¿Dónde ocurre realmente el crecimiento de las tecnológicas?

Piénsalo un segundo: Anthropic, OpenAI, Databricks... Las empresas más disruptivas de la última década han multiplicado su valor de forma exponencial fuera de la bolsa, creciendo en los mercados privados.

El problema es que, tradicionalmente, cuando estas empresas salen a bolsa (IPO), gran parte de ese crecimiento explosivo ya se lo han llevado los fondos de Private Equity y el inversor particular, puede llegar tarde a la fiesta.

Crescenta ha nacido para solucionar esto. Invierte en una selección experta de fondos de Private Equity.

Startup funding news 💸

• €10M+ rounds:
• Wenea, the Madrid-based EV charging infra company, raised €10M from Impact Bridge and Fundeen. Wenea operates over 4k chargers in Spain and the UK
• Kintai, a Barcelona-based fintech specializing in working-capital financing for SMEs, raised a €10M Series A led by Barlon Capital, with participation from Prosegur, TQ Eurocredit, ICF and other investors. Kintai has financed over €150M for around 1,000 companies and targets €10M+ revenue in 2026. More info here
• €1M to €5M rounds:
• Inventia Kinetics, a Madrid and Sevilla-based startup in the aerospace and defense sectors, raised €5M in venture debt from Inveready
• Time is Brain, a Barcelona-based medtech, raised €3M. Their tech enables continuous neurological monitoring
• Arq Quantum Technologies, a Barcelona-based quantum company, raised a $1.4M pre-seed round led by Ground State Ventures, with participation from Big Sur Ventures
• Sensesbit, a Lugo-based SaaS to analyse industrial processes, raised €1M from Clave Capital, Eoniq Fund, WindOne Consultores, and Paraíso Natural Ventures (Central Lechera Asturiana). More info here
• Other rounds of funding:
• Wayra invested in MITO AI
• EZTEN, the €50M fund created by the Basque government, invested in Walter Pack, a Bizkaia-based manufacturer of decorative and functional plastic parts

M&A activity 🎊

• ACS is in advanced talks to become the lead shareholder of Openchip, the Catalan chip startup valued at ~€700M. ACS would take a 40–45% stake, joining Spain’s SETT (€115M, ~16%) and the Generalitat (5%)
• Veridas and Fourthline (Netherlands) merged to build a European giant fighting digital identity fraud. The deal was backed by Finch Capital and Rabo Investments. Veridas was born in 2017 as a joint venture participated by BBVA, which will retain its stake in the merged company
• Profile of TeamSystem, an Italian company that sells software to SMEs and that has been quite active in Spain in the past few years. It has acquired nine Spanish companies since 2021, including Billin, Quipu, Acumbamail and Software Delsol
• Barcelona-based Badi merged with Caterina to create a flexible-housing platform managing a portfolio of over €250M

Investor & accelerator news 🚀

• New funds:
• Acurio Ventures closed its secondaries fund at €115M. Smart move from Acurio, since liquidity and DPI is a common need among European (and global) VC firms. More info here
• Caixa Capital Risc rebranded as Criteria Capital Risc and plans to invest €300M through 2030 in tech and biotech startups, focusing on Spain and Portugal
• Eoniq Venture Capital plans a new €50M vehicle targeting early-stage tech startups in robotics, AI, software, foodtech, and energy transition. Its first fund was €15.8M
• Activity from public entities:
• 2025 accounts of ICO's Next Tech fund show a portfolio split in two. Its fund-of-funds positions hold value, but direct investments fared worse
• CDTI Innovación, through Innvierte, closed 7 coinvestment deals in June totaling €20.8M
• Spanish investors active abroad:
• We (Kfund) participated in the €3.2M seed round of Pollen, a Lisbon-based startup building a universal battery-swapping network for electric mopeds and motorcycles
• Telefónica sold part of its stake in AI startup Perplexity, booking a €3.5M gain
• Carmen Alfonso-Rico, a Spanish investor based in London who founded VC firm Cocoa Ventures, announced she is joining portfolio company Fractile full time

Startup news 💡

• Submer announced it will invest over €1B to develop a large-scale data center in Flix (Tarragona)
• Cala launched Cala for Finance, a verified data layer built for banks, funds, fintechs and brokers deploying AI agents. More info here
• Bit2Me expanded beyond crypto, adding nearly 3,000 traditional assets: stocks, funds and ETFs
• The government just started pulling Holaluz’s license to sell electricity after months of unpaid market charges. Its ~300k customers could get handed over to the big guys, Iberdrola, Endesa & co
• Civitatis expanded its alliance with Disney to sell tickets and activities at Walt Disney World Orlando. Vitruvian Partners has invested €150M in the company since 2022
• Maisa opened a new office in Barcelona as part of an expansion plan spanning several Spanish and US cities
• Substrate AI reported H1 revenue of €9.39M, down 14.9% YoY, though net turnover rose 5.2% to €8.5M. Substrate recently closed a €39.2M round, including €19.2M from the government via SETT
• N26 appointed Nathalie Picquot as its new Chief Growth and Marketing Officer. She previously led Twitter in Iberia and spent 5 years at Santander
• Indexa Capital reported its H1 2026 returns, with the average portfolio returning 12.2%
• Profile of Wonderful and Gonzalo Torres, the country manager of the AI automation unicorn. The startup has raised €300M to date and plans to expand its Spain and Portugal team from around 20 people to 100 by the end of the year

Big company news 🏦

• Sponsor: Migrate to AWS: answer 10 questions, upload your IaC and get a personalized plan in minutes.
• AI impact:
• Konecta, Spain’s biggest call center, is feeling the impact of AI: 11,000 layoffs, 10,000 more planned, €1B in debt. Hacienda, one of its customers, is insourcing its phone service after 25 years without absorbing the 1,000 Konecta workers running it, which is creating tension with the unions
• How Inditex uses AI
• Santander partnered with US startup Sierra to deploy AI across its operations
• Uber Eats continues to operate with self-employed couriers six months after pledging to abandon the model. Spain’s Labour Ministry warned it could revive criminal action against executives
• Spanish banking association Ceca, which groups banks including CaixaBank, Unicaja, Abanca, Ibercaja and Kutxabank, developed a shared diagnostic tool to counter Mythos, Anthropic’s AI model capable of detecting software vulnerabilities
• Ubisoft launched a mass layoff at its Barcelona studio, cutting 51 workers who helped build Assassin’s Creed Black Flag Resynced

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Interesting reads 🤓

• Analysis of the Valencian startup ecosystem
• Latitude published “I made 5 frontier models run 410 coding tasks. Coding ability is not what separates them.”