Build Your AI Solutions: Google for Startups Gemini API Sprint Madrid

• Ready to build with AI, not just talk about it? Join Google for Startups Gemini API Sprints in Madrid for a dedicated day of hands-on development. This isn't a workshop; it's your chance to pause daily operations and intensely focus on integrating AI into your product and business. With in-person, direct support from Google's top AI experts, you'll bring your AI concepts to life, creating tangible solutions ready for immediate implementation.
• Our first Gemini API Sprint is on June 27th at the Google for Startups Campus Madrid. We're looking for ambitious founders and their teams who are prepared to build and make significant progress.
• If you're a founder or key team member looking to develop an AI project with expert guidance, apply now to gain a competitive edge and scale with Google AI.

Startup funding news 💸

€50M+

• Multiverse raised $215M in Series B funding ($180M equity + $35M in grants and GPU credits), led by Bullhound Capital. Valuation has grown by 5x since the last round, to more than $500M. The San Sebastián-based startup develops CompactifAI, a tool that compresses LLMs by up to 95% while maintaining accuracy, reducing costs and energy usage
• SpliceBio raised a $135M (€118M) Series B. The Barcelona-based gene therapy company will use the funds to advance clinical development of SB-007, a treatment for Stargardt disease. The round was led by EQT Life Sciences and Sanofi Ventures
• Abacum raised a $60M Series B led by Scale Venture Partners, with Cathay Innovation also participating. The company, which builds business planning software for finance teams, says it has tripled revenue in the past year while maintaining a flat headcount—showcasing its focus on efficient growth. More info here. Kfund also participated in the round. We first invested in Abacum in its pre-seed round in 2020, pre-product and pre-revenue. We wrote about this new investment here

€5M to €25M

• Seqera raised €23M in a new funding round to accelerate the global growth of its scientific workflow software. The round was led by Addition. Based in Barcelona, the startup helps researchers process massive volumes of data efficiently and reproducibly
• Aortyx raised €13.8M in a Series A round led by Ship2B Ventures and Clave Capital. The Barcelona-based medtech startup develops a bioabsorbable vascular patch to treat aortic dissection

€1M to €5M

• Nova raised €3.2M in a round led by CDP Venture Capital, with BY Venture Partners and Doha Tech Angels also participating. The Madrid-based startup offers a curated professional network targeting high-potential talent.
• iCloudCompliance raised a €2M round led by HWK Tech Investment. The Madrid-based startup offers regulatory compliance solutions via a no-code platform

Spanish founders building abroad:

• YC’s demo day was last week. At least 2 companies co-founded by Spaniards took place in the last batch:
• Throxy: vertical AI agents that run sales funnels on autopilot. At $1.5M ARR. Interview here
• Bloom: AI software to develop and ship mobile apps. Interview here
• Santiago Castiñeira is co-founder and CTO of cloud security German startup Maze. Maze raised $25M in a Series A led by Theory Ventures, with Cherry Ventures and Tapestry VC also participating

M&A activity 🎊

• Playtomic acquired Timp, a Valencia-based software platform for managing wellness and sports centers. The deal, which reportedly valued Timp at around €7M, includes over 80% of the company, with founders Aitor Esteve and Santi Ruiz retaining a minority stake. Timp generated €1.1M in revenue in 2023 and serves over 2,100 centers
• Tecnofor, a Madrid-based IT services firm, was acquired by Sngular in 2023 while embroiled in a legal dispute over unpaid compensation to a former partner. The acquisition was not disclosed publicly at the time. The ongoing lawsuit alleges irregularities in Tecnofor’s management prior to the sale and seeks to clarify liability following the integration into Sngular

Investor & accelerator news 🚀

New funds

• Inveready closed €500M in capital for its second private equity fund, Inveready Innvierte Private Equity II, including €350M in commitments and €150M for its stake in telecom firm Avatel. The fund will target high-growth companies with EBITDA between €5M and €60M
• Gaia, the Basque tech and knowledge industry cluster, announced the launch of Gaia Value Capital, a €200M fund to support digital projects in quantum tech, generative AI, and cybersecurity. The fund will invest between €5M and €40M per project
• Eoniq Fund announced the launch of a new fund targeting early-stage Spanish startups, aiming to raise up to €45M

Other news

• Profile of Atresmedia, which has invested over €90M in 40 startups through media for equity and direct capital, recovering €110M via eight exits—including a €70M partial sale of Fever, its most successful case. Though deal activity slowed, with only three investments in two years (Impress, TaxDown, Incapto), the group now focuses on venture building and leisure-related acquisitions like Waynabox, while still holding a ~6% stake in Fever

Spanish funds active abroad

• Kfund participated in the €50M round of French space tech startup Look Up, co-founded by Spaniard Juan Carlos Dolado. We wrote about the investment here

Startup news 💡

New startups, products & key features

• Ebury launched a new business unit aimed at helping SMEs improve cross-border operational efficiency. The division will offer tailored solutions for treasury, FX, and payments, and will serve as a strategic partner for internationalization. Ebury, majority-owned by Santander, manages over €28B in annual FX transactions
• Urbanitae announced the launch of Direct Investment, a new business line allowing retail investors to buy new or second-hand residential properties for rental income
• Crossmint launched Fintech Starter App an “open-source library that lets you build a Revolut-style fintech app in just 15 minutes”. GitHub here
• Dínamo, a newly launched startup co-founded by Sébastien Pellion and Miguel Ferrer, aims to bridge technology, public strategy, and social impact.
• Adrià Blancafort (full stack at Factorial) launched “Price Comparison Browser Extension” on Product Hunt
• Carlos de Otto launched Tracs, a digital financial operations platform that helps startups and growing companies automate and professionalize their finance workflows. More info here

Startup financials

• Modaes dug deep into the financials of Spain’s buzziest fashion startups. Many of them started as DTC brands, are now going omnichannel, and—unlike previous hype cycles—are actually profitable. Full analysis here.
• Blue Banana leads by size: €24M in revenue in 2024 (+24% YoY) and €1.81M in net profit.
• Nude Project doubled 2023 revenue to €17.16M, with €1.02M in profit and no external investors.
• Scuffers grew 4x in 2023 to €8.09M, and net profit shot up to €2.32M.

Other startup news

• Glovo will transition to a 100% employee-based model on July 1, ending its use of self-employed riders. Over 5,000 riders have accepted employment offers so far.
• Micolet, the Spanish second-hand fashion platform, has partnered with French retailer Kiabi to launch a second-hand clothing service in Spain and Portugal.
• Javier Villaseca, founder of Sego Finance, explains the opportunities in investing in factoring and confirming as alternatives to traditional fixed-income products

International startups active in Spain

• Revolut is preparing a major push into business banking in Spain for 2026. The fintech plans to scale its B2B offering with local sales teams, targeting SMEs and freelancers with multi-currency accounts, cards, and payroll solutions. The company is growing rapidly in Spain, accounting for an estimated 20% of all new bank accounts opened in Spain

Big company news 🏦

• Cloudflare has appealed to Spain’s Constitutional Court after being ordered to block access to piracy websites without judicial oversight. The company argues this violates fundamental rights such as due process and legal certainty. This marks the first time a tech firm challenges the anti-piracy measures enabled by Spain’s “Comisión de Propiedad Intelectual” before the country’s highest court
• Netflix announced a €1B investment in Spanish production over the next four years
• Telefónica confirmed it will increase investment in Defense, aligning with Spain's national strategy
• Renfe has launched a new AI project competition aimed at startups and SMEs, offering funding of up to €150k per project
• Airbnb defended its role in the tourism debate by shifting blame for overtourism to hotels, airlines, and cruise operators. The company argues it accounts for only 7% of visitors in major Spanish cities and calls for a broader regulatory approach
• Templus, the Southern European data center platform backed by ICG and Teras Capital, has removed its €300M investment cap and plans to expand beyond Spain into Portugal, Italy, and France

Interesting reads 🤓

• This post by Ignacio Arriaga at Disaaster explores how SEO strategies are evolving in the age of generative AI. It breaks down how content can be optimized for visibility not just in traditional search engines but also in LLMs like ChatGPT
• In this essay, Samuel Gil (JME) reflects on the idea that being too early to invest—or to act—doesn’t always yield better outcomes