Dealflow.es #512: OpenCosmos picked up €31M. Kembara's first deal. Revolut expands in Barcelona.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
Open Cosmos, the Barcelona-based satellite operator, received €31M from Catalonia’s Institut Català de Finances
Orbio, the Madrid and Barcelona-based AI-native startup automating HR management, is negotiating a Series A round above €15M with international VCs, according to Ecotechers. Dawn Capital is among potential investors
FlexiIC, a Barcelona-based CSIC spin-off that develops flexible integrated circuits, raised €2M in a Series A round led by Bullnet Capital
eVoost AI, a Spanish-origin startup based in Abu Dhabi developing AI technology for real estate commercialization, closed a €2M funding round led by First Drop
Humara, a Galicia-based waste infrastructure software company, raised €1.2M in seed funding led by Impact Shakers
Darwin Biomed, a Navarra-based company developing an intelligent walker for the elderly, closed a €1M pre-seed round led by Easo Ventures and Sodena
Hirevoice, a Barcelona-based automated interview platform, closed a €900k funding round led by Draper B1 with 4FoundersCapital participating
Neety, a Basque startup that develops AI agents for B2B sales automation, raised €330k in pre-seed funding from SeedRocket-linked business angels
M&A news 🎉
I saw this chart on Twitter the other day. It shows the revenue multiple paid in several M&A transactions involving AI startups. The highest multiple paid to date according to this chart? 97.6x ARR that Crowdstrike paid for Madrid-based Onum
Defense company Amper signed a binding agreement with PE firm Nazca to acquire 100% of Teltronic, a Zaragoza-based defense and security communications company, for €155M plus up to €45M in earn-outs. The deal values Teltronic at under 9x 2025 EBITDA of €20M+
Ebury, the FX payments company majority owned by Banco Santander, raised €635M in funding to accelerate growth, thus postponing potential IPO plans
Spanish mobility company Amovens and its parent company GoMore completed a strategic acquisition of Getaround Europe’s operations, to increase its P2P car rental network
Immfly, the airline entertainment software provider, has hired GP Bullhound to seek a buyer. The company targets a valuation above its current €200M, with revenues of €43M in 2024
vLex completed its integration into Canadian giant Clio six months after the $1B acquisition closed
Startup news 💡
A Barcelona court approved Wallbox's restructuring plan, clearing the EV charging company to refinance €170M in debt and execute a capital increase. CEO Enric Asunción called it "a new chapter with a clear roadmap."
MN Program, a Coruña-based ERP for services companies with €10.7M ARR and €6.4M EBITDA, hired PwC to explore a partial or total exit. The company is owned by founder Gerardo Rodríguez Darriba (70%) and Spanish fund Queka Real Partners (20%). It has 9,300 clients
HolaCamp closed 2025 with nearly €29M revenue, almost 3x YoY, serving 250k guests across 13 campings in Spain and Portugal
Monzo launched in Spain as part of its European expansion. The UK neobank established offices in Barcelona and Madrid with over 50 employees
Revolut is scaling its Barcelona hub with a new global innovation HQ in Barcelona and plans to hire 300 new employees, growing the team from 700 to 1,000 by 2028. Madrid will also expand from 400 to 900
TuManag3r is a Málaga-based influencer marketing consultancy founded by 24-year-old Vicente Mirasol that has grown to nearly €3M annual revenue in 5 years. 92% of revenue is international and it manages campaigns for Netflix, Amazon, and Ubisoft
Two profiles:
Profile of Throxy, the London-based AI startup founded by Spanish entrepreneurs Arnau Ayerbe, Pablo Jiménez de Parga, and Bergen Merey
Another profile of Lace Lithography, co-founded by Spanish physicist Adrià Salvador. Second profile of Lace and Adria in consecutive weeks
Tech investor news 🚀
Axon Partners Group closed 2025 with €25.2M revenue (+16.6%) and €8.4M profit before taxes (+18.7%), marking its fifth consecutive year of double-digit growth. Assets under management reached a record €838M (+27%)
Montana Children’s Health Innvierte, a pediatric-focused VC fund managed by Ship2B Ventures, raised €37M in its first close. The fund will invest €500k-€3M in 15+ startups focused on children’s health technologies emerging from academic and hospital research
AEBAN released its comprehensive report “Business Angels 2015-2025. Startup Investment: Activity and Trends,” available here
Canary Islands-based VC Archipélago Next invested in five Spanish startups from its second fund: Vantelis (Navarra), Monolayer, Secrets Vault, CareerOS, and Dolfin (all Barcelona-based)
Spanish investors active abroad:
Kembara (Mundi’s €1B fund) completed its first investment. It co-led a $160M Series C round in UK-based Quantum Motion
Nauta Capital did a follow-on in SPREAD AI, as part of its €30M Series B
Big company & policy news 🏦
Anthropic is hiring a Developer Community Lead in Mdarid (salary €195k)
Uber announced plans to launch autonomous vehicles in Madrid before year-end, starting with 10-20 cars in a pilot program
Interview with Google chief economist Fabien Curto Millet, a Spaniard based in Silicon Valley. The interview focuses on the economic impact of AI
OpenAI avoided a potential fine from Spain’s data protection agency (AEPD) by transferring jurisdiction to its Irish subsidiary in February 2024
Interesting reads 🤓
🎯, from Javi Santana
CEEI Valencia@ceeivalencia“En España muy poca gente ha sabido jugar en primera”. @javisantana e @ignacio_arriaga dejaron en el Demo Day de #ScaleUpVLC una conversación sin filtros sobre producto, tracción, financiación, IA y construir empresa de verdad. Ya disponible 👉 ceeivalencia.emprenemjunts.es/?op=24&n=14722512:03 PM · May 8, 2026 · 17.2K Views2 Replies · 4 Reposts · 28 LikesSamuel Gil (JME) published “Tu empresa no está lista para la IA. Despidiendo IAs para recontratar personas. ¿Por qué no trabajas en lo más importante? Tu salud depende de tu flujo energético.”
zenital published “Los riesgos ocultos en los datos que comprometen la creación de valor tras un exit”
Carles Igual, co-founder of Kimera, wrote about Mercadona Tech’s decision to replace their Algolia-based search functionality with an in-house developed solution. His verdict: “Todos alucinan con que Mercadona construyó un buscador interno en 3 días y ahorra 15.000€ al mes, pero… jugando 5 minutos encuentras muchos fallos gordos.”
Article in ElMundo about the tech market in Granada. Coincidentally, Guli Moreno tweeted about this too
Guli Moreno@GuliMorenoPara mis amigos founders que buscan talento técnico. Bastante buen nivel estoy viendo en Ing. Informática de la Universidad de Granada.12:05 PM · May 9, 2026 · 13.7K Views5 Replies · 2 Reposts · 53 Likes
Podcasts of the week 🎧
Itnig interviewed the founders of Krea AI
SeedRocket interviewed Diego Arroyo of lagaam, about their use of OpenClaw to manage internal ops