Dealflow.es #492: TitanOS raised €50M. Conversia & Paraty acquired for €100M+ each.
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Dealflow.es #492: TitanOS raised €50M. Conversia & Paraty acquired for €100M+ each.A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
Welcome to another edition of Dealflow. If you’ve been forwarded this email but you’re not a subscriber, please do so here. 👀 Sponsorship slots for 2026 are now open. Demand has been stronger than I expected and I only have 14 slots/weeks remaining for all of 2026. If you’re interested in sponsorship opportunities, send me an email at jaime@dealflow.es 👀 This week’s newsletter is sponsored by Digital Brain:
Startup funding news 💸Titan OS, the Barcelona-based startup providing an independent operating system for Connected TV, secured €50M in a Series A round led by Highland Europe MyInvestor, the neobank backed primarily by Andbank, completed a €30M capital increase to support its rapid growth in deposits, which currently stand at €3.9 billion. The operation was led by Andbank, which maintained over 50% ownership, and valued the digital entity at nearly €300M Alinia AI, a New York and Barcelona-based startup, secured $7.5M in a seed round led by Mouro Capital. The company provides a compliance platform and Guardrails API to help regulated industries, such as banking, deploy generative AI safely. More info here ScrapAd, an Eibar-based platform for trading recyclable metals, raised €6M in a Series A investment round led by Inclimo Climate Tech and Suma Capital Adcities, the adtech startup that digitizes Out-of-Home (OOH) advertising with real-time data, raised over €3M in a seed round led by Adara Ventures Stamp closed a seed round of nearly €2M to fund its expansion. The company provides a technology solution that allows tourists to receive VAT exemption (tax-free) instantly at the point of sale Didit, the Barcelona-based identity verification platform, secured ~$2M in fresh capital and officially joined the Winter 2026 batch of Y Combinator HeyDiga, a Madrid and Barcelona-based startup applying generative AI and voice agents to customer engagement, closed a €1M seed round led by Kfund M&A news 🚀British investment firm Oakley Capital acquired a majority stake in Malaga-based hotel booking software provider Paraty Tech. Founded by siblings Gina and Franz Matheis and bootstrapped to date, Paraty specializes in direct reservation management and pricing tools for hotels Legaltech Conversia completed its sale to British consultancy Wilmington for €121.6M. Conversia was majority owned by Inveready, who acquired the company for around €55M in 2022-2023 NPAW (Nice People At Work), the Spanish streaming video analytics software company, hired GP Bullhound as a financial advisor to explore strategic alternatives. Founded in Barcelona in 2008 and currently 25% owned by Suma Capital, the profitable company boasts an ARR of €25M and an estimated EBITDA of €8M, with over 95% of its sales generated outside of Spain Unibo, the Barcelona-based startup offering a neobank-like platform for property managers and homeowners’ associations, was acquired by US investment firm TPG for over €15M. The company did €2.5M in annual revenues Indexa Capital lifted the ‘lock up’ agreement for its historical investors seven months ahead of the July 2026 deadline to increase market liquidity and flexibility. The agreement’s termination allows a dozen core shareholders, including the founding team, Cabiedes & Partners, All Iron, and Fides Capital, to trade their shares. Indexa Capital currently trades at a market cap of €165M Investor & accelerator news 🚀Javier Santiso’s firm, Mundi Ventures, received CNMV authorization for Kembara Fund I, a mega-fund targeting up to €1.25B. Anchor investors include the European Investment Fund with €350M and Criteria Caixa with €100M, aiming for a first close once €600M is secured. You can read the filing here Draper B1 announced the final closing of its new vehicle, Draper B1 Frontier Tech, raising over €20M Crescenta, the digital platform democratizing access to alternative assets for retail investors, launched the third vintage of its flagship vehicle, Private Equity Growth Top Performers III, raising its target size to €50M. Concurrent with this fundraising, Crescenta onboarded its first Spanish fund, investing in Qualitas Energy VI, a €3.25B vehicle Spanish funds active abroad:
International funds active in Spain:
Startup news 💡Startup financials
Other news
Big company & policy news 🤓Inditex achieved record results during the first nine months of its fiscal year 2025, reporting a 3.9% rise in net profit to €4.622B on sales of €28.171B. The results were primarily driven by the strength of its integrated model, with digital income now nearing 30% of total sales (over €8B), leading the company to forecast “strong online sales” in 2026 Moeve (Cepsa) formed a strategic alliance with French startup Mistral AI to develop generative AI solutions focused on boosting energy efficiency and productivity The PSOE party requested the appearance in the Spanish Congress of Meta founder Mark Zuckerberg, COO Javier Oliván, and Public Affairs Director José Luis Zimmermann over alleged espionage and privacy violations involving millions of users The Spanish Navy will soon receive the Sead23, the country’s first maritime drone capable of carrying anti-submarine torpedoes, which was manufactured in Galicia by Zelenza’s subsidiary Seadrone in Vigo Interesting reads 🤓Marcos Rubio, CTO of Tucuvi, shared a thoughtful reflection on the gap between AI hype and real-world impact in healthcare. Reacting to a WSJ article on Yann LeCun, he criticized the overpromises of GenAI startups aiming to automate clinical workflows, stressing the need for orchestrated AI systems that blend deterministic logic with LLMs to ensure safety, trust, and scalability in care delivery Málaga TechPark now generates over one-third of Málaga’s GDP, contributing €4.84B to Andalusia’s economy (2.33% of regional GDP) and supporting 71,000+ jobs Thanks for reading Dealflow.es Newsletter! Subscribe for free to receive new posts and support my work.
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