Dealflow.es #510: Citibox raised €100M. SETT and CDTI on fire. Langai acquired.
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
This week’s newsletter is sponsored by zenital:
Que tu equipo tenga licencias de ChatGPT no es suficiente. Ayúdalos a que sepan usarlas con criterio.
Tu equipo ya usa ChatGPT. Pero para sacarle partido, no basta con pedirle que redacte textos o que realice búsquedas puntuales. Aprender a automatizar tareas te permitirá liberar tiempo de verdad y optimizar costes.
En zenital ofrecemos una primera formación básica sobre ChatGPT y una segunda más avanzada, diseñadas para directivos y equipos que quieren pasar de “usar IA” a desarrollar capacidad operativa, mediante:
Anatomía de un buen prompt
Análisis de datos
Deep Research
GPTs personalizados
Gobernanza y seguridad de los datos
¡Y más! ¿Comentamos tu caso en una breve llamada? Ponte en contacto con nuestro equipo aquí.
Startup funding news 💸
Citibox, the Madrid-based smart locker company, raised €100M in a mix of equity and debt, per Ecotechers. Infrastructure fund Ithaka (led by ex-FCC execs) contributed €55M in equity and €30M in debt; the remaining €15M came from convertible notes by Pedro Tortosa (Onum co-founder) and others. The deal is anchored by a pan-European commercial agreement with Amazon to become its locker partner across key markets. Citibox generated ~€60M revenue in 2025 with ~200 employees
Incapto, the Barcelona-based coffee company, raised €10M from British food investor McWin alongside Cardumen Capital and Lever VC. Founded in 2020, Incapto sells coffee machines and subscription coffee beans, generating €14.85M revenue in 2025
Punto, a Madrid-based company that automates administrative procedures with public administrations using AI, closed a €2M funding round led by Samaipata. Punto is led by Patrik Bergareche (formerly of Just Eat) and Javi Escribano (Ontruck)
Predictheon, a Barcelona-based startup that helps anesthesiologists monitor patient data and predict surgical complications on a single screen, closed a €1.8M round
Spacebackend, a Luxembourg and Spanish aerospace engineering startupthat streamlines hardware-software integration for mission-critical systems, raised €1.8M from Bynd, Athos and DraperB1
Eaship, a Valencia-based SaaS platform for industrial manufacturers, raised €1M in seed funding led by Swanlaab Venture Factory
BASE4 Biosciences, the Barcelona-based biotech company, closed a $1M pre-seed co-led by us at Kfund and Baobab Ventures (Carles Reina). BASE4 combines blood samples with AI models to assess tissue-level health and biological age before symptoms appear
SeniorDomo, the Barcelona-based advanced telecare platform and UOC spin-off, closed a funding round led by Bcombinator. SeniorDomo’s autonomous smartwatch that detects falls, health anomalies and emergencies in real-time
M&A news 🎉
Lang.ai, the Spanish-origin AI startup founded by Jorge Peñalva (spun off from Séntisis in 2018), has been acquired by US customer support automation platform Capacity ($60M ARR, profitable in 2025). Lang.ai raised ~$12.5M (Series A led by Nava Ventures, with Mundi Ventures) and pivoted from ML-based ticket classification to agent analytics on Snowflake after LLMs commoditized bots. Founders and early employees held 30-40% of equity. Price undisclosed; Mundi Ventures had it on the books at ~€35M. This is Capacity's second Spanish acquisition after Barcelona-based Verbio
Izertis acquired Barcelona-based cloud specialist ACKstorm (€16M revenue, 50 employees) and Madrid consultancy SADE (€4.1M revenue). ACKstorm holds top-tier AWS and Google Cloud partnerships, while SADE specializes in Oil & Gas solutions
Startup news 💡
Wallbox is reshaping its board and finances as it navigates a full restructuring. The EV charging company added two new directors representing key shareholders. The restructuring plan is backed by 80%+ of creditors, pending court approval in Barcelona
Mr Jeff executives including CEO Eloi Gómez were acquitted of fraud charges by Valencia’s Court of Appeals. The court found “not even remotely” evidence of a crime. The tribunal ruled that Mr Jeff operated a legitimate business with real structure, employees, and franchisee training, attributing conflicts to normal business risks rather than criminal conduct
Urbanitae grew 42% in Q1 2026 to over €70M in transactions (vs ~€50M in Q1 2025). Core equity and debt project financing hit €64M (+30% YoY)
Indexa Capital reached €5B in assets under management and 150k clients after 10 years
Nova Recruiter launched its agentic talent sourcing platform after a private beta that hit €100k+ ARR in 30 days with 300+ companies waitlisted
Bit2Me registered with CNMV as a tied agent to expand beyond crypto into traditional investment markets. The Spanish crypto platform will launch Bit2Me Invest, offering access to over 3,000 investment funds, 5,000 stocks, and 4,000 ETFs
Clikalia secured a major contract to manage Fidere’s 5,000-unit rental portfolio across 47 buildings in Madrid
Easor, a Finnish collaborative accounting software spinoff from Talenom, targets €20M revenue in Spain over five years. Easor operates in four countries and sees Spain as its second-largest growth market after Finland
Interesting experiment from RevenueCat. They acquired a subscription app doing ~$5M ARR not to pivot, but to use as a live testing lab for new features without risking customers’ revenue
Profile of 2 startups that recently raised big rounds of funding:
Profile of Lace Lithography, the Norwegian-Spanish startup co-founded by Spaniard Adrià Salvador Palau, which just raised €40M led by Atomico. The company is developing atom-based lithography machines that could use ~100x less energy than conventional EUV systems, potentially challenging ASML’s dominance. Pilot fab expected early 2027, production-scale by 2030. 50 employees across four European offices
Profile of Quiver AI, the Barcelona-born, SF-based startup building AI-native vector graphics for brand identity. It recently raised $8M from Andreessen Horowitz with Kfund participating. Quiver generates scalable SVG logos, icons and infographics using its own foundational model (Arrow 1.0), trained in-house on proprietary GPUs
Tech investor news 🚀
Activity from public institutions:
Spain’s SETT (Digital SEPI) is racing against time to deploy hundreds of millions in EU funds before summer 2026 deadline. The state-backed investor has executed 17 deals totaling ~€200M in startups, with notable investments in Multiverse Computing (€59M) and Universal DX (€30M), plus €250M committed to VC funds, making it one of Spain’s most active investors
CDTI Innvierte committed €53.4M in 20 startup co-investments and €141.6M in 4 fund vehicles since January 2026
Two new funds announced:
Langre Tech, a new growth equity fund backed by Merus Capital (CIMD Intermoney spin-off), is raising €50M to back profitable Spanish tech companies. Founded by ex-Alantra colleagues Antonio Giménez de Córdoba and Daniel Calleja, the fund targets companies with €0.5-1.5M EBITDA and aims to scale them to €5-7M
The Basque Government launched Hazten Scale-up, a €50M VC fund to accelerate Basque startups in their scale-up phase
Carina Szpilka, my colleague and Kfund co-founder, published “Despejando la X: diez años creciendo y ayudando a crecer”
Big company & policy news 🏦
Prosegur Crypto partnered with Nuek, Indra’s payment infrastructure unit, to develop digital payment solutions using stablecoins and tokenized assets across Europe and LatAm
Interesting reads 🤓
Manfred published its 2026 salary benchmark for software engineers in Spain. Spanish version here. Spicy take from Javi Sánchez (Rebolt): a VP of Engineering at a Spanish company earns roughly the same (~€120K) as an entry-level engineer at a US/global firm. More in his tweet and in the replies
Alex Lopez, CS student, wrote about his experience at Project Europe’s hackathon in Barcelona: “We Finished 2nd at Project Europe”
Txema Rodriguez (Jobandtalent) published “Platform teams aren’t overhead, they’re what keeps your AI engineering from turning into chaos”
Podcasts of the week 🎧
Interview with Andreas Mihalovits, one of Spain’s most active business angels, based in Marbella