Dealflow.es #466: Keonn sold for €60M. Stack AI raised $16M. Luzia picked up $13M.
Dealflow.es #466: Keonn sold for €60M. Stack AI raised $16M. Luzia picked up $13M.A weekly summary of everything that happened in the Spanish startup and tech investing ecosystem.If you want to listen to an audio version/summary of this newsletter, take a look at what Luis Acosta has done at News2podcast. He was kind enough to reach out to me a couple of weeks ago to show what he was working on, and this is the result. Pretty useful and I’m sure we’ll continue to improve it in coming weeks! If you have feedback, don’t hesitate to reply back or reach out to him.
This week’s newsletter is sponsored by Google Cloud:
Startup funding news 💸Multiverse Computing, the Basque quantum software startup, is preparing a €150M capital raise. Backed by the Spanish government’s SETT (formerly SEPI) and investors like Columbus VP and Quantonation, the company posted €13M in 2024 revenue and €7M in losses San Francisco-based Stack AI, co-founded by Spanish entrepreneurs, raised a $16M Series A from Lobby VC, LifeX Ventures, Guillermo Rauch (CEO of Vercel), and Bob Van Luijt (CEO of Weaviate), as well as previous investors YC, Gradient (Google), etc. The startup builds low-code tools for creating AI agents adapted to business needs Luzia, the Spanish AI assistant startup, raised $13.5M in a round led by Prosus Ventures, with participation from Khosla Ventures, A* Capital and Monashees. Luzia has raised around $49M to date. The company, known for its WhatsApp-based AI assistant, will use the funds to expand across LATAM. Prosus also announced the deal Seaya Andromeda acquired a 30–40% stake in Cuimo, a B2B marketplace for refurbished motorcycles, through a mix of secondary share purchase and a capital increase. The €8M deal included continued backing from existing investors like Encomenda and Hugo Arévalo. Cuimo, founded in Madrid, reached €18M in annual revenue and is now the third-largest player in Spain’s second-hand motorbike market Niche Mobility, a startup developing modular and lightweight EV platforms, raised €1.6M in a round led by Archipelago Next, alongside Clave Capital and other investors Other rounds of funding:
M&A 🎉US-based Novanta, listed on NASDAQ, acquired Catalan startup Keonn, a specialist in RFID technology used by clients like Zara and Decathlon. Novanta will pay €60M upfront and an additional €20M as part of an earnout Investor & accelerator news 🚀The CDTI Innovación launched the 2025 NEOTEC call with €20M in grants for deeptech and science-based startups Eva Gervás, heir to the Mahou family fortune, launched Canetonin Investment, a private investment vehicle that will likely take a significant stake in Kibo Ventures Fund IV, the €150M deeptech fund focused on AI, robotics, and climate tech. More here A team of ex-executives from El Corte Inglés, Booking, Expedia, and Google secured CNMV approval for Travel Tech 2 (TT2) Smart Investments, a new €50M VC fund focused on traveltech Semente Capital, a new business angel network focused on Galicia, launched with the goal of boosting early-stage investment in the region. Backed by 25 founding investors, the group aims to support Galician startups with funding, mentorship, and connections
Startup news 💡New startups and products:
Startup financials:
Startup profiles:
Other news:
Big company & policy news 🤓Telefónica is preparing a workforce reduction of up to 5,000 employees as part of CEO Marc Murtra’s new efficiency plan Amadeus grew its Q1 2025 net profit by 12% to €363M. It also completed the acquisition of Forward Data, a travel intelligence firm, for €15.3M Merlin Properties will invest €2.4B over the next four years to expand its data center business Spain’s Supreme Court ruled that banks must cover losses suffered by customers due to digital fraud, including SIM swapping and phishing, even if standard security protocols were followed Interesting reads 🤓The Ministry of Industry awarded €53.2M to 37 microelectronics projects as part of the PERTE Chip initiative. The funds aim to boost Spain’s semiconductor capabilities through R&D and infrastructure development. Recipients include Ikerlan, CIDETEC, CSIC, Imasenic, Innophysics, and Openchip, covering both public research centers and startups working on chip design, packaging, and quantum tech El Mundo analyzes the paradox of Spain’s startup ecosystem: despite an unprecedented influx of public funding—via programs like NextTech, CDTI, Fondico or FOCO—private capital, especially from institutional investors like pension funds, remains largely absent Samuel Gil (JME) wrote “La evolución del Venture Capital” Saleiva (Kfund, Tinybird) wrote “Thriving in your first job” Jorge Sancha (Tinybird) wrote “Cursor is my new Google Docs: I use Cursor for writing and pretty much everything I do at work.” Guillermo Rauch, CEO of Vercel, criticized LaLiga for blocking a Vercel CDN IP in Spain without using a dedicated reporting channel the company set up. This is terriblle Podcasts & interviews 🎙️Alvaro Fontela (CEO and founder of Raiola Networks) Javi Lopez (Magnific, sold to Freepik) Jesus Martinez (Ecotechers) |
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