Dealflow.es #514: Mouro new $400M fund. Keybotic acquired by Helsing. Biorce hits €10M ARR in first year.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Invertir es crecer tú y hacer crecer a los demás. Y en Crescenta queremos ayudarte a dejar tu huella. Ahora puedes invertir con mejores condiciones en tu llamada de capital: ¿cómo? Si eres inversor, por cada amigo que invites e invierta, ambos recibiréis 200 centas (equivalentes a €200) para descontar en las llamadas de capital. Es una forma simple de convertir tu red en capital invertible.Crescenta es la primera gestora digital de España especializada en Private Equity. Sus portfolios de fondos están disponibles desde €10k euros a desembolsar gradualmente. Y están compuestos por una selección única: menos del 3% de los fondos que analizan entran.
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Startup funding news 💸
Orbik Cybersecurity, a Guipúzcoa-based cybersecurity startup, closed a €2M round backed by MONDRAGON, IKERLAN, and Basque Country’s VC fund
Overwatch AI, a Barcelona-based AI aviation company, closed a $1.5M pre-seed round with participation from United Airlines Ventures, Baobab Ventures (Carles Reina) and others. The platform helps pilots, cabin crew and operations teams surface critical info across fragmented systems
Drelife, a Barcelona-based solution that enables brands to launch trade-in and resale programs for used products, closed an €800k round with investors including basketball player Ricky Rubio, golfer Rafa Cabrera Bello, and Barça Innovation Hub
M&A news 🎉
Keybotic, the Barcelona-based autonomous robotics startup founded in 2021 by Irene Gómez and Hilario Tomé, was acquired by German defense tech Helsing. The company had raised around €3M. We talked a few years ago with Keybotic and we found their tech and value prop super interesting. We didn’t manage to invest. Prior to building Keybotic, Hilario Tome was the winner of DARPA’s Subterranean Challenge, one of the world’s most prestigious robotics competitions. More info here
Spain ranks second in Europe by exit value per dollar of VC invested in 2026 YTD, generating $5.5 in exits for every $1 deployed, according to Dealroom. Germany leads the table by a wide margin at $12.8, followed by Spain ($5.5), Italy ($4.8), the UK ($2.9) and Ireland ($2.5)
Startup news 💡
Seedtag grew EBITDA 21% in 2025, according to Ecotechers citing Oakley Capital, one of its main shareholders. The figure points to a range between €50M and €100M, though Oakley made no mention of revenues (the target was €400M)
Barcelona-based Biorce, which recently closed a €61M Series A led by DST Global Partners, disclosed that it has reached €10M revenue in its first year
Magnific (formerly Freepik) launched Magnific Fund, a €10M program in platform credits and discounts to help European and UK creative teams move from AI experimentation to production workflows. More info here
Speridlabs came out of stealth with a seed round from Pear VC and Base10. The Spanish AI lab is building Spatial Intelligence: foundation models that understand the 3D world, aiming to be the missing layer between computer vision and 3D generation. The company is co-founded by Chema Garabito (CEO and Chief Researcher) and Guillermo Garabito (COO)
Abacum launched its “Built for NetSuite” SuiteApp, integrating AI-native FP&A capabilities directly with NetSuite ERP systems
Petolo, Zurich’s digital pet insurance startup, launched in Spain. Spanish competitors include our portfolio company Barkibu
Italian legal tech startup Lexroom closed a $50M Series B led by Left Lane Capital, with participation from Spanish VC Acurio Ventures. The Italian AI legal platform will open a Barcelona office and expand its Spanish team from 20 to 30 employees
Madrid launched Europe’s first autonomous VTC pilot project, partnering with Uber, Cabify, and Bolt to deploy 50-100 level-5 autonomous vehicles starting December
Cool stuff. NeoCalculator is a DIY open-source scientific calculator project by 15-year-old Juan Ramón from Almería, which aims to break the monopoly of Texas Instruments, Casio, and HP
Tech investor news 🚀
Mouro Capital, Santander’s fintech investment arm, launched its third fund with $400M. Mouro plans to add external LPs for the first time and targets AI-driven fintech across Europe, North America, and Latin America. Company announcement here and message from co-founder Manuel Silva here
Plus Partners surpassed €45M for its first fund, exceeding its initial €40M target
Spain’s SETT (Sepi Digital) invested €752M for a 32% stake in Diamond Foundry‘s Spanish subsidiary. The US company will manufacture synthetic diamond wafers for semiconductors at facilities in Zaragoza and Trujillo
Asabys Partners has closed €74.7M from CDTI’s Innvierte Deep Start program and the EIF for its new biotech and medtech vehicle, Asabys Innvierte Tech Transfer, targeting a total size of up to €120M
BBVA Spark partnered with Nasdaq Private Market to provide secondary market liquidity solutions for high-growth private companies in Latin America, initially targeting later-stage companies in Mexico, Colombia, and Argentina
Spanish investors active abroad:
Swiss AI company Visium closed its first institutional funding round co-led by Spanish fund Columbus Venture Partners
Interesting reads 🤓
Eduardo Manchón, co-founder of Mailsuite, shared his thesis on why most AI-email startups will fail. He also shared that Mailsuite has 14M signups, 800k MAU and 119k paying customers, all organic, with a new AI product shipping soon
Francesc Font, co-founder of Incapto Coffee, wrote “Las 3 formas que utilizo para invertir en startups”
Pau Ramon (Ramensoft) wrote about why he’s introduced "token fasting" at his company: coding by hand at least once weekly to counter CEO "token maxxing" trends