The Hotels Network exit. Adsmurai draws M&A interest. Belvo raised €15M.
April 21, 2025 • Issue #463
Data isn’t one-size-fits-all. Let’s build the right solution for you!
At Zenital, we’ve helped dozens of companies craft data ecosystems that truly fit their needs. One thing we’ve learned? Success starts with strong fundamentals.
That’s why we kick things off with a series of collaborative workshops — together, we define your goals, map your data sources, identify key use cases, and design a tailored data model just for you.
This hands-on training lays the foundation for a personalized roadmap to bring your data strategy to life.
If this sounds like what you need, get in touch — we’d love to hear your challenges and start designing your solution.
Startup funding news 💸
- Spanish and LatAm-based Belvo has secured $15M in new funding from investors including Quona Capital, Kaszek, Kibo, and Y Combinator. Belvo powers over 50M connected accounts and 2M monthly payments, leading open finance in the region. Co-founder Pablo Viguera wrote about the fundraise here
- Valencia-based startup Kerionics has received €12.8M from the EU's NextGenerationEU funds to produce high-temperature electrolyzers. This funding will support the Zerohgreen project, aiming to establish Spain's first automated production line for SOEC electrolyzers, crucial for green hydrogen production
- Inveready has increased its stake in Gigas to 32.27%. The move comes after Gigas completed a €6.3M capital increase to strengthen its financial position and support its acquisition strategy
- Eoniq Fund has invested €500k in Sevilla-based Tutrocito to enhance its online furniture personalization platform
- Spanish fund Next Tier Ventures announced its investment in Nilo Technologies, a Valencia-based game engine that allows the creation of 3D worlds in seconds
M&A activity 🎊
- London-based Lighthouse acquired Barcelona-based The Hotels Network to enhance its hotel marketing capabilities. This move aims to boost direct bookings and revenue for hotels globally. Here’s The Hotels Network blog post, and here more from investor Jesus Monleon (4Founders). CEO Juanjo Rodriguez wrotte about the deal here. Terms of the deal were not disclosed. THN had raised more than $15M in funding from 4Founders, Seaya and Elaia
- Barcelona-based Adsmurai is attracting strong interest from several PE funds and industrial groups, according to El Economista. Adsmurai reported €74M in revenue, with 48% generated internationally, and an EBITDA of over €4M. Valuation estimates suggest a potential €100M deal. Founders Marc Elena, Juan Antonio Robles, and Otto Wüst currently own 100% of the company after buying back stakes from Axon and Univisión.
Investor & accelerator news 🚀
- CDTI has launched the INNTERCONECTA STEP call with €90M to fund collaborative R&D projects in Spain
- Hyperion and Lauria Partners have acquired a majority stake in Gutmar, a Catalan engineering firm specializing in aerospace and defense. Gutmar, with over 70 years of history, collaborates on major international aerospace and defense projects
- Madrid-based former CIA officer Eric Slesinger announced the launch of 201 Ventures, a new $22M firm focused on advancing freedom and autonomy in Europe (defense tech). More here
Startup news 💡
- In January Habitissimo announced an ERE affecting 90% of its workforce. The company was acquired by HomeServe in 2017, which was then acquired by Brookfield in 2022. The decision was deemed disproportionate by employees. After negotiations, Habitissimo's workers accepted an agreement to lay off nearly 100 employees, with compensation exceeding economic dismissal terms. More details here
- Colvin, the Barcelona-based online flower delivery startup, has laid off most of its staff and entered insolvency proceedings to avoid closure, according to El Periódico. Investor Claret Capital has taken control of the company’s assets after a failed restructuring attempt
- New products and companies:
- Romà Llambés, CEO of Loiale, announced the launch of 3PD Attribution, a tool for restaurants to identify delivery customers from platforms like Glovo and Uber Eats. This enables targeted campaigns via WhatsApp, SMS, and email, enhancing customer loyalty and increasing sales. Over 100 brands are on the waitlist, with 10 already using the service
- Expansion published two market overviews:
- Foodtech Transformation: Companies like Smileat and Innomy Biotech are leading with sustainable practices and new technologies, attracting investor interest
- Telemedicine Revolution: Startups like Doctomatic and MediQuo are evolving telemedicine with AI, offering remote patient monitoring and personalized treatments
- Startup profiles:
- Madrid-based fintech TucanPay offers a peer-to-peer money transfer platform with lower fees than competitors like Wise and Revolut
- Other news:
- Jorge Araujo Muller discusses Colvin's journey from raising €60M to being sold for €1M in a creditor's meeting. Founded in 2016, Colvin expanded rapidly but faced financial challenges, leading to its acquisition by Claret Capital. The company now aims for profitability with a smaller team
Big company news 🏦
- The shit show continues: LaLiga has intensified its anti-piracy actions, pushing beyond ISPs to now target infrastructure providers. After previously affecting Cloudflare, a court order has led to Spanish ISPs blocking access to Vercel during matchdays. Vercel, a cloud platform widely used by developers, responded by affirming its anti-piracy stance but criticized the lack of transparency and proportionality of these measures. CEO Guillermo Rauch tweeted about it
- Telefónica has exited Colombia, Argentina, and Peru, reducing its workforce by 20% and cutting €2B in losses