Dealflow.es #516: Factorial raised $150M at $2.5B. Perk secures $300M. Uber robotaxi in Madrid.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
€100M+ rounds:
Perk, the Barcelona-based corporate travel startup, secured a $300M credit facility led by Neuberger. The company grew revenue 48% in 2025, crossing $360M in annualized revenue
Factorial, the Barcelona-based HR tech company, raised $150M in Series D funding led by General Catalyst (GC), reaching a $2.5B valuation. The company is transitioning to an AI Workforce Operations Platform serving 16k+ businesses across 90+ countries. GC also committed an additional $540M through its Customer Value Fund. Jordi Romero was interviewed by Seb Johnson here, and also talked about the funding announcement in the itnig podcast. At Kfund we’ve been investors since 2018 and it’s been a true privilege to be able to be part of this since the early days and see Jordi, Bernat, and the rest of the team execute at such a level and speed 🚀🚀
Twinco Capital, a Dutch-Spanish fintech specializing in supply chain finance, raised €165M through two operations: a €15M Series B round led by FMO with participation from Bankinter, Quona Capital, and Working Capital Fund, plus a €150M securitization fund
€10M+ rounds:
The Spanish government approved a €24.9M investment in Canarian animation studio Ánima Kitchent through SETT
€1M to €5M rounds:
Flipflow, the Valencia-based competitive intelligence platform for retail, raised €3M in funding led by 4Founders Capital, with participation from Decelera Ventures, Secways, and strategic investors including PUIG and Mango
Zazume, the Barcelona-based proptech, secured €2.5M in funding co-led by Nordstar and GTV Capital. Zazume uses AI for rental property management including tenant screening and automated rent collection. More info here
Opereit, a Barcelona-based logistics optimization startup, raised €2.2M in a funding round led by Seedcamp and Yellow. Opereit develops AI agents that detect transport invoice errors, identify shipment losses and damages, and manage claims with carriers. More info here
DARWIN Biomed, the Navarra-based health tech startup, closed a €1M pre-seed round to accelerate development of MICHELANGELO, an intelligent walker based on assistive robotics
Modelia, a Madrid-based AI-powered visual content creation platform for fashion, closed a €1M seed round led by Next Tier Ventures, with participation from US fund RapidScale and Archipélago Next
Other rounds of funding and rumours:
Kampaoh, the Spanish camping firm backed by JME Ventures, is negotiating a capital increase that brings Alter Capital and Axon as new controlling shareholders, according to el Economista. Revenue approaches €30M with 3,600 tents installed
Banbu, a Cantabria-based natural cosmetics brand, secured €200k from Eoniq.fund
MULA Autonomous Farming secured investment from Swanlaab through its AgriFood Tech Fund to accelerate development of autonomous farming solutions
M&A news 🎉
Barceló reached an agreement to acquire 100% of Atrápalo, the travel platform. The deal, pending CNMC approval, will be executed through Ávoris, Barceló’s travel division. This marks Ávoris’ second major acquisition in under a year, following its 80% purchase of Rusticae
Atom Bank, the UK digital bank backed 49% by BBVA, attracted takeover bids from two acquirers. The fintech is seeking over £600M (€693M). If completed, this represents a significant premium over its £350M 2023 valuation, though below its £459M 2022 peak
Spanish food-safety and operations software Andy was acquired by France’s CHR Group, in a deal backed by a strategic investment from PSG Equity and Verto
Entravel Group acquired Barcelona-based B2B travel startup Moca Traveltech Group to accelerate expansion into Spanish-speaking markets
PiperAI was acquired by Aircall after three years of building AI-powered revenue intelligence. The company had raised around €3M from Seaya and others
Startup news 💡
Startup financials and $$:
SeQura CEO David Bäckström announced that the BNPL company closed 2025 with €133M revenue and €11M EBITDA, following a €410M funding round led by Citi in 2024. SeQura focuses on specialized verticals like education (eduQa, 40% of revenue) and eyewear subscriptions (optiQa), serving 2.7M users across 5,000+ merchants with a 95% transaction acceptance rate
Clicars, the vehicle ecommerce company owned by Groupe Aramis (Stellantis), reduced losses by 49% to €1.47M in 2025. Revenue grew 1.7% to €322.2M despite a €600k impact from Valencia floods that destroyed 243 vehicles and delayed factory opening. The company expects to return to profitability in fiscal 2026 after four years of losses
Bcas signed an €18M guarantee agreement with the European Investment Fund to mobilize up to €72M in education financing. The fintech will provide accessible funding to over 14,000 students across Europe
Urbanitae launched two investment funds targeting institutional investors, expanding beyond its crowdfunding platform. The CNMV-regulated funds, each around €50M, focus on real estate equity and debt financing
Impress, Europe’s largest invisible orthodontics clinic network, is discussing a sixth funding round to fuel expansion plans including 15-20 new clinics across Europe by 2026. The Barcelona-based company reached €103M revenue in 2025 and targets €140M in 2026, aiming for IPO readiness by 2029
PLD Space tripled its investment to €35M for its French Guiana launch facility, aiming to complete construction by summer 2026 for the first MIURA 5 rocket launch. The Elche-based company becomes the first private operator to build infrastructure at ESA’s spaceport
Product launches:
Causa Prima launched its first product, Scribo, a free AI-native e-invoicing tool that generates compliant invoices through conversational AI
Deale launched Deale Credit, Spain’s first fully integrated LBO financing solution within a digital M&A platform for SMEs. The initiative offers loans up to €300k for M&A purposes
Idealista integrated Rentalia’s vacation rental content into its platform, allowing users to search for holiday accommodations in Spain and Portugal
Tinybird moved its growth analytics from PostHog back to its own platform, building “Birdwatcher” - an internal analytics system that combines product data, session recordings, and operational context in one place
Other ecosystem stuff:
King president Todd Green emphasized Barcelona’s critical importance to the Candy Crush maker, confirming plans to continue hiring talent at their 22@ hub with nearly 500 employees. The mobile gaming giant has operated in Barcelona since 2012
Bewater Funds released its annual ranking of Spain’s most capital-efficient companies, with Flexicar, Selectra, and PC Componentes maintaining the top three positions
A Valencia court opened proceedings against Jeff’s former CEO and board president for allegedly defrauding investors by hiding the startup’s insolvency. Prosecutors claim they used falsified bank certificates showing €20M+ in liquidity to secure €909k in convertible loans from the Sean Connery Foundation in 2022, while the franchise company was secretly in pre-bankruptcy proceedings
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VC news 🚀
Inveready launched its 3rd structured finance fund targeting €150M to finance growth plans and M&A operations for companies trading on alternative markets or mature firms ready for BME Growth listings
Galician biotech investor Sémola Tech Ventures, founded by the Mestrelab Research team after selling Mestrelab to Bruker, has struck a strategic alliance with Silicon Valley's General Inception to identify, incubate and launch life-sciences companies in Galicia and Spain
Spanish investors active abroad:
Forage raised $40M in Series B funding led by Mouro Capital
Big company news 🏢
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Microsoft announced MAI-Thinking-1, the first foundational model from Microsoft SuperIntelligence (MSI). The MSI Madrid team actively participated in the model’s design and training, and the company is now seeking AI engineers to develop Microsoft’s next models from Spain
Esade director Daniel Traça warns that “knowledge no longer comes from universities, it’s in companies” as AI disrupts business education
Uber announced plans to launch Spain’s first commercial robotaxi pilot in Madrid, partnering with WeRide.ai and the Madrid Regional Government
Interesting reads 🤓
Cala co-founder Elisenda Bou published “Every AI company needs a context layer. Nobody agrees what that is"
REFUGIO founder and anonymous Twitter account Mihura published “Reflexiones sobre el mercado laboral tech en España”
David Bonilla wrote “La IA de cerca”