Dealflow.es #520: Securitize debuts on the NYSE. Paack exit. Waymo in Spain?
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 Crescenta:
Hay noticias que cambian el mercado, y noticias que cambian carteras.
Hace unos meses, la prensa abría con la mayor adquisición de la historia de Google: $32.000 millones por Wiz. Un titular de esos que parece que ocurren muy lejos. Pero el Private Equity va exactamente de eso: de estar sentado en la mesa antes de que se escriba la noticia.
El fondo de PE GSquared tenía a Wiz en cartera. Y en Crescenta, tenían a GSquared. Esta semana, Crescenta ha cerrado el círculo. Han comunicado a sus inversores que una parte de ese titular de $32.000 millones ya tiene nombre y apellidos, y sus inversores acaban de recibir el aviso de las que serán sus primeras distribuciones del fondo Crescenta Growth I.
Así funciona el capital privado cuando la selección es experta y el acceso, por fin, es real. Únete en crescenta.com, su tercera edición de Growth está disponible.
Startup funding news 💸
According to data from El Referente, June 2026 became the strongest investment month on record for Spain’s startup ecosystem, with €894.44M across 43 deals, thanks to big deals from Perk, Twinco Capital, Factorial and others
The Spanish government authorized a €115.77M investment in Catalan semiconductor firm Openchip. The investment valued Openchip at €700M. The firm has received more than €260M in public funds in the past few years
Substrate AI, a Madrid- and Talavera de la Reina-based agentic software and GPU infrastructure company, closed a €39M capital increase, including a €19.1M ifrom SETT
€1M to €5M rounds:
Balance, a Madrid-based health company to fight obesity, raised a €3M seed round led by Shilling VC and JME, with Atresmedia Capital and business angels
Flyboard, a Barcelona-based startup building AI voice agents for sales and operations, raised €1.9M in a pre-seed round led by b2venture, with Kfund and Yellow
Tokenized Green, the a Burgos-based impact-investment company, raised €1.1M in a round led by Luxembourg’s Wolver Ventures
Other rounds of funding:
Baker, a Barcelona-based performance marketing agency operated by AI agents, raised a €525k round led by Draper B1, with participation from Angels, Itnig, and AIAIAI Ventures. The company is founded by ex-Factorial employees Jacinto Fleta and David Alarcón
Agrikola AI, a Barcelona-based agritech startup, raised a pre-seed round from Zubi Capital, Norrsken VC, Masia VC, and Ona Capital
M&A news 🎉
Securitize, the tokenization firm led by founder and CEO Carlos Domingo, debuted on the New York Stock Exchange with a $1.25B valuation. In 2025 it posted $62.1M in revenue, up 240%. Massive congrats to Carlos and the rest of the team!
Paack got acquired by French shipping and logistics giant CMA CGM. Terms of the deal were not disclosed. Paack had raised ~€350M and peaked above €800M after SoftBank's 2022 round. The company went into a full restructure a few years ago, and according to news, current revenues were around €150M+
ByteTravel landed on BME Growth, moving up from BME Scaleup and opening its shareholding to French fund Eiffel Investments
CommerceClarity, an AI agent platform for ecommerce catalogue ops, acquired Barcelona-based startup Katalogo.ai
Startup news 💡
Product launches:
Civitatis launched Civitatis Pro, a new brand unifying its B2B offering for travel agencies, tour operators, etc, to complement its main B2C business
Luzia launched LuziClaw, its move into agentic AI, that can be used both on Whatsapp and Luzia’s own app. A couple of weeks ago it also announced new features aimed at making sense of your Whatsapp content
Quibim, the Valencian medical-imaging AI company, launched QP-Breast across, the first AI tool to detect breast cancer via MRI
I had missed the launch of Farao from the guys behind Openfort. Farao is a self-custodial mobile app to trade stocks, crypto and pre-IPO markets with leverage, 24/7. Their most recent launch here
Startup financials:
Waynabox, the Barcelona-based surprise-travel platform, reached €12M in revenue in 2025 and targets €15M this year
Crescenta distributed a first return to investors, two years after launch. The payout equals roughly 10% of committed capital, driven by GSquared’s exit from cybersecurity firm Wiz, sold to Google for $32B. Crescenta is a Kfund portfolio company
Other announcements, especially in the fintech space:
Iqana, a Barcelona-based crypto asset manager for family offices and other financial institutions, obtained Europe’s MiCA license, the only one granted to a Spanish crypto-native firm. We (Kfund) recently invested in Iqana
Bit2Me secured Bank of Spain authorization to provide payment services, becoming the first Spanish crypto exchange to win this clearance
Amazon Bedrock Agents: autonomous AI that reasons, plans & executes multi-step tasks — calling APIs, updating CRMs, processing orders. Italy's A2A lets executives query complex data in natural language, no analyst needed. Beyond chatbots — action. Do you want to chat? click here.
VC news 🚀
Easo Ventures launched its 3rd fund with €50M to back startups with a focus on deep tech, AI, cybersecurity and energy transition
Spanish investors active abroad:
Elewit (Redeia) led a €4M round in Danish startup Oktogrid
Big company news 🏢
Sponsor: Amazon Bedrock Agents: autonomous AI that reasons, plans & executes multi-step tasks — calling APIs, updating CRMs, processing ordersx
Waymo registered a new entity in Spain, which means that the company could soon expand to Spain and potentially Portugal as well. No timing disclosed
More details about OpenAI’s plans for its Madrid office. The company is hiring for FDEs. Here’s one job offer
Amazon registered gross revenue of over €9B in Spain in 2025, up 12.5% YoY, with pre-tax profit of €290M. Amazon now employs 30,000 permanent staf in Spain. Also, Amazon Data Services Spain, received a €2.5B capital injection from its parent in 2025 to continue with its data centre expansion. AWS revenue rose to €457.8M from, while headcount doubled to 266
Spain and Portugal launched a public-private consortium to bid for one of the EU’s five AI gigafactories. Participants include Telefonica, ACS, Santander and Multiverse
The Spanish government vetoed Palantir Technologies from new contracts with public and SEPI-controlled firms (Telefonica, Indra)
Interesting reads 🤓
ICEX published a sponsored post in Sifted: “How Spain has emerged as one of Europe’s most dynamic tech ecosystems”
Interesting post from Carles Reina about how he negotiated his equity compensation when he joined ElevenLabs as head of GTM
Anonymous Twitter account Mihura published an interesting post about his experience with REFUGIO, a two-day hackathon that recently took place in Madrid
Javier Escribano (Punto AI) published “5 comportamientos que definen a un Product Engineer”
Interview with Xavier Pladellorens (Deporvillage): “Con 30 millones te compras una de las diez mejores empresas de Manresa, no una startup en pérdidas”
David Bonilla published “Yo no firmaría eso”. A post about the topic brought up by David Alvarez, co-founder and CEO of Banktrack
