Mime-Version: 1.0 Content-Type: multipart/alternative; boundary="eb36f5abc479d861eb26125c277d0ba1d86f27e2b6efa05f0572cf583802" Subject: =?UTF-8?q?Dealflow.es_#496:_Biorce_raising_=E2=82=AC50M._Zepo_raised_$15M?= =?UTF-8?q?._Manfred's_2025_salary_report.?= From: Dealflowes Newsletter To: Hidden Recipient Date: Mon, 19 Jan 2026 06:14:19 +0000 X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: 3fKt_A6awTp9fnIqmwpwWQHIN_oCAmBzWYwfrHnDPSewvYEYSoUPDQXr4eQSDUq7WJ23XLj0TQ6HR1H9mm_BmQ== --eb36f5abc479d861eb26125c277d0ba1d86f27e2b6efa05f0572cf583802 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= 6-biorce-raising-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. If you=E2= =80=99re interested in sponsorship opportunities, send me an email at jaime= @dealflow.es and I=E2=80=99ll share more details This week=E2=80=99s newsletter is sponsored by zinco: Que la burocracia no te robe el runway Cada hora que pierdes en gestor=C3=ADa es una hora menos de producto, venta= s o fundraising. Y cuando la burocracia se acumula, los errores fiscales o = laborales salen caros =E2=80=94y siempre llegan en el peor momento. Zinco se ocupa de tu gesti=C3=B3n fiscal, contable y laboral, para que vuel= vas a centrarte en crecer. Mas de 3.000 clientes ya conf=C3=ADan en Zinco para proteger su runway y es= calar sin fricciones Kfund=E2=80=99s SpaceTech Thesis: From SpaceTech to Space Infra Following our investment in LookupSpace, we=E2=80=99ve published our evolvi= ng thesis on space and satellite technology [ https://substack.com/redirect= /e704aabc-6640-46bc-a77a-c679d7a51fa5?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6j= sf13k-i2X0JnCEslPprQ2lVE73SdM ]. The core insight: space is undergoing the = same transformation that cloud brought to computing. What was once a capita= l-intensive, government-driven domain is becoming modular, software-driven,= and increasingly investable. What changed: Launch costs have collapsed from ~$400,000/kg in the 1960s to= ~$6,500/kg today (thanks largely to SpaceX), while satellite hardware has = shifted from bespoke machines to standardized microsatellites. APIs, onboar= d compute, and integration tools are abstracting complexity=E2=80=94you no = longer need to build or operate a satellite to benefit from one. Spain specifically has accelerated rapidly. Since 2021, Spanish orbital pay= loads have more than tripled (21 =E2=86=92 69). Companies like FOSSA System= s have deployed 20+ satellites with less than =E2=82=AC10M in funding. Nota= ble recent rounds include Aistech Space (=E2=82=AC8.5M), Kreios Space (=E2= =82=AC8M seed), and Pangea Propulsion (=E2=82=AC23M Series A). Where we=E2=80=99re cautious: Moats remain thin=E2=80=94launch is commoditi= zing, data is often replaceable, and many teams are tech-led rather than ma= rket-led. The biggest bottleneck? Customers don=E2=80=99t buy data; they bu= y answers. Where we=E2=80=99re looking: Abstraction layers that let non-space companie= s access space assets, latency reducers (onboard compute, smart scheduling)= , and workflow integrators delivering insights into industries like climate= , agriculture, and insurance=E2=80=94without asking customers to become spa= ce experts. Kudos to my colleagues Pablo Ventura and Paula Andreu for putting this toge= ther! Read the full report with our industry maps and Spanish ecosystem Air= table here [ https://substack.com/redirect/e704aabc-6640-46bc-a77a-c679d7a5= 1fa5?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. Startup funding news=C2=A0=F0=9F=92=B8 =E2=82=AC50M+ rounds: According to Echotechers, Biorce [ https://substack.com/redirect/76a22f10-d= 96d-4cf1-9e81-a5193efa2971?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0J= nCEslPprQ2lVE73SdM ], the Barcelona-based AI startup revolutionizing clinic= al trial preparation, is finalizing [ https://substack.com/redirect/6da811c= 4-b9d7-49a1-b5cc-f0e41c9d97c3?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2= X0JnCEslPprQ2lVE73SdM ] a =E2=82=AC50M funding round led by DST Global, mar= king the global fund's first major Spanish investment =E2=82=AC10M+ rounds: Zepo Intelligence closed [ https://substack.com/redirect/79e5c2da-d4f7-4317= -a3de-9a23bb4d16e0?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPpr= Q2lVE73SdM ] a $15M seed round led by Kibo Ventures, eCAPITAL, and TIN Capi= tal. Zepo [ https://substack.com/redirect/cb1d7fa3-93bc-490a-aa72-1a8297847= 5ac?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] is= a human-centric security startup provides a workspace platform that simula= tes AI-driven social engineering attacks to identify vulnerabilities and tr= ain teams against threats like deepfakes and personalized phishing =E2=82=AC1M to =E2=82=AC5M rounds: Tetraneuron completed [ https://substack.com/redirect/385f045a-c666-4a3a-8a= b1-569ebd2ab574?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2l= VE73SdM ] a =E2=82=AC5M funding round to advance its gene therapy for Alzhe= imer's disease to clinical development. Founded in 2012 as a spin-off from = Instituto Cajal, Tetraneuron [ https://substack.com/redirect/c53e3189-5e71-= 4e81-80a5-082a997b95c9?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEs= lPprQ2lVE73SdM ] targets neurodegeneration causes rather than symptoms. RepScan [ https://substack.com/redirect/7d76dbb4-86c2-4da5-bfd6-3b70e500646= e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], the= startup specializing in legal protection and removal of harmful online con= tent, closed [ https://substack.com/redirect/419b7c62-bace-4676-b56e-a32ffc= 394282?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]= a =E2=82=AC3.5M funding round. The round was managed through Startupxplore= and included investors like Bonsai Partners, Swanlaab Venture Factory, and= Pinama Capital 23 Ringr raised [ https://substack.com/redirect/75737adb-7650-4a2e-b76a-519bf6= f1cfad?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]= =E2=82=AC3M led by Pangram Capital to accelerate European expansion of its= enterprise conversational AI platform. Ringr [ https://substack.com/redire= ct/2575716d-0bb2-4d24-b462-a82c3fcd9831?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN= 6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] achieved 600% revenue growth, operates in= 12 countries Mediterranean Algae Technologies secured [ https://substack.com/redirect/7b= 0a994d-f3a1-4835-b682-b956434076ce?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM ] =E2=82=AC2M in European funding through CDTI t= o commercialize its marine bioremediation technology BIOREMED ALGAE=C2=AE Sub =E2=82=AC1M rounds of funding: Revicasa raised [ https://substack.com/redirect/56a1940f-5b77-4485-81ba-407= 583f9a05e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73Sd= M ] over =E2=82=AC600k led by The Lab Ventures to scale its home inspection= platform across Spain Swipet [ https://substack.com/redirect/dfb60858-9f6d-4f02-b162-01150f5fb8e2= ?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ], an i= nsurtech specializing in hyper-personalized veterinary insurance, closed [ = https://substack.com/redirect/2d62f784-4c8e-461b-8f81-997837b27fb5?j=3DeyJ1= IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] a =E2=82=AC400= k pre-seed round led by Aticco REIDITE Industries [ https://substack.com/redirect/57a9f3d9-5237-40de-a244-= 67feddde0ed3?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE7= 3SdM ], a Spanish electronics and industrial technology company, closed [ h= ttps://substack.com/redirect/8aafab2e-690e-4d38-8820-72d88687fd10?j=3DeyJ1I= joiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] a =E2=82=AC300k= funding round led by Seed and Grow Ventures Bankinter joined [ https://substack.com/redirect/4f99416e-f9e6-452c-b371-70= 32e0707d5f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73S= dM ] Bit2Me's =E2=82=AC30M funding round announced in August. The investmen= t aims to explore technological synergies and positions Bankinter in DLT so= lutions development alongside a national tech partner M&A news =F0=9F=9A=80 French multinational Audensiel, owned by private equity firms Sagard and Ca= pza, acquired [ https://substack.com/redirect/db05a199-0d8a-463d-ad12-c8634= f7e39dd?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM = ] a 75% stake in Spanish tech consultancy Kair=C3=B3s DS for around =E2=82= =AC100M. Founder Carlos Moure retains 25% and stays as CEO of the =E2=82=AC= 45M revenue company Syngoi Technologies, a Basque biotech company developing synthetic DNA plat= forms for gene and cell therapies, was acquired [ https://substack.com/redi= rect/5a58b6d4-da1b-465f-a9f3-dc850db19d45?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2= oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] by US-based Artis BioSolutions. Founded= in 2021 and backed by Columbus Venture Partners, the company will maintain= its Bilbao operations while expanding to the US through Landmark Bio to sc= ale its enzymatic DNA production technology globally. According to El Confidencial, Spanish streaming platform Filmin struggles [= https://substack.com/redirect/6b9d7772-45d5-4e67-be0a-7b60fff7a5c1?j=3DeyJ= 1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] to find buyer= s after a year-long sale process by majority owner Nazca Capital. Despite = =E2=82=AC26.8M revenue and 1M subscribers, founders demand over =E2=82=AC50= M valuation=E2=80=94well above industry estimates of =E2=82=AC40-50M. Poten= tial acquirers balked at the premium pricing for a content curator lacking = owned IP, while timing coincides with sector-wide uncertainty. Blu Selection acquired [ https://substack.com/redirect/4d859692-1b16-4d92-9= 375-9a49f6b757b1?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2= lVE73SdM ] Qamyno and merged both operations under the blu brand to build a= pan-European talent recruitment platform. Investor & accelerator news =F0=9F=9A=80 Nazca Capital announced [ https://substack.com/redirect/38875c12-bd3a-45de-= be3c-ec471a9cac3d?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM ] Airbus as a strategic investor in its =E2=82=AC425M+ aerospace = and defense fund, Spain's largest sector-focused fund. The fund has complet= ed two investments: Teltronic (critical communications) and Ravenloop (AI-b= ased cyber intelligence) Samaipata published [ https://substack.com/redirect/769e05e5-5cbe-4369-9488= -4a4a326355d6?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM ] a summary of its investment activity in 2025, with =E2=82=AC17M dep= loyed across 13 deals Zubi Group appointed [ https://substack.com/redirect/051890fa-3163-45a0-881= 8-91d7f4f634be?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lV= E73SdM ] Javier Megias as Chief Operations Officer to coordinate strategic = and operational activities across its impact investment initiatives Spanish investors active abroad: Nauta participated [ https://substack.com/redirect/abd934de-7b99-4ea5-a11b-= 16e14706a093?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE7= 3SdM ] in the $10M Series A round of Berlin-based NetBird Goparity received investment from [ https://substack.com/redirect/cbe0d853-= 5d75-47e1-9caa-fbde189ca2df?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0= JnCEslPprQ2lVE73SdM ] Spanish impact investing platform Bolsa Social to str= engthen its presence in Spain and accelerate European expansion Startup news =F0=9F=92=A1 New startups and product updates Perk Events launched [ https://substack.com/redirect/cab33867-440f-470f-898= a-439e85785a4b?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lV= E73SdM ] its event planning platform after starting as an experimental proj= ect with just 4 people in September 2024. The product leverages Perk=E2=80= =99s travel expertise and internal events experience to help companies stre= amline event planning, and is already being used by some of the company=E2= =80=99s largest customers. Genesy built [ https://substack.com/redirect/aa0ff60d-76fb-4e70-b7c1-93100b= f03adb?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]= an internal AI-powered system enabling non-engineers to ship code directly= from Slack. The platform uses AI Engineer for Slack-native requests, auton= omous Cursor agents for coding, and Xata=E2=80=99s database branching for p= review deployments with production data. Glucovibes partnered [ https://substack.com/redirect/d8eb08dd-c6c9-4fae-84b= 8-ddfd153ff8b8?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lV= E73SdM ] with Garmin to integrate wearable data into personalized nutrition= plans. finReg360 and wealth management tech firm Flanks have launched [ https://su= bstack.com/redirect/5e3a4f10-f820-4649-bb02-e109bfe9b807?j=3DeyJ1IjoiNGkza2= oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] EDX (European Data Excha= nge), Europe=E2=80=99s first standardized protocol for financial data excha= nge between custodial banks, wealth managers, and advisory firms. More info= here [ https://substack.com/redirect/645d4233-31d6-440e-be01-93f19084bdc4?= j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ]. Industry Labs expanded [ https://substack.com/redirect/1641978a-d8e6-434b-a= 963-af9d2189429e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2= lVE73SdM ] its manufacturing software business across Spain and Latin Ameri= ca, particularly Mexico, through new client acquisitions and platform evolu= tion. The Barcelona-based company launched Agentic AI, an intelligent agent= platform for factories that interprets data and recommends decisions. Foun= ded in 2000, Industry Labs develops MES, APS, and warehouse management solu= tions. Startup financials and personnel moves Tradeinn reached [ https://substack.com/redirect/85cc9840-fd84-400a-826f-ee= cf6a2672e4?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73S= dM ] record revenue of =E2=82=AC585M in 2025, up 5.6% YoY, after US fund Ap= ollo acquired 30% stake from Suma Capital for ~=E2=82=AC300M in July. The s= ports e-commerce platform shipped 9.2M packages and targets =E2=82=AC2B rev= enue medium-term while expanding its Girona warehouse from 30k to 50k sqm w= ith automation to handle 150k daily orders. Holaluz emerged [ https://substack.com/redirect/bcacd2d8-039a-4ae2-829f-69c= 97e6ec9dc?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73Sd= M ] from a 2024 financial crisis through a =E2=82=AC22M investment from Fre= nch industrial partner Icosium Investment, which now holds 33% of the compa= ny. The green energy firm operates 10,000 energy communities and 250,000 co= ntracts across Spain, offering unlimited flat-rate electricity subscription= s. President Carlota Pi credits AI implementation and operational restructu= ring for the recovery. Innovamat closed [ https://substack.com/redirect/604eeb87-3a15-4960-9a9b-5b= aee3e985b9?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73S= dM ] 2025 with =E2=82=AC25M revenue, nearing profitability despite US marke= t losses. The Catalan math education company became the first non-American = firm approved by California=E2=80=99s education department, enabling classr= oom implementation from September 2026. Operating in nine countries with 60= 0k students, Innovamat expects the US to become its main revenue source wit= hin two years. Payflow shared [ https://substack.com/redirect/b02e3b51-9059-47bb-8280-c1ab= 6aea6e9b?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM= ] that they=E2=80=99ve hit $8M.2 of ARR Profile of companies Uxia co-founder Borja D=C3=ADaz-Roig argues [ https://substack.com/redirect= /cf43bc63-ec2d-4b44-930a-e1c01cdb3410?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6j= sf13k-i2X0JnCEslPprQ2lVE73SdM ] that modern UX failures stem from validatio= n lag, not lack of user understanding. The Spanish startup uses synthetic u= sers to validate design decisions at prototype speed, helping teams avoid s= kipping research due to time constraints Other news Harvey appointed [ https://substack.com/redirect/139a2436-304f-40e9-9cf9-c4= 901d8daa84?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73S= dM ] Jorge Bestard to lead EMEA sales. The legal AI company continues expan= ding its European presence with teams in London, Spain, Germany, and a new = Paris office, building partnerships with leading law firms and in-house leg= al teams across the region. Urbanitae, Spain=E2=80=99s largest real estate crowdfunding platform, creat= ed [ https://substack.com/redirect/013ca060-9983-4cd0-81d9-4d34481ed1fc?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] Urbanit= ae Asset Management to launch private capital funds. The move expands beyon= d its crowdfunding model, targeting institutional investors with diversifie= d real estate funds across Spain, Portugal, Italy and France. German AI agents startup Parloa tripled [ https://substack.com/redirect/ea0= 64537-c620-4ecc-a0aa-a9b87f9b4bb6?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13= k-i2X0JnCEslPprQ2lVE73SdM ] its valuation to $3B after raising $350M in Ser= ies D funding led by General Catalyst. The company, which became a unicorn = in 2024 with a $1B valuation, will expand operations in the US and Europe, = including Madrid and London offices. Big company & policy news =F0=9F=A4=93 Uber's Spanish operations showed [ https://substack.com/redirect/8f9298f2-7= bc0-439d-bf0a-305d0ef33977?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0J= nCEslPprQ2lVE73SdM ] contrasting results in 2024. Its mobility division mul= tiplied profits eightfold to =E2=82=AC3M, while Uber Eats posted =E2=82=AC2= 8.2M losses due to =E2=82=AC172M in provisions for labor sanctions over all= eged misclassification of delivery riders as freelancers instead of employe= es. Interesting reads =F0=9F=A4=93 Manfred's 2025 Tech Salary Report is out [ https://substack.com/redirect/69= 7b0a2d-e179-4417-8d05-f81b8bbb0d85?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM ]. AI-related roles dominate, with Data Scientis= ts, AI Engineers, and MLOps commanding top salaries (=E2=82=AC70-100K+ for = seniors). Full-stack developers gained value as startups prioritize hybrid = profiles. Meanwhile, frontend, mobile, QA, and product design roles saw sal= ary declines and fewer opportunities. The market shows a growing divide: pr= ofessionals integrating AI see rising compensation, while traditional roles= stagnate. On-site positions now require ~20% salary premiums as remote wor= k remains the preference. Alex Vaughtton (Nocodehackers) published [ https://substack.com/redirect/d7= 1bc1cc-7265-4ad6-9ada-00e649cc4920?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM ] =E2=80=9CUn a=C3=B1o haciendo proyectos con IA= para clientes reales. Esto es lo que aprendimos=E2=80=9D Madrid's podcast studio market has exploded [ https://substack.com/redirect= /0c338316-8d36-4725-9f3c-6947264e8ef3?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6j= sf13k-i2X0JnCEslPprQ2lVE73SdM ] with nearly 50 recording spaces now operati= ng across the city - more than its 29 functioning cinemas. Tech entrepreneur I=C3=B1aki Berenguer shared [ https://substack.com/redire= ct/420ad29f-7e49-4a91-ad4d-a46db9552b24?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN= 6jsf13k-i2X0JnCEslPprQ2lVE73SdM ] his 10 predictions for 2026, including st= ablecoins going mainstream despite reaching $35T volume in 2025, robotaxis = launching in 10+ European cities, and AI video becoming software rather tha= n just content 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= NOVFl5T0RrNUxDSndiM04wWDJsa0lqb3hPRFE1TXpRd016UXNJbWxoZENJNk1UYzJPRGd3TXpJM= k9Dd2laWGh3SWpveE9EQXdNek01TWpZNExDSnBjM01pT2lKd2RXSXROVFEyTmlJc0luTjFZaUk2= SW1ScGMyRmliR1ZmWlcxaGFXd2lmUS5hUnFVVHc4LUg3S0VGbVR4cU1kbXFVMW5yRzE1VS1tcm5= XSUYyQXIzZ1pZIiwicCI6MTg0OTM0MDM0LCJzIjo1NDY2LCJmIjp0cnVlLCJ1Ijo3NTYyODk5LC= JpYXQiOjE3Njg4MDMyNjgsImV4cCI6MjA4NDM3OTI2OCwiaXNzIjoicHViLTAiLCJzdWIiOiJsa= W5rLXJlZGlyZWN0In0.37ihMdZ352C2ZYC0vKQuqnnOiILpFHyrw6akbilFBt0? --eb36f5abc479d861eb26125c277d0ba1d86f27e2b6efa05f0572cf583802 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable Dealflow.es #496: Biorce= raising €50M. Zepo raised $15M. Manfred's 2025 salary report. </titl= e><style> @media (max-width: 1024px) { .typography .pullquote-align-left, .typography.editor .pullquote-align-left, .typography .pullquote-align-right, .typography.editor .pullquote-align-right, .typography .pullquote-align-wide, .typography.editor .pullquote-align-wide, .typography .pullquote-align-center, .typography.editor .pullquote-align-center { float: none; margin: 0 auto; width: 100%; max-width: 100%; } } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { .typography .markup table.image-wrapper img, .typography.editor .markup table.image-wrapper img, .typography .markup table.kindle-wrapper img, .typography.editor .markup table.kindle-wrapper img { max-width: 550px; } } @media (min-width: 1024px) { .typography:not(:has(#toc)) .captioned-image-container figure:has(> a.ima= ge2-offset-left), .typography.editor:not(:has(#toc)) .captioned-image-container figure:has(= > a.image2-offset-left) { margin-left: var(--image-offset-margin); } .typography:not(:has(#toc)) .captioned-image-container figure:has(> a.ima= ge2-offset-right), .typography.editor:not(:has(#toc)) .captioned-image-container figure:has(= > a.image2-offset-right) { margin-right: var(--image-offset-margin); } } @media (min-width: 1300px) { .typography .captioned-image-container figure:has(> a.image2-offset-left)= , .typography.editor .captioned-image-container figure:has(> a.image2-offse= t-left) { margin-left: var(--image-offset-margin); } .typography .captioned-image-container figure:has(> a.image2-offset-right= ), .typography.editor .captioned-image-container figure:has(> a.image2-offse= t-right) { margin-right: var(--image-offset-margin); } } @media (max-width: 1024px) { .typography, .typography.editor { /* Disable offset on mobile/tablet */ } .typography .captioned-image-container figure:has(> a.image2-align-left), .typography.editor .captioned-image-container figure:has(> a.image2-align= -left), .typography .captioned-image-container figure:has(> a.image2-align-right)= , .typography.editor .captioned-image-container figure:has(> a.image2-align= -right) { float: none; margin: 1em auto; max-width: 100%; width: auto; padding: 0; } .typography .captioned-image-container figure:has(> a.image2-align-left.t= hefp), .typography.editor .captioned-image-container figure:has(> a.image2-align= -left.thefp), .typography .captioned-image-container figure:has(> a.image2-align-right.= thefp), .typography.editor .captioned-image-container figure:has(> a.image2-align= -right.thefp) { margin: 1em auto; } .typography .captioned-image-container figure:has(> a.image2-offset-left)= , .typography.editor .captioned-image-container figure:has(> a.image2-offse= t-left), .typography .captioned-image-container figure:has(> a.image2-offset-right= ), .typography.editor .captioned-image-container figure:has(> a.image2-offse= t-right) { margin: 1em auto; } .typography .captioned-image-container figure:has(> a.image2-align-left) = =2Eimage2-inset, .typography.editor .captioned-image-container figure:has(> a.image2-align= -left) .image2-inset, .typography .captioned-image-container figure:has(> a.image2-align-right)= .image2-inset, .typography.editor .captioned-image-container figure:has(> a.image2-align= -right) .image2-inset { display: block; justify-content: initial; } } @media (max-width: 768px) { .typography .markup div.sponsorship-campaign-embed, .typography.editor .markup div.sponsorship-campaign-embed { margin-top: 24px; margin-bottom: 24px; } .typography .markup div.sponsorship-campaign-embed:first-child, .typography.editor .markup div.sponsorship-campaign-embed:first-child { margin-top: 0px; } } @media screen and (max-width: 650px) { .typography .markup div.youtube-overlay, .typography.editor .markup div.youtube-overlay, .typography .markup div.vimeo-overlay, .typography.editor .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { .typography .markup div.tiktok-wrap, .typography.editor .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { .typography .markup div.embedded-publication-wrap .embedded-publication.s= how-subscribe, .typography.editor .markup div.embedded-publication-wrap .embedded-public= ation.show-subscribe { padding: 24px; } } @media screen and (max-width: 650px) { .typography .markup div.subscription-widget-wrap .subscription-widget.sho= w-subscribe, .typography.editor .markup div.subscription-widget-wrap .subscription-wid= get.show-subscribe, .typography .markup div.subscription-widget-wrap-editor .subscription-wid= get.show-subscribe, .typography.editor .markup div.subscription-widget-wrap-editor .subscript= ion-widget.show-subscribe, .typography .markup div.captioned-button-wrap .subscription-widget.show-s= ubscribe, .typography.editor .markup div.captioned-button-wrap .subscription-widget= =2Eshow-subscribe { padding: 0px 24px; } } @media screen and (max-width: 650px) { .typography .markup div.subscription-widget-wrap .subscription-widget.sho= w-subscribe .subscription-widget-subscribe .button, .typography.editor .markup div.subscription-widget-wrap .subscription-wid= get.show-subscribe .subscription-widget-subscribe .button, .typography .markup div.subscription-widget-wrap-editor .subscription-wid= get.show-subscribe .subscription-widget-subscribe .button, .typography.editor .markup div.subscription-widget-wrap-editor .subscript= ion-widget.show-subscribe .subscription-widget-subscribe .button, .typography .markup div.captioned-button-wrap .subscription-widget.show-s= ubscribe .subscription-widget-subscribe .button, .typography.editor .markup div.captioned-button-wrap .subscription-widget= =2Eshow-subscribe .subscription-widget-subscribe .button { padding: 10px 12px; min-width: 110px; } } @media (max-width: 650px) { .typography .markup .twitter-embed, .typography.editor .markup .twitter-embed, .typography .markup .tweet, .typography.editor .markup .tweet { padding: 12px; } } @media (max-width: 650px) { .typography .markup .twitter-embed .tweet-text, .typography.editor .markup .twitter-embed .tweet-text, .typography .markup .tweet .tweet-text, .typography.editor .markup .tweet .tweet-text { font-size: 14px; line-height: 20px; } } @media (max-width: 650px) { .typography .markup .twitter-embed .tweet-photos-container.two, .typography.editor .markup .twitter-embed .tweet-photos-container.two, .typography .markup .tweet .tweet-photos-container.two, .typography.editor .markup .tweet .tweet-photos-container.two, .typography .markup .twitter-embed .tweet-photos-container.three, .typography.editor .markup .twitter-embed .tweet-photos-container.three, .typography .markup .tweet .tweet-photos-container.three, .typography.editor .markup .tweet .tweet-photos-container.three, .typography .markup .twitter-embed .tweet-photos-container.four, .typography.editor .markup .twitter-embed .tweet-photos-container.four, .typography .markup .tweet .tweet-photos-container.four, .typography.editor .markup .tweet .tweet-photos-container.four { height: 200px; } } @media (max-width: 650px) { .typography .markup .twitter-embed a.expanded-link .expanded-link-img, .typography.editor .markup .twitter-embed a.expanded-link .expanded-link-= img, .typography .markup .tweet a.expanded-link .expanded-link-img, .typography.editor .markup .tweet a.expanded-link .expanded-link-img { max-height: 180px; } } @media (max-width: 650px) { .typography .markup .twitter-embed a.expanded-link .expanded-link-descrip= tion, .typography.editor .markup .twitter-embed a.expanded-link .expanded-link-= description, .typography .markup .tweet a.expanded-link .expanded-link-description, .typography.editor .markup .tweet a.expanded-link .expanded-link-descript= ion { display: none; } } @media screen and (max-width: 650px) { .typography .markup .apple-podcast-container, .typography.editor .markup .apple-podcast-container { width: unset; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed img.install-substack-app-= embed-img, .typography.editor .markup .install-substack-app-embed img.install-substa= ck-app-embed-img { margin: 0 auto 16px auto; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed .install-substack-app-emb= ed-text, .typography.editor .markup .install-substack-app-embed .install-substack-= app-embed-text { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { .typography .markup .install-substack-app-embed .install-substack-app-emb= ed-link, .typography.editor .markup .install-substack-app-embed .install-substack-= app-embed-link { display: flex; justify-content: center; } } @media screen and (min-width: 481px) { .share-button-container { height: 38px; } } @media screen and (min-width: 481px) { .share-button-container a.comment { height: 38px; line-height: 38px; padding-right: 10px; } } @media screen and (max-width: 480px) { .share-button-container .separator { display: block; margin: 0; height: 8px; border-left: none; } } @media screen and (max-width: 480px) { .share-button-container a.share.first img { padding-left: 0; } } @media screen and (min-width: 481px) { .share-button-container a.mobile { display: none !important; } } @media screen and (min-width: 541px) { .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co= ntainer { padding: 36px; height: 680px; } } @media screen and (min-width: 541px) { .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co= ntainer .footer { position: absolute; bottom: 36px; margin: 0px; } } @media screen and (max-width: 650px) { .header-anchor-parent { display: none; } } @media screen and (max-width: 768px) { .post { padding: 16px 0 0 0; } } @media screen and (max-width: 650px) { .post .post-header .post-label { margin-top: 8px; } } @media screen and (max-width: 650px) { .post .post-header .meta-author-wrap.alternative-meta .meta-right-column = =2Epost-meta { margin-top: 6px; } } @media screen and (max-width: 650px) { .post .footer-facepile-container { height: 64px; padding: 0 16px; display: flex; align-items: center; justify-content: flex-start; width: 100%; } } @media screen and (max-width: 650px) { .post .post-footer.use-separators { justify-content: center; } } @media screen and (max-width: 650px) { .post .post-footer.next-prev { height: 64px; justify-content: space-between; box-sizing: border-box; } } @media screen and (max-width: 650px) { .post-contributor-footer .post-contributor-bio-table { display: block; } .post-contributor-footer .post-contributor-bio-table-row { display: flex; flex-direction: row; } .post-contributor-footer .post-contributor-bio-userhead-cell, .post-contributor-footer .post-contributor-bio-body-cell { display: block; } .post-contributor-footer .post-contributor-bio-body-cell { flex-grow: 1; } .post-contributor-footer .post-contributor-bio-body-table { display: block; } .post-contributor-footer .post-contributor-bio-body-table-row { display: block; } .post-contributor-footer .post-contributor-bio-copy-cell, .post-contributor-footer .post-contributor-bio-controls-cell { display: block; } .post-contributor-footer .post-contributor-bio-copy-cell { margin: 0 0 16px 0; } .post-contributor-footer .post-contributor-bio-controls-cell { width: auto; } .post-contributor-footer .post-contributor-bio-controls { margin: auto; } .post-contributor-footer .post-contributor-bio-controls .button.primary { width: 100%; } .post-contributor-footer .post-contributor-bio-text { font-size: 14px; } } @media screen and (min-width: 768px) { .post-silhouette { padding: 32px 0; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-title { margin-top: 10.44225025px; height: 120px; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-meta { width: 75%; } } @media screen and (max-width: 650px) { .post-silhouette .post-silhouette-meta.with-byline-image { margin: 20px 0; } } @media screen and (max-width: 650px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item, .post-meta.alternative-meta .post-meta-item { padding-right: 16px; } } @media screen and (max-width: 370px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item, .post-meta.alternative-meta .post-meta-item { font-size: 14px; } } @media screen and (max-width: 650px) { .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu= blication, .post-meta.alternative-meta .post-meta-item.guest-author-publication { display: none; } } @media screen and (max-width: 370px) { .post-meta .post-meta-item .post-meta-button { height: 36px !important; /* important to override in-line height style on emails */ } .post-meta .post-meta-item .post-meta-button .meta-button-label { display: none; } .post-meta .post-meta-item .post-meta-button > svg { margin-right: 0; } } @media screen and (max-width: 370px) { .post-meta .post-meta-item { font-size: 12px; } } @media screen and (max-width: 650px) { .post .floating-subscribe-button { bottom: 20px; right: 20px; } } @media (max-width: 1024px) { body .pullquote-align-left, body .pullquote-align-right, body .pullquote-align-wide, body .pullquote-align-center { float: none; margin: 0 auto; width: 100%; max-width: 100%; } } @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) { body .markup table.image-wrapper img, body .markup table.kindle-wrapper img { max-width: 550px; } } @media (min-width: 1024px) { body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off= set-left) { margin-left: var(--image-offset-margin); } body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off= set-right) { margin-right: var(--image-offset-margin); } } @media (min-width: 1300px) { body .captioned-image-container figure:has(> a.image2-offset-left) { margin-left: var(--image-offset-margin); } body .captioned-image-container figure:has(> a.image2-offset-right) { margin-right: var(--image-offset-margin); } } @media (max-width: 1024px) { body { /* Disable offset on mobile/tablet */ } body .captioned-image-container figure:has(> a.image2-align-left), body .captioned-image-container figure:has(> a.image2-align-right) { float: none; margin: 1em auto; max-width: 100%; width: auto; padding: 0; } body .captioned-image-container figure:has(> a.image2-align-left.thefp), body .captioned-image-container figure:has(> a.image2-align-right.thefp) = { margin: 1em auto; } body .captioned-image-container figure:has(> a.image2-offset-left), body .captioned-image-container figure:has(> a.image2-offset-right) { margin: 1em auto; } body .captioned-image-container figure:has(> a.image2-align-left) .image2= -inset, body .captioned-image-container figure:has(> a.image2-align-right) .image= 2-inset { display: block; justify-content: initial; } } @media (max-width: 768px) { body .markup div.sponsorship-campaign-embed { margin-top: 24px; margin-bottom: 24px; } body .markup div.sponsorship-campaign-embed:first-child { margin-top: 0px; } } @media screen and (max-width: 650px) { body .markup div.youtube-overlay, body .markup div.vimeo-overlay { display: none !important; } } @media screen and (max-width: 370px) { body .markup div.tiktok-wrap { width: calc(95vw - 32px); height: calc((95vw - 32px - 2px) / 0.485714); } } @media screen and (max-width: 650px) { body .markup div.embedded-publication-wrap .embedded-publication.show-sub= scribe { padding: 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subsc= ribe, body .markup div.subscription-widget-wrap-editor .subscription-widget.sho= w-subscribe, body .markup div.captioned-button-wrap .subscription-widget.show-subscrib= e { padding: 0px 24px; } } @media screen and (max-width: 650px) { body .markup div.subscription-widget-wrap .subscription-widget.show-subsc= ribe .subscription-widget-subscribe .button, body .markup div.subscription-widget-wrap-editor .subscription-widget.sho= w-subscribe .subscription-widget-subscribe .button, body .markup div.captioned-button-wrap .subscription-widget.show-subscrib= e .subscription-widget-subscribe .button { padding: 10px 12px; min-width: 110px; } } @media (max-width: 650px) { body .markup .twitter-embed, body .markup .tweet { padding: 12px; } } @media (max-width: 650px) { body .markup .twitter-embed .tweet-text, body .markup .tweet .tweet-text { font-size: 14px; line-height: 20px; } } @media (max-width: 650px) { body .markup .twitter-embed .tweet-photos-container.two, body .markup .tweet .tweet-photos-container.two, body .markup .twitter-embed .tweet-photos-container.three, body .markup .tweet .tweet-photos-container.three, body .markup .twitter-embed .tweet-photos-container.four, body .markup .tweet .tweet-photos-container.four { height: 200px; } } @media (max-width: 650px) { body .markup .twitter-embed a.expanded-link .expanded-link-img, body .markup .tweet a.expanded-link .expanded-link-img { max-height: 180px; } } @media (max-width: 650px) { body .markup .twitter-embed a.expanded-link .expanded-link-description, body .markup .tweet a.expanded-link .expanded-link-description { display: none; } } @media screen and (max-width: 650px) { body .markup .apple-podcast-container { width: unset; } } @media (max-width: 420px) { body .markup .install-substack-app-embed img.install-substack-app-embed-i= mg { margin: 0 auto 16px auto; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-text= { margin: 0 0 12px 0; max-width: 100%; width: auto; text-align: center; } } @media (max-width: 420px) { body .markup .install-substack-app-embed .install-substack-app-embed-link= { display: flex; justify-content: center; } } @media screen and (min-width: 500px) { body .header a.logo { width: 42px; height: 42px; border-radius: 12px; } } @media screen and (max-width: 420px) { body .subscription-receipt table:first-of-type .subscription-amount .subs= cription-discount { width: 72px !important; } } @media screen and (min-width: 481px) { body .share-button-container { height: auto; } } @media screen and (max-width: 480px) { body .share-button-container .separator { display: block !important; margin: 0 !important; height: 8px !important; border-left: none !important; } } @media screen and (max-width: 650px) { .digest .item .post-meta-item.audience { display: none; } } @media screen and (min-width: 500px) { .digest-publication .logo img { width: 42px; height: 42px; border-radius: 8px; } } @media screen and (max-width: 650px) { .comments-page .container .comment-list .collapsed-reply { margin-left: calc(10 + 32px - 24px); } } @media screen and (max-width: 650px) { .comment > .comment-list { padding-left: 24px; } } @media screen and (max-width: 650px) { .finish-magic-login-modal .modal-content .container { padding: 24px 0; } } @media (max-width: 650px) { .reader2-text-b3 { line-height: 24px; } } @media screen and (max-width: 650px) { .reader2-text-h4 { line-height: 24px; } } @media screen and (min-width: 541px) { .user-profile-modal { padding-left: 12px; padding-right: 12px; } } @media screen and (max-width: 650px) { .subscribe-widget form.form .sideBySideWrap button.rightButton { padding: 10px 12px; } } @media screen and (min-width: 541px) { .pub-icon:hover .logo-hover, .feed-item-icon:hover .logo-hover { display: block; } } @media screen and (max-width: 650px) { .post-ufi.single-full-width-button .post-ufi-button-wrapper { width: 100%; padding: 16px; } .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty { display: none; } .post-ufi.single-full-width-button .post-ufi-button { width: 100%; justify-content: center; } } @media screen and (max-width: 768px) { .file-embed-wrapper { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor { padding: 0; } } @media screen and (max-width: 768px) { .file-embed-wrapper-editor:active { padding: 0; } } @media only screen and (max-width: 650px) { .file-embed-button.wide, .file-embed-error-button.wide { display: none; } } @media only screen and (min-width: 630px) { .file-embed-button.narrow, .file-embed-error-button.narrow { display: none; } } @media screen and (min-width: 541px) { .audio-player-wrapper .audio-player { min-width: 500px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper .audio-player .audio-player-progress .audio-player-= progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress { border-left-width: 16px; border-right-width: 16px; } } @media screen and (max-width: 650px) { .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p= layer-progress-bar .audio-player-progress-bar-popup { top: -54px; } } @media (min-width: 250px) { .audio-player-wrapper-fancy .audio-player { padding: 32px; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type= { display: block; } } @media (min-width: 300px) { .audio-player-wrapper-fancy .audio-player .btn-group { display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-title { margin-top: 16px; } .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 15%; width: 15%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo { display: block; } } @media (min-width: 350px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 25%; width: 25%; display: block; } .audio-player-wrapper-fancy .audio-player .btn-group { display: flex; } .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ= e { display: block; } } @media (min-width: 400px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 40%; width: 40%; } } @media (max-width: 400px) { .audio-player-wrapper-fancy .audio-player .btn-group { margin-top: 12px; } .audio-player-wrapper-fancy .audio-player .btn-group .button { font-size: 13px; padding: 6px 12px; height: auto; margin-top: 10px; } } @media (min-width: 600px) { .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai= ner { padding-top: 55%; width: 55%; } } @media (max-width: 650px) { .poll-editor-modal { min-width: calc(100% - 20px); } } @media (max-width: 750px) { .poll-embed .poll-anchor-target .poll-anchor-copy-button { left: 8px; top: 45px; } } @media not all and (min-resolution: 0.001dpcm) { @supports (-webkit-appearance: none) { p a:not(.primary.button), .post p:not(.button-wrapper) a:not(.primary.button), .footnote a.footnote-anchor:not(.primary.button), .thread-head .markup p:not(.button-wrapper) a:not(.primary.button) { color: hsl(203.5294117647059, 83.6065573770492%, 40%); text-decoration: none; } p a:not(.primary.button):hover, .post p:not(.button-wrapper) a:not(.primary.button):hover, .footnote a.footnote-anchor:not(.primary.button):hover, .thread-head .markup p:not(.button-wrapper) a:not(.primary.button):hove= r { text-decoration: underline; } } }</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im= age-offset-margin: -120px;"><img src=3D"https://eotrx.substackcdn.com/open?= token=3DeyJtIjoiPDIwMjYwMTE5MDYxNDE5LjMuMWQ5ZTU3ZDFlM2EzMmIyN0BtZy1kMS5zdWJ= zdGFjay5jb20-IiwidSI6NzU2Mjg5OSwiciI6Imx1aXMucGVyYWx0YUBnbWFpbC5jb20iLCJkIj= oibWctZDEuc3Vic3RhY2suY29tIiwicCI6MTg0OTM0MDM0LCJ0IjoibmV3c2xldHRlciIsImEiO= iJldmVyeW9uZSIsInMiOjU0NjYsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG9zaXRpb24iOiJ0b3Ai= LCJpYXQiOjE3Njg4MDMyNjksImV4cCI6MTc3MTM5NTI2OSwiaXNzIjoicHViLTAiLCJzdWIiOiJ= lbyJ9.T8vnzf5sgVU_-6eB7Tbj_V--XfBXYfV6eT-A07ExLhc" alt=3D"" width=3D"1" hei= ght=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important;= border-width:0 !important;margin-top:0 !important;margin-bottom:0 !importan= t;margin-right:0 !important;margin-left:0 !important;padding-top:0 !importa= nt;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !i= mportant;"/><div class=3D"preview" style=3D"display:none;font-size:1px;colo= r:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:h= idden;">A weekly summary of everything that happened in the Spanish startup= and tech investing ecosystem.</div><div class=3D"preview" style=3D"display= :none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:= 0px;opacity:0;overflow:hidden;">͏     ­͏   &= #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;     ­͏     ­͏    = ­</div><table class=3D"email-body-container" role=3D"presentation" wi= dth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><t= d></td><td class=3D"content" width=3D"550"></td><td></td></tr><tr><td></td>= <td class=3D"content" width=3D"550" align=3D"left"><div style=3D"font-size:= 16px;line-height: 26px;max-width: 550px;width: 100%;margin: 0 auto;overflo= w-wrap: break-word;"><table role=3D"presentation" width=3D"100%" border=3D"= 0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"right" style= =3D"height:20px;"><table role=3D"presentation" width=3D"auto" border=3D"0" = cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:= middle;"><span class=3D"pencraft pc-reset reset-IxiVJZ tw-font-body tw-text= -ssm tw-text-substack-secondary" style=3D"font-family: SF Pro Text, -apple-= system, system-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, = Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol;font-= size: 13px;color: unset;list-style: none;text-decoration: unset;margin: 0;"= ><div class=3D"pencraft pc-reset align-right-VJbKw5 size-12-mmZ61m reset-Ix= iVJZ" style=3D"list-style: none;color: unset;text-align: right;font-size: 1= 2px;line-height: 16px;text-decoration: unset;margin: 0;"><span class=3D"pen= craft pc-reset reset-IxiVJZ" translated=3D"" style=3D"list-style: none;colo= r: unset;text-decoration: unset;margin: 0;">Forwarded this email? <a class= =3D"pencraft pc-reset decoration-underline-ClTkYc reset-IxiVJZ" href=3D"htt= ps://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9uZXdzbGV0dGVyLmRlYWxmbG93Lm= VzL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpY= mUmcj00aTNraiZuZXh0PWh0dHBzJTNBJTJGJTJGbmV3c2xldHRlci5kZWFsZmxvdy5lcyUyRnAl= MkZkZWFsZmxvd2VzLTQ5Ni1iaW9yY2UtcmFpc2luZy01MG0iLCJwIjoxODQ5MzQwMzQsInMiOjU= 0NjYsImYiOnRydWUsInUiOjc1NjI4OTksImlhdCI6MTc2ODgwMzI2OCwiZXhwIjoyMDg0Mzc5Mj= Y4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.GsVJmVwOWjV1LIj_VatNDs= fWFvok_6gBMkt-tClo7E8?" style=3D"list-style: none;color: unset;text-decorat= ion: unset;margin: 0;-webkit-text-decoration-line: underline;text-decoratio= n-line: underline;">Subscribe here</a> for more</span></div></span></td></t= r></tbody></table></td></tr></tbody></table><div class=3D"post typography" = dir=3D"auto" style=3D"--image-offset-margin: -120px;padding: 32px 0 0 0;fon= t-size: 16px;line-height: 26px;"><div class=3D"post-header" role=3D"region"= aria-label=3D"Post header" style=3D"font-size: 16px;line-height: 26px;"><h= 1 class=3D"post-title published title-X77sOw" dir=3D"auto" style=3D"directi= on: auto;text-align: start;unicode-bidi: isolate;color: rgb(54,55,55);font-= family: 'SF Pro Display', -apple-system, system-ui, BlinkMacSystemFont, 'In= ter', 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji'= , 'Segoe UI Emoji', 'Segoe UI Symbol';font-weight: 700;-webkit-font-smoothi= ng: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: op= timizelegibility;-moz-appearance: optimizelegibility;appearance: optimizele= gibility;margin: 0;line-height: 36px;font-size: 32px;"><a href=3D"https://s= ubstack.com/app-link/post?publication_id=3D5466&post_id=3D184934034&utm_sou= rce=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreemail=3Dtrue&r= =3D4i3kj&token=3DeyJ1c2VyX2lkIjo3NTYyODk5LCJwb3N0X2lkIjoxODQ5MzQwMzQsImlhdC= I6MTc2ODgwMzI2OCwiZXhwIjoxNzcxMzk1MjY4LCJpc3MiOiJwdWItNTQ2NiIsInN1YiI6InBvc= 3QtcmVhY3Rpb24ifQ.qX6Zpe8S727QxVMvAjr6qHeYtJCcuG7YiRTZ-2JhlX4" style=3D"col= or: rgb(54,55,55);text-decoration: none;">Dealflow.es #496: Biorce raising = €50M. Zepo raised $15M. Manfred's 2025 salary report. </a></h1><h3 cl= ass=3D"subtitle subtitle-HEEcLo" dir=3D"auto" style=3D"direction: auto;text= -align: start;unicode-bidi: isolate;font-family: 'SF Pro Display',-apple-sy= stem-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,= Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI S= ymbol';font-weight: normal;-webkit-font-smoothing: antialiased;-moz-osx-fon= t-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appear= ance: optimizelegibility;appearance: optimizelegibility;margin: 4px 0 0;col= or: #777777;line-height: 24px;font-size: 18px;margin-top: 12px;">A weekly s= ummary of everything that happened in the Spanish startup and tech investin= g ecosystem. </h3><table class=3D"post-meta" role=3D"presentation" width=3D= "100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"margin: 1e= m 0;height: 20px;align-items: center;"><tbody><tr><td><table role=3D"presen= tation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tb= ody><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellsp= acing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle= ;"><div class=3D"pencraft pc-reset color-primary-zABazT line-height-20-t4M0= El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-uppercase= -yKDgcq reset-IxiVJZ meta-EgzBVA custom-css-email-post-author" style=3D"lis= t-style: none;font-size: 11px;line-height: 20px;text-decoration: unset;colo= r: rgb(54,55,55);margin: 0;font-family: 'SF Compact',-apple-system,system-u= i,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-s= erif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 50= 0;text-transform: uppercase;letter-spacing: .2px;"><a class=3D"pencraft pc-= reset color-primary-zABazT line-height-20-t4M0El font-meta-MWBumP size-11-N= uY2Zx weight-medium-fw81nC transform-uppercase-yKDgcq reset-IxiVJZ meta-Egz= BVA" style=3D"list-style: none;color: rgb(54,55,55);margin: 0;font-size: 11= px;line-height: 20px;font-family: 'SF Compact',-apple-system,system-ui,-app= le-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'= Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text= -transform: uppercase;letter-spacing: .2px;text-decoration: none" href=3D"h= ttps://substack.com/@jaimenovoa">Jaime Novoa</a></div></td></tr></tbody></t= able></td></tr><tr><td><table role=3D"presentation" width=3D"auto" border= =3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical= -align:middle;"><div class=3D"pencraft pc-reset color-secondary-ls1g8s line= -height-20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC tran= sform-uppercase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;= font-size: 11px;line-height: 20px;text-decoration: unset;color: rgb(119,119= ,119);margin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-sy= stem,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple= Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-tran= sform: uppercase;letter-spacing: .2px;"><time datetime=3D"2026-01-19T06:14:= 24.584Z">Jan 19</time></div></td></tr></tbody></table></td></tr></tbody></t= able></td></tr></tbody></table><table class=3D"email-ufi-2-top" role=3D"pre= sentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" = style=3D"border-top: 1px solid rgb(0,0,0,.1);border-bottom: 1px solid rgb(0= ,0,0,.1);min-width: 100%;"><tbody><tr height=3D"16"><td height=3D"16" style= =3D"font-size:0px;line-height:0;"> </td></tr><tr><td><table role=3D"pr= esentation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"= ><tbody><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" ce= llspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:mi= ddle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacing= =3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-= icon-button" href=3D"https://substack.com/app-link/post?publication_id=3D54= 66&post_id=3D184934034&utm_source=3Dsubstack&isFreemail=3Dtrue&submitLike= =3Dtrue&token=3DeyJ1c2VyX2lkIjo3NTYyODk5LCJwb3N0X2lkIjoxODQ5MzQwMzQsInJlYWN= 0aW9uIjoi4p2kIiwiaWF0IjoxNzY4ODAzMjY4LCJleHAiOjE3NzEzOTUyNjgsImlzcyI6InB1Yi= 01NDY2Iiwic3ViIjoicmVhY3Rpb24ifQ.NRqXpzUhqLdbryI4xtcpnHjCgsc7HGoQVh3J9NINR_= U&utm_medium=3Demail&utm_campaign=3Demail-reaction&r=3D4i3kj" style=3D"font= -family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helve= tica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol= ';display: inline-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1);bo= rder-radius: 9999px;text-transform: uppercase;font-size: 12px;line-height: = 1;padding: 9px 0;text-decoration: none;color: rgb(119,119,119);min-width: 3= 8px;box-sizing: border-box;width: 38px"><img class=3D"icon" src=3D"https://= substackcdn.com/image/fetch/$s_!PeVs!,w_36,c_scale,f_png,q_auto:good,fl_pro= gressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideHeart%3Fv%3D4%26he= ight%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"= 18" height=3D"18" style=3D"border: none;vertical-align: middle;max-width: 1= 8px" alt=3D""></a></td></tr></tbody></table></td><td width=3D"8" style=3D"m= in-width: 8px"></td><td style=3D"vertical-align:middle;"><table role=3D"pre= sentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><t= body><tr><td align=3D"center"><a class=3D"email-icon-button" href=3D"https:= //substack.com/app-link/post?publication_id=3D5466&post_id=3D184934034&utm_= source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&toke= n=3DeyJ1c2VyX2lkIjo3NTYyODk5LCJwb3N0X2lkIjoxODQ5MzQwMzQsImlhdCI6MTc2ODgwMzI= 2OCwiZXhwIjoxNzcxMzk1MjY4LCJpc3MiOiJwdWItNTQ2NiIsInN1YiI6InBvc3QtcmVhY3Rpb2= 4ifQ.qX6Zpe8S727QxVMvAjr6qHeYtJCcuG7YiRTZ-2JhlX4&r=3D4i3kj&utm_campaign=3De= mail-half-magic-comments&action=3Dpost-comment&utm_source=3Dsubstack&utm_me= dium=3Demail" style=3D"font-family: system-ui,-apple-system,BlinkMacSystemF= ont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe= UI Emoji','Segoe UI Symbol';display: inline-block;font-weight: 500;border:= 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform: uppercase;fo= nt-size: 12px;line-height: 1;padding: 9px 0;text-decoration: none;color: rg= b(119,119,119);min-width: 38px;box-sizing: border-box;width: 38px"><img cla= ss=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!x1tS!,w_36,c_sca= le,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon= %2FLucideComments%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%252380808= 0%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none;verti= cal-align: middle;max-width: 18px" alt=3D""></a></td></tr></tbody></table><= /td><td width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-ali= gn:middle;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspac= ing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"ema= il-icon-button" href=3D"https://substack.com/app-link/post?publication_id= =3D5466&post_id=3D184934034&utm_source=3Dsubstack&utm_medium=3Demail&utm_co= ntent=3Dshare&utm_campaign=3Demail-share&action=3Dshare&triggerShare=3Dtrue= &isFreemail=3Dtrue&r=3D4i3kj&token=3DeyJ1c2VyX2lkIjo3NTYyODk5LCJwb3N0X2lkIj= oxODQ5MzQwMzQsImlhdCI6MTc2ODgwMzI2OCwiZXhwIjoxNzcxMzk1MjY4LCJpc3MiOiJwdWItN= TQ2NiIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.qX6Zpe8S727QxVMvAjr6qHeYtJCcuG7YiRTZ-= 2JhlX4" style=3D"font-family: system-ui,-apple-system,BlinkMacSystemFont,'S= egoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Em= oji','Segoe UI Symbol';display: inline-block;font-weight: 500;border: 1px s= olid rgb(0,0,0,.1);border-radius: 9999px;text-transform: uppercase;font-siz= e: 12px;line-height: 1;padding: 9px 0;text-decoration: none;color: rgb(119,= 119,119);min-width: 38px;box-sizing: border-box;width: 38px"><img class=3D"= icon" src=3D"https://substackcdn.com/image/fetch/$s_!_L14!,w_36,c_scale,f_p= ng,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLuc= ideShare2%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26stro= keWidth%3D2" width=3D"18" height=3D"18" style=3D"border: none;vertical-alig= n: middle;max-width: 18px" alt=3D""></a></td></tr></tbody></table></td><td = width=3D"8" style=3D"min-width: 8px"></td><td style=3D"vertical-align:middl= e;"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0= " cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-icon-= button" href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN= 1YnN0YWNrLmNvbS9wdWIvZGVhbGZsb3dlcy9wL2RlYWxmbG93ZXMtNDk2LWJpb3JjZS1yYWlzaW= 5nLTUwbT91dG1fc291cmNlPXN1YnN0YWNrJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduP= WVtYWlsLXJlc3RhY2stY29tbWVudCZhY3Rpb249cmVzdGFjay1jb21tZW50JnI9NGkza2omdG9r= ZW49ZXlKMWMyVnlYMmxrSWpvM05UWXlPRGs1TENKd2IzTjBYMmxrSWpveE9EUTVNelF3TXpRc0l= tbGhkQ0k2TVRjMk9EZ3dNekkyT0N3aVpYaHdJam94TnpjeE16azFNalk0TENKcGMzTWlPaUp3ZF= dJdE5UUTJOaUlzSW5OMVlpSTZJbkJ2YzNRdGNtVmhZM1JwYjI0aWZRLnFYNlpwZThTNzI3UXhWT= XZBanI2cUhlWXRKQ2N1RzdZaVJUWi0ySmhsWDQiLCJwIjoxODQ5MzQwMzQsInMiOjU0NjYsImYi= OnRydWUsInUiOjc1NjI4OTksImlhdCI6MTc2ODgwMzI2OCwiZXhwIjoyMDg0Mzc5MjY4LCJpc3M= iOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.O0ZsgG6Wo7z7xGpwrHvWmvBX0JVIfsR= 0XOnNX2Xlro0?&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"font-famil= y: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,A= rial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';disp= lay: inline-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1);border-r= adius: 9999px;text-transform: uppercase;font-size: 12px;line-height: 1;padd= ing: 9px 0;text-decoration: none;color: rgb(119,119,119);min-width: 38px;bo= x-sizing: border-box;width: 38px"><img class=3D"icon" src=3D"https://substa= ckcdn.com/image/fetch/$s_!5EGt!,w_36,c_scale,f_png,q_auto:good,fl_progressi= ve:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26heig= ht%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18= " height=3D"18" style=3D"border: none;vertical-align: middle;max-width: 18p= x" alt=3D""></a></td></tr></tbody></table></td></tr></tbody></table></td><t= d align=3D"right"><table role=3D"presentation" width=3D"auto" border=3D"0" = cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:= middle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspaci= ng=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"emai= l-button-outline" href=3D"https://open.substack.com/pub/dealflowes/p/dealfl= owes-496-biorce-raising-50m?utm_source=3Demail&redirect=3Dapp-store&utm_cam= paign=3Demail-read-in-app" style=3D"font-family: system-ui,-apple-system,Bl= inkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color = Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;font-weight= : 500;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform:= uppercase;font-size: 12px;line-height: 12px;padding: 9px 14px;text-decorat= ion: none;color: rgb(119,119,119);"><div class=3D"email-button-spacer" styl= e=3D"font-size: 16px;line-height: 26px;display: inline-block;vertical-align= : middle;max-width: 0;min-height: 18px;"></div><span class=3D"email-button-= text" style=3D"vertical-align: middle;margin-right: 4px">READ IN APP</span>= <img class=3D"icon text-icon" src=3D"https://substackcdn.com/image/fetch/$s= _!ET-_!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fs= ubstack.com%2Ficon%2FLucideArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone= %26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style= =3D"min-width: 18px;min-height: 18px;border: none;vertical-align: middle;ma= rgin-right: 0;margin-left: 0;max-width: 18px" alt=3D""></a></td></tr></tbod= y></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr= height=3D"16"><td height=3D"16" style=3D"font-size:0px;line-height:0;">&nb= sp;</td></tr></tbody></table></div></div><div class=3D"post typography" dir= =3D"auto" style=3D"--image-offset-margin: -120px;padding: 32px 0 0 0;font-s= ize: 16px;line-height: 26px;"><div class=3D"body markup" dir=3D"auto" style= =3D"text-align: initial;font-size: 16px;line-height: 26px;width: 100%;word-= break: break-word;margin-bottom: 16px;font-family: 'SF Pro Display', -apple= -system, system-ui, BlinkMacSystemFont, 'Inter', 'Segoe UI', Roboto, Helvet= ica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Sy= mbol';font-weight: 400;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55= );line-height: 26px;font-size: 16px;margin-top: 0;"><em><span>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. If you’re interested = in </span><strong>sponsorship opportunities</strong><span>, send me an emai= l at jaime@dealflow.es and I’ll share more details</span></em></p><di= v class=3D"subscribe-widget is-signed-up is-fully-subscribed" data-componen= t-name=3D"SubscribeWidget" style=3D"margin: 0 0 1em;direction: ltr;font-siz= e: 16px;line-height: 26px;"><div class=3D"pencraft pc-reset button-wrapper"= style=3D"text-decoration: unset;list-style: none;font-size: 16px;line-heig= ht: 26px;text-align: center;cursor: pointer;border-radius: 4px;"><a class= =3D"button subscribe-btn outline" href=3D"https://substack.com/redirect/2/e= yJlIjoiaHR0cHM6Ly9uZXdzbGV0dGVyLmRlYWxmbG93LmVzL2FjY291bnQiLCJwIjoxODQ5MzQw= MzQsInMiOjU0NjYsImYiOnRydWUsInUiOjc1NjI4OTksImlhdCI6MTc2ODgwMzI2OCwiZXhwIjo= yMDg0Mzc5MjY4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.bwLh05JypVf= 6ng-hNTaYt7vT5H78JCd0gKMuxEziZz4?" style=3D"font-family: system-ui,-apple-s= ystem,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Appl= e Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;box= -sizing: border-box;cursor: pointer;border-radius: 8px;font-size: 14px;line= -height: 20px;font-weight: 600;text-align: center;background-color: transpa= rent;opacity: 1;outline: none;white-space: nowrap;text-decoration: none !im= portant;border: 1px solid hsl(203.5294117647059, 83.6065573770492%, 40%);ma= rgin: 0 auto;background: transparent;color: hsl(203.5294117647059, 83.60655= 73770492%, 40%);padding: 12px 20px;height: auto;"><img class=3D"check-icon = static" src=3D"https://substackcdn.com/image/fetch/$s_!NfQs!,w_40,c_scale,f= _png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FL= ucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtransparent%26stroke%3D%2523C7E6F= A%26strokeWidth%3D3.6" width=3D"20" height=3D"20" style=3D"border: none;ver= tical-align: middle;-ms-interpolation-mode: bicubic;height: auto;display: i= nline-block;margin: -2px 8px 0 0;max-width: 20px" alt=3D""><span style=3D"t= ext-decoration: none;">Subscribed</span></a></div></div><div style=3D"font-= size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;heigh= t: 1px;background: rgb(0,0,0,.1);border: none;"></div><p style=3D"margin: 0= 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Th= is week’s newsletter is sponsored by </span><strong>zinco:</strong></= p><div class=3D"captioned-image-container-static" style=3D"font-size: 16px;= line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: = 0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspa= cing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" styl= e=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cen= ter;"></td><td class=3D"content" align=3D"left" width=3D"600" style=3D"text= -align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://= substack.com/redirect/210e8b64-aa9b-4b44-8e4d-1d9c152ee913?j=3DeyJ1IjoiNGkz= a2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"posit= ion: relative;flex-direction: column;align-items: center;padding: 0;width: = auto;height: auto;border: none;text-decoration: none;display: block;margin:= 0;"><img class=3D"wide-image" data-attrs=3D"{"src":"https:/= /substack-post-media.s3.amazonaws.com/public/images/93f172b8-3f3c-467d-9995= -13a4d725ce13_600x337.png","srcNoWatermark":null,"fulls= creen":null,"imageSize":null,"height":337,"wi= dth":600,"resizeWidth":null,"bytes":49394,"al= t":null,"title":null,"type":"image/png",= "href":"https://dub.sh/wAHcaxF","belowTheFold"= ;:false,"topImage":true,"internalRedirect":"https:= //newsletter.dealflow.es/i/184934034?img=3Dhttps%3A%2F%2Fsubstack-post-medi= a.s3.amazonaws.com%2Fpublic%2Fimages%2F93f172b8-3f3c-467d-9995-13a4d725ce13= _600x337.png","isProcessing":false,"align":null,&q= uot;offset":false}" alt=3D"" width=3D"550" height=3D"308.9166666666667= " src=3D"https://substackcdn.com/image/fetch/$s_!1ypf!,w_1100,c_limit,f_aut= o,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.ama= zonaws.com%2Fpublic%2Fimages%2F93f172b8-3f3c-467d-9995-13a4d725ce13_600x337= =2Epng" style=3D"border: none !important= ;vertical-align: middle;display: bloc= k;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto= !important;max-width: 100% !important;margin: 0 auto;"></a></td><td style= =3D"text-align: center;"></td></tr></tbody></table></figure></div><blockquo= te style=3D"border-left: 4px solid #C7E6FA;margin: 20px 0;padding: 0;"><p s= tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);margin-left: 20px;line-heig= ht: 26px;font-size: 16px;"><strong>Que la burocracia no te robe el runway</= strong></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);margin-left:= 20px;line-height: 26px;font-size: 16px;">Cada hora que pierdes en gestor&#= 237;a es una hora menos de producto, ventas o fundraising. Y cuando la buro= cracia se acumula, los errores fiscales o laborales salen caros —y si= empre llegan en el peor momento.</p><p style=3D"margin: 0 0 20px 0;color: r= gb(54,55,55);margin-left: 20px;line-height: 26px;font-size: 16px;"><strong>= Zinco</strong><span> se ocupa de tu gestión </span><strong>fiscal, con= table y laboral</strong><span>, para que vuelvas a centrarte en crecer.</sp= an></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);margin-left: 20p= x;line-height: 26px;font-size: 16px;">Mas de 3.000 clientes ya confían= en Zinco para proteger su runway y escalar sin fricciones</p></blockquote>= <p class=3D"button-wrapper" data-attrs=3D"{"url":"https://du= b.sh/wAHcaxF","text":"Libérate del back-office&quo= t;,"action":null,"class":null}" data-component-name=3D"= ButtonCreateButton" style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h= eight: 26px;font-size: 16px;text-align: center;cursor: pointer;border-radiu= s: 4px;"><a class=3D"button primary" href=3D"https://substack.com/redirect/= 210e8b64-aa9b-4b44-8e4d-1d9c152ee913?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6js= f13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"font-family: system-ui,-app= le-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'= Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block= ;box-sizing: border-box;cursor: pointer;border: none;border-radius: 8px;fon= t-size: 14px;line-height: 20px;font-weight: 600;text-align: center;margin: = 0;opacity: 1;outline: none;white-space: nowrap;color: #363737 !important;te= xt-decoration: none !important;background-color: #C7E6FA;padding: 12px 20px= ;height: auto;"><span style=3D"color: #363737;text-decoration: none;">Lib&#= 233;rate del back-office</span></a></p><div style=3D"font-size: 16px;line-h= eight: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;background= : rgb(0,0,0,.1);border: none;"></div><p style=3D"margin: 0 0 20px 0;color: = rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Kfund’s Spa= ceTech Thesis: From SpaceTech to Space Infra</strong></p><p style=3D"margin= : 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span= >Following our investment in LookupSpace, </span><a href=3D"https://substac= k.com/redirect/e704aabc-6640-46bc-a77a-c679d7a51fa5?j=3DeyJ1IjoiNGkza2oifQ.= Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(2= 03.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">we’= ve published our evolving thesis on space and satellite technology</a><span= >. The core insight: space is undergoing the same transformation that cloud= brought to computing. What was once a capital-intensive, government-driven= domain is becoming modular, software-driven, and increasingly investable.<= /span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: = 26px;font-size: 16px;"><strong>What changed:</strong><span> Launch costs ha= ve collapsed from ~$400,000/kg in the 1960s to ~$6,500/kg today (thanks lar= gely to SpaceX), while satellite hardware has shifted from bespoke machines= to standardized microsatellites. APIs, onboard compute, and integration to= ols are abstracting complexity—you no longer need to build or operate= a satellite to benefit from one.</span></p><p style=3D"margin: 0 0 20px 0;= color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Spain spec= ifically has accelerated rapidly.</strong><span> Since 2021, Spanish orbita= l payloads have more than tripled (21 → 69). Companies like FOSSA Sys= tems have deployed 20+ satellites with less than €10M in funding. Not= able recent rounds include Aistech Space (€8.5M), Kreios Space (̈́= 4;8M seed), and Pangea Propulsion (€23M Series A).</span></p><p style= =3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16= px;"><strong>Where we’re cautious:</strong><span> Moats remain thin&#= 8212;launch is commoditizing, data is often replaceable, and many teams are= tech-led rather than market-led. The biggest bottleneck? Customers donR= 17;t buy data; they buy answers.</span></p><p style=3D"margin: 0 0 20px 0;c= olor: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Where we= 217;re looking:</strong><span> Abstraction layers that let non-space compan= ies access space assets, latency reducers (onboard compute, smart schedulin= g), and workflow integrators delivering insights into industries like clima= te, agriculture, and insurance—without asking customers to become spa= ce experts.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);l= ine-height: 26px;font-size: 16px;"><span>Kudos to my colleagues Pablo Ventu= ra and Paula Andreu for putting this together! Read the full report with ou= r industry maps and Spanish ecosystem Airtable </span><a href=3D"https://su= bstack.com/redirect/e704aabc-6640-46bc-a77a-c679d7a51fa5?j=3DeyJ1IjoiNGkza2= oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: = hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">here= </a><span>.</span></p><div style=3D"font-size: 16px;line-height: 26px;"><hr= style=3D"margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);b= order: none;"></div><h1 class=3D"header-anchor-post" style=3D"position: rel= ative;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple= -system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Ap= ple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webk= it-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit= -appearance: optimizelegibility;-moz-appearance: optimizelegibility;appeara= nce: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-h= eight: 1.16em;font-size: 2em;">Startup funding news 💸</h1><p s= tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size= : 16px;">€50M+ rounds:</p><ul style=3D"margin-top: 0;padding: 0;"><li= style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p style=3D"col= or: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing: border-box= ;padding-left: 4px;font-size: 16px;margin: 0;"><span>According to Echoteche= rs, </span><strong><a href=3D"https://substack.com/redirect/76a22f10-d96d-4= cf1-9e81-a5193efa2971?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEsl= PprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.606557377= 0492%, 40%);text-decoration: none;">Biorce</a></strong><span>, the Barcelon= a-based AI startup revolutionizing clinical trial preparation, is </span><s= trong><a href=3D"https://substack.com/redirect/6da811c4-b9d7-49a1-b5cc-f0e4= 1c9d97c3?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM= " rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);t= ext-decoration: none;">finalizing</a></strong><span> a €50M funding r= ound led by DST Global, marking the global fund's first major Spanish inves= tment</span></p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,5= 5);line-height: 26px;font-size: 16px;">€10M+ rounds:</p><ul style=3D"= margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-fo= rmat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bo= ttom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;= "><strong>Zepo Intelligence</strong><span> </span><strong><a href=3D"https:= //substack.com/redirect/79e5c2da-d4f7-4317-a3de-9a23bb4d16e0?j=3DeyJ1IjoiNG= kza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"col= or: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">= closed</a></strong><span> a $15M seed round led by Kibo Ventures, eCAPITAL,= and TIN Capital. </span><a href=3D"https://substack.com/redirect/cb1d7fa3-= 93bc-490a-aa72-1a82978475ac?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0= JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.606= 5573770492%, 40%);text-decoration: none;">Zepo</a><span> is a human-centric= security startup provides a workspace platform that simulates AI-driven so= cial engineering attacks to identify vulnerabilities and train teams agains= t threats like deepfakes and personalized phishing</span></p></li></ul><p s= tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size= : 16px;">€1M to €5M rounds:</p><ul style=3D"margin-top: 0;paddi= ng: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s= tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:= border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Tetraneur= on</strong><span> </span><strong><a href=3D"https://substack.com/redirect/3= 85f045a-c666-4a3a-8ab1-569ebd2ab574?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf= 13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059= , 83.6065573770492%, 40%);text-decoration: none;">completed</a></strong><sp= an> a €5M funding round to advance its gene therapy for Alzheimer's d= isease to clinical development. Founded in 2012 as a spin-off from Institut= o Cajal, </span><a href=3D"https://substack.com/redirect/c53e3189-5e71-4e81= -80a5-082a997b95c9?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPpr= Q2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.606557377049= 2%, 40%);text-decoration: none;">Tetraneuron</a><span> targets neurodegener= ation causes rather than symptoms.</span></p></li><li style=3D"margin: 8px = 0 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line= -height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;fon= t-size: 16px;margin: 0;"><strong><a href=3D"https://substack.com/redirect/7= d76dbb4-86c2-4da5-bfd6-3b70e500646e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf= 13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059= , 83.6065573770492%, 40%);text-decoration: none;">RepScan</a></strong><span= >, the startup specializing in legal protection and removal of harmful onli= ne content, </span><strong><a href=3D"https://substack.com/redirect/419b7c6= 2-bace-4676-b56e-a32ffc394282?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2= X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6= 065573770492%, 40%);text-decoration: none;">closed</a></strong><span> a = 364;3.5M funding round. The round was managed through Startupxplore and inc= luded investors like Bonsai Partners, Swanlaab Venture Factory, and Pinama = Capital 23</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-for= mat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bot= tom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"= ><strong>Ringr</strong><span> </span><strong><a href=3D"https://substack.co= m/redirect/75737adb-7650-4a2e-b76a-519bf6f1cfad?j=3DeyJ1IjoiNGkza2oifQ.Av1I= jLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5= 294117647059, 83.6065573770492%, 40%);text-decoration: none;">raised</a></s= trong><span> €3M led by Pangram Capital to accelerate European expans= ion of its enterprise conversational AI platform. </span><a href=3D"https:/= /substack.com/redirect/2575716d-0bb2-4d24-b462-a82c3fcd9831?j=3DeyJ1IjoiNGk= za2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"colo= r: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">R= ingr</a><span> achieved 600% revenue growth, operates in 12 countries</span= ></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p= style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizin= g: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Mediter= ranean Algae Technologies</strong><span> </span><strong><a href=3D"https://= substack.com/redirect/7b0a994d-f3a1-4835-b682-b956434076ce?j=3DeyJ1IjoiNGkz= a2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color= : hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">se= cured</a></strong><span> €2M in European funding through CDTI to comm= ercialize its marine bioremediation technology BIOREMED ALGAE®</span><= /p></li></ul><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heigh= t: 26px;font-size: 16px;">Sub €1M rounds of funding:</p><ul style=3D"= margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;mso-special-fo= rmat: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bo= ttom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;margin: 0;= "><strong>Revicasa</strong><span> </span><strong><a href=3D"https://substac= k.com/redirect/56a1940f-5b77-4485-81ba-407583f9a05e?j=3DeyJ1IjoiNGkza2oifQ.= Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(2= 03.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">raised</a= ></strong><span> over €600k led by The Lab Ventures to scale its home= inspection platform across Spain</span></p></li><li style=3D"margin: 8px 0= 0 32px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-= height: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font= -size: 16px;margin: 0;"><strong><a href=3D"https://substack.com/redirect/df= b60858-9f6d-4f02-b162-01150f5fb8e2?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059,= 83.6065573770492%, 40%);text-decoration: none;">Swipet</a></strong><span>,= an insurtech specializing in hyper-personalized veterinary insurance, </sp= an><strong><a href=3D"https://substack.com/redirect/2d62f784-4c8e-461b-8f81= -997837b27fb5?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE= 73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 4= 0%);text-decoration: none;">closed</a></strong><span> a €400k pre-see= d round led by Aticco</span></p></li><li style=3D"margin: 8px 0 0 32px;mso-= special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: 26px= ;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 16px;= margin: 0;"><strong><a href=3D"https://substack.com/redirect/57a9f3d9-5237-= 40de-a244-67feddde0ed3?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEs= lPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.60655737= 70492%, 40%);text-decoration: none;">REIDITE Industries</a></strong><span>,= a Spanish electronics and industrial technology company, </span><strong><a= href=3D"https://substack.com/redirect/8aafab2e-690e-4d38-8820-72d88687fd10= ?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D= "" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-deco= ration: none;">closed</a></strong><span> a €300k funding round led by= Seed and Grow Ventures</span></p></li></ul><p style=3D"margin: 0 0 20px 0;= color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Bankinter<= /strong><span> </span><strong><a href=3D"https://substack.com/redirect/4f99= 416e-f9e6-452c-b371-7032e0707d5f?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k= -i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 8= 3.6065573770492%, 40%);text-decoration: none;">joined</a></strong><span> </= span><strong>Bit2Me</strong><span>'s €30M funding round announced in = August. The investment aims to explore technological synergies and position= s Bankinter in DLT solutions development alongside a national tech partner<= /span><br></p><h1 class=3D"header-anchor-post" style=3D"position: relative;= font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-syste= m,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Co= lor Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-fon= t-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appea= rance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: o= ptimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height:= 1.16em;font-size: 2em;">M&A news 🚀</h1><p style=3D"margin: 0 0= 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Fren= ch multinational </span><strong>Audensiel</strong><span>, owned by private = equity firms Sagard and Capza, </span><a href=3D"https://substack.com/redir= ect/db05a199-0d8a-463d-ad12-c8634f7e39dd?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2o= N6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.52941176= 47059, 83.6065573770492%, 40%);text-decoration: none;">acquired</a><span> a= 75% stake in Spanish tech consultancy </span><strong>Kairós DS</stron= g><span> for around €100M. Founder Carlos Moure retains 25% and stays= as CEO of the €45M revenue company</span></p><p style=3D"margin: 0 0= 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Sy= ngoi Technologies</strong><span>, a Basque biotech company developing synth= etic DNA platforms for gene and cell therapies, was </span><a href=3D"https= ://substack.com/redirect/5a58b6d4-da1b-465f-a9f3-dc850db19d45?j=3DeyJ1IjoiN= Gkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"co= lor: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;"= >acquired</a><span> by US-based Artis BioSolutions. Founded in 2021 and bac= ked by Columbus Venture Partners, the company will maintain its Bilbao oper= ations while expanding to the US through Landmark Bio to scale its enzymati= c DNA production technology globally.</span></p><p style=3D"margin: 0 0 20p= x 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Accordin= g to El Confidencial, Spanish streaming platform </span><strong>Filmin</str= ong><span> </span><a href=3D"https://substack.com/redirect/6b9d7772-45d5-4e= 67-be0a-7b60fff7a5c1?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslP= prQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6065573770= 492%, 40%);text-decoration: none;">struggles</a><span> to find buyers after= a year-long sale process by majority owner Nazca Capital. Despite €2= 6.8M revenue and 1M subscribers, founders demand over €50M valuation&= #8212;well above industry estimates of €40-50M. Potential acquirers b= alked at the premium pricing for a content curator lacking owned IP, while = timing coincides with sector-wide uncertainty.</span></p><p style=3D"margin= : 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><stro= ng>Blu Selection</strong><span> </span><a href=3D"https://substack.com/redi= rect/4d859692-1b16-4d92-9375-9a49f6b757b1?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2= oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117= 647059, 83.6065573770492%, 40%);text-decoration: none;">acquired</a><span> = </span><strong>Qamyno</strong><span> and merged both operations under the <= /span><strong>blu</strong><span> brand to build a pan-European talent recru= itment platform.</span><br></p><h1 class=3D"header-anchor-post" style=3D"po= sition: relative;font-family: 'SF Pro Display',-apple-system-headline,syste= m-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,san= s-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight:= bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialia= sed;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibil= ity;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55= ,55);line-height: 1.16em;font-size: 2em;">Investor & accelerator news &= #128640;</h1><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heigh= t: 26px;font-size: 16px;"><strong>Nazca Capital</strong><span> </span><a hr= ef=3D"https://substack.com/redirect/38875c12-bd3a-45de-be3c-ec471a9cac3d?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D""= style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decora= tion: none;">announced</a><span> Airbus as a strategic investor in its S= 64;425M+ aerospace and defense fund, Spain's largest sector-focused fund. T= he fund has completed two investments: Teltronic (critical communications) = and Ravenloop (AI-based cyber intelligence)</span></p><p style=3D"margin: 0= 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>= Samaipata</strong><span> </span><a href=3D"https://substack.com/redirect/76= 9e05e5-5cbe-4369-9488-4a4a326355d6?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059,= 83.6065573770492%, 40%);text-decoration: none;">published</a><span> a summ= ary of its investment activity in 2025, with €17M deployed across 13 = deals</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-he= ight: 26px;font-size: 16px;"><strong>Zubi Group</strong><span> </span><a hr= ef=3D"https://substack.com/redirect/051890fa-3163-45a0-8818-91d7f4f634be?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D""= style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decora= tion: none;">appointed</a><span> Javier Megias as Chief Operations Officer = to coordinate strategic and operational activities across its impact invest= ment initiatives</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,= 55);line-height: 26px;font-size: 16px;">Spanish investors active abroad:</p= ><ul style=3D"margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 32px;= mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-height: = 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-size: 1= 6px;margin: 0;"><strong>Nauta</strong><span> </span><a href=3D"https://subs= tack.com/redirect/abd934de-7b99-4ea5-a11b-16e14706a093?j=3DeyJ1IjoiNGkza2oi= fQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hs= l(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">partic= ipated</a><span> in the $10M Series A round of Berlin-based NetBird</span><= /p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s= tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:= border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong>Goparity<= /strong><span> </span><strong><a href=3D"https://substack.com/redirect/cbe0= d853-5d75-47e1-9caa-fbde189ca2df?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k= -i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 8= 3.6065573770492%, 40%);text-decoration: none;">received investment from</a>= </strong><span> Spanish impact investing platform </span><strong>Bolsa Soci= al</strong><span> to strengthen its presence in Spain and accelerate Europe= an expansion</span><br></p></li></ul><h1 class=3D"header-anchor-post" style= =3D"position: relative;font-family: 'SF Pro Display',-apple-system-headline= ,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Ari= al,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-w= eight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: an= tialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimizel= egibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb= (54,55,55);line-height: 1.16em;font-size: 2em;">Startup news 💡</h1>= <h2 class=3D"header-anchor-post" style=3D"position: relative;font-family: '= SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSyst= emFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Se= goe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: a= ntialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimiz= elegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibil= ity;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-s= ize: 1.625em;">New startups and product updates</h2><p style=3D"margin: 0 0= 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Pe= rk Events</strong><span> </span><a href=3D"https://substack.com/redirect/ca= b33867-440f-470f-898a-439e85785a4b?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf1= 3k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059,= 83.6065573770492%, 40%);text-decoration: none;">launched</a><span> its eve= nt planning platform after starting as an experimental project with just 4 = people in September 2024. The product leverages Perk’s travel experti= se and internal events experience to help companies streamline event planni= ng, and is already being used by some of the company’s largest custom= ers.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-hei= ght: 26px;font-size: 16px;"><strong>Genesy</strong><span> </span><a href=3D= "https://substack.com/redirect/aa0ff60d-76fb-4e70-b7c1-93100bf03adb?j=3DeyJ= 1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style= =3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: = none;">built</a><span> an internal AI-powered system enabling non-engineers= to ship code directly from Slack. The platform uses AI Engineer for Slack-= native requests, autonomous Cursor agents for coding, and Xata’s data= base branching for preview deployments with production data.</span></p><p s= tyle=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size= : 16px;"><strong>Glucovibes</strong><span> </span><a href=3D"https://substa= ck.com/redirect/d8eb08dd-c6c9-4fae-84b8-ddfd153ff8b8?j=3DeyJ1IjoiNGkza2oifQ= =2EAv1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM" rel=3D"" style=3D"color: hsl(= 203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">partnere= d</a><span> with Garmin to integrate wearable data into personalized nutrit= ion plans.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li= ne-height: 26px;font-size: 16px;"><strong>finReg360</strong><span> and weal= th management tech firm </span><strong>Flanks</strong><span> have </span><a= href=3D"https://substack.com/redirect/5e3a4f10-f820-4649-bb02-e109bfe9b807= ?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D= "" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-deco= ration: none;">launched</a><span> EDX (European Data Exchange), Europe̵= 7;s first standardized protocol for financial data exchange between custodi= al banks, wealth managers, and advisory firms. More info </span><a href=3D"= https://substack.com/redirect/645d4233-31d6-440e-be01-93f19084bdc4?j=3DeyJ1= IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style= =3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: = none;">here</a><span>.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(= 54,55,55);line-height: 26px;font-size: 16px;"><strong>Industry Labs</strong= ><span> </span><a href=3D"https://substack.com/redirect/1641978a-d8e6-434b-= a963-af9d2189429e?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6065573770492= %, 40%);text-decoration: none;">expanded</a><span> its manufacturing softwa= re business across Spain and Latin America, particularly Mexico, through ne= w client acquisitions and platform evolution. The Barcelona-based company l= aunched Agentic AI, an intelligent agent platform for factories that interp= rets data and recommends decisions. Founded in 2000, Industry Labs develops= MES, APS, and warehouse management solutions.</span></p><h2 class=3D"heade= r-anchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-a= pple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',= Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Seg= oe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-os= x-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-a= ppearance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 = 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">Sta= rtup financials and personnel moves</h2><p style=3D"margin: 0 0 20px 0;colo= r: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>Tradeinn</stro= ng><span> </span><a href=3D"https://substack.com/redirect/85cc9840-fd84-400= a-826f-eecf6a2672e4?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPp= rQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.60655737704= 92%, 40%);text-decoration: none;">reached</a><span> record revenue of ̈́= 4;585M in 2025, up 5.6% YoY, after US fund Apollo acquired 30% stake from S= uma Capital for ~€300M in July. The sports e-commerce platform shippe= d 9.2M packages and targets €2B revenue medium-term while expanding i= ts Girona warehouse from 30k to 50k sqm with automation to handle 150k dail= y orders.</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin= e-height: 26px;font-size: 16px;"><strong>Holaluz</strong><span> </span><a h= ref=3D"https://substack.com/redirect/bcacd2d8-039a-4ae2-829f-69c97e6ec9dc?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D""= style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decora= tion: none;">emerged</a><span> from a 2024 financial crisis through a ̈́= 4;22M investment from French industrial partner Icosium Investment, which n= ow holds 33% of the company. The green energy firm operates 10,000 energy c= ommunities and 250,000 contracts across Spain, offering unlimited flat-rate= electricity subscriptions. President Carlota Pi credits AI implementation = and operational restructuring for the recovery.</span></p><p style=3D"margi= n: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><str= ong>Innovamat</strong><span> </span><a href=3D"https://substack.com/redirec= t/604eeb87-3a15-4960-9a9b-5baee3e985b9?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6= jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647= 059, 83.6065573770492%, 40%);text-decoration: none;">closed</a><span> 2025 = with €25M revenue, nearing profitability despite US market losses. Th= e Catalan math education company became the first non-American firm approve= d by California’s education department, enabling classroom implementa= tion from September 2026. Operating in nine countries with 600k students, I= nnovamat expects the US to become its main revenue source within two years.= </span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height:= 26px;font-size: 16px;"><strong>Payflow</strong><span> </span><a href=3D"ht= tps://substack.com/redirect/b02e3b51-9059-47bb-8280-c1ab6aea6e9b?j=3DeyJ1Ij= oiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D= "color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: non= e;">shared</a><span> that they’ve hit $8M.2 of ARR</span></p><div cla= ss=3D"captioned-image-container-static" style=3D"font-size: 16px;line-heigh= t: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><= table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0"= cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-p= adding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td= ><td class=3D"content" align=3D"left" width=3D"598" style=3D"text-align: ce= nter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.c= om/redirect/e6352599-b0a5-4c13-9f1b-0c994262aade?j=3DeyJ1IjoiNGkza2oifQ.Av1= IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"position: relat= ive;flex-direction: column;align-items: center;padding: 0;width: auto;heigh= t: auto;border: none;text-decoration: none;display: block;margin: 0;"><img = class=3D"wide-image" data-attrs=3D"{"src":"https://substack-= post-media.s3.amazonaws.com/public/images/9afc33c1-c2e5-493e-992e-19cc866a1= a4e_1078x440.png","srcNoWatermark":null,"fullscreen&quo= t;:null,"imageSize":null,"height":440,"width"= :1078,"resizeWidth":598,"bytes":98492,"alt":n= ull,"title":null,"type":"image/png","hre= f":null,"belowTheFold":true,"topImage":false,"= ;internalRedirect":"https://newsletter.dealflow.es/i/184934034?im= g=3Dhttps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F= 9afc33c1-c2e5-493e-992e-19cc866a1a4e_1078x440.png","isProcessing&= quot;:false,"align":null,"offset":false}" alt=3D"" widt= h=3D"550" height=3D"224.48979591836735" src=3D"https://substackcdn.com/imag= e/fetch/$s_!srz1!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/ht= tps%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9afc33= c1-c2e5-493e-992e-19cc866a1a4e_1078x440.png" style=3D"border: none !importa= nt;vertical-align: middle;display: block;-ms-interpolation-mode: bicubic;he= ight: auto;margin-bottom: 0;width: auto !important;max-width: 100% !importa= nt;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></td></tr></= tbody></table></figure></div><h2 class=3D"header-anchor-post" style=3D"posi= tion: relative;font-family: 'SF Pro Display',-apple-system-headline,system-= ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-= serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: b= old;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiase= d;-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibilit= y;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,5= 5);line-height: 1.16em;font-size: 1.625em;">Profile of companies</h2><p sty= le=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: = 16px;"><strong>Uxia</strong><span> co-founder Borja Díaz-Roig </span><= a href=3D"https://substack.com/redirect/cf43bc63-ec2d-4b44-930a-e1c01cdb341= 0?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel= =3D"" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-d= ecoration: none;">argues</a><span> that modern UX failures stem from valida= tion lag, not lack of user understanding. The Spanish startup uses syntheti= c users to validate design decisions at prototype speed, helping teams avoi= d skipping research due to time constraints</span></p><h2 class=3D"header-a= nchor-post" style=3D"position: relative;font-family: 'SF Pro Display',-appl= e-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob= oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe = UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-f= ont-smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appe= arance: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.6= 25em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.625em;">Other = news</h2><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2= 6px;font-size: 16px;"><strong>Harvey</strong><span> </span><a href=3D"https= ://substack.com/redirect/139a2436-304f-40e9-9cf9-c4901d8daa84?j=3DeyJ1IjoiN= Gkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"co= lor: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;"= >appointed</a><span> Jorge Bestard to lead EMEA sales. The legal AI company= continues expanding its European presence with teams in London, Spain, Ger= many, and a new Paris office, building partnerships with leading law firms = and in-house legal teams across the region.</span></p><p style=3D"margin: 0= 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>= Urbanitae</strong><span>, Spain’s largest real estate crowdfunding pl= atform, </span><a href=3D"https://substack.com/redirect/013ca060-9983-4cd0-= 81d9-4d34481ed1fc?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ= 2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6065573770492= %, 40%);text-decoration: none;">created</a><span> Urbanitae Asset Managemen= t to launch private capital funds. The move expands beyond its crowdfunding= model, targeting institutional investors with diversified real estate fund= s across Spain, Portugal, Italy and France.</span></p><p style=3D"margin: 0= 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Ge= rman AI agents startup </span><strong>Parloa</strong><span> </span><a href= =3D"https://substack.com/redirect/ea064537-c620-4ecc-a0aa-a9b87f9b4bb6?j=3D= eyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" st= yle=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decoratio= n: none;">tripled</a><span> its valuation to $3B after raising $350M in Ser= ies D funding led by General Catalyst. The company, which became a unicorn = in 2024 with a $1B valuation, will expand operations in the US and Europe, = including Madrid and London offices.</span><br></p><h1 class=3D"header-anch= or-post" style=3D"position: relative;font-family: 'SF Pro Display',-apple-s= ystem-headline,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto= ,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI = Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font= -smoothing: antialiased;-webkit-appearance: optimizelegibility;-moz-appeara= nce: optimizelegibility;appearance: optimizelegibility;margin: 1em 0 0.625e= m 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 2em;">Big company &= amp; policy news 🤓</h1><p style=3D"margin: 0 0 20px 0;color: rgb(54= ,55,55);line-height: 26px;font-size: 16px;"><strong>Uber's</strong><span> S= panish operations </span><strong><a href=3D"https://substack.com/redirect/8= f9298f2-7bc0-439d-bf0a-305d0ef33977?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf= 13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059= , 83.6065573770492%, 40%);text-decoration: none;">showed</a></strong><span>= contrasting results in 2024. Its mobility division multiplied profits eigh= tfold to €3M, while Uber Eats posted €28.2M losses due to ̈́= 4;172M in provisions for labor sanctions over alleged misclassification of = delivery riders as freelancers instead of employees.</span><br></p><h1 clas= s=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro D= isplay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'= Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI E= moji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialias= ed;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibil= ity;-moz-appearance: optimizelegibility;appearance: optimizelegibility;marg= in: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 2em= ;">Interesting reads 🤓</h1><p style=3D"margin: 0 0 20px 0;color: rg= b(54,55,55);line-height: 26px;font-size: 16px;"><strong>Manfred's 2025 Tech= Salary Report </strong><a href=3D"https://substack.com/redirect/697b0a2d-e= 179-4417-8d05-f81b8bbb0d85?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0J= nCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: hsl(203.5294117647059, 83.6065= 573770492%, 40%);text-decoration: none;">is out</a><span>. AI-related roles= dominate, with Data Scientists, AI Engineers, and MLOps commanding top sal= aries (€70-100K+ for seniors). Full-stack developers gained value as = startups prioritize hybrid profiles. Meanwhile, frontend, mobile, QA, and p= roduct design roles saw salary declines and fewer opportunities. The market= shows a growing divide: professionals integrating AI see rising compensati= on, while traditional roles stagnate. On-site positions now require ~20% sa= lary premiums as remote work remains the preference.</span></p><div class= =3D"captioned-image-container-static" style=3D"font-size: 16px;line-height:= 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><ta= ble class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" c= ellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-pad= ding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><= td class=3D"content" align=3D"left" width=3D"1024" style=3D"text-align: cen= ter;"><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.co= m/redirect/b48da239-31ff-44f7-8405-8f8bf8d874e2?j=3DeyJ1IjoiNGkza2oifQ.Av1I= jLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"position: relati= ve;flex-direction: column;align-items: center;padding: 0;width: auto;height= : auto;border: none;text-decoration: none;display: block;margin: 0;"><img c= lass=3D"wide-image" data-attrs=3D"{"src":"https://substack-p= ost-media.s3.amazonaws.com/public/images/4dd46595-e9e4-4ac6-bc7d-795e0d6c1c= e8_1024x790.png","srcNoWatermark":null,"fullscreen"= ;:null,"imageSize":null,"height":790,"width":= 1024,"resizeWidth":null,"bytes":null,"alt":nu= ll,"title":null,"type":null,"href":null,"= ;belowTheFold":true,"topImage":false,"internalRedirect&= quot;:null,"isProcessing":false,"align":null,"offs= et":false}" alt=3D"" width=3D"550" height=3D"424.31640625" src=3D"http= s://substackcdn.com/image/fetch/$s_!6GNb!,w_1100,c_limit,f_auto,q_auto:good= ,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2F= public%2Fimages%2F4dd46595-e9e4-4ac6-bc7d-795e0d6c1ce8_1024x790.png" style= =3D"border: none !important;vertical-align: middle;display: block;-ms-inter= polation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !important= ;max-width: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-ali= gn: center;"></td></tr></tbody></table></figure></div><p style=3D"margin: 0= 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><strong>= Alex Vaughtton</strong><span> (Nocodehackers) </span><a href=3D"https://sub= stack.com/redirect/d71bc1cc-7265-4ad6-9ada-00e649cc4920?j=3DeyJ1IjoiNGkza2o= ifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: h= sl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">publi= shed</a><span> “Un año haciendo proyectos con IA para clientes r= eales. Esto es lo que aprendimos</span><strong>”</strong></p><p style= =3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16= px;"><span>Madrid's podcast studio market has </span><a href=3D"https://sub= stack.com/redirect/0c338316-8d36-4725-9f3c-6947264e8ef3?j=3DeyJ1IjoiNGkza2o= ifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D"" style=3D"color: h= sl(203.5294117647059, 83.6065573770492%, 40%);text-decoration: none;">explo= ded</a><span> with nearly 50 recording spaces now operating across the city= - more than its 29 functioning cinemas.</span></p><p style=3D"margin: 0 0 = 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><span>Tech = entrepreneur </span><strong>Iñaki Berenguer</strong><span> </span><a h= ref=3D"https://substack.com/redirect/420ad29f-7e49-4a91-ad4d-a46db9552b24?j= =3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCEslPprQ2lVE73SdM" rel=3D""= style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 40%);text-decora= tion: none;">shared</a><span> his 10 predictions for 2026, including stable= coins going mainstream despite reaching $35T volume in 2025, robotaxis laun= ching in 10+ European cities, and AI video becoming software rather than ju= st content</span></p><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);li= ne-height: 26px;font-size: 16px;"></p><div style=3D"font-size: 16px;line-he= ight: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;background:= rgb(0,0,0,.1);border: none;"></div><div class=3D"subscription-widget-wrap"= style=3D"font-size: 16px;line-height: 26px;"><div class=3D"subscription-wi= dget show-subscribe" style=3D"font-size: 16px;direction: ltr !important;fon= t-weight: 400;text-decoration: none;font-family: system-ui,-apple-system,Bl= inkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color = Emoji','Segoe UI Emoji','Segoe UI Symbol';color: #363737;line-height: 1.5;m= ax-width: 560px;margin: 24px auto;align-items: flex-start;display: block;te= xt-align: center;padding: 0px 32px;"><div class=3D"preamble" style=3D"margi= n-top: 16px;font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe = UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji',= 'Segoe UI Symbol';font-size: 18px;max-width: 384px;width: fit-content;line-= height: 22px;display: flex;align-items: center;text-align: center;font-weig= ht: 400;margin-left: auto;margin-right: auto;"><p style=3D"margin: 0 0 20px= 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;">Thanks for read= ing Dealflow.es Newsletter! Subscribe for free to receive new posts and sup= port my work.</p></div><div class=3D"subscribe-widget is-signed-up is-fully= -subscribed" data-component-name=3D"SubscribeWidget" style=3D"margin: 0 0 1= em;direction: ltr;font-size: 16px;line-height: 26px;"><div class=3D"pencraf= t pc-reset button-wrapper" style=3D"text-decoration: unset;list-style: none= ;font-size: 16px;line-height: 26px;text-align: center;cursor: pointer;borde= r-radius: 4px;"><a class=3D"button subscribe-btn outline" href=3D"https://s= ubstack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9uZXdzbGV0dGVyLmRlYWxmbG93LmVzL2Fj= Y291bnQiLCJwIjoxODQ5MzQwMzQsInMiOjU0NjYsImYiOnRydWUsInUiOjc1NjI4OTksImlhdCI= 6MTc2ODgwMzI2OCwiZXhwIjoyMDg0Mzc5MjY4LCJpc3MiOiJwdWItMCIsInN1YiI6Imxpbmstcm= VkaXJlY3QifQ.bwLh05JypVf6ng-hNTaYt7vT5H78JCd0gKMuxEziZz4?" style=3D"font-fa= mily: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetic= a,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';d= isplay: inline-block;box-sizing: border-box;cursor: pointer;border-radius: = 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align: center;b= ackground-color: transparent;opacity: 1;outline: none;white-space: nowrap;t= ext-decoration: none !important;border: 1px solid hsl(203.5294117647059, 83= =2E6065573770492%, 40%);margin: 0 auto;= background: transparent;color: hsl(203= =2E5294117647059, 83.6065573770492%, 40= %);padding: 12px 20px;height: auto;"><= img class=3D"check-icon static" src=3D"https://substackcdn.com/image/fetch/= $s_!NfQs!,w_40,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2= Fsubstack.com%2Ficon%2FLucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtranspare= nt%26stroke%3D%2523C7E6FA%26strokeWidth%3D3.6" width=3D"20" height=3D"20" s= tyle=3D"border: none;vertical-align: middle;-ms-interpolation-mode: bicubic= ;height: auto;display: inline-block;margin: -2px 8px 0 0;max-width: 20px" a= lt=3D""><span style=3D"text-decoration: none;">Subscribed</span></a></div><= /div></div></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-h= eight: 26px;font-size: 16px;"></p><p style=3D"margin: 0 0 20px 0;color: rgb= (54,55,55);line-height: 26px;font-size: 16px;margin-bottom: 0;"></p></div><= /div><table class=3D"email-ufi-2-bottom" role=3D"presentation" width=3D"100= %" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=3D"border-top: 1p= x solid rgb(0,0,0,.1);border-bottom: 1px solid rgb(0,0,0,.1);min-width: 100= %;"><tbody><tr height=3D"16"><td height=3D"16" style=3D"font-size:0px;line-= height:0;"> </td></tr><tr><td><table role=3D"presentation" width=3D"10= 0%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td><table = role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpad= ding=3D"0" style=3D"margin:0 auto;"><tbody><tr><td style=3D"vertical-align:= middle;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspaci= ng=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"emai= l-button-outline" href=3D"https://substack.com/app-link/post?publication_id= =3D5466&post_id=3D184934034&utm_source=3Dsubstack&isFreemail=3Dtrue&submitL= ike=3Dtrue&token=3DeyJ1c2VyX2lkIjo3NTYyODk5LCJwb3N0X2lkIjoxODQ5MzQwMzQsInJl= YWN0aW9uIjoi4p2kIiwiaWF0IjoxNzY4ODAzMjY4LCJleHAiOjE3NzEzOTUyNjgsImlzcyI6InB= 1Yi01NDY2Iiwic3ViIjoicmVhY3Rpb24ifQ.NRqXpzUhqLdbryI4xtcpnHjCgsc7HGoQVh3J9NI= NR_U&utm_medium=3Demail&utm_campaign=3Demail-reaction&r=3D4i3kj" style=3D"f= ont-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,He= lvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Sym= bol';display: inline-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1)= ;border-radius: 9999px;text-transform: uppercase;font-size: 12px;line-heigh= t: 12px;padding: 9px 14px;text-decoration: none;color: rgb(119,119,119);"><= img class=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!PeVs!,w_3= 6,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com= %2Ficon%2FLucideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%25238= 08080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"margin-right: = 8px;min-width: 18px;min-height: 18px;border: none;vertical-align: middle;ma= x-width: 18px" alt=3D""><span class=3D"email-button-text" style=3D"vertical= -align: middle;">Like</span></a></td></tr></tbody></table></td><td width=3D= "8" style=3D"min-width: 8px"></td><td style=3D"vertical-align:middle;"><tab= le role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cell= padding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-button-outl= ine" href=3D"https://substack.com/app-link/post?publication_id=3D5466&post_= id=3D184934034&utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&c= omments=3Dtrue&token=3DeyJ1c2VyX2lkIjo3NTYyODk5LCJwb3N0X2lkIjoxODQ5MzQwMzQs= ImlhdCI6MTc2ODgwMzI2OCwiZXhwIjoxNzcxMzk1MjY4LCJpc3MiOiJwdWItNTQ2NiIsInN1YiI= 6InBvc3QtcmVhY3Rpb24ifQ.qX6Zpe8S727QxVMvAjr6qHeYtJCcuG7YiRTZ-2JhlX4&r=3D4i3= kj&utm_campaign=3Demail-half-magic-comments&action=3Dpost-comment&utm_sourc= e=3Dsubstack&utm_medium=3Demail" style=3D"font-family: system-ui,-apple-sys= tem,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple = Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;font-= weight: 500;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-tran= sform: uppercase;font-size: 12px;line-height: 12px;padding: 9px 14px;text-d= ecoration: none;color: rgb(119,119,119);"><img class=3D"icon" src=3D"https:= //substackcdn.com/image/fetch/$s_!x1tS!,w_36,c_scale,f_png,q_auto:good,fl_p= rogressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4= %26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" widt= h=3D"18" height=3D"18" style=3D"margin-right: 8px;min-width: 18px;min-heigh= t: 18px;border: none;vertical-align: middle;max-width: 18px" alt=3D""><span= class=3D"email-button-text" style=3D"vertical-align: middle;">Comment</spa= n></a></td></tr></tbody></table></td><td width=3D"8" style=3D"min-width: 8p= x"></td><td style=3D"vertical-align:middle;"><table role=3D"presentation" w= idth=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><= td align=3D"center"><a class=3D"email-button-outline" href=3D"https://subst= ack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvZGVhbGZs= b3dlcy9wL2RlYWxmbG93ZXMtNDk2LWJpb3JjZS1yYWlzaW5nLTUwbT91dG1fc291cmNlPXN1YnN= 0YWNrJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPWVtYWlsLXJlc3RhY2stY29tbWVudC= ZhY3Rpb249cmVzdGFjay1jb21tZW50JnI9NGkza2omdG9rZW49ZXlKMWMyVnlYMmxrSWpvM05UW= XlPRGs1TENKd2IzTjBYMmxrSWpveE9EUTVNelF3TXpRc0ltbGhkQ0k2TVRjMk9EZ3dNekkyT0N3= aVpYaHdJam94TnpjeE16azFNalk0TENKcGMzTWlPaUp3ZFdJdE5UUTJOaUlzSW5OMVlpSTZJbkJ= 2YzNRdGNtVmhZM1JwYjI0aWZRLnFYNlpwZThTNzI3UXhWTXZBanI2cUhlWXRKQ2N1RzdZaVJUWi= 0ySmhsWDQiLCJwIjoxODQ5MzQwMzQsInMiOjU0NjYsImYiOnRydWUsInUiOjc1NjI4OTksImlhd= CI6MTc2ODgwMzI2OCwiZXhwIjoyMDg0Mzc5MjY4LCJpc3MiOiJwdWItMCIsInN1YiI6Imxpbmst= cmVkaXJlY3QifQ.O0ZsgG6Wo7z7xGpwrHvWmvBX0JVIfsR0XOnNX2Xlro0?&utm_source=3Dsu= bstack&utm_medium=3Demail" style=3D"font-family: system-ui,-apple-system,Bl= inkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color = Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;font-weight= : 500;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform:= uppercase;font-size: 12px;line-height: 12px;padding: 9px 14px;text-decorat= ion: none;color: rgb(119,119,119);"><img class=3D"icon" src=3D"https://subs= tackcdn.com/image/fetch/$s_!5EGt!,w_36,c_scale,f_png,q_auto:good,fl_progres= sive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26he= ight%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D"= 18" height=3D"18" style=3D"margin-right: 8px;min-width: 18px;min-height: 18= px;border: none;vertical-align: middle;max-width: 18px" alt=3D""><span clas= s=3D"email-button-text" style=3D"vertical-align: middle;">Restack</span></a= ></td></tr></tbody></table></td></tr></tbody></table></td><td align=3D"righ= t"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"= 0" cellpadding=3D"0"><tbody><tr></tr></tbody></table></td></tr></tbody></ta= ble></td></tr><tr height=3D"16"><td height=3D"16" style=3D"font-size:0px;li= ne-height:0;"> </td></tr></tbody></table><div class=3D"footer footer-Z= M59BM" style=3D"color: rgb(119,119,119);text-align: center;font-size: 16px;= line-height: 26px;padding: 24px0;"><div style=3D"font-size: 16px;line-heigh= t: 26px;padding-bottom: 24px"><p class=3D"pencraft pc-reset color-secondary= -ls1g8s size-12-mmZ61m reset-IxiVJZ small meta-B2bqa5" style=3D"list-style:= none;font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Ro= boto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe= UI Symbol';padding-bottom: 0;font-size: 12px;line-height: 16px;margin: 0;c= olor: rgb(119,119,119);text-decoration: unset;">© 2026 <span></span><b= r>A Coruña, Spain <br><a href=3D"https://substack.com/redirect/2/eyJlI= joiaHR0cHM6Ly9uZXdzbGV0dGVyLmRlYWxmbG93LmVzL2FjdGlvbi9kaXNhYmxlX2VtYWlsP3Rv= a2VuPWV5SjFjMlZ5WDJsa0lqbzNOVFl5T0RrNUxDSndiM04wWDJsa0lqb3hPRFE1TXpRd016UXN= JbWxoZENJNk1UYzJPRGd3TXpJMk9Dd2laWGh3SWpveE9EQXdNek01TWpZNExDSnBjM01pT2lKd2= RXSXROVFEyTmlJc0luTjFZaUk2SW1ScGMyRmliR1ZmWlcxaGFXd2lmUS5hUnFVVHc4LUg3S0VGb= VR4cU1kbXFVMW5yRzE1VS1tcm5XSUYyQXIzZ1pZIiwicCI6MTg0OTM0MDM0LCJzIjo1NDY2LCJm= Ijp0cnVlLCJ1Ijo3NTYyODk5LCJpYXQiOjE3Njg4MDMyNjgsImV4cCI6MjA4NDM3OTI2OCwiaXN= zIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.37ihMdZ352C2ZYC0vKQuqnnOiILpFH= yrw6akbilFBt0?" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, 4= 0%);text-decoration: none;"><span style=3D"color: rgb(119,119,119);text-dec= oration: underline;">Unsubscribe</span></a></p></div><p class=3D"footerSect= ion-EHR0jG small powered-by-substack" style=3D"padding: 0 24px;font-size: 1= 2px;line-height: 20px;margin: 0;color: rgb(119,119,119);font-family: system= -ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans= -serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';padding-botto= m: 0;margin-top: 0;"><a href=3D"https://substack.com/redirect/defddaa2-78a3= -4342-8a7a-cc692c6a8bab?j=3DeyJ1IjoiNGkza2oifQ.Av1IjLabi2oN6jsf13k-i2X0JnCE= slPprQ2lVE73SdM" style=3D"color: hsl(203.5294117647059, 83.6065573770492%, = 40%);text-decoration: none;display: inline-block;margin: 0 4px;"><img src= =3D"https://substackcdn.com/image/fetch/$s_!IzGP!,w_262,c_limit,f_auto,q_au= to:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgen= eric-app-button%402x.png" srcset=3D"https://substackcdn.com/image/fetch/$s_= !DIki!,w_131,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2F= substack.com%2Fimg%2Femail%2Fgeneric-app-button.png, https://substackcdn.co= m/image/fetch/$s_!IzGP!,w_262,c_limit,f_auto,q_auto:good,fl_progressive:ste= ep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%402x.png 2= x, https://substackcdn.com/image/fetch/$s_!QWua!,w_393,c_limit,f_auto,q_aut= o:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgene= ric-app-button%403x.png 3x" width=3D"131" alt=3D"Get the app" height=3D"40"= style=3D"max-width: 550px;border: none !important;vertical-align: middle;"= ></a><a href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGF= jay5jb20vc2lnbnVwP3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2= 9udGVudD1mb290ZXImdXRtX2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFb= WFpbD1sdWlzLnBlcmFsdGFAZ21haWwuY29tJnI9NGkza2oiLCJwIjoxODQ5MzQwMzQsInMiOjU0= NjYsImYiOnRydWUsInUiOjc1NjI4OTksImlhdCI6MTc2ODgwMzI2OCwiZXhwIjoyMDg0Mzc5MjY= 4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.gGmOf-RmBbUIztSdc6PVA7z= h0iN4THrt4tIabRhZ8r8?" style=3D"color: hsl(203.5294117647059, 83.6065573770= 492%, 40%);text-decoration: none;display: inline-block;margin: 0 4px;"><img= src=3D"https://substackcdn.com/image/fetch/$s_!LkrL!,w_270,c_limit,f_auto,= q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2= Fpublish-button%402x.png" srcset=3D"https://substackcdn.com/image/fetch/$s_= !wgfj!,w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2F= substack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.com/im= age/fetch/$s_!LkrL!,w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/h= ttps%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https= ://substackcdn.com/image/fetch/$s_!KjtY!,w_405,c_limit,f_auto,q_auto:good,f= l_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-butt= on%403x.png 3x" width=3D"135" alt=3D"Start writing" height=3D"40" style=3D"= max-width: 550px;border: none !important;vertical-align: middle;"></a></p><= /div></div></td><td></td></tr></tbody></table><img src=3D"https://eotrx.sub= stackcdn.com/open?token=3DeyJtIjoiPDIwMjYwMTE5MDYxNDE5LjMuMWQ5ZTU3ZDFlM2EzM= mIyN0BtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6NzU2Mjg5OSwiciI6Imx1aXMucGVyYWx0YUBn= bWFpbC5jb20iLCJkIjoibWctZDEuc3Vic3RhY2suY29tIiwicCI6MTg0OTM0MDM0LCJ0IjoibmV= 3c2xldHRlciIsImEiOiJldmVyeW9uZSIsInMiOjU0NjYsImMiOiJwb3N0IiwiZiI6dHJ1ZSwicG= 9zaXRpb24iOiJib3R0b20iLCJpYXQiOjE3Njg4MDMyNjksImV4cCI6MTc3MTM5NTI2OSwiaXNzI= joicHViLTAiLCJzdWIiOiJlbyJ9.ULvelkDZOSVFS8EE3frUcE009cKOFaDOYfNtmuygwGs" al= t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important= ;width:1px !important;border-width:0 !important;margin-top:0 !important;mar= gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;= padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !impor= tant;padding-left:0 !important;"/><img width=3D"1" height=3D"1" alt=3D"" sr= c=3D"https://email.mg-d1.substack.com/o/eJw80EmO6yAQxvHThN2zmMyw4CxWYcp-qDF= YDIl8-5aTqLdfSX_9VCt03Eu93FlaJ8EJ66lZFUHHtDKGCq4ZwQNiWnbMWKFjWKD_XZWxkpL_zg= QtGRPoqVZgjfab8cbPfOZ0m2nQJDpOuaKMWaqYZHYSEwsWZx0YChDcc_2Q9Nj_BTa14VuH9Wday= 0FiW7aKb4LrdSC5pQuMEDGv6PCJ9Sr5O8fgmJFWSCrkZ-nXiS7jqyXsHSs5h1_Wchwjx34tmMEn= DN_w8Cmu0GPJd2iWSpHq0ohtOrFC6vCQdL8hb1gbPpQDYnYBIW2pvLCR_nnkaFjvhp4VN9aSp-O= _AQAA___Mw3fK"></body></html> --eb36f5abc479d861eb26125c277d0ba1d86f27e2b6efa05f0572cf583802--