Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="ef86c3a887da097feceeb276a8aca89cefc9767973c58d69c5ee5c8e5541" Subject: =?UTF-8?q?Dealflow.es_#478:_Exit_season:_Wallapop_(=E2=82=AC563M),_Onum_(?= =?UTF-8?q?=E2=82=AC350M),_Covermanager_(=E2=82=AC350M)?= From: Dealflowes Newsletter To: Hidden Recipient Date: Mon, 1 Sep 2025 05:02:52 +0000 X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: dOVvneWdZw0RPwsUjr5VEyv7pGdDl3mQD3v5WpCm-Q6je-cKwZdNRcnqb9Q0_U5cdLUO5L0-ugOPegwxwqGqbQ== --ef86c3a887da097feceeb276a8aca89cefc9767973c58d69c5ee5c8e5541 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-47= 8-exit-season-wallapop Dealflow.es aims to be the best way to keep up with Spain=E2=80=99s startup= ecosystem. Dealflow is a side project. I spend the vast majority of my tim= e investing in early stage startups as part of Kfund [ https://substack.com= /redirect/0adcd4dd-5829-4770-b6dd-0e91732952d7?j=3DeyJ1IjoiNGkza2oifQ.Av1Ij= Labi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. We make investments of =E2=82=AC1= 00k to =E2=82=AC10m. If you want to chat, drop me an email at jaime@kfund.v= c Friendly reminder that we also have Dealflow France [ https://substack.com/= redirect/5e01632c-77d2-4529-8473-013d07f4d1df?j=3DeyJ1IjoiNGkza2oifQ.Av1IjL= abi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] =F0=9F=87=AB=F0=9F=87=B7 and Dealfl= ow LatAm [ https://substack.com/redirect/4a7ea6a8-44e6-4bd7-8a0c-708a13e30d= 80?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] to = follow startup and VC news in each ecosystem. Subscribe if you=E2=80=99re i= nterested! This week=E2=80=99s newsletter is sponsored by zenital [ https://substack.c= om/redirect/7ba1fe0d-38d1-4d56-bc23-86b41fc573f7?j=3DeyJ1IjoiNGkza2oifQ.Av1= IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]: What would your business achieve with the right data, at the right time?=20 A family-run tourist apartment business in Valencia needed clearer insights= to plan ahead. That=E2=80=99s where the zenital team came in: we delivered= a tailored BI system with automated updates and strategic visualizations. Now, they track trends, adjust pricing confidently, and grow on a solid, da= ta-driven foundation. Because when data leads, business thrives. Here=E2=80=99s how we achieve it= =2E [ https://substack.com/redirect/87= 9ffbd7-fb81-43f8-83af-6b624d30b8cc?j=3D= eyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] Startup funding news=C2=A0=F0=9F=92=B8 Bit2Me [ https://substack.com/redirect/e714b32e-f5a2-4092-9b09-4140387c78c7= ?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], Spai= n=E2=80=99s leading crypto platform, has secured a =E2=82=AC30M investment = round [ https://substack.com/redirect/9369f3c6-f18a-40d9-aaae-426e0cb258d5?= j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] led by= Tether, the issuer of USDT and a global leader in the digital asset space,= which also acquired a minority stake. The funding will accelerate Bit2Me= =E2=80=99s EU expansion and growth in Latin America, particularly Argentina Maisa AI [ https://substack.com/redirect/4e3837ae-bb7a-4593-889f-1f1c1a42ab= 89?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], a = startup with offices in Valencia and San Francisco, has raised a $25M seed = roun [ https://substack.com/redirect/9075ad96-407f-49fe-91d2-90d01ef78b6e?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]d led by= Creandum, with participation from Forgepoint Capital (via Banco Santander)= , NFX, and Village Global. Maisa is building the evolution of RPA, Agentic = Process Automation, aiming enterprise customers. Anna Pi=C3=B1ol of NFX wro= te about their initial investment in Maisa here [ https://substack.com/redi= rect/9aaca85f-b80f-4d2c-888a-98e21e6b5a41?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2= oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], and so did Peter Specht of Creandum he= re [ https://substack.com/redirect/0c23e166-9e83-4efe-8e41-e23eced7d956?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] Lingokids [ https://substack.com/redirect/9d4e148e-8a1e-4899-aaf8-e80a9e71c= 1bc?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], t= he Madrid-based edtech platform for children, has closed a $16.3M round [ h= ttps://substack.com/redirect/ac850e0f-bf8b-43cc-b07d-534514c61f71?j=3DeyJ1I= joiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] led by GP Bullh= ound, with Tencent also participating. The deal sets the company=E2=80=99s = pre-money valuation at $200M. The funds will support growth and the push to= ward EBITDA profitability. HV Holtzbrinck Ventures fully exited its 14% sta= ke for =E2=82=AC15M, or a 2.5X multiple in 8 years Qbeast [ https://substack.com/redirect/930f7cdb-733d-4728-b663-6dc42c8b6f16= ?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], a Ba= rcelona-based data infrastructure startup spun out of the Barcelona Superco= mputing Centre, has raised =E2=82=AC6.5M in seed funding [ https://substack= =2Ecom/redirect/e57a7b4f-2496-4383-b3d= 5-7e2ad48b0c41?j=3DeyJ1IjoiNGkza2oifQ.A= v1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. The round was led by Peak XV= =E2=80=99s Surge, with support from HWK Tech Investment and Elaia Partners Ocean Ecostructures [ https://substack.com/redirect/77e22b80-fba3-4856-a79c= -ed90f22dc198?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM ], a Barcelona-based startup focused on marine biodiversity regenerat= ion, has closed a =E2=82=AC3.5M funding round [ https://substack.com/redire= ct/ad5b8d45-4358-462f-8470-30ccffd1e01d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN= 6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] with new investor Faber joining existing = backers Seven Seas Capital, Ship2B Ventures, and Inclimo M&A =F0=9F=8E=89 Naver acquired [ https://substack.com/redirect/16f5cc47-f190-4010-8105-f906= 5078f8b9?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM= ] an additional 70.5% stake in Barcelona-based Wallapop for =E2=82=AC377M,= bringing its total ownership to 100% and assuming full control of the comp= any. The deal values Wallapop at around =E2=82=AC563M, below the =E2=82=AC8= 06M valuation from its early 2024 round. The company did =E2=82=AC89M in sa= les in 2023, so the deal implies a 6x-ish revenue multiple. Also, the deal = faces legal scrutiny [ https://substack.com/redirect/5ca035d8-4f62-4779-a86= 3-b258d366d049?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lV= E73SdM ], as minority shareholders like 14W argue the required majority for= enforcing drag-along rights wasn=E2=80=99t met Onum, the Spanish real-time data observability startup co-founded by Pedro = Castillo, Pedro Tortosa and Lucas Varela, sold to cybersecurity company Cro= wdstrike for around =E2=82=AC350M. Backed by Kibo Ventures, Insight Partner= s, and Dawn Capital, Onum had raised over =E2=82=AC36M since its 2023 launc= h. More details here [ https://substack.com/redirect/e68d2ca8-2a7c-4406-b40= a-81e7bceab393?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lV= E73SdM ] Covermanager, the Seville-based restaurant management SaaS, was acquired by= PSG Equity in a deal valued at =E2=82=AC350M [ https://substack.com/redire= ct/5ec5617b-bee3-4927-a0de-ee07cf8a5ee9?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN= 6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], combining =E2=82=AC200M in cash and =E2= =82=AC150M in shares of a new holding company with France=E2=80=99s Zenchef= =2E The founders retained a minority st= ake via rollover. Covermanager, which=20= had only raised =E2=82=AC5M in primary capital, reported =E2=82=AC12.2M in = 2023 revenue and =E2=82=AC4.5M in net profit Verbio Technologies, a Barcelona-based AI automation company, has been acqu= ired [ https://substack.com/redirect/2a20a51d-62a0-4253-b828-614067c9f042?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] by U.S.= firm Capacity as part of a $92M funding-backed expansion. Verbio specializ= es in conversational AI to streamline communication between humans and mach= ines Lenskart, the Indian eyewear giant, acquired [ https://substack.com/redirec= t/b15cc118-1098-46e5-a0c7-c79e2c84d657?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6= jsf13k-i2X0JnCEslPprQ2lVE73SdM ] Barcelona-based Meller for over =E2=82=AC4= 0M. Founded in 2014, Meller sells trendy, affordable eyewear online and thr= ough its Barcelona store. With =E2=82=AC30M in annual revenue and =E2=82=AC= 5M in EBITDA, the company had raised less than =E2=82=AC1M Details emerge [ https://substack.com/redirect/ce24334e-45f4-44c9-a662-cd71= 35047701?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM= ] of Magnific=E2=80=99s acquisition by Freepik. Freepik acquired Magnific = AI, the Murcia-based generative AI startup, for =E2=82=AC20M in cash plus u= p to =E2=82=AC5.4M in earn-outs through 2026 Atresmedia acquired [ https://substack.com/redirect/f39dd3b9-91bb-4bd1-88eb= -c8249ecd50bf?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM ] 35% of Ac2ality, a TikTok-first news channel aimed at young audienc= es, for up to =E2=82=AC1.3M. Founded in 2020, Ac2ality now has 4.4M followe= rs Trilantic Europe has acquired a minority stake [ https://substack.com/redir= ect/20553b16-3d2c-46ba-b87d-339b919d748d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2o= N6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] in Sklum, the Valencia-based online furn= iture retailer. The founders retain majority control. Sklum generates over = =E2=82=AC300M in annual revenue and sells in 10 countries BCN3D, a 3D printing startup from Barcelona, has been acquired [ https://su= bstack.com/redirect/55e353b0-3c51-4d6d-a0e8-2bae64832e26?j=3DeyJ1IjoiNGkza2= oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] out of bankruptcy by Swe= dish firm 3DVerkstan Syra Coffee, the Barcelona-based specialty coffee chain, was acquired [ htt= ps://substack.com/redirect/64061ba4-fb35-484e-9bda-465f5d4b28b5?j=3DeyJ1Ijo= iNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] by one of Colombi= a=E2=80=99s largest conglomerates, Grupo Nutresa Ecotechers published the story of several notable Spanish exits: RatedPower= [ https://substack.com/redirect/7c7db1df-0bcf-4de1-a257-7cb1bee197bb?j=3De= yJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], Ticketbis = [ https://substack.com/redirect/2b06fa9e-9c8c-4731-a251-715f3f2307b0?j=3Dey= J1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], Userzoom [ = https://substack.com/redirect/5d671efe-c9f9-4402-95ac-9729de7c1968?j=3DeyJ1= IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] Investor & accelerator news =F0=9F=9A=80 Adara Ventures increased the internal valuation [ https://substack.com/redi= rect/7efd3266-9939-417d-904a-9cd8ef67b994?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2= oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] of Seedtag to =E2=82=AC712M, up nearly = 30% from last year. The Spanish adtech startup, backed by Advent, Oakley, a= nd Adara (which holds 6.8%), aims for =E2=82=AC400M in 2025 revenue and EBI= TDA of =E2=82=AC50=E2=80=93100M COFIDES, committed =E2=82=AC80M [ https://substack.com/redirect/a8be7aa3-03= b6-4405-a574-d1106fb0263f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0Jn= CEslPprQ2lVE73SdM ] to Cathay Innovation III, a =E2=82=AC1B global venture = fund focused on AI across sectors like health, mobility, fintech, and consu= mer. At least =E2=82=AC160M of the fund will be invested in high-growth Spa= nish startups Details [ https://substack.com/redirect/e8f62465-f172-481d-88ac-302c1458077= 2?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] of S= eaya=E2=80=99s 2nd fund: the firm continues to manage its stakes in Wallbox= and Delivery Hero (Glovo) as part of its second fund, now in its ninth yea= r. In Glovo, Seaya sold part of its 3.4% stake post-acquisition, earning ov= er =E2=82=AC23M to date, with ~=E2=82=AC11M in shares still held. In Wallbo= x, it retains 4.5% (worth ~=E2=82=AC3.6M) The founders of Lanai Ventures are launching a new investment firm [ https:= //substack.com/redirect/9c3b9b66-42ae-425a-a80a-44a1e1cbf0c9?j=3DeyJ1IjoiNG= kza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] (sociedad gestora), = Ohana Capital, to manage their portfolio and future funds under a long-term= structure New funds: Iris Ventures, the Barcelona-based VC firm, launched a new =E2=82=AC200M fu= nd [ https://substack.com/redirect/705381bc-122c-4600-9bee-96631cd03909?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] to inve= st in emerging consumer brands in sectors like wellness, longevity, and spo= rts Spanish investors active abroad: Trustfull, an Italian anti-fraud tech startup, raised =E2=82=AC6M [ https:/= /substack.com/redirect/aa208820-dc6e-4a54-b991-fab56d5e470b?j=3DeyJ1IjoiNGk= za2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] in a round co-led by = Seaya Ventures 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 Indexa Capital. Startup news =F0=9F=92=A1 Sponsored bullet point =F0=9F=91=89=F0=9F=8F=BC Zenital helps companies tur= n data into growth. Because when data leads, business thrives =E2=80=94 dis= cover how Zenital [ https://substack.com/redirect/7ba1fe0d-38d1-4d56-bc23-8= 6b41fc573f7?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73= SdM ] makes it happen. New startups and key product launches Rebolt [ https://substack.com/redirect/a2de0b8e-5c7b-46ef-8309-881a74e49473= ?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], a st= artup co-founded by Spaniards Javi Sanchez and Celia Manzano, unveiled [ ht= tps://substack.com/redirect/6a199543-12f1-4748-a04e-ca6ff6e77ddf?j=3DeyJ1Ij= oiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] its new product = that allows businesses to build apps and agents by speaking with AI. Javi w= rote about the launch here [ https://substack.com/redirect/ff19b92e-26c5-49= b0-bdb0-ea319ec79b52?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslP= prQ2lVE73SdM ] Galtea launched [ https://substack.com/redirect/68d47283-117d-4fe8-a4dd-f66= 21170eb5d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73Sd= M ] a new conversation simulator designed to train sales and support teams = using generative AI. More here [ https://substack.com/redirect/95d83df0-be0= 3-4200-a755-8e8cf2356e58?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnC= EslPprQ2lVE73SdM ] Jobandtalent expanded [ https://substack.com/redirect/48d1401e-2d97-4b2e-84= e6-d18beb864f88?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2l= VE73SdM ] its suite of AI tools with four new agents aimed at improving use= r support and internal operations Startup financials Wallbox has regained compliance [ https://substack.com/redirect/3b22d267-a8= 51-4ddc-8bde-7e0d6a515c70?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0Jn= CEslPprQ2lVE73SdM ] with NYSE listing rules after executing a 20-to-1 rever= se stock split, which raised its share price above the $1 minimum required = to stay listed. Wallbox=E2=80=99s current market cap stands at $66M Logistics startup GOI entered [ https://substack.com/redirect/a8a8570e-1d4d= -4c9c-bbc1-e2a180696238?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCE= slPprQ2lVE73SdM ] a financial restructuring phase after missing its =E2=82= =AC90M revenue target, ending 2024 with =E2=82=AC42M in sales. The logistic= s startup, now rebranded as LOGI, is renegotiating debt with creditors incl= uding Sabadell and Bankinter, and has downsized its workforce by half. Foun= der Yaiza Canosa stepped aside as CEO, with CFO Sergio Mart=C3=ADnez taking= over amid efforts to preserve margins Wetaca closed 2024 [ https://substack.com/redirect/16c69111-0ca6-472b-a24f-= 8e564aa8eca0?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE7= 3SdM ] with record revenue and profit, reaching =E2=82=AC18.2M in turnover = (+23%) and =E2=82=AC602k in net profit=E2=80=94double the previous year. Th= e growth is driven by its subscription model, launched in 2021, which now f= uels most orders Filmin closed 2024 with record profits of =E2=82=AC2.4M [ https://substack.= com/@jesusmargon/note/c-140806533 ]=E2=80=94nearly triple the previous year= =E2=80=94on =E2=82=AC26.7M in revenue (+18%). Arcano is exploring exit opti= ons as the investors approach their 5-year holding mark Mio Group, the marketing consultancy owned by the Arbeloa brothers, launche= d [ https://substack.com/redirect/387e129f-3b52-48aa-bb3e-c081721aec45?j=3D= eyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] a delistin= g takeover offer to exit BME Growth at =E2=82=AC1.77 per share. The company= aims to gain flexibility for its long-term strategy after a 2024 marked by= =E2=82=AC3.6M in losses and a 10% revenue drop to =E2=82=AC58.4M Startup profiles Factorial CEO Jordi Romero said [ https://substack.com/redirect/d1f1eb9f-7f= bc-47a1-ad94-7ec80323748c?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0Jn= CEslPprQ2lVE73SdM ] the company doesn=E2=80=99t need to raise more capital = to grow, following its =E2=82=AC110M round from General Catalyst in March. = Now with over 1,300 employees and 13k clients, the Barcelona-based HR platf= orm is focused on scaling efficiently, onboarding 300 people in six months = while exploring AI use and keeping IPO options open. Podcast interview avai= lable here [ https://substack.com/redirect/d39e26a5-5b29-488d-a109-5b148850= 84d2?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. = Also, the company announced that it grew [ https://substack.com/redirect/ff= 838838-6fa7-4e99-a2be-d9f3409da392?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM ] 21% in revenue and 22% in client base in Brazi= l during H1 2025 Tucuvi developed [ https://substack.com/redirect/92fbf602-08a0-4f7d-bfa3-67= 0739f95229?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73S= dM ] Lola, the first clinically certified voice-based AI (Class IIB) in Eur= ope, now used in 10% of Spain=E2=80=99s public hospitals. Lola calls patien= ts at home to monitor chronic conditions, preventing up to 30% of hospitali= sations and 70% of unnecessary ER visits Personnel moves Details [ https://substack.com/redirect/30e60419-7157-4b2d-9aa8-07c02961a79= 4?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] of p= ersonnel changes at Glovo. Several of the old execs have left the company, = and new people have joined Spain=E2=80=99s gaming sector is being hit by mass layoffs [ https://substa= ck.com/redirect/c059f3aa-6403-4108-86c7-fa389424bd80?j=3DeyJ1IjoiNGkza2oifQ= =2EAv1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2l= VE73SdM ] despite record revenues. Sec= ret 6 Madrid has closed [ https://substack.com/redirect/5dd473f8-c1c6-4cbf-= 96c6-b44be9fbd24b?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM ] (42 jobs lost), Aheartfulofgames faces 28 layoffs, and King Bar= celona will cut 75 staff after training an AI that now replaces them Other news To date, Sateliot has secured [ https://substack.com/redirect/a4b27429-7c76= -431c-9a20-c12d97c1bd46?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCE= slPprQ2lVE73SdM ] =E2=82=AC270M in IoT connectivity contracts across 50+ co= untries, operating the first NB-IoT-compatible LEO satellite constellation Pangea Propulsion announced [ https://substack.com/redirect/af053f38-a718-4= a95-9d70-d832199567bb?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEsl= PprQ2lVE73SdM ] a =E2=82=AC18M investment to expand its test facilities in = Lleida and open a new manufacturing site near Barcelona Cabify will deploy [ https://substack.com/redirect/e3032f7a-43aa-4084-91b7-= 4d336db1aaba?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE7= 3SdM ] new VTC licenses in Madrid starting in September, following court ru= lings that forced the regional government to unblock applications filed sin= ce 2018 Big company & policy news =F0=9F=A4=93 Financing activity from Banco Santander: Klarna secured a =E2=82=AC1.4B warehouse financing deal [ https://substack.= com/redirect/8a76f214-5b81-404f-869d-9efd34ab5445?j=3DeyJ1IjoiNGkza2oifQ.Av= 1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] with Santander, marking its fir= st such facility as the Swedish BNPL giant diversifies funding sources ahea= d of a potential New York IPO Rappi secured a $100M senior secured loan [ https://substack.com/redirect/e= 8d4dde4-eef2-48fc-ae0b-e4a4682570ea?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf= 13k-i2X0JnCEslPprQ2lVE73SdM ] from Santander and Kirkoswald Private Credit,= marking its largest debt financing to date Tesla grew its revenue in Spain by 18.2% [ https://substack.com/redirect/e9= ab0ce4-9d10-4852-a6b2-c005f246a842?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM ] in 2024, reaching =E2=82=AC640M, driven by a 2= 6% rise in EV registrations and strong Model 3 sales. However, in 2025 its = local momentum has stalled, with sales up just 1.1% through July amid risin= g competition and uncertainty over EV subsidies Indra launched [ https://substack.com/redirect/bfa94a6d-da0b-4e34-b904-67c2= 0723c928?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM= ] IndraMind, a new AI-focused division that will integrate cybersecurity, = cyberdefense, and its tech subsidiary Paradigma. Backed by a =E2=82=AC200M = investment, the company plans both organic development and acquisitions to = become a major European player in defense-related AI Chema Alonso joined [ https://substack.com/redirect/87b295e1-ddc0-4185-b1b4= -6b40e92bfb55?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM ] Cloudflare as VP and head of international development after more t= han a decade at Telef=C3=B3nica. From Madrid, Alonso will lead the US compa= ny=E2=80=99s global expansion strategy, focusing on emerging markets and in= stitutional relationships in Europe and Latin America Meta=E2=80=99s Spanish subsidiary, Facebook Spain, distributed =E2=82=AC109= M in restricted stock units (RSUs) to employees [ https://substack.com/redi= rect/5c0d98bf-d5d6-4ced-acdc-f0d7f130d0e5?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2= oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] between 2023 and 2024=E2=80=94far surpa= ssing the =E2=82=AC35 million granted over the previous nine years Interesting reads =F0=9F=A4=93 Inditex published [ https://substack.com/redirect/3aca671c-171b-4cd8-a32c-0= 140fc7e6751?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73= SdM ] =E2=80=9CHow Inditex is adopting Microfrontends for future-proof plat= form development=E2=80=9C I=C3=B1aki Berenguer (LifeX) published several articles: La aceleraci=C3=B3n del 'efecto wow' con la inteligencia artificial (link [= https://substack.com/redirect/e907c41f-ebfe-41fc-8c50-9b19b201781c?j=3DeyJ= 1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]) 996 in the Age of Building AI Products and Startups is Real (link [ https:/= /substack.com/redirect/806a7e5f-c897-4329-ad6c-9f4fb5db27e8?j=3DeyJ1IjoiNGk= za2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]) Julio Martinez (Abacum) published: =E2=80=9CWant A Team That Thinks Like Owners? Variable Compensation Is The = Answer=E2=80=9D (link [ https://substack.com/redirect/b5676e4a-7bd2-40f3-b6= a8-2b1432b18b54?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2l= VE73SdM ]) 5 Unspoken Truths About Fundraising Every Founder Should Know (link [ https= ://substack.com/redirect/69a63f23-4061-417a-9cb0-4be100e31e84?j=3DeyJ1IjoiN= Gkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]) Miguel Arias (Kfund) published [ https://substack.com/redirect/5e01eb4d-a8e= c-4212-a8cb-435dd1886b0b?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnC= EslPprQ2lVE73SdM ] =E2=80=9CLa maldici=C3=B3n de ver todos los deals=E2=80= =9D Simon Mu=C3=B1oz (Voicemod) published [ https://substack.com/redirect/bb938= d66-fb51-497a-8a11-cadc421d0525?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-= i2X0JnCEslPprQ2lVE73SdM ] =E2=80=9CCostes hundidos: por qu=C3=A9 solo los p= erdedores promedian perdedores=E2=80=9D 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= NOVFl5T0RrNUxDSndiM04wWDJsa0lqb3hOekl6TWpJM09Ea3NJbWxoZENJNk1UYzFOamN3TXpBM= 05Td2laWGh3SWpveE56ZzRNak01TURjMUxDSnBjM01pT2lKd2RXSXROVFEyTmlJc0luTjFZaUk2= SW1ScGMyRmliR1ZmWlcxaGFXd2lmUS5RMmZ1SVpucTRMLTNFbTh3M0hQZ2c1VTNPak4xZ2Jiejd= KQVNGbVFGYS1JIiwicCI6MTcyMzIyNzg5LCJzIjo1NDY2LCJmIjp0cnVlLCJ1Ijo3NTYyODk5LC= JpYXQiOjE3NTY3MDMwNzUsImV4cCI6MjA3MjI3OTA3NSwiaXNzIjoicHViLTAiLCJzdWIiOiJsa= W5rLXJlZGlyZWN0In0.BvPfTZU6HBUxXUNC0rREk85Xi2S6-kMTorpU2-QqNXw? --ef86c3a887da097feceeb276a8aca89cefc9767973c58d69c5ee5c8e5541 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable Dealflow.es #478: Exit s= eason: Wallapop (€563M), Onum (€350M), Covermanager (€350= M) 3D""
A weekly summary of everything that happened in the Spanish startup= and tech investing ecosystem.
͏     ­͏   &= #8199; ­͏     ­͏     ­͏=     ­͏     ­͏     = 73;͏     ­͏     ­͏   &#= 8199; ­͏     ­͏     ­͏ =     ­͏     ­͏     = 3;͏     ­͏     ­͏   = 199; ­͏     ­͏     ­͏ &= nbsp;   ­͏     ­͏     ­= ;͏     ­͏     ­͏   Q= 99; ­͏     ­͏     ­͏ &n= bsp;   ­͏     ­͏     ­= ͏     ­͏     ­͏   ̳= 9; ­͏     ­͏     ­͏ &nb= sp;   ­͏     ­͏     ­&= #847;     ­͏     ­͏    = ; ­͏     ­͏     ­͏ &nbs= p;   ­͏     ­͏     ­&#= 847;     ­͏     ­͏    = ­͏     ­͏     ­͏  = ;   ­͏     ­͏     ­= 47;     ­͏     ­͏     = ­͏     ­͏     ­͏  =   ­͏     ­͏     ­T= 7;     ­͏     ­͏     &= #173;͏     ­͏     ­͏   =   ­͏     ­͏     ­͏= ;     ­͏     ­͏     &#= 173;͏     ­͏     ­͏   &= #8199; ­͏     ­͏     ­͏=     ­͏     ­͏     = 73;͏     ­͏     ­͏   &#= 8199; ­͏     ­͏     ­͏ =     ­͏     ­͏     = 3;͏     ­͏     ­͏   = 199; ­͏     ­͏     ­͏ &= nbsp;   ­͏     ­͏     ­= ;͏     ­͏     ­͏   Q= 99; ­͏     ­͏     ­͏ &n= bsp;   ­͏     ­͏     ­= ͏     ­͏     ­͏   ̳= 9; ­͏     ­͏     ­͏ &nb= sp;   ­͏     ­͏     ­&= #847;     ­͏     ­͏    = ; ­͏     ­͏     ­͏ &nbs= p;   ­͏     ­͏     ­&#= 847;     ­͏     ­͏    = ­͏     ­͏     ­͏  = ;   ­͏     ­͏     ­= 47;     ­͏     ­͏     = ­͏     ­͏     ­͏  =   ­͏     ­͏     ­T= 7;     ­͏     ­͏     &= #173;͏     ­͏     ­͏   =   ­͏     ­͏     ­͏= ;     ­͏     ­͏     &#= 173;͏     ­͏     ­͏   &= #8199; ­͏     ­͏     ­͏=     ­͏     ­͏     = 73;͏     ­͏     ­͏   &#= 8199; ­͏     ­͏     ­͏ =     ­͏     ­͏     = 3;͏     ­͏     ­͏   = 199; ­͏     ­͏     ­͏ &= nbsp;   ­͏     ­͏     ­= ;͏     ­͏     ­͏   Q= 99; ­͏     ­͏     ­͏ &n= bsp;   ­͏     ­͏     ­= ͏     ­͏     ­͏   ̳= 9; ­͏     ­͏     ­͏ &nb= sp;   ­͏     ­͏     ­&= #847;     ­͏     ­͏    = ; ­͏     ­͏     ­͏ &nbs= p;   ­͏     ­͏     ­&#= 847;     ­͏     ­͏    = ­
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Dealflow.es #478: Exit season: Wallapop (€563M), Onum (̈́= 4;350M), Covermanager (€350M)

A weekly summary of everything tha= t happened in the Spanish startup and tech investing ecosystem.

Jaime Novoa
=
 
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Startup fund= ing news 💸

Bit2Me, Spain’s leading crypto platform, has secured a €30M investment round led by Tether, th= e issuer of USDT and a global leader in the digital asset space, which also= acquired a minority stake. The funding will accelerate Bit2Me’s EU e= xpansion and growth in Latin America, particularly Argentina

Maisa AI, a startup wi= th offices in Valencia and San Francisco, has raise= d a $25M seed round led by Creandum, with participation from Forg= epoint Capital (via Banco Santander), NFX, and Village Global. Maisa is bui= lding the evolution of RPA, Agentic Process Automation, aiming enterprise c= ustomers. Anna Piñol of NFX wrote about their initial investment in Ma= isa here, and so did Peter Specht of Crea= ndum here

Lingokids, the Madrid-based edtech platform for chil= dren, has closed a $16.3M round led by GP= Bullhound, with Tencent also participating. The deal sets the company̵= 7;s pre-money valuation at $200M. The funds will support growth and the pus= h toward EBITDA profitability. HV Holtzbrinck Ventures fully exited its 14%= stake for €15M, or a 2.5X multiple in 8 years

Qbeast, a Barcelona-based data= infrastructure startup spun out of the Barcelona Supercomputing Centre, ha= s raised €6.5M in seed funding. The= round was led by Peak XV’s Surge, with support from HWK Tech Investm= ent and Elaia Partners

Ocea= n Ecostructures, a Barcelona-based startup focused on ma= rine biodiversity regeneration, has closed a €= ;3.5M funding round with new investor Faber joining existing back= ers Seven Seas Capital, Ship2B Ventures, and Inclimo

M&A 🎉

Naver acquired an additional 70.5% sta= ke in Barcelona-based Wallapop for €377= M, bringing its total ownership to 100% and assuming full control of the co= mpany. The deal values Wallapop at around €563M, below the €806= M valuation from its early 2024 round. The company did €89M in sales = in 2023, so the deal implies a 6x-ish revenue multiple. Also, the deal faces legal scrutiny, as minority sharehold= ers like 14W argue the required majority for enforcing drag-along rights wa= sn’t met

Onum, the Span= ish real-time data observability startup co-founded by Pedro Castillo, Pedr= o Tortosa and Lucas Varela, sold to cybersecurity company Crowdstrike for a= round €350M. Backed by Kibo Ventures, Insight Partners, and Dawn Capi= tal, Onum had raised over €36M since its 2023 launch. More details here

Covermanager, the Seville-based restaurant management SaaS, was acquired by PSG Equity in a deal valued at €350M, c= ombining €200M in cash and €150M in shares of a new holding com= pany with France’s Zenchef. The founders retained a minority stake vi= a rollover. Covermanager, which had only raised €5M in primary capita= l, reported €12.2M in 2023 revenue and €4.5M in net profit

Verbio Technologies, a Barcelona-= based AI automation company, has been acquired<= span> by U.S. firm Capacity as part of a $92M= funding-backed expansion. Verbio specializes in conversational AI to strea= mline communication between humans and machines

Lenskart, the Indian eyewear giant, acquired Barcelona-based Meller= for over €40M. Founded in 2014, Meller sells trendy, affordable eyew= ear online and through its Barcelona store. With €30M in annual reven= ue and €5M in EBITDA, the company had raised less than €1M

Details emerge of Magnific’s acquisition by Freepik. Freepik acquired Magnific AI, the Murcia-based generative AI= startup, for €20M in cash plus up to €5.4M in earn-outs throug= h 2026

Atresmedia acquired 35% of Ac2ality, a TikTok-first news channel aimed at young audiences, for up to €= 1.3M. Founded in 2020, Ac2ality now has 4.4M followers

Trilantic Europe has ac= quired a minority stake in Sklum, t= he Valencia-based online furniture retailer. The founders retain majority c= ontrol. Sklum generates over €300M in annual revenue and sells in 10 = countries

BCN3D, a 3D printin= g startup from Barcelona, has been acquired out of bankruptcy by Swedish firm 3DVerkstan

Syra Coffee, the Barcelona-based specialty coffee chain,= was acquired by one of Colombia’s = largest conglomerates, Grupo Nutresa

Ecotecher= s published the story of several notable Spanish exits: RatedPower, Ticketbis, Userzoom=

Investor & accelerator news 🚀

<= p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s= ize: 16px;">Adara Ventures i= ncreased the internal valuation of Seedtag to €712M, up nearly 30% from last year. The Spanish adtech st= artup, backed by Advent, Oakley, and Adara (which holds 6.8%), aims for = 364;400M in 2025 revenue and EBITDA of €50–100M

COFIDES, committed &= #8364;80M to Cathay Innovation III,= a €1B global venture fund focused on AI across sectors like health, = mobility, fintech, and consumer. At least €160M of the fund will be i= nvested in high-growth Spanish startups

Details of Seaya’s 2nd= fund: the firm continues to manage its stakes in Wallbox and Delivery Hero (Glovo) as par= t of its second fund, now in its ninth year. In Glovo, Seaya sold part of its 3.4% stake post-acquisition, earning over = €23M to date, with ~€11M in shares still held. In Wallbox, it retains 4.5% (worth ~€3.6M)

The founders of Lanai Ventures are launching a new investment firm (s= ociedad gestora), Ohana Capital, to manage their portfolio and future funds= under a long-term structure

New funds:

  • Iris Ventures, the Barcelona-based VC firm, launched a new €200M fund to invest i= n emerging consumer brands in sectors like wellness, longevity, and sports<= /span>

Spanish investors active abroad:

  • Trustfull, an Italian anti-fraud tech start= up, raised €6M in a round co-led by= Seaya Ventures

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Batir a largo plazo al mercado es comp= licado, y poca gente lo consigue. Si además no tienes tiempo o conocim= ientos para invertir en bolsa, lo mejor que puedes hacer es utilizar Indexa Capital.

Invierte con Indexa

Startup news 💡

=

Sponsored bullet point 👉🏼 Zenital helps companies turn data into gro= wth. Because when data leads, business thrives — discover how = Zenital makes it happen.

New startups and key product launches

Rebolt, a startup co-founded by Spaniards Javi= Sanchez and Celia Manzano, unveiled its = new product that allows businesses to build apps and agents by speaking wit= h AI. Javi wrote about the launch here

Galtea launched<= span> a new conversation simulator designed to train sales and support team= s using generative AI. More here

expanded<= span> its suite of AI tools with four new agents aimed at improving user su= pport and internal operations

Startup financials

Wallbox has = regained compliance with NYSE listing rules after executing a 20-= to-1 reverse stock split, which raised its share price above the $1 minimum= required to stay listed. Wallbox’s current market cap stands at $66M=

Logistics startup GOI= entered a financial restructuring = phase after missing its €90M revenue target, ending 2024 with €= 42M in sales. The logistics startup, now rebranded as LOGI, is renegotiatin= g debt with creditors including Sabadell and Bankinter, and has downsized i= ts workforce by half. Founder Yaiza Canosa stepped aside as CEO, with CFO S= ergio Martínez taking over amid efforts to preserve margins

=

Wetaca closed 2= 024 with record revenue and profit, reaching €18.2M in turn= over (+23%) and €602k in net profit—double the previous year. T= he growth is driven by its subscription model, launched in 2021, which now = fuels most orders

Filmin closed 2024 with record profits of €2.4M—= nearly triple the previous year—on €26.7M in revenue (+18%). Ar= cano is exploring exit options as the investors approach their 5-year holdi= ng mark

Mio Group, the market= ing consultancy owned by the Arbeloa brothers, laun= ched a delisting takeover offer to exit BME Growth at €1.77= per share. The company aims to gain flexibility for its long-term strategy= after a 2024 marked by €3.6M in losses and a 10% revenue drop to = 364;58.4M

Startup profiles

Factorial CEO Jordi Romero said the company doesn’t need to raise more capital to grow, follo= wing its €110M round from General Catalyst in March. Now with over 1,= 300 employees and 13k clients, the Barcelona-based HR platform is focused o= n scaling efficiently, onboarding 300 people in six months while exploring = AI use and keeping IPO options open. Podcast interview available here. Also, the company announced that it grew 21% in revenue and 22% in client base in Braz= il during H1 2025

Tucuvi developed Lola,= the first clinically certified voice-based AI (Class IIB) in Europe, now u= sed in 10% of Spain’s public hospitals. Lola calls patients at home t= o monitor chronic conditions, preventing up to 30% of hospitalisations and = 70% of unnecessary ER visits

Personnel moves

<= p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-s= ize: 16px;">Details of personnel changes at Glovo. Several of the old execs have left the com= pany, and new people have joined

Spain’s= gaming sector is being hit by mass layoffs despite record revenues. Secret 6 Madrid h= as closed (42 jobs lost), = Aheartfulofgames faces 28 layoffs, and King B= arcelona will cut 75 staff after training an AI that now rep= laces them

Other news

To da= te, Sateliot has secu= red €270M in IoT connectivity contracts across 50+ countrie= s, operating the first NB-IoT-compatible LEO satellite constellation=

Pangea Propulsion announced a €18M investment to expand its test facil= ities in Lleida and open a new manufacturing site near Barcelona

=

Cabify will dep= loy new VTC licenses in Madrid starting in September, following c= ourt rulings that forced the regional government to unblock applications fi= led since 2018

Big company & policy news = 299;

Financing activity from Banco Santander:

Tesla grew its revenue in Spain by 18.2% in 2024,= reaching €640M, driven by a 26% rise in EV registrations and strong = Model 3 sales. However, in 2025 its local momentum has stalled, with sales = up just 1.1% through July amid rising competition and uncertainty over EV s= ubsidies

Indra launched IndraMind, a new= AI-focused division that will integrate cybersecurity, cyberdefense, and i= ts tech subsidiary Paradigma. Backed by a €200M investment, the compa= ny plans both organic development and acquisitions to become a major Europe= an player in defense-related AI

Chema Alonso= joined Clo= udflare as VP and head of international development after mo= re than a decade at Telefónica. From Madrid, Alonso will lead the US c= ompany’s global expansion strategy, focusing on emerging markets and = institutional relationships in Europe and Latin America

Meta’s Spanish subsidiary, Facebook Spain= , distributed €109M in restricted stock units= (RSUs) to employees between 2023 and 2024—far surpassing t= he €35 million granted over the previous nine years

Interesting reads 🤓

Inditex published “How Inditex is = adopting Microfrontends for future-proof platform development“=

Iñaki Berenguer (LifeX) publis= hed several articles:

    La aceleración de= l 'efecto wow' con la inteligencia artificial (link= )

  • link)

= Julio Martinez (Abacum) published:

  • = “Want A Team That Thinks Like Owners? Variable Compensation Is = The Answer” (link)

    • <= li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;">

    5 Unspoken Truths Ab= out Fundraising Every Founder Should Know (link= )

Miguel Arias (Kfund) published “La maldici= 3;n de ver todos los deals”

Simon Mu&#= 241;oz (Voicemod) published “Costes hundidos: por qué solo los perdedores promedian perded= ores”

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