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Embat raised €30M. Lightspeed makes 1st investment in Spain (Cala). Spain tech report 2026.

May 18, 2026 • Issue #513

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Startup funding news 💸

  • €10M+ rounds:
  • Embat, the Madrid-based treasury management platform, raised €30M in Series B funding led by Cathay Innovation. Cathay wrote about the investment here. Embat says it has 150 employees serving 400 clients across Europe. More from one of the founders here
  • Universal DX, the Sevilla-based startup developing AI-powered liquid biopsy technology, formalized a €29.9M investment from SETT
  • €1M to €10M:
  • Cala, the new startup of Elisenda Bou and Issey Masuda (who formerly built Vilynx, acquired by Apple), announced a €7M pre-seed round led by Lightspeed, with participation from us at Kfund, as well as Kibo Ventures, and Masia. The startup built a verified knowledge graph that allows AI agents to query facts without scraping or parsing data. More about the deal here
  • KD, a Madrid-based microelectronics company specializing in optical communications, secured €3.67M from ICO
  • Fresh People, a Valencia-based company in the talent management space, raised €2.6M in a round led by Inveready
  • Dolfin, a Barcelona-based sales compensation platform, raised a $2.5M seed round led by Swanlaab, with participation from Archipélago Next, Inveready and Dozen
  • Memorae AI, a Barcelona-based multiplatform AI memory agent company, raised $2M in seed funding led by Mucker Capital. Memorae says it has reached $2.5M ARR and 200k+ users in 12 months,
  • Charms, a Madrid-based crypto startup, raised $1.5M to build a character economy for AI interactions. The round was led by Lattice Fund, Coinbase Ventures’ Base Ecosystem Fund, and JME Ventures. More about Charms design here
  • Tolemy Bio, a Barcelona-based AI-native platform helping scientists understand and control cellular systems for cell therapy, raised €1.4M in pre-seed funding, led by Norrsken Evolve, with participation from Big Sur Ventures, JME Ventures, Masia, and Redbus Ventures. More here
  • Wio Capital, a Madrid-based wealth management platform, closed a €1.2M funding round led by Next Tier Ventures and Bynd VC
  • Other rounds of funding:
  • Ainovis, a startup developing AI-powered virtual assistants for radiology closed a €680k funding round led by Kunsen Ventures

M&A activity 🎊

  • Australian data center giant Iren acquired Spanish data center developer Nostrum Group (formerly Ingenostrum) for €165M to expand into Europe. More info here
  • Factorial acquired YepCode, a developer-first platform for AI-powered integrations.The acquisition establishes a new Factorial engineering hub in A Coruña. YepCode co-founder Marcos Muiño participated in the itnig podcast to talk about the deal and what’s next inside of Factorial
  • Overgie, a subsidiary of crypto company Rungie, has acquired Barcelona-based CRM startup Berrly to create a unified platform combining community management and customer relationship tools for clubs, associations, and NGOs

Investor & accelerator news 🚀

  • CRB Health Tech closed its third fund, CRB Digital Health, at €50M. The fund targets digital health startups post-validation phase with initial tickets of €750k-€2M
  • Antai Ventures Management launched The Extension Fund II targeting €40M-€75M to finance Spanish startups
  • Junipero Capital, the firm created by Nacho Vilela that focuses on buying stakes in pre-IPO and growth companies, completed an oversubscribed close of its new AI Disruption Fund at $10M in four weeks
  • Talenta Gestión launched Mastertech Capital IV, a €10M fund of funds targeting early-stage VC funds investing in tech companies
  • Spanish investors active abroad:
  • Iris Ventures led a a multimillion-dollar round in Bostonb-based Lucille Health

Startup news 💡

  • Startup financials:
  • Wallapop has surfaced its first numbers under Naver. The Korean parent reports 23M monthly users and ~€21M in revenue over two consolidated months, implying ~€125M annualized vs €101M in 2024
  • Wallbox reported Q1 2026 results with adjusted EBITDA improving 23% year-over-year to -€6.0M despite revenues declining to €29.7M
  • Travel tech company GrandVoyage reported €29.1M revenue (+35%) and 88% profit growth in 2025 in its first annual results as a public company on the BME Growth
  • Padel marketplace Playtomic revealed it generated over €30M in revenue and processed €389M in transactions during 2025. The Spanish startup operates in 68 countries with 4.7M users and 6.3k clubs, projecting 40% growth for 2026
  • Product and startup launches:
  • Pau Ramon (former CTO of Factorial) and now running Ramensoft, introduced Handinger, an AI agent platform that helps companies automate knowledge work. More info in the Product Hunt launch
  • Diego Arroyo of fashion brand lagaam released Compai, an open-source AI operating system used by his company to manage day to day operations. More details here
  • Former Wallapop, Vinted, and Malt executive Belén Alomar Brutau launched ConneQt, a transparent platform connecting sponsors with university students who need funding
  • In the mobility sector:
  • Cabify partnered with Andbank to launch a €20M investment vehicle targeting VTC transport licenses in Madrid. The fund will invest in ride-hailing authorizations to expand Cabify’s fleet competing against Uber and Bolt
  • The Spanish government allocated over €97M through its Moves Corredores program to fund 337 EV charging infrastructure projects. Repsol leads with 65 approved projects receiving €10.9M, followed by EV startup Zunder (54 projects, €13M) and Iberdrola | bp pulse (41 projects, €12.2M)
  • Glovo has reached an agreement with unions on an ERE affecting 436 delivery workers. Also in the food delivery sector, Just Eat started negotiating layoffs for around 50 office workers as part of operational reorganization focused on standardization and AI automation
  • Other news:
  • AdCities appointed Albert Nieto, Seedtag co-founder, as Non-Executive Chairman to help with international expansion

Big company news 🏦

  • TikTok Shop reached €200M in revenue and captured 1.8% of Spain’s online consumer goods market in its first year since launching in December 2023
  • BBVA joined OpenAI’s new Deployment Company as the sole Spanish partner, the goal of this new entity is to help organizations deploy AI systems at scale
  • Inditex confirmed a data breach affecting more than 197,000 customers, after cybercrime group ShinyHunters accessed a database held by a former Inditex tech provider
  • Booking CEO Glenn Fogel urged Spain to decide what it wants to do about overtourism, calling for a data-driven debate between governments, airlines and platforms to set the right balance.
  • The Benjumea brothers (Rafael and José, grandsons of Abengoa’s founder) have secured strategic project status from the Andalusian government to build a €1.26B data center in Málaga TechPark

Interesting reads 🤓

  • In collaboration with Dealroom and other Spanish entities, at Kfund we published an update of our Spanish tech ecosystem report. The report is available here. Summary here. 2025 was a great year and in 2026 we might see even more activity
  • Bright Spots published “Spain just became one of Europe’s cheapest power markets. Here is how.”
  • MarsBased published “The strategy behind the shift: Why MarsBased left Cursor for Claude Code”
  • TechCFO launched as Spain’s first professional association for tech CFOs, bringing together over 250 financial leaders from high-growth technology companies

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