larger, dnata wanted out due to Travel Republic’s distressed finances and operational challenges at both firms. The deal transforms Destinia from a regional player into a pan-European operator without external capital.
Barcelona-based startup CareerOS acquired Norwegian company Highered to create a unified global career platform for students and universities
Busup acquired Spanish mobility-as-a-service startup IOMOB and signed a strategic partnership with corporate carpooling specialist Tribbu to expand its corporate mobility platform
Investor & accelerator news 🚀
Suma Capital launched its third SC Expansión fund, targeting €200M after its predecessor raised €160M post-pandemic. Suma Expansion’s previous funds invested in the likes of Tradeinn
Former Popular Party president Pablo Casado registered Hyperion‘s asset management firm with Spain’s CNMV after his defense-focused VC fund exceeded expectations. The fund, which raised €150M in 2024, plans to launch a second pan-European fund of at least €500M by Q4 2026
In 2025, Enisa granted 514 participatory loans totaling €86.2M to Spanish innovative SMEs
Spanish funds active abroad:
Nina co-led a seed round in US-based healthtech Navidence
Paris-based GoCanopy raised €2.1M in pre-seed funding from Yellow, among others
We recently invested in Silver, Santi and Sergio, who are building Traza and reinventing how the world’s largest manufacturers and distributors operate.
They’re building AI workers that automate and optimize complex supply chain processes, transforming an industry that moves trillions of $$ in goods every year but still relies on manual workflows, fragmented systems, and outdated tools.
They’re now looking for a Founding AI Engineer to design and build the workforce of the future. If you’re interested in the role, check it out here. And if you prefer a direct intro with the team, let me know and I’ll put you in touch!
Startup news 💡
New startups and product updates
New companies:
Temos AI launched by Sergi Gomez and Xavier Riba-Anglada to automate manual regulatory processes in the energy sector through AI agents, targeting outdated workflows that remain inefficient across energy companies
Prudencia.ai launched its AI platform designed specifically for lawyers and law firms, attracting over 250 legal professionals to its limited free version
New products:
Endor Labs released Rover 2.0, an open source tool for managing and automating AI coding agents like Claude Code, OpenAI Codex, and Gemini CLI
I missed this in December! Soraia Lima launched MiroMiro, a Chrome extension that extracts website assets in one click, including colors, fonts, images, icons, SVGs, Lottie animations, and CSS styles. The tweet got 2.3M views
Co-founder Gerard Clos shared that Latitude moved upmarket by replacing its free tier with a 30-day trial and launching new plans at $300/month and $900/month. While self-serve volume dropped, demo-to-paid conversion increased substantially
YepCode launched Yep Agent, a new “build it for me” feature that generates runnable JavaScript or Python automation processes from natural language descriptions
Other news:
Enginy.ai (formerly Genesy) rebranded to continue to address chaos in sales teams
Startup financials
Internxt, the digital privacy and secure cloud services company, achieved positive EBITDA and over 100% net revenue growth in 2025. Internxt targets €10M annual revenue in 2026
Tutrocito, a Spanish custom furniture startup founded in 2020, expects to reach €6-7M in revenue for 2025, up from €4.8M in 2024. The company employs 35 people and produces 50-70% of its furniture in-house
Profile of companies
Impress, the Barcelona-based dental startup, has treated over 250k patients since launching in 2019. The orthodontic company operates 110 in-person clinics across Europe and uses an AI-enabled app to deliver treatment, positioning itself as a major player in the digital health sector.
Profile of Pangea Propulsion, the aerospace startup (founded in 2018) developing rocket and satellite engines focused on efficiency, reusability, and greener fuels
Other news
The way VTC works in Barcelona is nuts. Anti-innovation playbook. Bolt Spain director Daniel Georges criticized Catalonia’s new VTC law requiring 2-hour advance booking, warning it could cut on-demand mobility by 25% and collapse Barcelona’s transport during tourism peaks
Crescenta hired Elisa de Molinedo as Head of Legal. She was previously at Santander
Big company & policy news 🤓
Telefónica launched a national edge computing network with 17 nodes across Spain to meet growing AI and cloud demand. The telco deployed 10 active nodes in major cities and plans 7 more by year-end. The project uses €100M in EU funds and leverages existing facilities as mini data centers, offering low-latency AI capabilities and data sovereignty for enterprises
Interesting reads 🤓
EU-Startups highlighted 10 promising Spanish startups founded in 2024-2025, Notable companies include Accountable (€8.2M raised, fintech verification), Biorce (€8.5M, AI clinical trials), Lookiero (€17M, fashion e-commerce), Murphy AI (€12.6M, debt collection), and Zynap (€11.7M, cybersecurity).
Latitude published “AI Is a Force Multiplier and a Price Compressor”
Pablo Hansen, co-founder of Proliferate, wrote about how he rejected an 8-figure acquisition offer and convinced Lovable to become his design partner
“I left my own startup to not become my father”. Factorial co-founder and former CTO Pau Ramon shared his personal story of leaving the company to become a stay-at-home dad. Pau chose family over the “founders don’t quit” mentality. After two years focused on family, he recently launched Ramensoft using proceeds from selling Factorial shares.
Javi Santana (Tinybird) published “Programador”
Jorge Galindo (Predictable Machines) published “How to improve your productivity by 200% in just 9 months”
Two articles about Clawbot (now OpenClaw): Samuel Gil (JME) published “El momento Clawdbot (ahora OpenClaw) y el futuro del trabajo”, and David Bonilla, wrote “La semana de la langosta”