Dealflow.es #483: TravelPerk gets IPO ready. Freepik is on 🔥. Reveni raised €7.5M
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Dealflow.es #483: TravelPerk gets IPO ready. Freepik is on 🔥. Reveni raised €7.5MA weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.
Dealflow.es aims to be the best way to keep up with Spain’s startup ecosystem. This is a side project of mine. 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 Moonwalkers:
Startup funding news 💸Spanish startups raised €324.4M across 31 deals in Sep 2025, the third‑highest month after 2021 and 2023. Year‑to‑date funding totals €2.727B, 90% of 2024’s figure and 40% above 2023 Returns‑management platform Reveni has raised a €7.5M Series A led by 13books, bringing total funding to €17.3M. Reveni unifies sales, logistics and returns in one dashboard, offering instant refunds and real‑time risk modelling SICC Innvierte (CDTI Innovación) and co‑investors Seaya Andromeda, Redalpine, Breega and BSOCIAL funds have invested €5.436M in 011h, a Catalan startup whose digital platform streamlines building design and construction Hospitality AI startup Bookline has closed a €3.5M Series A led by ICF Capital. Bookline’s agents automate bookings and customer interaction for restaurants, hotels and campsites Hysun has secured around €3M from Equinor Ventures and Axon Partners. The round will fund real‑world validation of its solar‑powered hydrogen reactor at the Plataforma Solar de Almería Ki Labs has raised a €320k seed round from business angels, Instituto Español S.A. and ENISA to scale its AI‑based skin‑diagnostics platform M&A 🎉Barcelona‑based travel‑management platform TravelPerk has reportedly hired Morgan Stanley, Goldman Sachs and Jefferies to prepare for a U.S. IPO. The company was last valued at $2.7B in Jan 2025. Its software helps firms manage corporate travel and expenses. This would be amazing for TravelPerk and the Spanish startup ecosystem as a whole French payroll firm Silae has entered Spain by buying Catalan HR‑tech companies Summar and Denario. Together they employ 100 people, process 1 M payslips monthly and generate €15M revenue. Silae—already handling 8 M payslips a month in France—plans to keep both brands and double Spanish volumes within three years Quipu founder Roger Dobaño has announced the Spanish invoicing startup’s sale to TeamSystem. The Italian software group, which logs >€1B revenue and 2.5M clients, will help Quipu scale its digital accounting tools. Dobaño says the deal follows an earlier private‑equity exit and aims to simplify invoicing for freelancers and SMEs Investor & accelerator news 🚀Hyperion Fund is preparing a second defence‑and‑aerospace vehicle up to €500M. It has invested 40% of its first fund (€150M plus €100M for co‑investment) across six deals including Pangea Aerospace, Gutmar and Brok‑Air. The firm aims to have 70% deployed by end‑2025; anchor investor Nortia Capital remains, with additional LPs such as Indra, Amper and McWin, and support from the public Fond‑ICO 4Founders Capital has closed its third fund at €70M—€5M above its target—just six months after the first close. Backed by EIF, CDTI Innvierte, ICF, insurers and family offices, 88% of existing LPs returned. Fund III continues to invest in Spanish pre‑seed and seed SaaS startups with a focus on EBITDA and high revenue growth; it has already backed Mogu, Puntopost, Showme, Altan and Steryon and plans ~40 investments. Fund I delivered 1.65× DPI and >18% net IRR with 11 exits. Spanish investors active abroad:
London‑based VC Evantic has been launched with >$400M to invest in B2B AI startups. The firm is co-founded by Matt Miller, formerly of Sequoia, and counts Spaniard Didac Lee as a senior
Startup news 💡Sponsored bullet point 👉🏼 🚀 Moonwalkers conecta startups con la industria del marketing experiencial mediante el modelo Venture Client, ofreciendo acompañamiento, contactos y oportunidades reales para proyectos que combinan creatividad, tecnología e impacto. Más info aquí. New startups and product launchesEvalion has launched with a mission to build trustworthy AI agents. Co-founders are Marcelo Camberos, based in the US, and Miguel Andres, based in Barcelona. The company has developed a platform for agent simulation and evaluation, partnered with five enterprise AI firms (including two unicorn agent builders) and secured funding from prominent AI investors Convo is a new Barcelona-based real-time AI assistant for meetings Vodafone Spain has launched a Billin‑powered “Factura Digital” service to help ~3 M SMEs and freelancers comply with Verifactu. Other newsFreepik co‑founder Joaquín Cuenca celebrated on X that his company ranked #4 in a16z’s AI‑application spending list, behind OpenAI, Anthropic and Replit. Full report available here
Barcelona‑based liquid‑cooling company Submer will build a €150M plant in India to produce energy and cooling modules. Co‑founder Daniel Pope says the facility, financed via contracts and an upcoming €400–600M round (target valuation €3B), will supply Asia within 12 months and create 200 jobs while training 5k workers Vehicle‑services marketplace Cafler is moving its legal domicile to Delaware to attract U.S. capital and plans a €30–40M funding round. Operating in Europe, LatAm and the U.S., its platform handles ITVs, workshop visits and moving services for 1.2k clients, has serviced >500k vehicles and saved users 4M hours Startup financialsVideo‑game studio Codigames returned to growth after restructuring. 2024 revenue rose 12% to €20.3M and net profit hit €4.8M despite layoffs Payflow co‑founder Avinash Sukhwani said that they’ve had a “strong August,” crossing $7M ARR and becoming cashflow and EBITDA positive. He said the salary‑advance fintech is nearing $10M ARR and that September will bring bigger news. Startup profilesIENAI Space, founded by Sara Correyero and three fellow engineers, is developing electric propulsion systems for small satellites. The Madrid-based startup, created in 2019 after a prize-winning PhD project, has raised €7M from public and private sources. It plans to launch its first demo mission this year and begin commercializing its engines in 2026 Galician firm Smarttek, founded in 2013, makes window‑ and solar‑panel‑cleaning robots and holds ≈90% of Spain’s professional window‑cleaning market and ~35% globally. Co‑founder José Manuel Ruiz says competition from China would confirm a real market but warns humanoid robots will face slow acceptance because they “scare” people. He also urges Europe to boost manufacturing despite bureaucratic drag Maisa CEO David Villalón spoke about they’ve built a Knowledge Processing Unit with a deterministic chain‑of‑work to fix generative AI’s hallucinations and lack of traceability Big company & policy news 🤓Alejandro Hermo, CEO of Goiko and previously at McDonalds and Burger King, lamented on LinkedIn that Spain’s rider law made delivery rigid and costly; he argues the system worked well until 2021 but now leads to lost orders, higher prices and lower rider income. Last week, it also known that Uber Eats may face criminal charges after Spain’s labour minister Yolanda Díaz accused it of still using bogus self‑employed riders. Uber insists its hybrid model complies with the law and offers riders choice.
Indra is studying the acquisition of Tecnobit, Oesía’s vision, simulation and tactical‑communications unit, to bolster its drone and defence business. The target posted €105M revenue and €15M EBITDA in 2024 with a €194M backlog; valuation could range from €130–200M or up to €300M. The deal fits Indra’s push to add industrial capabilities after buying Aertec’s drone unit, Hispasat and Deimos End of an era. Google announced that its Madrid Campus will close in late 2025 as the programme moves fully online. Google Campus had a tremendous impact in the Madrid and Spanish ecosystem in the 10 years it remained open. It’s true that after the pandemic it changed its focus a bit -the open cafeteria of the beginning was an amazing place to meet other founders and entrepreneurs-, but without Campus Madrid misses a key ecosystem enabler. As far as I know, there’s not a go-to place for founders and entrepreneurs in Madrid Revolut’s Mexico CEO Juan Guerra has warned that BBVA and Santander’s “party in Mexico will end” as the UK fintech plans to invest €11.5B and expand into 30 new countries Interesting reads 🤓Ignacio Arriaga published “Cómo escapar del apocalipsis del SEO” Joshua Novick published “¿Por qué Idealista vale 20 veces más que Fotocasa?” Thanks for reading Dealflow.es Newsletter! Subscribe for free to receive new posts and support my work.
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