Dealflow.es #517: Theker raised $85M. OpenAI and Legora to open Spanish office. 100 RevenueCat lessons.
A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
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Startup funding news 💸
€50M+ round:
Theker, the Barcelona-based AI robotics company, raised $85M in the largest Series A in European robotics, led by CRV. New entrants include Cathay Innovation, 20VC and Korelya, while existing Spanish investors KFund, Kibo, Mission and Itnig doubled down. Industrial partners Samsung, LVMH, Sonae and Henkel joined alongside Inditex, who invested in the previous round. This also CRV’s third deal in Spain, following investments in Factorial and Tinybird. Ecotechers has more round details. To learn more about Theker, Carla and Jia appeared on the itnig podcast in December 2025
€10M rounds+:
Openchip received a €10M loan from Catalonia’s government to advance its microprocessor technology while securing private funding. This follows a previous €25M credit in March. The BSC spin-off, founded in 2021, employs 300 people
€1M to €10M rounds:
Laborai, a Madrid-based AI-powered tax and financial optimization startup, closed a €3.7M funding round led by German fund Cusp Capital
Enera, a London and Barcelona-based EV startup, raised $2M to fix EV charging, in a round led by Lakehouse Ventures (their first investment outside the US), with Divergent Capital, Masia
Energiot Devices, a Barcelona-based IoT startup, raised €1.5M led by Inclimo, with participation from Easo Ventures and BStartup.
Toteemi, a Madrid-based sport tech company that gamifies cycling and running workouts, closed a €1M+ funding round led by family group Asentis through StartupXplore
M&A news 🎉
Cyberclick, the Barcelona-based marketing and sales specialist founded more than 25 years ago, was acquired by European HubSpot solutions group Siloy
Begalvi got acquired by Phenna Group, the UK compliance and certification platform backed by Oakley Capital. The Spanish startup provides regulatory compliance management and SaaS for the property management market
Startup news 💡
Startup financials:
Clarity AI has been seeking emergency capital for weeks, holding talks with private funds and public entity SETT, according to Ecotechers. Seaya marked down its valuation from ~€300M to €74M. Clarity has around €19.3M ARR (+25% YoY)
Bcas, the fintech that specializes in education financing, signed an €18M guarantee agreement with the EIF to mobilize up to €72M in financing for over 14,000 students across Europe
Enginy (AI sales automation) has crossed €5M+ ARR, built almost entirely through outbound sales. They explain how in the LinkedIn post
Prudencia.ai, a bootstrapped legal AI platform, projects reaching €1.5M ARR by end-2026, just 11 months after commercial launch in February
International companies active in Spain:
OpenAI will open its first office in Spain in the second half of 2026, landing in Madrid. It won’t be an engineering hub: the team will focus on sales, technical support and public policy
AI legal giant Legora opened offices in Madrid, Milan, and Paris, plus a dedicated engineering hub in London
Italian software consolidator Bending Spoons opened its first Spanish office in Madrid ahead of its Nasdaq IPO targeting a $20B valuation
Ubisoft announced a restructuring affecting 51 employees at its Barcelona studio, roughly 28% of staff
New companies and products:
Walter! came out of stealth to fix IT management at scaling tech companies. Founded by Marc Ginjaume and Carlos Andion
Omnia published the first edition of its AI Visibility Index, tracking which brands surface most in answers from AI assistants and search engines
Devengo has become the first non-bank in Europe cleared to send instant euro payments across borders
Other news:
HappyRobot opened its 7th office worldwide, in Mexico City
Securitize CEO Carlos Domingo discussed the company’s IPO plans on Bloomberg Crypto, explaining that going public will raise the profile of tokenization and provide capital for strategic acquisitions
Embat hired former Pleo Southern Europe GM Dexeus to lead its Global Banking division
Amazon SageMaker AI: build, train & deploy ML/GenAI models at scale. HyperPod cuts training time 40%. Glovo processes 2TB/day powering recommendations & pricing across 25+ countries. Go from experiment to production — fully managed.
VC news 🚀
Base10 Partners, the firm co-founded by Adeyemi Ajao (co-founder of Tuenti and Cabify) raised two funds totaling $850M. The San Francisco-based firm has been quite active in the past couple of years backing Spanish founders in Spain and abroad. Happyrobot, Infintewatch, Traza, Throxy, Speridlabs, etc
Deborah Li, formerly of Mundi Ventures, launched All Blue, a 4-week founder residency program in Madrid for builders. All Blue is part of Alta One, an early-stage fund she’s launching
The Andalusian Government launched a €10M co-investment fund to support tech startups, alongside plans for Tandem, a new scaleup hub in Seville
Mission (formerly Demium) dissolved its €5M Matchday Innovation Fund FCRE, which was set to be the first fund collaborating with a football club’s innovation center (Valencia CF)
Big company news 🏢
The Spanish government opposes letting the European Commission veto China’s Huawei and ZTE from European telecom networks
Amazon Web Services received partial approval from Aragón’s government to advance construction of new data centers in El Burgo de Ebro, Huesca, and Villanueva de Gállego
Kumo Networks, El Corte Inglés’ data center subsidiary, launched a new facility in Valencia’s Paterna after a €52M investment and three years of construction
Spain opened a new ICEX economic office in San Francisco to attract investment and connect with Spanish talent in Silicon Valley
Renault plans to deploy 10 humanoid robots across European plants, including Spanish facilities in Valladolid and Palencia, by late 2026 through a strategic partnership with startup Wandercraft
Interesting reads 🤓
Miguel Carranza (RevenueCat) published “100 Lessons From Building a 100-Person Org”
My colleague Miguel Arias and Elisenda Bou (Cala) published the AI Context Layer Market Map