Dealflow.es #457: Lookiero merges. Ebury seeks €3B IPO. Multiverse gets €67M.
Dealflow.es #457: Lookiero merges. Ebury seeks €3B IPO. Multiverse gets €67M.A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.For Dealflow sponsorship opportunities, email me at jaime@dealflow.es. I only have 7 slots available for the rest of the year, the first one being June 30th We now also have Dealflow France 🇫🇷 and Dealflow LatAm to follow startup and VC news in each ecosystem. Subscribe if you’re interested! This week’s newsletter is brought to you by Crescenta:
Startup funding news 💸In February 2025, Spanish startups secured over €476M across 35 deals, marking a 70% increase compared to February 2024 Multiverse Computing, a San Sebastián-based startup specializing in quantum computing software, received a €67M investment from the Spanish government through the SETT. Their flagship product, CompactifAI, leverages quantum-inspired algorithms to compress large AI language models to 10% of their original size without sacrificing performance Barcelona-based VEGA Chargers, a company specializing in smart chargers for electric vehicles, secured a €5M round led by Orbis, with participation from Suma Capital Other rounds of funding: D-ONA (€400k) M&A 🎉Bilbao-based personal shopping startup Lookiero has merged with German competitor Outfittery to form Europe’s leading online personal shopping platform. The new entity generates €130M in sales and is expected to reach a double-digit million EBITDA after integration. Oier Urrutia, CEO of Lookiero, will serve as chief executive of the resulting entity. He wrote about it here. Lookiero had raised around $53M, while Outfittery a bit more at almost $60M Banco Santander is preparing the IPO of its subsidiary Ebury, the British/Spanish fintech specializing in currency management for SMEs. The listing, expected in late May or June in London, aims for a valuation of £2.5B (€3B). In 2024, Ebury generated £220.6M in revenue and an EBITDA of £9M. Santander holds a 66.5% economic stake (54% voting rights) in Ebury. Initially planned as a capital increase, some investors, including Vitruvian Partners, 83North, and Angel CoFund, may also sell shares. Santander first invested in Ebury in 2019, increasing its stake over the years to reach a total investment of €616M Indra is in advanced talks to sell its tech subsidiary Minsait to UK-based Apax Partners for over €1.5B. The deal may include Minsait Payments and aims to fund Indra’s expansion in defense MioGroup, the consulting firm led by the Arbeloa brothers, acquired the remaining 24.95% of Firma Brand Communication for €3.12M, bringing its stake to 100%. The total deal value could reach €12M. Since MioGroup’s 2022 investment, Firma’s EBITDA grew 84% in 2023, to €2.5M Madrid-based pharma company Rovi acquired a 94.99% stake in Cells IA Technologies, a startup specializing in AI-assisted diagnostics, for around €4M HBX, the parent company of Hotelbeds, has been publicly traded for three weeks, with its stock fluctuating between €10.3 and €11.5, down 4.5%. CEO Nicolas Huss remains optimistic about 2025 and is considering increasing the company’s free float in the medium term. The firm aims for a 60% EBITDA margin and plans to distribute dividends in 2026 Investor & accelerator news 🚀Nazca Capital launched a €400M aerospace and defense fund, with a potential cap of €500M. The fund aims for a first closing before summer. It will acquire stakes in European companies with at least €5M EBITDA, focusing on dual-use technologies Spanish investors active abroad:
Startup news 💡New companies and product launches:
Company financials:
Other news:
Hirings and other personnel moves:
Big company & policy news 🤓Telefónica has undergone a significant leadership restructuring under President Marc Murtra, resulting in the departure of key executives from the previous administration. Notably, Chema Alonso, Chief Digital Officer, and José Cerdán, CEO of Telefónica Tech, have been relieved of their duties. Alonso’s responsibilities will transition to Sebas Muriel, who rejoins Telefónica after leading GroupM Spain As of December 2024, TikTok reported approximately 20.3 million MAUs in Spain Bizum is exploring partnerships to expand beyond national borders and become a pan-European payment player RootedCon, a major cybersecurity event in Spain, is preparing legal action against LaLiga over IP blocking practices Interesting reads 🤓Samuel Gil (JME) wrote “Software B2B en la era de la IA” |
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