Dealflow.es #504: Fundraising rumours. Samaipata's new fund. Wallbox pre-bankruptcy proceedings.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Si estás pensando en incorporar talento freelance a tu equipo, te ayudará a evitar errores comunes y a hacerlo mucho más rápido.
El equipo de Manfred 💙
Startup funding news 💸
According to Bloomberg, Factorial is in fundraising talks to “raise as much as $200M” at $2B. In their latest podcast, both Jordi and Bernat said this is not true and talked about market conditions, what they could use the money for, how the General Catalyst’s Customer Value fund has allowed them to still have all of the last round’s cash in the bank, and other details
According to Ecotechers, Embat is negotiating a funding round of around €40M. Embat received an initial €30M commitment, reportedly from Cathay Innovation leading the round
Barcelona-based Delfos Energy raised €3M in a seed extension round led by Vox Capital/COPEL. Delfos builds AI “virtual engineer” technology for energy operations, bringing total funding to €10M
Logixs, an AI boutique specializing in generative AI solutions, closed a €2M funding round with strategic investors including former Banco Santander CEO José Antonio Álvarez
Asturias and Galicia-based DEXTools launched PerpTools, an on-chain perpetual futures trading platform, following a €3M seed round led by DEXForce and Orderly
Madrid-based Sybolid Identity secured €500k from SETT. Sybol develops digital identity solutions for corporate environments using verifiable credentials technology
Naturr, a marketplace for artisanal foods from small rural producers, raised a second funding round led by Alfonso Tomás, CEO of PC Componentes. The startup multiplied sales 6x in 2025 and seeks €300k to accelerate growth and EU expansion
Sherpa closed a €150k funding round to develop its peer-to-peer logistics platform that connects travelers with people needing package deliveries
M&A news 🚀
Ebury is considering selling a 25-30% stake to investment firm Centerbridge, as an alternative to its planned IPO. Banco Santander, which owns 67% of the fintech, had initially targeted a £2.5B (€2.9B) IPO valuation, but the potential Centerbridge deal values the company at £1.4B (€1.6B)
Telefónica in negotiations to acquire a majority stake in Spanish SAP consulting firm Altim Tecnologías de la Información. The company operates in 15 countries with 300+ active clients and generated €14.3M in 2024 revenue
Findasense’s 2022 sale to Majorel may reach €30M including earn-outs. Ecotechers reports the deal included an upfront €11M payment to founders, plus €5M in executive commissions, with up to €14M more tied to revenue growth and EBITDA targets through 2026. Founded in 2007, Findasense was a bootstrapped digital marketing agency with 350+ employees, 12 offices, and €22M in revenue at the time of the acquisition
Sipay acquired the remaining 48% of Sipos, gaining full control of the hospitality point-of-sale software company
Investor & accelerator news 🚀
Samaipata launched its third fund worth €110M to invest in early-stage AI startups across Europe. The fund has already raised €70M with backing from SETT, German fund KfW, and Spanish family offices. Samaipata will target 25-30 European companies focusing on B2B AI applications, investing up to €10M per company
Mundi Ventures launched its LatAm Fund I targeting $100M to back early-growth fintech, insurtech, and healthtech startups across Latin America and the Caribbean. The fund completed its first close with backing from BID Invest, Cofides, and regional insurers
Spanish investors active abroad:
Axiomatic AI raised $18M in seed funding led by Engine Ventures, with participation from Spanish VC Big Sur Ventures
Porto-based Sybilion raised a $4.2M seed round. GoHub Ventures participated in the round
Elaia closed its third DeepTech Seed fund (DTS3) at €134M, doubling the size of previous funds. The Paris-based VC firm has been one of the most active international VC firms in Spain
Startup news 💡
This is great. In a study published by a16z, Freepik was featured as one of the top 50 gen AI web products, by unique monthly visits
Startup profiles
Profile of Multiverse Computing, who competes globally with Google DeepMind and Mistral for top AI talent from its San Sebastián headquarters. The language model optimization company expects to end the year with 300 employees. Salaries range from €45k for junior roles to €150k for LLM specialists
New startups and product launches
Fika relaunched “as a publishing platform built for human writing”. Pau Ramon said that the focus is on “helping writers grow their audience and making it possible to earn a living from their work”
Two Spanish startups launched ChatGPT apps last week:
The Hotels Network launched an app for direct hotel bookings
idealista launched its app, allowing users can now search idealista’s property listings
Tinybird did its Launch Week, presenting several new products and features: CLI 4.0, a redesigned UI, unified logs explorer, and more
Gaston Ivan Roldan (formerly of Vidext) announced Fluxi, an operational intelligence platform designed to solve real-time business process issues
Startup financials
Wallbox was in the news last week:
The company entered pre-bankruptcy proceedings in December to shield itself from creditors while restructuring €170M in debt owed to major Spanish banks. The Barcelona-based EV charger manufacturer has until June to negotiate a restructuring plan or face full bankruptcy proceedings
It expects to finalize a restructuring agreement with creditors by end-March, with 85% of debt holders supporting the plan. Wallbox reported €145M revenue in 2025, down 11%, but cut net losses 32% to €103M. It has a market cap of around €40M
Clikalia launched its own real estate investment management firm, Carnelion REIM, to focus on residential investments. In 2025, Clikalia reported €279M revenue with €5.5M
Bytetravel plans to list on BME Growth between May-June and pursue a dual listing on Euronext Paris by year-end. The Barcelona-based travel tech startup grew its revenues by 73% to €19.4M in 2025
Other news
Glovo announced plans for a workforce reduction affecting up to 750 delivery workers across 60 Spanish cities, especially affecting small and medium cities
Silicon Valley-based customer support platform Sierra announced the opening of a Madrid office to expand its conversational AI platform in Spain
The Catalan Parliament activated proceedings for a new taxi law that could eliminate 85% of VTC licenses in Barcelona. Cabify warned that only 15% of 4,000 current VTC authorizations would survive the restrictive regulations
Bit2Me formed an alliance with savings app Goin to integrate cryptocurrency investment into everyday financial experiences for retail users
Big company & policy news 🏦
Legálitas launched Álex, an AI legal assistant specialized in Spanish law. Since its beta launch, the free tool has reached 600k users and handles 14k daily queries. Unlike other legal AI startups targeting lawyers, Álex focuses on end users
Inditex reported record profits of €6.22B in 2025, up 6% and breaking the €6B barrier for the first time. The Zara owner’s revenue reached €39.86B (+3.2%), just shy of €40B milestone. Online sales grew 4.8% to €10.66B, representing 26.7% of business
Spain’s Appeals Court doubled prison sentences for Arbistar founders Santiago Fuentes and Diego Felipe Fernández to 16.5 and 11.5 years respectively for defrauding 32,000 investors of €200M+ between 2019-2020. The crypto platform promised high returns through automated arbitrage but operated as a Ponzi scheme
Interesting reads 🤓
Ecotechers wrote about the fact that Spanish AI startups are increasingly incorporating directly in Delaware rather than starting in Spain. Interesting take about the topic from David Miranda (Osborne Clarke). This is something that’s been hapenning for several years. A significant number of our portfolio companies at Kfund use this kind of structure: main company in the US and then a Spanish subsidiary. Besides the points mentioned by David, I think it’s a good system that makes attracting US capital easier and doesn’t hurt the company from, for example, having access to public money in Spain (ENISA grants, SETT, CDTI, etc)
Bernardo Quintero (VirusTotal) published “Lo humanamente posible”
LifeX Ventures co-founder Iñaki Berenguer spoke at Forinvest about AI’s positive impact on longevity
Bondo Advisors published “Valoraciones y consolidación en IT consulting”. Valuations normalized to ~1x revenue and 10x EBITDA for small consultancies under €10M enterprise value