On the surface, your data systems seem to be running smoothly. But lurking underneath are risks that can sink your data's reliability.

Many companies realize too late about their data deficiencies. Poor data quality, broken systems, data growth problems and weak documentation make data unreliable.

At zenital, we reinforce data systems for the long-term. We optimize pipelines and architecture to maintain quality as you scale. With preventative audits, we identify risks before they disrupt operations.

Don't wait for data issues to surface. To learn more about how to navigate the data iceberg, check out the success case on how to future-proof data systems from unseen risks.

Startup funding news 💸

• Accoding to Jesus Martinez (La Informacion), Clarity AI is finalizing a funding round of several tens of millions of euros with Balderton Capital, joining investors such as Softbank and Blackrock. The startup, which measures sustainability policies, reported ARR of €12M in 2023. More on Clarity’s financials here
• Barcelona-based Dost, a startup that automates financial processes through AI, closed an investment round of €1.5M, co-led by Angels and Born Capital. More here
• Other rounds of funding:
• Rauda AI: €520k, AI agents for customer support

M&A activity 🎊

• Hg Capital, a UK-based investment firm with over $70B in assets, has made its first acquisition in Spain by purchasing a nearly 50% stake in the newly merged compliance software firms Ctaima and E-coordina. The deal values the new group at approximately €160M
• UK firm Oakley Capital is preparing to sell its shares in idealista, aiming to return €82M to its investors
• GMV acquired 100% of Autek, a Spanish company specializing in cross-domain systems that ensure secure data exchange in defense and high-security environments
• Miravia, Alibaba's marketplace in Spain, acquired a 20% stake in Vdshop, a company of the VASS group specialized in ecommerce platforms

Investor & accelerator news 🚀

• Axon Partners Group secured a €15M investment from the CDTI for its Next Technology Venture II fund
• Seaya announced the opening of an office in London, marking its first European headquarters outside of Spain. The office will be led by Serhat Aydogdu, Director of Investments for the Seaya Andromeda fund, focused on Climate Tech
• Cardumen Capital has decided to liquidate its Cardumen Sportstech Fund, which aimed to invest €200M in startups focused on sports innovation across Europe and Israel. Despite obtaining regulatory approval from the CNMV and a two-year target to secure €100 million, the fund was dissolved
• Spanish investors active abroad:
• Santander, through its Climate Fund, participated in the €11M Series B of Italian startup Tau Group
• Samaipata followed-on in the €15M round of German company Retraced, where it was already an investor
• Inveready to become the main sponsor of professional basketball team Gipuzkoa Basket. The team will be called Inveready Gipuzkoa from now on

Startup news 💡

• Adara Ventures increased the valuation of adtech startup Seedtag to €550M, driven by its 50% sales growth in 2023. Seedtag, which develops contextual advertising technology, aims to reach €500M in revenue over the next two years
• Remotely, the startup created by former Olapic founders Pau Sabria and Jose Cabo, said in a post that its marketplace currently manages more than $25M in annualised revenue or GMV (salaries + fees) and does $4.5M in ARR. Remotely helps developers in LatAm find tech jobs in US companies
• Rodrigo Rodríguez, former CEO of Odilo, gave an interview with elEconomista and also appeared on the itnig podcast to talk about the Odilo contoversy. "Los fondos me han sometido a una presión insoportable para arrebatarme el control", he said. He considers himself a victim of pressure from fund Bregal Milestone, following his dismissal for alleged account manipulation. Rodríguez denies the accusations and plans legal action, arguing that the funds attempted to take control of the company against the shareholders’ agreement
• Crescenta launched a new service for managing SCRs (Sociedades de Capital Riesgo). This service aims to streamline the management of VC entities, allowing clients to focus on their investment strategies while ensuring regulatory compliance and efficient operations
• Paack, which recently finalized an ERE, announced a strategic restructuring plan. Xavi Rosales will take over as the new CEO in Iberia. The company plans to sell its French subsidiary
• Cabify will close its operations in Mexico in October due to lack of profitability. Trips in the country accounted for less than 1% of its revenue in 2023. Cabify remains active in Argentina, Colombia, Perú, Chile and Uruguay
• Bit2Me partnered with Fuze, a leading crypto company in the Middle East. The agreement focuses on providing liquidity, facilitating cross-border transactions, and enabling operations with the UAE's dirham (AED)
• Revolut has integrated Bizum, into its platform. This move comes as Revolut's user base in Spain grows to 3.5 million, marking a 40% increase from the previous year
• Startup profiles:
• Kymatio: cybersecurity
• FlyKube: travel tech

Big company news 🏦

• Tendam, the company behind brands like Cortefiel, suffered a cyber attack where cybercriminals stole more than 720 gigabytes of information and are demanding a ransom of €800k
• The Spanish government is developing ALIA, a generative AI model similar to ChatGPT but focused on Spanish and other official regional languages. "No hay ningún proyecto así en el mundo", they claim. Trained using the MareNostrum 5 supercomputer, the project aims to enhance technological sovereignty by creating open models accessible to businesses
• Wayra, the corporate venture capital arm of Telefónica, has renewed its structure to unify its investment and open innovation activities
• Airbnb reported a 32% increase in revenue in Spain, reaching €31.6M
• Cinco Dias published “¿Por qué las grandes empresas españolas no invierten en startups?”

Alex Bryszkowski announced that he’s joining Holafly. “Cuando te ofrecen subirte a un cohete, no te lo pienses demasiado: súbete y vuela”, he tweeted. The company has also been kind enough to sponsor this newsletter.

When I asked Alex what should I say about Holafly, he simply said: “Que hay algo que se llama eSim con la que tu empresa puede ahorrarse mucho dinero en roaming”.

If you’re traveling, get your eSim with Holafly.

Interesting reads 🤓

• Anna Piñol, partner at US investment firm NFX, published “Software with a Soul: AI’s Underestimated Frontier”
• Bewater Funds published a study about the founders of their portfolio: “¿Cómo son los fundadores en los que invertimos?”
• Pablo Jarillo-Herrero, a prominent graphene researcher at MIT, encourages Spain to innovate in science and technology, stating that success in this field requires 10% talent and 90% effort