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ENISA to do bigger rounds. Masia launches €20M fund. Payflow raised €10M.

June 2, 2025 • Issue #469

A partir de enero de 2026 todas las empresas estarán obligadas a utilizar un software certificado que cumpla los requisitos de VeriFactu para llevar a cabo su facturación.

Pero no entres en pánico: B2Brouter se integra con todos los software de gestión y ERPs del mercado, para adaptarte a la Ley Antifraude y cumplir con VeriFactu.

Descubre como nuestra API solucionará tus necesidades de reporte fiscal y factura electrónica en muchos países con una única integración.

¿Prefieres que te lo cuenten a leerlo? Ningún problema. Apúntate a nuestro webinar sobre "VeriFactu: A quién afecta y cómo"

Startup funding news 💸

  • Payflow, which develops earned wage access solutions allowing employees to withdraw part of their salary on demand, raised €10M in a round led by Cusp Capital, now its largest shareholder. The company has raised €51M in total (incl. €20M in debt from BBVA Spark), operates in Spain, Portugal, Colombia and Peru, generates €6M+ in annual revenue with 70%+ gross margin, and grew 70% in 2024.
  • Drenting has raised over €5M in a round led by Inveready. The platform offers second-hand car renting for individuals, freelancers, and SMEs, operating under the Drive Me Group in Tarragona. New strategic advisors include Jaume Betrian (Ofertia, Presh) and Julio Ribes (ex-Swipcar)
  • Revenant has raised €3.3M from Easo Ventures, Orza, Itzarri and Seed Capital Bizkaia. The industrial SME remanufactures heavy forklifts, port tractors and container handlers, extending their lifespan through circular economy processes.
  • Tendios has raised €2M to simplify public and private tenders using AI. The round was backed by Easo Ventures, Ona Capital, Archipelago Next, and existing investor Lukkap Venture. Founded in 2023 in Barcelona, the startup offers a SaaS platform that streamlines bidding for clients like Telefónica, Acciona, Adif, and Spain’s Ministry of Defense. More info here
  • Floatech has raised €1M to accelerate commercialization of its 100% silicon anode technology for next-gen batteries. The round includes Grow Venture Partners, Big Sur Ventures, Suma Capital, CDTI Innvierte, and BStartup (Banco Sabadell).
  • Other rounds of funding:
  • Zenith Sports
  • Bit2Me is preparing a new funding round, to be led by “one of the world’s largest companies.” The Alicante-based crypto platform, with 1.3M users and 6,000 businesses onboard, has evolved into a full crypto suite with 20+ products. In 2024, it processed €1B in transactions.
  • Foreign companies active in Spain:
  • Rillet is an AI-native ERP platform that automates accounting workflows. The company is headquartered in NYC, but the majority of its tech team (and CTO) is based in Barcelona. The company announced last week a $25M Series A round led by Sequoia

M&A activity 🎊

  • Enisa has activated a new €303M fund to finance Spanish startups and SMEs over the next 15 months. The fund offers non-dilutive loans ranging from €25k to €1.5M, with up to 9 years of repayment, no collateral, and not included in CIRBE. Processing times are expected to drop to 45-60 days, ensuring year-round liquidity and faster access to public financing
  • Masia has launched a €20M fund to invest in 60 seed and pre-seed startups in Barcelona. Led by Carlos Trenchs (Aldea Ventures) and Pepe Borrell (ex-Crowdcube), Masia will coinvest with international funds, focusing on deep tech areas like life sciences, energy and others. Masia has already invested in companies like Oliva, Zymvol, Fermat, and Biorce and a few more. Pepe and Carlos wrote about the launch here. More info here. Maisa’s advisory board is formed by Elisenda Bou (ex-Vilynx), Albert Nieto (Seedtag), Albert Castells (Doctori) and Philippe Gelis (Kantox)
  • CDTI, SETT, ICO and Cofides are accelerating public capital deployment into Spanish startups via direct investments and fund commitments. Next Tech (managed by SETT and ICO) has committed €72M in direct investments and €193M in funds, while CDTI’s Innvierte has deployed over €1B in 17 funds and €630M into 190 companies.
  • Kreativetech has launched as a new holding founded by Gustavo García Brusilovsky (BuyVIP, Catcher) and Yago Arbeloa (MioGroup). The vehicle will invest in startups focused on e-commerce, food delivery, and AI-powered customer service
  • Adara Ventures has partnered with Nvidia to support AI startups. Through Nvidia’s Inception program, Adara’s portfolio companies will access discounted hardware, AI training, and engineering support, while Adara gains privileged access to Nvidia’s startup network.

Investor & accelerator news 🚀

Startup news 💡

  • New startups, products and key features:
  • Health startup Holo has launched a major product update integrating wearables (Apple Watch, Oura, Garmin, Fitbit…) and biomarkers into its HealthOS platform. The update includes AI-powered insights, new biomarkers, smart notifications, and wellbeing tracking. Founded by three former Factorial employees, Holo aims to become a real health companion by combining blood data, habits, and wearables in one system
  • ThePowerMBA has launched The Power University, a new private university in Zaragoza. The institution will offer degrees, master’s, PhDs and vocational training in tech, science, engineering and business, aiming for 5,000 students within 5 years.
  • 9x has partnered with TravelPerk to help the travel scale-up become an AI-first company. 9x will embed AI into TravelPerk’s workflows, focusing on automation, efficiency and company-wide AI enablement
  • Nima has launched its AI-powered platform to automate legal due diligence processes. The Barcelona-based legaltech reduces due diligence time and cost by up to 70%, enabling small and mid-sized law firms to handle complex M&A projects.
  • Startup financials:
  • Ebury Partners has refinanced €350M in credit lines previously provided by Banco Santander, ahead of a potential IPO in London. The British FX platform, majority-owned by Santander (66.5%), is targeting a €3B valuation
  • Exoticca is approaching €300M in sales and aims for its first positive EBITDA in 2025. The Barcelona-based travel tech firm raised €85M in the past year
  • In-Store Media, a retail media company specializing in advertising within large commercial spaces, surpassed €100M in revenue for the first time in 2024, growing 30% to €105M.
  • Wallbox will propose a reverse stock split at its June 30 shareholder meeting to avoid NYSE delisting, as shares have traded below $1 since October. The split ratio will range from 10:1 to 40:1. Wallbox is also working with Houlihan Lokey on a long-term refinancing plan to address its €200M debt
  • World Wide Mobility has repurchased the 10% stake previously held by Mutua Madrileña since 2019, regaining full independence to pursue its growth plans. The Barcelona-based mobility tech company develops carsharing, subscription, and rental solutions used by clients like Toyota, Hyundai, AVIS, and Arval BNP Paribas.
  • Tiko has filed for bankruptcy after years of losses. The Spanish proptech, which acquired Housell in 2024, had previously sought pre-bankruptcy protection to restructure its business.
  • Personnel moves:
  • Hannun has appointed Belén Castellot, digital business director at Ahorramas, as board member following the resignation of co-founder and CEO Joan Álvarez. CFO Gastão Lousinha has been promoted to managing director. Listed on BME Growth since 2022, Hannun reported €7.26M revenue and €2.6M losses in 2024. The stock is down 80% from all time highs
  • Other news:
  • Cabify shifted its strategy over the past year, focusing on profitability after shelving IPO plans. The company streamlined operations, reduced workforce, and exited several LatAm markets to concentrate on Spain and core cities in Latin America. Cabify also expanded into B2B, logistics, and advertising
  • Glovo will complete its transition to a 100% employee-based model in 2025, abandoning its previous contractor system due to legal pressure, fines, and regulatory changes like Spain’s “Ley Rider.” Despite supporting the flexibility of the gig model, CEO Oscar Pierre confirmed the shift during the CREO 2025 forum.
  • Multiple startups are helping Spanish SMEs adapt to upcoming e-invoicing and VeriFactu obligations starting in 2026. Players include Holded (80k clients), Quipu, Payhawk, Billin (acquired by TeamSystem), Adiss (SuiteLoop, 12k SMEs), and Declarando (200k freelancers, acquired by Visma)

Startup news 💡

  • Bernardo Quintero, founder of VirusTotal and head of Google Málaga, has stepped down from his managerial role at Google to focus fully on innovation and product development. After years leading teams, he will return to hands-on work, exploring new ideas and experimenting “in the Google basement”. More info here
  • Amazon Spain suffered a data breach affecting 5.1M users. Exposed information includes names, addresses, emails, and partial payment data. The incident is under investigation, with Spain’s data protection agency (AEPD) involved. Amazon has advised users to monitor their accounts and change passwords as a precaution
  • eDreams Odigeo reported a 39% increase in net profit to €45.1M and record revenues of €718M (+6%) in fiscal year 2025, driven by a 25% growth in its Prime subscribers, reaching 7.26M. EBITDA cash rose 49% to €180.4M and free cash flow jumped 123% to €100M.
  • Bizum will launch cross-border interoperability with Italy’s Bancomat and Portugal’s MB Way starting June 30. Also, from 2026, the Spanish tax authority Hacienda will gain full access to all Bizum transactions involving companies and self-employed workers, regardless of the amount
  • Alibaba reported €21M in revenue in Spain through its subsidiary Alibaba.com Spain in 2023, with €300k paid in corporate tax. The figures only reflect part of its activity, as most sales to Spanish consumers are booked in other jurisdictions
  • Bankinter launched Dahlia, an AI tool for its wealth management division. The system allows private bankers to instantly retrieve detailed information on 8,000+ investment funds, including performance, portfolio composition, and sector exposure.

Big company news 🏦

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Interesting reads 🤓

  • Analysis of the Spanish video gaming industry, which generated €2.4B in consumer spending in 2024, becoming Europe’s 3rd largest market. However, most local studios struggle financially: over 50% earn less than €200k/year, while few surpass €10M
  • https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7945a949-c0c1-42ff-a832-a229cadb6c7c_1960x1095.avif
  • According to a report from El Referente, Catalonia leads Spain’s tech ecosystem with 2,350 companies generating nearly €5B in revenue. The region hosts 26% of Spain’s tech startups, with Barcelona as a major hub
  • Jose Ramon Perez Agüera (Mercadona Tech) published “La Exclusividad como Estrategia GTM: El Poder de la Escasez“

Podcasts 🎧

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