👋 Welcome to Learning VC! I’m Luis Llorens and I write monthly about venture capital, fundraising and my personal experiences as an investor.

In this post you will find a list of entrepreneurs and startups in the midst of their fundraising endeavours.

In March, we achieved the following figures:

✅  73 startup applications.
✅  Stages: 1% Stealth | 73% Pre-seed | 22% Seed | 4% Series A & B
✅  Geographies: 34% US | 18% Spain | 14% UK | 34% Rest of the world.
🤯 1,222 submissions in 2025.

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If you're a business angel or VC and would like to see the list of startups, leave a comment below or scroll to the end of this post.

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I will provide an analysis of 3 early-stage startups building global solutions in Spain, Belgium and the US.

📍 HQ: San Francisco, US
🏭 Industry: AI, Software Development
☘ Stage: Early Growth and Scaling
🚨 Problem: AI inference costs are the fastest-growing line item for any company building on AI, and most teams have no intelligent layer optimizing them.
🔛 Solution: Hicap fixes that. One API integration routes and forecasts your AI workloads across all major LLMs, cutting inference costs by 30-40% with zero tradeoff on speed or reliability.
📱Product: AI gateway API and dashboard let teams access and route requests across multiple AI models and providers through a single endpoint, with unified billing, routing logic, and usage monitoring

🎯 Ideal Customer Profile: Series A–B-C companies building in the AI application layer, along with developers who consume AI tokens directly or through integrations in their coding workflows.
📊 Traction: 4,400 B2C users. 2 signed multi-year B2B contracts at $400K ARR.
🏚 Market: $250B AI infrastructure market.
👥 Andres Girault (CEO): 2× founder (1 exit); led a 30-person AI team post-acquisition.
👥 Javier Cevallos (CTO): 10 years at Azure infrastructure; MSc in Computer Science (USC).
👥 Juan Ansaldo (CFO): Background in investment banking and VC; part of team that took a company public at $13B.
👥 Ben Green (CPO): 15 years building developer tools at PayPal and Honey.
💰 Round: Seed Round.

📍 HQ: Madrid, Spain
🏭 Industry: AI, Regtech
☘ Stage: Pre-Seed
🚨 Problem: Regulation is the operating system of every country, and no one can keep up with it. 44,555 rules in force in the EU. 2,800+ new acts per year. 1,500+ sanctions per year.
🔛 Solution: Reversa replaces manual compliance workflows with AI agents that monitor 500+ regulatory sources, understand each company's specific context, and orchestrate actions.
📱Product:

🫰 Business model: B2B SaaS. Annual contracts. PA consultancies and law firms as distribution partner layer.
🎯 Ideal Customer Profile: Regulated enterprises with multi-jurisdictional exposure. PA consultancies and law firms managing compliance for multiple clients.
📊 Traction: €60k ARR in 5 months of operations. Revenue growing from 100% MoM.
🏚 Market: Global RegTech: €19.6B
👥 Santiago Aliaga (CTO): ex-Amazon AI Lead, ex-Accenture. Top 1% Fiverr in Blockchain. Analytics & Law (ICADE).
👥 Íñigo Martín (CPO): ex-Mundi Ventures, ex-Monitor Deloitte. Analytics & Law (ICADE).
👥 Tomás Burgaleta (CRO): Worked at US M&A & Operations at Tetuan Valley. Master of Laws (Tulane Law-USA).
💰 Round: €400k pre-seed. Contact: inigo@reversa.ai

If you’d like to be featured in my next blog post, or recurrent access to the list of startups, let me know!

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📍 HQ: Belgium
🏭 Industry: Mobility / Climate
☘ Stage: Seed / Pre-Series A
🚨 Problem: Two-wheelers dominate urban mobility globally, but they fail in real-life use cases like carrying goods, families or daily tasks, forcing users back into cars.
🔛 Solution: Any is building a new category of urban mobility, Life Utility Vehicles (LUV): a modular, cargo-capable electric two-wheeler platform that combines the practicality of a car with the efficiency of a motorcycle.
📱Product:

🫰 Business model: Vehicle sales, high-margin accessories, and subscriptions to services.
🎯 Ideal Customer Profile: Professionals in flexible or independent fields - such as designers and freelancers - who move frequently within cities for work and daily life. Urban workers like delivery couriers, service staff and caregivers.
📊 Traction: Prototype stage, final BOM, roadmap to SOP. Strong early consumer traction and pre-registrations (exceeding marketing benchmarks).
🏚 Market: $500B+ global powered two-wheeler market undergoing electrification, with a clear gap for a new “right-sized” urban vehicle category.
👥 Lowie Vermeersch (Head of Design) – Former Design Director at Pininfarina and founder of Granstudio. Experience designing for Ferrari, Maserati, and the world's largest OEM's.
👥 Pieter Van de Velde (CEO) – Experienced operator and founder with background in product design, venture capital and scaling ventures
👥 Erik de Winter (COO) – Operator with deep experience (10+ years) in urban mobility and scaling international operations.
💰 Round: Seed round. Pitch deck upon request.

👉 Limited (but complete) access to March’s list here. Full access for subscribers at the bottom of the post, including April’s list in real time and decks.

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