Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="c08bc4b7452dd57bd62aa8749b2f5c565ed64019ddb4f8d85be5cbe3dbe7" Subject: =?UTF-8?q?Dealflow.es_#492:_TitanOS_raised_=E2=82=AC50M._Conversia_&_Para?= =?UTF-8?q?ty_acquired_for_=E2=82=AC100M+_each.?= From: Dealflowes Newsletter To: Hidden Recipient Date: Mon, 8 Dec 2025 07:29:20 +0000 X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: lVoiNlRrlbJI3vBnHSZ6_RDfOClZZsu-xd-1frTmPtJOelbz6_F1DDaPc3mb8u2h9kvGDQ7v-5TBlzTXvVU5ig== --c08bc4b7452dd57bd62aa8749b2f5c565ed64019ddb4f8d85be5cbe3dbe7 Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable View this post on the web at https://newsletter.dealflow.es/p/dealflowes-49= 2-titanos-raised-50m Welcome to another edition of Dealflow. If you=E2=80=99ve been forwarded th= is email but you=E2=80=99re not a subscriber, please do so here. =F0=9F=91=80 Sponsorship slots for 2026 are now open. Demand has been stron= ger than I expected and I only have 14 slots/weeks remaining for all of 202= 6. If you=E2=80=99re interested in sponsorship opportunities, send me an em= ail at jaime@dealflow.es =F0=9F=91=80 This week=E2=80=99s newsletter is sponsored by Digital Brain: Puede que lleves a=C3=B1os ley=C3=A9ndonos=E2=80=A6 pero quiz=C3=A1 no sepa= s que nosotros llevamos ya dos a=C3=B1os leyendo Digital Brain [ https://su= bstack.com/redirect/bdf61a9a-1712-42ec-9050-212f27d446b6?j=3DeyJ1IjoiNGkza2= oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. M=C3=A1s de 80.000 profesionales leemos Digital Brain cada semana para ente= nder la IA sin perder tiempo. Es la newsletter sobre Inteligencia Artificia= l m=C3=A1s grande en espa=C3=B1ol. =C2=BFPor qu=C3=A9? Porque no te cuentan solo qu=C3=A9 est=C3=A1 pasando en= el mundo de la Inteligencia Artificial. Te ense=C3=B1an a usarla. Noticias= , tutoriales, prompts y herramientas. Todo explicado sin tecnicismos, en ci= nco minutos. La IA, en tu idioma. Sin humo. Como tiene que ser. Startup funding news=C2=A0=F0=9F=92=B8 Titan OS [ https://substack.com/redirect/3a66eb9c-783d-4398-b655-cc4debfd1f= 77?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], th= e Barcelona-based startup providing an independent operating system for Con= nected TV, secured =E2=82=AC50M [ https://substack.com/redirect/a17308c6-55= f9-4c6b-80af-494ced885443?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0Jn= CEslPprQ2lVE73SdM ] in a Series A round led by Highland Europe MyInvestor, the neobank backed primarily by Andbank, completed a =E2=82=AC3= 0M capital increase [ https://substack.com/redirect/1bf5a9da-67bf-437d-b9f9= -fed0ea4c036f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM ] to support its rapid growth in deposits, which currently stand at = =E2=82=AC3.9 billion. The operation was led by Andbank, which maintained ov= er 50% ownership, and valued the digital entity at nearly =E2=82=AC300M Alinia AI [ https://substack.com/redirect/449199f2-359f-4e7d-a461-d6c9d489b= 447?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], [= https://substack.com/redirect/449199f2-359f-4e7d-a461-d6c9d489b447?j=3DeyJ= 1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] a New York an= d Barcelona-based startup, secured $7.5M [ https://substack.com/redirect/b9= 653df7-983b-43b5-82be-e743b8698c18?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM ] in a seed round led by Mouro Capital. The comp= any provides a compliance platform and Guardrails API to help regulated ind= ustries, such as banking, deploy generative AI safely. More info here [ htt= ps://substack.com/redirect/238ba0c6-1c37-4709-92f2-ef697fdbfd4a?j=3DeyJ1Ijo= iNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] ScrapAd [ https://substack.com/redirect/1a7fdb12-cad2-4143-a91e-a6840b5de28= e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], an = Eibar-based platform for trading recyclable metals, raised =E2=82=AC6M [ ht= tps://substack.com/redirect/3cb7e056-e457-4d65-ab08-0ca9cd8a75ec?j=3DeyJ1Ij= oiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] in a Series A in= vestment round led by Inclimo Climate Tech and Suma Capital Adcities [ https://substack.com/redirect/3946d7b5-e3fe-4a68-a72e-4fdc24213d= 56?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], th= e adtech startup that digitizes Out-of-Home (OOH) advertising with real-tim= e data, raised over =E2=82=AC3M [ https://substack.com/redirect/cae79e4b-3e= 2f-49d0-b904-7a655d5d179d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0Jn= CEslPprQ2lVE73SdM ] in a seed round led by Adara Ventures Stamp closed a seed round of nearly =E2=82=AC2M [ https://substack.com/redi= rect/f40c7f68-ec47-4c6c-8a8f-9a3f266596ed?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2= oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] to fund its expansion. The company prov= ides a technology solution that allows tourists to receive VAT exemption (t= ax-free) instantly at the point of sale Didit, the Barcelona-based identity verification platform, secured ~$2M [ h= ttps://substack.com/redirect/4ab866d7-bb83-401d-b0b9-03af1cece3a9?j=3DeyJ1I= joiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] in fresh capita= l and officially joined the Winter 2026 batch of Y Combinator HeyDiga [ https://substack.com/redirect/3168bef5-21fc-49c2-ae7f-a94e4aa0cdd= c?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], a M= adrid and Barcelona-based startup applying generative AI and voice agents t= o customer engagement, closed a =E2=82=AC1M [ https://substack.com/redirect= /b4328cc5-c747-41fe-87aa-606c13d520b5?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6j= sf13k-i2X0JnCEslPprQ2lVE73SdM ] seed round led by Kfund M&A news =F0=9F=9A=80 British investment firm Oakley Capital acquired a majority stake [ https://= substack.com/redirect/10ba3f71-bac9-4a8f-984d-8e54585c70e0?j=3DeyJ1IjoiNGkz= a2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] in Malaga-based hotel = booking software provider Paraty Tech. Founded by siblings Gina and Franz M= atheis and bootstrapped to date, Paraty specializes in direct reservation m= anagement and pricing tools for hotels Legaltech Conversia completed its sale [ https://substack.com/redirect/0845= fa8b-89fb-43e3-a7e4-0e48b782f7dc?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k= -i2X0JnCEslPprQ2lVE73SdM ] to British consultancy Wilmington for =E2=82=AC1= 21.6M. Conversia was majority owned by Inveready, who acquired the company = for around =E2=82=AC55M in 2022-2023 NPAW (Nice People At Work), the Spanish streaming video analytics software = company, hired GP Bullhound as a financial advisor to explore strategic alt= ernatives [ https://substack.com/redirect/a85d2b8d-78c5-41fa-8271-4c1d710d4= 883?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. F= ounded in Barcelona in 2008 and currently 25% owned by Suma Capital, the pr= ofitable company boasts an ARR of =E2=82=AC25M and an estimated EBITDA of = =E2=82=AC8M, with over 95% of its sales generated outside of Spain Unibo, the Barcelona-based startup offering a neobank-like platform for pro= perty managers and homeowners=E2=80=99 associations, was acquired by US inv= estment firm TPG [ https://substack.com/redirect/c0d6bf5c-9f93-41e2-854d-5e= 3c7838f571?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73S= dM ] for over =E2=82=AC15M. The company did =E2=82=AC2.5M in annual revenue= s Indexa Capital lifted the =E2=80=98lock up=E2=80=99 agreement [ https://su= bstack.com/@jesusmargon/note/c-183300281 ]for its historical investors seve= n months ahead of the July 2026 deadline to increase market liquidity and f= lexibility. The agreement=E2=80=99s termination allows a dozen core shareho= lders, including the founding team, Cabiedes & Partners, All Iron, and Fide= s Capital, to trade their shares. Indexa Capital currently trades at a mark= et cap of =E2=82=AC165M Investor & accelerator news =F0=9F=9A=80 Javier Santiso=E2=80=99s firm, Mundi Ventures, received CNMV authorization = [ https://substack.com/redirect/2b8b1326-9076-4f74-93df-37ed8c052521?j=3Dey= J1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] for Kembara = Fund I, a mega-fund targeting up to =E2=82=AC1.25B. Anchor investors includ= e the European Investment Fund with =E2=82=AC350M and Criteria Caixa with = =E2=82=AC100M, aiming for a first close once =E2=82=AC600M is secured. You = can read the filing here [ https://substack.com/redirect/fa542c19-cf1d-4d43= -bce7-4dc62f86bf0d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPpr= Q2lVE73SdM ] Draper B1 announced the final closing [ https://substack.com/redirect/7784f= 819-a1d5-42a7-a587-5d783f3755c8?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-= i2X0JnCEslPprQ2lVE73SdM ] of its new vehicle, Draper B1 Frontier Tech, rais= ing over =E2=82=AC20M Crescenta, the digital platform democratizing access to alternative assets = for retail investors, launched the third vintage [ https://substack.com/red= irect/e6bde0f0-2855-4c07-bf80-920fc8100c6e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi= 2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] of its flagship vehicle, Private Equit= y Growth Top Performers III, raising its target size to =E2=82=AC50M. Concu= rrent with this fundraising, Crescenta onboarded its first Spanish fund [ h= ttps://substack.com/redirect/6974b57a-6e0c-4211-9495-878d7ba83c9a?j=3DeyJ1I= joiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], investing in Q= ualitas Energy VI, a =E2=82=AC3.25B vehicle Spanish funds active abroad: Iris Ventures l [ https://substack.com/redirect/0e974824-956c-42d9-b75d-c79= 1b52d6baf?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73Sd= M ]ed a $15M investment [ https://substack.com/redirect/f9a36f7c-04d8-4765-= 8f67-ac74b947a665?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM ] in French medical-grade skin care clinic network Innerskin International funds active in Spain: Ecotechers published [ https://substack.com/redirect/d47bd87e-9ee0-469d-927= c-c5681a2251da?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lV= E73SdM ] an overview of the activity of international VC firms in Spain. Fr= om the days of Accel and Index being quite active, to a period now with mor= e presence from Creandum, Atomico and others Batir a largo plazo al mercado es complicado, y poca gente lo consigue. Si = adem=C3=A1s no tienes tiempo o conocimientos para invertir en bolsa, lo mej= or que puedes hacer es utilizar [ https://substack.com/redirect/56a43ad4-6= 56e-4950-a840-78ee0eb5838f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0J= nCEslPprQ2lVE73SdM ]Indexa Capital [ https://substack.com/redirect/56a43ad4= -656e-4950-a840-78ee0eb5838f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X= 0JnCEslPprQ2lVE73SdM ]. [ https://substack.com/redirect/56a43ad4-656e-4950-= a840-78ee0eb5838f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM ] Startup news =F0=9F=92=A1 Startup financials Cabify closed 2024 with net losses of =E2=82=AC53.8M [ http://open.substack= =2Ecom/pub/ecotechers/p/foto-financiera= -cabify-perdidas-netas-nueva-ronda-con= vertible?utm_source=3Dpost-email-title&publication_id=3D660505&post_id=3D18= 0530066&utm_campaign=3Demail-post-title&isFreemail=3Dfalse&r=3D1z9eq&token= =3DeyJ1c2VyX2lkIjozMzI0NzcwLCJwb3N0X2lkIjoxODA1MzAwNjYsImlhdCI6MTc2NDc0NTMx= MywiZXhwIjoxNzY3MzM3MzEzLCJpc3MiOiJwdWItNjYwNTA1Iiwic3ViIjoicG9zdC1yZWFjdGl= vbiJ9.MD5KI0kQOcBnXnaWuja5Ah-icIbx7AQBRzr7K4m8Hf0 ], a slight improvement f= rom the previous year. While the ride-sharing platform achieved its best-ev= er operational EBITDA (=E2=82=AC30M) and secured new capital through an int= ernal financing round and a convertible note, the balance sheet remains und= er stress, largely due to accumulated debt management. The company is value= d by Seaya at approximately =E2=82=AC660M Yaba, the Barcelona-based ecommerce brand aggregator, secured court approva= l for its debt restructuring plan [ https://substack.com/redirect/d2d6d714-= 0ded-42e0-b382-1c10f8c47943?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0= JnCEslPprQ2lVE73SdM ]. French fund Tikehau Capital, which provided =E2=82= =AC50M in debt, will become its main shareholder through a debt-for-equity = swap Other news Sifted put together a list [ https://substack.com/redirect/478df0ac-3869-4f= 80-8a5c-4e4915eeb552?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslP= prQ2lVE73SdM ] of =E2=80=9C15 Spanish startups to watch, according to VCs= =E2=80=9D Clikalia entered the alternative financing market, [ https://substack.com/r= edirect/26e82b53-6df9-4671-93fe-9aebae16095d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLa= bi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] offering credit to housing developer= s to reactivate stalled construction projects Creditas, the fintech specializing in secured lending in Brazil, acquired [= https://substack.com/redirect/4b626848-503d-4113-8cb7-9d28b3f7980c?j=3DeyJ= 1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] Andbank=E2=80= =99s banking license in Brazil and raised =E2=82=AC100M at a =E2=82=AC3B va= luation, bringing Andbank into its cap table Recruitment and freelance platform Shakers expanded its model into Portugal= [ https://substack.com/redirect/b47e153e-0406-41ac-a29c-ecbb40132d24?j=3De= yJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] US legal tech startup Harvey AI, backed by OpenAI and valued at $8B, to acc= elerate its international expansion by reinforcing its presence in Spain [ = https://substack.com/redirect/b9e2d963-7b32-4ca0-8795-b13bf87ee2ac?j=3DeyJ1= IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] and beginning = to hire professionals in Madrid Revolut, the UK-based fintech giant, increased its bet on Spain [ https://s= ubstack.com/redirect/09c13fd4-bea3-4b68-87d4-14ffbcc2c6c4?j=3DeyJ1IjoiNGkza= 2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], where it currently ser= ves 4.5 million customers, by announcing plans to surpass 7 million users b= y 2027. I recently saw this silde about Revolut=E2=80=99s market share and = penetration in Spain. Quite remarkable! Big company & policy news =F0=9F=A4=93 Inditex achieved record results [ https://substack.com/redirect/d07c5be3-be= 11-4d71-b1e3-2682c3f3f7d8?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0Jn= CEslPprQ2lVE73SdM ] during the first nine months of its fiscal year 2025, r= eporting a 3.9% rise in net profit to =E2=82=AC4.622B on sales of =E2=82=AC= 28.171B. The results were primarily driven by the strength of its integrate= d model, with digital income now nearing 30% of total sales (over =E2=82=AC= 8B), leading the company to forecast =E2=80=9Cstrong online sales=E2=80=9D = in 2026 Moeve (Cepsa) formed a strategic alliance [ https://substack.com/redirect/0= 7aa272d-aef6-4cce-8f76-db956108ce59?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf= 13k-i2X0JnCEslPprQ2lVE73SdM ] with French startup Mistral AI to develop gen= erative AI solutions focused on boosting energy efficiency and productivity The PSOE party requested the appearance in the Spanish Congress [ https://s= ubstack.com/redirect/8146050b-a87f-4fad-88f2-78075271cac2?j=3DeyJ1IjoiNGkza= 2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] of Meta founder Mark Zu= ckerberg, COO Javier Oliv=C3=A1n, and Public Affairs Director Jos=C3=A9 Lui= s Zimmermann over alleged espionage and privacy violations involving millio= ns of users The Spanish Navy will soon receive the Sead23, the country=E2=80=99s first = maritime drone capable of carrying anti-submarine torpedoes, which was manu= factured in Galicia [ https://substack.com/redirect/86f1edbf-efa2-4d16-8bf5= -afacf55903ba?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM ] by Zelenza=E2=80=99s subsidiary Seadrone in Vigo Interesting reads =F0=9F=A4=93 Marcos Rubio, CTO of Tucuvi, shared a thoughtful reflection [ https://subst= ack.com/redirect/cb73af4d-3df5-4ee3-82f6-70cec1716d04?j=3DeyJ1IjoiNGkza2oif= Q.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] on the gap between AI hype = and real-world impact in healthcare. Reacting to a WSJ article on Yann LeCu= n, he criticized the overpromises of GenAI startups aiming to automate clin= ical workflows, stressing the need for orchestrated AI systems that blend d= eterministic logic with LLMs to ensure safety, trust, and scalability in ca= re delivery M=C3=A1laga TechPark now generates over one-third of M=C3=A1laga=E2=80=99s = GDP [ https://substack.com/redirect/79c1f51c-ba9a-4310-86d4-151eb4e68a59?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], contri= buting =E2=82=AC4.84B to Andalusia=E2=80=99s economy (2.33% of regional GDP= ) and supporting 71,000+ jobs Thanks for reading Dealflow.es Newsletter! Subscribe for free to receive ne= w posts and support my work. Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9uZXdzbGV0dGV= yLmRlYWxmbG93LmVzL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rva2VuPWV5SjFjMlZ5WDJsa0lqbz= NOVFl5T0RrNUxDSndiM04wWDJsa0lqb3hPREE1TlRjeE5EQXNJbWxoZENJNk1UYzJOVEUzT0RrM= k9Dd2laWGh3SWpveE56azJOekUwT1RZNExDSnBjM01pT2lKd2RXSXROVFEyTmlJc0luTjFZaUk2= SW1ScGMyRmliR1ZmWlcxaGFXd2lmUS5ndlRPNnpyZlJnQnlmc3dUaUZYaTlZOVRMb0RxRVg0TXh= MWFRBUFBya3RZIiwicCI6MTgwOTU3MTQwLCJzIjo1NDY2LCJmIjp0cnVlLCJ1Ijo3NTYyODk5LC= JpYXQiOjE3NjUxNzg5NjgsImV4cCI6MjA4MDc1NDk2OCwiaXNzIjoicHViLTAiLCJzdWIiOiJsa= W5rLXJlZGlyZWN0In0.bBZqi4ks3RwwyppHWg9yIwCFF2r_Ca-ZDANYJVd2zMM? --c08bc4b7452dd57bd62aa8749b2f5c565ed64019ddb4f8d85be5cbe3dbe7 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable Dealflow.es #492: TitanO= S raised €50M. Conversia & Paraty acquired for €100M+ each.= 3D""
A weekly summary of everything that happened in the Spanish startup= and tech investing ecosystem.
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Dealflow.es #492: TitanOS raised = €50M. Conversia & Paraty acquired for €100M+ each.=

A we= ekly summary of everything that happened in the Spanish startup and tech in= vesting ecosystem.

Jaime Novoa
 
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Welcome to an= other edition of Dealflow. If you’ve been forwarded this email but yo= u’re not a subscriber, please do so here.

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👀 Sponsorship slots for 2026 are now open. Demand has been stronger than I expected and I only have 14 slots/weeks remaining for all of 2026. If y= ou’re interested in sponsorship opportunities, send me an email at ja= ime@dealflow.es 👀

This week’s newsl= etter is sponsored by Digital Brain:

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M= 5;s de 80.000 profesionales leemos Digital Brain cada semana para entender = la IA sin perder tiempo. Es la newsletter sobre Inteligencia Artificial m&#= 225;s grande en español.

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Startup funding news 💸

Titan OS, the Barcelona-based star= tup providing an independent operating system for Connected TV, secured €50M in a Series A round led by Highla= nd Europe

MyInvestor, the neo= bank backed primarily by Andbank, completed a ̈́= 4;30M capital increase to support its rapid growth in deposits, w= hich currently stand at €3.9 billion. The operation was led by Andban= k, which maintained over 50% ownership, and valued the digital entity at ne= arly €300M

Alinia AI<= /a>, a New York and Barcelona-based sta= rtup, secured $7.5M in a seed round led b= y Mouro Capital. The company provides a compliance platform and Guardrails = API to help regulated industries, such as banking, deploy generative AI saf= ely. More info here

ScrapAd, an Eibar-based platform for tradi= ng recyclable metals, raised €6M in= a Series A investment round led by Inclimo Climate Tech and Suma Capital

Adcities,= the adtech startup that digitizes Out-of-Home (OOH) advertising with real-= time data, raised over €3M in a see= d round led by Adara Ventures

Stamp= closed a seed round of nearly €2M<= span> to fund its expansion. The company provides a technology solution tha= t allows tourists to receive VAT exemption (tax-free) instantly at the poin= t of sale

Didit, the Barcelon= a-based identity verification platform, secured ~$2= M in fresh capital and officially joined the Winter 2026 batch of= Y Combinator

HeyDiga, a Madrid and Barcelona-based startup applying generative AI = and voice agents to customer engagement, closed a &= #8364;1M seed round led by Kfund

M&A= news 🚀

British investment firm Oakley Capit= al acquired a majority stake in Malaga-ba= sed hotel booking software provider Paraty Tech. Founded by siblings Gina and Franz Matheis and bootstrapped to date, Pa= raty specializes in direct reservation management and pricing tools for hot= els

Legaltech Conversia completed its sale to British con= sultancy Wilmington for €121.6M. Conversia was majority owned by Inve= ready, who acquired the company for around €55M in 2022-2023

NPAW (Nice People At Work), the Spani= sh streaming video analytics software company, hired GP Bullhound as a fina= ncial advisor to explore strategic alternatives= . Founded in Barcelona in 2008 and currently 25% owned by Suma Capita= l, the profitable company boasts an ARR of €25M and an estimated EBIT= DA of €8M, with over 95% of its sales generated outside of Spain

Unibo, the Barcelona-based startu= p offering a neobank-like platform for property managers and homeownersR= 17; associations, was acquired by US investment fir= m TPG for over €15M. The company did €2.5M in annual = revenues

Indexa Capital lifted the ‘lock up’ agreement for its his= torical investors seven months ahead of the July 2026 deadline to increase = market liquidity and flexibility. The agreement’s termination allows = a dozen core shareholders, including the founding team, Cabiedes & Part= ners, All Iron, and Fides Capital, to trade their shares. Indexa Capital cu= rrently trades at a market cap of €165M

Inve= stor & accelerator news 🚀

Javier Santiso= ’s firm, Mundi Ventures, received CNMV author= ization for Kembara Fund I, a mega-= fund targeting up to €1.25B. Anchor investors include the European In= vestment Fund with €350M and Criteria Caixa with €100M, aiming = for a first close once €600M is secured. You can read the filing here

Draper B1 announced the final closing of its new= vehicle, Draper B1 Frontier Tech, raising over €20M

Crescenta, the digital platform democratizing= access to alternative assets for retail investors, launched the third vintage of its flagship vehicle, Private Equi= ty Growth Top Performers III, raising its target size to €50M. Concur= rent with this fundraising, Crescenta onboarded its= first Spanish fund, investing in Qualitas Energy VI, a €3.= 25B vehicle

Spanish funds active abroad:

Internationa= l funds active in Spain:

  • Ecotechers published an overview of the activity of international VC firms in Spain. From the days of Accel and= Index being quite active, to a period now with more presence from Creandum= , Atomico and others

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Batir a largo = plazo al mercado es complicado, y poca gente lo consigue. Si además no= tienes tiempo o conocimientos para invertir en bolsa, lo mejor que puedes hacer es utilizar Inde= xa Capital.

Startup ne= ws 💡

Startup financials

  • Cabify closed 2024 with= net losses of €53.8M, a slight improvement from the previo= us year. While the ride-sharing platform achieved its best-ever operational= EBITDA (€30M) and secured new capital through an internal financing = round and a convertible note, the balance sheet remains under stress, large= ly due to accumulated debt management. The company is valued by Seaya at ap= proximately €660M

  • Yaba, the Barcelona-based ecommerce br= and aggregator, secured court approval for its debt= restructuring plan. French fund Tikehau Capital, which provided = €50M in debt, will become its main shareholder through a debt-for-equ= ity swap

Other news

  • <= span>Sifted put together a list of “= ;15 Spanish startups to watch, according to VCs”

  • Clikalia entered the alternative financing market, offering credit to housing developers to reactivate stalled construction= projects

  • = Creditas, the fintech specializing in secured lendin= g in Brazil, acquired Andbank’s ban= king license in Brazil and raised €100M at a €3B valuation, bri= nging Andbank into its cap table

  • Recruitment and freelance platform Shakers expanded its model into = Portugal

  • US legal tech startup Harvey AI, backed by = OpenAI and valued at $8B, to accelerate its international expansion by reinforcing its presence in Spain and beginni= ng to hire professionals in Madrid

  • Revolut, the UK-ba= sed fintech giant, increased its bet on Spain, where it currently serves 4.5 million customers, by announcing plans = to surpass 7 million users by 2027. I recently saw this silde about Revolut= ’s market share and penetration in Spain. Quite remarkable!

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Inditex<= /strong> achieved record results du= ring the first nine months of its fiscal year 2025, reporting a 3.9% rise i= n net profit to €4.622B on sales of €28.171B. The results were = primarily driven by the strength of its integrated model, with digital inco= me now nearing 30% of total sales (over €8B), leading the company to forecast “strong online sales” in= 2026

Moeve (Cepsa) formed a strategic alliance with French startup Mi= stral AI to develop generative AI solutions focused on boosting energy effi= ciency and productivity

The PSOE party = requested the appearance in the Spanish Congress of Meta founder Mark Zuckerberg, COO Javier= Oliván, and Public Affairs Director José Luis Zimmermann over al= leged espionage and privacy violations involving millions of users

The Spanish Navy will soon receive the = Sead23, the country’s first maritime drone capable of = carrying anti-submarine torpedoes, which was manufa= ctured in Galicia by Zelenza’s subsidiary Seadrone in Vigo<= /span>

Interesting reads 🤓

Marcos Rubio, CTO of Tucuvi= , shared a thoughtful reflection on the g= ap between AI hype and real-world impact in healthcare. Reacting to a WSJ a= rticle on Yann LeCun, he criticized the overpromises of GenAI startups aimi= ng to automate clinical workflows, stressing the need for orchestrated AI s= ystems that blend deterministic logic with LLMs to ensure safety, trust, an= d scalability in care delivery

Málaga T= echPark now generates over one-third= of Málaga’s GDP, contributing €4.84B to Andalus= ia’s economy (2.33% of regional GDP) and supporting 71,000+ jobs

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Thanks for reading Dealflow.es Newsletter! Subscribe = for free to receive new posts and support my work.

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