Dealflow.es #503: PLD Space secured €180M. LaLiga are lunatics. Cheer Games raised $4.5M.
Dealflow.es #503: PLD Space secured €180M. LaLiga are lunatics. Cheer Games raised $4.5M.A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
Welcome to another edition of Dealflow. If you’ve been forwarded this email but you’re not a subscriber, please subscribe. And if you’re interested in sponsorship opportunities, send me an email at jaime@dealflow.es and I’ll share more details This week’s newsletter is sponsored by Crescenta:
Startup funding news 💸Elche-based PLD Space secured €180M in Series C funding led by Mitsubishi Electric. The space transportation company will use the capital to scale industrial capacity and transition to commercial operations with its MIURA 5 rocket, targeting 30+ launches annually by 2030. Sifted published an interview witht he team here. More details here Cheer Games, a Barcelona-based mobile puzzle game studio, raised $4.5M in pre-seed funding led by Makers Fund, with Play Ventures participating TaxDown secured €4M financing from BBVA Spark to accelerate growth and develop AI-powered tax solutions. The company serves over 4M users and 500 companies across Spain and Mexico for tax management and filing DynamicsVR closed a €1.3M funding round led by Axon Partners, Easo Ventures, Fundalogy, and Capital Cell. DynamicsVR develops VR-based rehabilitation platforms for chronic pain management EchoWi raised €750k in seed funding led by Successful Fund. EchoWi specializes in Generative Engine Optimization (GEO) Graddus, an edtech startup specializing in academic and career guidance, closed a €600k funding round led by Successful Molecular Gate, a Barcelona-based anti-counterfeiting startup founded in 2022 by ICMAB-CSIC, raised €450k from CDTI Innovación and BeAble Capital M&A news 🚀Babel acquired Spanish consultancy Anadat Technology, which generated €23M in revenue and €2.3M EBITDA in 2025, adding 200 employees. Babel plans to triple its M&A pace to 3-4 acquisitions annually and it expects €300M revenue this year Spanish startup Llama Energy was acquired by Camby after 18 months of operations. Llama Energy helps Spanish households reduce energy costs by finding better deals and increasing market transparency. Terms of the deal were not discussed Nordic Capital-backed Sensio acquired ISECO, the leading care technology provider in Spain and Portugal. ISECO serves 1,000+ installations across care homes and recently won major tenders in Valencia and Barcelona US cybersecurity firm OneSpan completed its acquisition of German-Spanish startup Build38, a leader in mobile app security solutions Investor & accelerator news 🚀Indra committed to invest up to €10M in Hyperion Fund, the €150M defense-focused VC LUMO Fund, managed by Dutch firm LUMO Labs, received €6M from Spain’s SETT to invest in pre-seed and seed startups across Spain and Europe. The impact VC fund focuses on digital deep tech, AI, cybersecurity, and IoT startups Lanzadera welcomed 120 new projects in its latest cohort. Full list of companies in the link Spanish investors active abroad:
Startup news 💡Startup profilesProfile of fintech Embat, which processed over €250B in corporate treasury transactions in 2025. It has 350+ clients. Embat recently acquired US-based Necto and expanded to the UK and Germany New startups and product launchesAgrin’pulse, a Lleida-based agricultural robotics startup, unveiled its commercial AG-X autonomous electric tractor at 4YFN. The company plans to raise €7M-€10M to build a manufacturing facility capable of producing 1,000 agricultural robots annually. Founded in 2024, the startup already closed a €1M seed round Krea, the San Francisco-based startup co-founded by Spaniards, launched Voice Mode, which allows users to modify designs wth voice and get chances in real-time Clara, an AI recruiter developed within Jobandtalent, announced it’s onboarding its first external clients after conducting 1.6M interviews internally Startup financialsWallbox reported €145M in 2025 revenue, down 11.5% from 2024, amid “more demanding market conditions.” Wallbox currently has a market cap of just €43M Drumwit, the Barcelona-based surprise travel startup, generated €10M in gross revenue last year. The company mobilizes 1,000 travelers weekly who discover their European destinations 48-72 hours before departure Twenix, the Almería-based English learning platform, reached €12M in revenue with 96 employees in 2025. The startup offers 26-minute specialized online classes to over 1,500 corporate clients, after raising €3.5M in their latest funding round in 2022 Other newsFreepik created “ROOTS”, an animated short film about family and fatherhood built entirely using AI tools within their platform. The company explained in a series of tweets how they did the whole thing, from beginning to end
Not nice! Bnext has dismantled its cryptocurrency service without notice, leaving investors trapped with blocked funds for months. The token has crashed 99.5% since its 2022 launch and trading has been suspended since September N26 opened a new 2,000 sqm headquarters in Madrid to establish its second European operations hub alongside Berlin. Spain is N26’s second-largest growth market with over 1M active customers and 450 employees across Madrid and Barcelona Big company & policy news 🏦The craziness continues. When will LaLiga stop doing this stuff? Can someone stop them from making Spaniards seem like lunatics? LaLiga and Movistar Plus+ filed a joint complaint accusing the US tech company of ignoring over 100 requests to shut down illegal streaming sites using Cloudflare’s services, estimating €859M in economic damages. Even worse… a Madrid court summoned Cloudflare CEO Mathew Browning Prince to testify on April 7th regarding intellectual property violations Prosegur secured a €60M loan from the European Investment Bank to finance R&D activities and boost its digital strategy. The funding will support investments in advanced cybersecurity technologies, AI, smart security centers, and SaaS solutions Repsol’s payment and loyalty app Waylet reached 10M users, beating its 2027 target ahead of schedule Ecotechers published a database with startup investment activity done by Spanish corporates over the years Amazon Web Services announced an additional €18B investment in Spain at Mobile World Congress Barcelona, raising its total commitment to €33.7B through 2035. The expansion will modernize data centers in Aragón to meet AI infrastructure demands and create 29,900 jobs annually Interesting reads 🤓Dealroom.co and various Spanish entities, including Kfund, unveiled a teaser of the 2026 Spanish Tech Ecosystem Report at 4YFN, highlighting Barcelona’s tech ecosystem development over the years Bondo Advisors publised “El SaaS no está muerto (pero tampoco igual que antes)” Carlos Arboleya published a follow-up to his October post about shutting down his company. The new entry is called “I shut down my startup 4 months ago. This is what happens after. What nobody tells you“ Cesar Miguelañez (Latitude) published “agent patterns, harnesses, and general agents” Eduardo Manchon (Mailsuite) published “Si vendes SaaS para enterprise tu producto da igual” Jordi Noguera (JME) published “Todo se puede ver desde ángulos distintos“ Samuel Gil (JME) published “Los optimistas viven más. Qué hacer para ser más optimista. Cómo salvar tu SaaS de la revolución agéntica.” Ignacio Arriaga published “La era de la abundancia y los productos basura”
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