Dealflow.es #500: Seaya prepares €1B fund. Multiverse raising €500M. Tuio + ChatGPT.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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This is an amazing graph by David Blark of VenCap
In a follow-up tweet he also clarified the following:
Number of US VC-backed exits over $10k from Pitchbook:
05-09: 1,309
10-14: 1,873
15-19: 2,057
20-24: 2,214
25+: 291When you parse it and draw some conclusions, it gets even more incredible:
29 exits of at least $2.5B in 2025-26 alone
Top 1% exits doubling in value every 5-year period
10% exits growing by 50% compared to last 5 years, and 3X to last 10 years
🤯 No wonder fund sizes are getting bigger and bigger and median rounds increasing significantly (even in Spain and at pre-seed and seed).
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Startup funding news 💸
According to Bloomberg, Multiverse Computing is discussing raising €500M in funding at a €1.5B+ valuation, expected to close in H1 2026. Multiverse currently focuses on making AI deployment more efficient by shrinking large language models to reduce energy consumption. According to the same source, Multiverse reached €100M ARR in January
WtEnergy raised €10M in a round led by SC Net Zero Ventures (Suma Capital). WtEnergy transforms industrial waste and biomass into renewable syngas
London-based Mozart AI raised €6M in seed funding led by Balderton Capital to develop its AI-native digital audio workstation. Mozart is co-founded by Spaniard Pascual Merita
Barcelona-based Dopelist raised €600k ahead of launching its AI-powered app that automatically organizes digital content
M&A news 🚀
Dcycle, the Madrid-based sustainability data management platform, acquired 100% of Munich-based ESG-X to accelerate European expansion
Submer acquired Australian company RadianArc, “an established provider of an infrastructure-as-a-service (IaaS) platform for running sovereign, telco-focused GPU cloud services”. I think this is a very interesting move by Submer to complete a full-stack AI infra offering, providing a complete solution, from core datacenters to edge compute
Suma Capital launched the sale of Zero Waste Energy, its waste-to-energy platform. The Catalan fund hired PwC to run the auction for the company, which generated €106M revenue in 2024
Investor & accelerator news 🚀
The European Investment Bank (EIB) announced a €300M investment in Seaya‘s new €1B megafund for European scaleups. Seaya, who sold a 30% stake to Santander in 2024, is one of only 13 European megafunds receiving EIB support. Spain now hosts two of these funds, Kembara (Mundi) and Seaya
Martin Varsavsky reflected on his years as a business angel and investor via Vars Ventures, a 2017 €9.6M fund. TVPI: 4.54x, DPI: 1.59x and Net IRR: ~17%
First Drop received €8.3M from SETT, Spain’s digital transformation agency, bringing the pre-seed impact fund’s assets under management to over €19M
Proaltus Asset Management launched VVV Capital Partners FCRE, targeting €100M to invest in Spanish growth-stage tech companies
Alantra Private Equity raised a €155M continuation fund with participation from Altamar and BNP to reinvest in genetic diagnostics company Health in Code, valued at €200M. The company serves hospitals across 30 countries and doubled revenues from €24M in 2020 to €50M currently under Alantra’s ownership.
Spanish investors active abroad:
Hyperion Fund invested in British electronic warfare company Antares Defence Systems, marking its first investment outside the EU
Cardumen participated in the $30M round of Israeli AI visibility startup Brandlight
Kfund participated in the €9M round of Berlin-based health startup Circle Health
Startup news 💡
New startups and product updates
Tuio became the first insurance company to get OpenAI approval for a native ChatGPT app. The Spanish digital home insurance startup enables users to get personalized quotes directly within ChatGPT without intermediaries, with policy contracting coming soon. As a reaction to the news, insurance broker stocks plummeted. Probably an overreaction to any news AI-related these days…
Imperia launched Supply Chain Planning Studio, a platform using native generative AI to autonomously create and adapt supply chain planning software in real-time
French startup rzilient, a SaaS for centralized IT asset management, says it’s now officially launching its commercial offering in Spain
Startup financials
Velorum, the Barcelona-based AI startup, targets €12M revenue by year-end and plans Mexico expansion after opening Seattle office. The company develops an AI assistant that integrates fully with enterprises, accessing all company data to create strategic plans
AI-powered intelligence platform Genesy said that it closed 2025 with €4M in sales, 400 customers and 50 employees
Startup profiles
Zepo was profiled twice last week: here and here. The company combines AI and cybersecurity to train employees against deepfakes, phishing, and social engineering attacks. It recently announced a €15M round
Other news
Bnext announced it will cease consumer neobank operations on April 13 and pivot to B2B financial infrastructure services. The company cited increasingly challenging market conditions, growing competition, and regulatory complexity as reasons for the strategic shift
Glovo news last week:
Glovo revealed that Morocco has become the company’s third or fourth-largest market by order volume, with Casablanca receiving the most daily orders among 1,800+ cities globally
Milan prosecutors launched a judicial review of Glovo‘s Italian subsidiary Foodinho, alleging criminal association in exploiting 40k riders nationwide. More info here
Glovo faces escalating labor disputes as CCOO union denounced anti-union practices and alleged weekly layoffs affecting 45 workers among 200-250 employees in Navarra during December
Qbeast, the Barcelona Supercomputing Center spin-off, relocated its headquarters from Barcelona to Delaware. The data processing acceleration startup joins other Spanish tech companies moving abroad for better legal frameworks, commercial development and fundraising. In my opinion, this is very common and not bad. It’s actually a sign of companies maturing and growing
Open finance Belvo updated its brand and positioning as Belvo AI. The company now has agents that transform financial signals into real-time decisions and automation
Real estate crowdfunding platform Housers transforms into Crowpire. Juan Guruceta, founder and CEO of fintech Divilo, becomes general director. The platform secured €4M in new funding
Big company & policy news 🤓
Roja Directa creator Igor Seoane faced trial at A Coruña court for allegedly streaming paid football matches illegally between 2015-2016. Prosecutors sought four years in prison
Spain’s competition regulator CNMC has opened a new anticompetitive practices case against Amazon and Apple subsidiaries for failing to end iPhone maker privileges on the e-commerce platform until May 2025, following a €194M fine imposed in December 2023. Both companies will appeal the new proceedings.
Oracle co-CEO Mike Sicilia launched a global AI adoption tour in Madrid. The visit follows Oracle’s third cloud region opening in Madrid, part of a $1B+ long-term Spain investment plan
Madrid’s regional government under Isabel Díaz Ayuso announced a €16M drone strategy to integrate autonomous flight technology across all public services
Interesting reads 🤓
Jorge Gomez Sancha (Tinybird) published “We gave our team a self-learning Slack agent. It’s just a prototype, but it’s already changing everything.”
Eduardo Manchón (Mailsuite) published “La utopía de buscar la verdad y tomar decisiones a través de los datos“
Simon Muñoz (Voicemod) published “El negocio de crearte ansiedad con la IA”