Hay noticias que cambian el mercado y noticias que cambian tu cartera.

Todos hemos usado ChatGPT. Pocos pueden decir que han invertido en la compañía que lo creó. Esta semana, Crescenta ha comunicado a sus inversores de Growth I una nueva distribución: uno de sus fondos subyacentes ha vendido parte de su participación en OpenAI.

Dos años después de su lanzamiento, Growth I ya ha distribuido más de 2,8M€ a sus inversores. Las dos primeras ediciones de Growth están cerradas, pero la tercera, Growth III, con la misma filosofía y calidad de selección, está disponible desde 10.000 € (a desembolsar gradualmente).

Invertir en capital privado conlleva riesgos, entre los que destaca la iliquidez. La rentabilidad pasada no es un indicador fiable de resultados futuros.

Startup funding news 💸

• €10M+ rounds:
• Trebellar, a SF-based AI for real-estate platform co-founded by Spaniards Diego Ferreiro and David García, raised an $18M Series A led by Blossom Capital. Trebellar has significant team presence in Spain. We at Kfund participated in Trebellar’s pre-seed round in 2023. Diego wrote about the investment here and here
• €1M to €5M rounds:
• Tucuvi, the Madrid-based voice AI startup for healthcare, raised €5M from AXIS and Fond-ICO
• Mirai RiskTech, a Madrid-based startup for treasury and risk teams, raised €5M from Inveready
• Pekata, a Barcelona-based corporate-gifting platform, closed a €1.9M financing from Bewater Funds and others
• InspectRail, a Basque deeptech spin-off from technology centre CEIT, raised €1.5M in equity and debt
• Aloja, an AI-powered dynamic-pricing platform for tours, attractions and activities, raised €1.2M in a round co-led by Archipélago Next and Lanai Partners, with Decelera Ventures participating. Founded in 2025, it integrates with booking systems including Bókun and Ventrata and already serves customers in 12 countries
• Sub €1M rounds:
• Aniwa, an Ecuador and Spain-based insurtech, raised more than €500k in public and private funding
• Digital Anatomics, a Madrid medtech developing AI surgical planning, raised €420k from BStartup Banco Sabadell, Coben and private investors
• Reply Next, Madrid-based AI retail, raised €400k in a pre-seed round led by 4Founders Capital, with angels Juanjo Mostazo and David Alcobero participating
• International startups with Spanish relevance:
• Chift, a Belgian financial-connectivity API, raised a €10.5M Series A led by BlackFin Capital Partners. Chift launched in Spain last year and is one of the priority markets for the new capital

M&A activity 🎊

• Spanish ESG-data firm Clarity AI merged with US proxy adviser Glass Lewis in an all-share deal through a new holding company. According to Ecotechers, the deal follows an unsuccessful fundraising process (including a proposed €15M investment from SETT) and consideration of a sale amid pressure on the ESG software market. Clarity was valued near €300M in its 2024 Series D, but Seaya’s latest portfolio marks implied a valuation of roughly €74M. The company ended 2025 with €18.6M in ARR and an EBITDA loss exceeding €27M
• EYSA acquired Joinup, the B2B corporate-mobility platform. Financial terms were undisclosed.
• Telefónica acquired a 10% stake in OGA.ai, a Seville-based AI and industrial-optimisation company behind qosITconsulting. OGA closed 2024 with €1.68M in revenue
• US returns-management company ReturnPro acquired Spanish startup iF Returns, combining its US recommerce operation with the European platform. Terms of the deal were not disclosed. Kfund is an investor in iF Returns

Investor & accelerator news 🚀

• Columbus Venture Partners launched Columbus Innvierte Deeptech, a €100M fund authorised by Spain’s CNMV. It will back pre-seed and seed-stage technology-transfer companies in life sciences and healthcare
• Spanish investors active abroad:
• Suma Capital invested $10M in Hydrosat through its SC Net Zero Ventures fund
• Prevision Medicine, a Zurich-based precision-oncology startup, raised $5.4M in a seed round, including the participation GoHub Ventures
• Atresmedia shares rose 10.4% after the group a new dividend equivalent to roughly €187M. The extraordinary distribution follows the sale of its remaining 5.2% stake in Fever.

Startup news 💡

• New products and companies:
• Trackingplan launched a new positioning as an always-on digital analytics agent that monitors data quality across more than 80 analytics and advertising platforms
• Infra voice AI startup SLNG launched UNMUTE through the Agentic AI Foundation, an open-source declarative standard for voice agents
• Rosario AI launched an AI voice receptionist for medical centres after building the first version in 48 hours at HackSpain26
• Pretty cool. nothiring.me launched a community connecting talent with startups in Spain. Applicants join through AI agents but must personally explain their strongest project and why they stand out
• Startup profiles and interviews:
• Interview with Raúl Verdú, co-founder of PLD Space. The company is preparing the first flight of Miura 5 from the European spaceport in French Guiana
• Profile of Kanguro, a Barcelona-based last-mile logistics startup. It has raised €4.5M across several rounds. It uses AI agents to build a network of 5,000 collection points in local shops across Spain, France, Portugal and Germany
• Profile of Substrate AI, a company out of Talavera de la Reina developing AI models tailored to European languages and regulation. It employs around 200 people and generated €18M in revenue in 2025. It has raised €39M
• Startup financials:
• Indexa Capital Group now manages more than €6B from customers. It also reported H1 2026 net profit of €1.94M, up 109% YoY
• Civitatis revealed that LatAm already generates 40% of revenue. Mexico is its second-largest source market with more than 2M users
• Other news:
• Escooter company Lime halted its expansion in Catalonia after Barcelona decided not to renew private bike-sharing licences from 2027
• Glovo co-founder and CEO Oscar Pierre will stand trial over allegations that the company continued treating its couriers as self-employed workers despite court rulings
• Sierra, the AI customer-service giant, recently entered Spain and claims to already work with roughly a 25% of Ibex 35 companies, including Santander
• iPronics signed a 2-year strategic partnership with the Barcelona Supercomputing Center to develop programmable optical networks for GPU and HPC-based AI infra
• The seven-year legal dispute between Auro and Cabify over a 2018 exclusivity clause reached the EU Court of Justice. A decision is due on January 14

Big company news 🏦

• Spain’s data-centre buildout continues to reshape investment, employment and energy policy:
• Job searches for data-centre roles in Spain tripled in two years while vacancies rose around 70%, according to Indeed
• Maria Blanco of ElEspañol published “Centros de datos: Sánchez lastra el futuro de la industria española”
• Spain’s government unveiled Plan IA360, a 12-month roadmap for AI adoption. Nothing relevant to be honest, and a missed opportunity to do something useful
• BBVA launched BBVA Bilbao AI Transformation, its first regional innovation hub, bringing together more than 150 data, analytics and AI professionals

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Interesting reads 🤓

• Two great reads this week:
• Guli Moreno (Exponential, Capchase) published “Manifiesto Exponential ”.
• Miguel Carranza (RevenueCat) published “El verdadero problema de las startups en España ”.