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Startup funding news 💸

• Sherpa.ai, the Basque AI startup, closed a $18M (€15.75M) round led by new investor Forgepoint Capital, with participation from Mundi Ventures, Ekarpen, Allegra Holdings and SETT. Sherpa has been around for a long long time (founded in 2012 ) and has gone through many iterations. Sherpa currently sells a privacy-focused AI platform
• 8Layers, a Madrid-based cybersecurity company, raised an additional €1M in its pre-seed round, bringing total funding to €2.5M, from Criteria and Bankinter
• Qida, the Barcelona home-care tech startup, secured up to €15M from Axis/ICO. Qida raised a €37M Series C in November 2025, led by Quadrille
• InsectBiotech, a Jaen-based biotech that converts agricultural waste into sustainable proteins, raised €7.2M, led by Arcano Partners
• Other fundraising news:
• Spin-offs from the Barcelona Supercomputing Center (BSC-CNS) have raised over €100M in private investment across the past decade

M&A activity 🎊

• MITO, the AI video creation platform co-founded by Danny Saltaren, Arantxa Barcia and Iñaki Berenguer, acquired Kluster.ai, a two-year old startup operating in the same field. Three of Kluster founding members will now become CTO, Head of Sales and Head of AI at Mito

Investor & accelerator news 🚀

• Cathay Innovation named Beth Faus as Vice President, reinforcing its presence in Spain. Beth was previously at Notion in London and at Seaya. Cathay has been quite active in Spain lately, with investments such as Tucuvi, Abacum, Embat or Theker
• Barcelona-based Galdana Ventures has delivered an 18x multiple to its investors via AltamarCAM's fund-of-funds, with ~$456M of exposure built since 2017. Kudos!
• CDTI to invest €70M inf Columbus Venture Partners new fund, with has a target size of €200M
• The Junta de Andalucía launched a new €9.8M venture capital fund targeting Andalusian startups with investments of up to €400k per company
• Spanish investors active abroad:
• Iris Ventures led a $22M Series A round in UK-based functional food and drink brand Reformed

Startup news 💡

• According to Ecotechers, Biorce, the Barcelona-based AI for clinical trials startup, is negotiating a new nine-figure round at a unicorn valuation
• Startup financials:
• Cabify financials. Implied valuation of €581M or around 1x revenues. €40M in net losses last year, down 25%, on net revenues of $675M (+11.8%), boosted by Latam. Positive EBITDA of $31M, but negative equity widened to €115M
• Urbanitae returned €20.1M to investors in June, its highest monthly figure ever, with a 10% average IRR across projects closed during the semester. Urbanitae has returned €68.1M year-to-date and over €250M since 2019, at a near-12% average IRR
• Valencia-based wealthtech GPTadvisor expanded internationally with new offices in New York and Hong Kong opening in September. GPTadvisor was founded by Salvador Mas (Finametrix). It reached €3M in ARR and profitable
• Kinnevik kept its valuation of Perk at €1.75B, slightly above Q1, when it reluctantly marked the Barcelona unicorn down 41% to match listed comparable Navan. On a potential IPO, CFO Samuel Sjöström told analysts that public markets are no longer an impediment, “but there is no rush”
• Startup profiles:
• Profile of HappyRobot and Carlos Becker, Enterprise Lead. Despite being HQ’ed in San Francisco, HappyRobot has significant presence in Spain, with offices in Madrid and Barcelona and 100 employees
• Another profile, this time of Optiak, the platform to deploy, govern, and optimize enterprise AI across models. It was in the news last month when it announced a €4M pre-seed round
• And one more profile, of Kapia. The company was previously known as Pleiful and has pivoted away from AI voice agents into an operational brain for traditional companies
• And and and, one more profile: Walter, a new IT management startup founded a few months ago. The company has already surpassed €250k in monthly revenue in just 4 months
• The three founders of RatedPower, Andrea Barber, Miguel Ángel Torrero and Juan Romero, announced their departure from the startup after nearly 10 years. RatedPower was acquired by US-based Enverus in 2022
• Crossmint, the stablecoin infra company co-founded by Spaniards, obtained authorization from the Bank of Spain as a payment institution
• Verónica Pascual, founder of ASTI Technologies, featured on the cover of Revista Emprendedores España, reflected on her 20-year path building and scaling ASTI

Big company news 🏦

• Sponsored
  TODO sponsored (#TODO) news list element
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• BBVA is preparing a plan to industrialize AI agent creation and extend it across the entire bank, with the goal of having 200 agents before the end of the year
• Mutua Madrileña acquired a 10% stake in Muppy, the digital platform for residential real estate investment and asset management, via its startup vehicle Mutua Ventures
• Chinese giant Sungrow will build Spain's largest battery storage hub in La Vall d'Uixó (Castellón)
• Netflix's main Spanish subsidiary grew net profit 30.2% to €15.9M in 2025, with revenue up 18% to €928M driven by subscriptions
• Telefónica partnered with France’s Thales to launch a corporate eSIM solution for IoT connectivity

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Interesting reads 🤓

• Miguel Carranza (RevenueCat) published “The Dopamine Problem Every New Manager Faces”
• Borja Perez (previously at Manfred, now at Helmcode) published “Creando un sistema de diseño sin tocar Figma. Diseñando con Claude Code”
• Alex Saiz (Monei) wrote “Por qué seguimos hablando de lo que nos falta”
• El Mundo published a long read on how Spanish universities are struggling to adapt to generative AI
• Spain's videogame industry grew revenue 2.7% to €1.4B in 2024 with 10,508 direct jobs (+2.4%), its weakest growth in a decade, according to DEV's annual Libro Blanco. You can find the whole report here