Dealflow.es #477: EQT buys Adevinta Spain. Vivla raised €8M. Defense deals.
Dealflow.es #477: EQT buys Adevinta Spain. Vivla raised €8M. Defense deals.A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
This is the last edition before a small summer break during August. Thanks a ton for reading throughout the first half of the year! Dealflow.es aims to be the best way to keep up with Spain’s startup ecosystem. Dealflow is a side project. I spend the vast majority of my time investing in early stage startups as part of Kfund. We make investments of €100k to €10m. If you want to chat, drop me an email at jaime@kfund.vc Friendly reminder that we 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 sponsored by Built In Europe:
Startup funding news 💸Vivla, the Madrid-based startup offering co-ownership of luxury second homes, closed an €8M round led by Samaipata Ucademy, the Madrid-based edtech platform focused on online training for competitive exams and university entrance tests, raised a €3.5M funding round. The round was led by Inveready Néboda, a Vigo-based startup developing vertical indoor farming systems, raised a €1.84M seed round to scale its pre-industrial production and validate its business model. Investors include Clave Capital, Unirisco, Xesgalicia, Eatable Adventures, and CDTI-Innvierte Metly, a Barcelona-based startup applying AI to accelerate pharmaceutical product development, has closed a €520k pre-seed round M&A 🎉Swedish PE firm EQT acquired the Spanish business of Adevinta, which includes leading classifieds platforms such as Fotocasa, Milanuncios, InfoJobs, Coches.net, Habitaclia, and Motos.net. The deal is valued at approximately €2B and is expected to close in the first quarter of 2026, pending regulatory approvals. Adevinta España, owned by Permira and Blackstone, operates six major portals that collectively receive 146 million monthly visits and employ over 1,600 people. The transaction is one of Spain’s largest tech M&A deals of the year and strengthens EQT’s presence in the digital marketplaces sector, building on its investments in Idealista (where it still holds 18%), Freepik, Travelperk, and Universidad Europea. More info on the deal here. And more info on EQT’s activity in Spain here Nazca Capital acquired Teltronic from China’s Hytera for €120M, marking the first deal from its new €600M defense fund. Based in Zaragoza, Teltronic provides mission-critical telecom systems for defense and public safety. The company had €80M in revenue and €15M EBITDA in 2024 and operates in over 60 countries Indra has agreed to acquire the drone business of Andalusian aeronautics firm Aertec. The deal covers Aertec Defence & Aerial Systems, whose Tarsis drones are used for observation and military support. Aertec will retain its airport and aerospace divisions; its drone unit generated ~€50M revenue and €1.2M profit Nzyme, the private equity firm backed by Kibo Ventures and ex-Oliver Wyman partners, acquired a majority stake in RB Soluciones, a Ferrol-based consultancy specializing in data protection and regulatory compliance. This is Nzyme’s third deal, following investments in Dental Ibérica and Equinvest Investor & accelerator news 🚀Profile if 4Founders Capital, which has reached €124M under management. Its third fund has already raised €44M and completed five deals (Mogu, Puntopost, Steryron, etc.) and expects up to 10 this year. The firm backs “Spanish‑linked” B2B startups in fintech, AI and cybersecurity with tickets of €300k–2M and follow‑ons up to €6M. Fund I achieved a DPI of 1.65× and 28.5% annual return from 27 companies and 11 exits Borja Cabezón has stepped down as CEO of ENISA just 18 months after his appointment. He wrote about the news here CDTI Innovación will manage nearly €2B in 2025 to support Spanish R&D and startups. Its vehicle SICC Innvierte will deploy €800M through direct and fund investments in deep tech sectors like biotech, AI, and space. Another €300M will back tech transfer funds with the EIF Profile of Bullnet Capital, the Madrid-based VC firm founded in 2001 by Javier Ulecia and Miguel del Cañizo, that focuses on early-stage deep tech startups, especially spin-offs from universities and research centers
Startup news 💡Sponsored bullet point 👉🏼 Profile of Kreios Space, a Barcelona-based startup developing an air-breathing electric propulsion system that enables satellites to operate in Very Low Earth Orbit (VLEO) — under 300 km — without onboard fuel. Their tech collects atmospheric gases and converts them into plasma thrust, allowing long-term missions at altitudes previously unviable due to atmospheric drag. Their first space mission is planned for 2026 Startup financialsIndexa Capital has lowered the minimum investment for its pension and EPSV portfolios to €50, applicable to both new and existing clients Holaluz has secured final court approval for its debt restructuring plan after no creditors opposed it. The €57M deal, backed by major banks and without any haircuts, extends repayment terms to 2028. The plan was bolstered by a €22M investment from Icosium Investment, now its second-largest shareholder. Holaluz is listed on BME Growth with a market cap of €26.3M Startup profilesA Sifted article on “22 cybersecurity startups to watch in 2025” features 4 Spanish startups selected by VCs as promising players in the sector:
Other newsRetail access to PE and VC is growing in Spain, with platforms like Crescenta, Bankinter, MyInvestor, and GVC Gaesco having raised over €500M in just two years. Legal changes now allow investments from €10k, widening access to funds previously reserved for institutional investors. Crescenta (Kfund portfolio company) alone has attracted 2,900 investors, and Bankinter already serves 5,700 retail clients in this segment Andreu Dotti, CEO and co-founder of Innovamat, has been awarded the Princess of Girona CreaEmpresa Prize 2025 for tackling math anxiety and promoting inclusive education. Founded in 2017, Innovamat creates math teaching resources for educators, reaching 2,300 schools in 9 countries and generating €20M in revenue in 2024 Canva has named Spain as its most active market in Europe, with one in seven internet users on the platform Big company & policy news 🤓Huawei has come under scrutiny in Spain after reports revealed that its hardware is used in the country’s judicial wiretapping system, sparking concerns over national security amid EU efforts to limit reliance on “high-risk” suppliers. The Chinese tech giant has denied any access to customer data and insists its flash storage devices comply with Spanish regulations. Meanwhile, the Spanish government is reviewing contracts with Huawei following Brussels’ recommendation to reduce exposure to certain Chinese providers in 5G and critical infrastructure. More info here and here ACS, through its US subsidiary Turner and in partnership with Wohlsen, has been awarded a €5.16B contract to build a massive AI-focused data center in Pennsylvania for US firm CoreWeave Santander created a new Data and Artificial Intelligence unit reporting directly to Ana Botín. Led by former BBVA exec Ricardo Martín Manjón, the division will define the group’s AI strategy, integrate data capabilities, and promote internal AI talent Ericsson plans to cut over 300 jobs in Spain—about 13% of its 2,260-strong workforce—as part of a broader European restructuring following the consolidation of its business units from seven to four Chema Alonso, the well-known cybersecurity expert and former Telefónica executive, has joined the Real Federación Española de Fútbol as an advisor on technological innovation and AI for refereeing Interesting reads 🤓Jorge Sancha and Rafa Moreno (Tinybird) published “Why LLMs struggle with analytics” Jose Ramon Perez Agüera (Mercadona Tech) published “XP Programming vs SCRUM” Thanks for reading Dealflow.es Newsletter! Subscribe for free to receive new posts and support my work.
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