Dealflow.es #508: Xoople's €130M "round". Wallbox rescue plan. Inditex VC activity.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
The two largest “rounds” of the week:
Madrid-based Xoople announced a €130M Series B led by Nazca Capital. Xoople is building a satellite constellation to collect high-precision Earth observation data optimized for AI and deep learning models. Ecotechers published an interesting counterpoint to the TechCrunch piece. The key takeaways:
The $130M “Series B” isn’t fresh capital — it’s been announced in at least four different tranches since May 2025 with inconsistent figures each time
Over 40% of total funding is public money (CDTI, Next Tech/ICO)
The company has zero revenue so far, no satellites built yet
The only genuinely new element in this announcement is Nazca Capital’s entry through their defense/aerospace fund.
Elche-based PLD Space secured a €30M venture debt loan from the European Investment Bank to finalize development of its MIURA 5 rocket for small satellite deployment
€1M to €5M deals:
Madrid-based alternative investments platform Crescenta raised €5M, led by us at Kfund (we were already investors in the company). Crescenta targets €1B in managed assets and 20,000 clients by 2027
Alicante-based Golden Owl raised €1.4M in seed funding led by First Drop to advance its anticipatory intelligence operating system. More on Golden Owl here
Centinel, a Spanish-Argentine AI accounting startup founded by ex-McKinsey and Amazon executives, raised €1.2M in pre-seed funding from Boost Capital Partners, Lanai VC, and Abac Capital
Seville-based Arca Digital raised €1M in pre-seed funding co-led by DraperB1 and Robin Capital. Arca operates as an API-first infrastructure layer connecting pension fund managers with SMEs
Madrid-based Sybol raised over €1M from SETT, Repsol, Grupo Synaptia, and others to develop corporate digital identity solutions. More info on Sybol here
Other funding news:
Barcelona-based Sateliot is seeking a €100M Series C round to deploy 16 satellites completing its 5G constellation. The Barcelona-based startup expects 50% public co-financing and aims to close by summer. This follows a €70M Series B in March 2025
MOVEMENTS, the new citizen movement platform startup from Paco Polo, closed its €390k pre-seed round.
Electric motorcycle brand Velca added former NBA player José Manuel Calderón as a shareholder in its fifth funding round targeting up to €2.5M. The round also includes Hijos de Rivera CEO Ignacio Rivera
M&A news 🎉
Keepler Data Tech, a Spanish cloud-native AI and data startup founded in 2018, has been acquired by Accenture. Keepler did €17M in sales in 2024 with €200k in EBITDA
Amper made an acquisition offer for Spanish hyperloop startup Zeleros‘ productive unit after the Valencia-based company filed for bankruptcy proceedings. The offer is of less than €1M
Startup news 💡
Wallbox signed a rescue plan to restructure over €180M in debt it couldn't repay. Key shareholders including Iberdrola, the Riberas family, and CEO Enric Asunción are putting in fresh cash alongside Catalonia's government. The plan needs court approval in Barcelona — expected to go through with 83% creditor backing despite HSBC's opposition. Seaya, once a key investor, is apparently not joining this round, effectively writing down the majority of its original €13.5M investment
Andreas Blixt, former VP of Engineering of Framer and now based in Barcelona, launched Biscuit, an all-in-one platform that takes a business idea from prompt to live product with payments, emails, and hosting built in
Jacinto Fleta shared a post-morten of Landing Bakery after shutting down the AI landing page tool. It had €1.5k in MRR after 400 days. The team has now pivoted to Baker, an AI-powered performance marketing agency
Sifted published a couple of articles about Wallapop. An interview with CEO Rob Cassedy about the company’s new stage after being acquired by Naver, and a second one about startups that have been created by former employees of Wallapop
Devtools company JetBrains announced it is now hiring in Spain, with Madrid as its starting point but offering remote positions across the country. JetBrains has more than 2,800 employees worldwide
Marti Carmona of Humalike launched Jared on Product Hunt. Jared is “an AI employee that lives in Slack, connects to 10,000+ tools, and gets work done without being asked”. The launch ranked 4th in product of the day. Marti, who is also the brother of Dani Carmona (Supersonik), wrote about the PH launch here
Delivery Hero and its subsidiary Glovo reached a €27.5M settlement with Chilean authorities over market-sharing agreements dating back to 2019, down from an initial €64.3M demand. The German group faces over €1B in potential legal costs globally, including ongoing investigations in Peru and Ecuador for similar antitrust violations, plus labor disputes across Latin America
Payflow launched “The Hub,” a new feature that partners with benefits providers to create a unified platform for employee benefits. The startup, which serves 600k employees with 200k active users, positioned the feature as a new monetization channel
End-to-end fashion brand Fabbric closed after 5 years, despite reaching €1M in annual sales and raising over €2M in funding. The startup, founded by Alba Roca Fort and Hugo Cuesta, pivoted from e-commerce to a software platform but faced financial pressure when a major client defaulted on payments
Tech investor news 🚀
Inditex has deployed €18.6M through its €50M FutuRetail Fund (managed by Mundi Ventures) into 3 sustainable textile startups: €10M for 12.3% of Finland’s Infinited Fiber, €4.7M for ~5% of Boston’s Galy (lab-grown cotton), and €3.7M for 8.9% of London’s Epoch Biodesign. A 4th, smaller bet via convertible note went to Barcelona’s Theker Robotics. In all four cases, Inditex is also a customer.
Creas Impacto closed its second impact investing fund at €65M, backed by Cofides, European Investment Fund, Axis, and family offices from Spain, France, and Germany. The fund has deployed 40% of capital across six investments including mental health startup Desconect@ and eldercare platforms Qida and Miresi.
Big company & policy news 🏦
French tech consultancy Capgemini initiated an ERE in Spain, citing the impact of AI and an increasingly uncertain operating environment
Sngular reported €117.9M revenue (+10%) and €14.23M EBITDA (+18.5%) for 2025, achieving 12.1% EBITDA margin. International business now represents 38% of revenue. The company proposed €0.04/share dividend and new share buyback program
Revolut closed 2025 with 6.3M clients in Spain, adding 2M users last year. The neobank targets 15M Spanish clients by 2029
LaLiga partnered with US tech company Fastly to develop AI-powered solutions that detect illegal sports streaming in real-time
Spanish labor inspectors concluded their investigation into Uber Eats, demanding €110M in unpaid social security contributions after reclassifying 60,000 delivery workers as employees rather than freelancers for the 2022-2026 period
Zoho, the Indian software giant, has expanded its Valencia operations significantly since establishing its European hub there in 2021 and plans to continue to hire locally
Spanish online gambling operators continue to massively advertised their services online. Ad spending reached a record of €244M in 2025, up 19.4% despite advertising restrictions in place since 2021. A Supreme Court ruling in April 2024 annulled key restrictions, particularly for digital channels, enabling operators to redirect spending online
S2 Grupo received legal and financial approval for SEPI’s entry into the Valencia-based cybersecurity company with a stake below 15%. The state entity valued the firm below €50M. Despite 53% revenue growth to €56.6M in 2025, the company posted losses in 2024 due to delayed government contract payments
Interesting reads 🤓
Loïs Duhourcau, CEO at Novicap, wrote “5 Years at Novicap: From Investor to Operator”
Ignacio Perez Pozuelo wrote about his time at Palantir. He left the company after almost 6 years. “Five Winters: On forward deployment, institutional seeing, and leaving the only place that felt like enough”
Javier Valverde (Prosus) wrote “Not all SaaS has been affected equally“
Mihura published “Te estás quedando atrás”. He (or she?) argues AI’s breakneck pace is a non-stationary environment: you must balance exploration (testing new tools) with exploitation (actually building)
Podcasts of the week 🎧
Itnig interviewed Lucas Carne (011h)
SeedRocket published “Por qué los tecnobros están invirtiendo en el campo”
Marsbased interviewed Ilya Zayats (CTO of Factorial)
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