Participated · Equity · Jul 2024

Payflow has developed a financial-wellbeing application that employers provide to staff as a benefit, enabling workers to access the portion of salary they have already earned free of charge. Companies pay a fixed monthly fee—around €1,500 for a 1,000-person workforce—and typically see staff turnover drop by about 21%, generating an ROI more than 20× the initial cost. Operating in Spain, Portugal, Colombia and Peru, the startup serves over 1,000 corporate clients, including large brands such as Lidl, Mango, Decathlon and Five Guys, and claims leadership in these markets. With just 55 employees, Payflow exceeds €7 million in annual revenue, maintains a gross margin above 80%, and has grown roughly 60% year-over-year while producing a 5% EBITDA margin, pushing its Rule of 40 metric above 65%. The company has secured €26 million in equity capital and over €30 million in debt, including €20 million from BBVA Spark. Founders Benoît Menardo and Avinash Sukhwani aim to keep expanding across Iberia and Latin America while achieving full profitability by 2026. Investors highlight Payflow’s rapid yet efficient customer acquisition, noting payback periods of just four months.

Led · Equity · Jun 2024

IENAI Space develops the ATHENA electric propulsion system — a 0.5U ionic-liquid electrospray thruster for satellites between 3kg and 50kg — and a space mobility and mission analysis & design tool called “360”. The company recently completed a nearly 400‑hour firing of ATHENA, independently verified by ESA, and passed a preliminary design review with ESA. Its 360 software beta test involved around 30 companies, and IENAI is onboarding startups through its IRIS program in partnership with AWS. IENAI plans an in‑orbit demonstration and verification of ATHENA aboard the Cassini IOD/IOV mission developed with ISISPACE under ESA/Horizon Europe. The company will use new funding to accelerate commercialization of its propulsion system, expand the software client base, open new facilities, and grow its headcount from 22 to about 30 employees while adding two PhDs to support R&D. Clean‑room manufacturing and testing facilities are already established via agreements in Madrid, Barcelona and Uppsala. Ienai SPACE develops ATHENA, an adaptable electrospray electric thruster designed for integration in nano and microsatellites, and a mission‑analysis tool called ienai GO. ATHENA aims to double satellite on‑orbit lifetime, enable orbital maneuvers and controlled de‑orbiting, and is presented as the first thruster of its category developed in Europe. The company reported promising ground test results and is in the process of certifying the system on the ground. ienai GO was scheduled to launch in BETA in May 2021. With new capital the company plans to consolidate its technical team, build a first commercial version of the product, and execute a first in‑orbit mission expected in early 2022. Ienai SPACE is based in Madrid and its founding team includes four PhDs with collaborations including CSIC and support from ESA BIC Madrid Region, Airbus Bizlab and Lanzadera.

Participated · Equity · Oct 2023

Atani is a cryptocurrency-focused fintech that aggregates assets and liquidity from multiple exchanges so users can trade from one account and access the best prices. The platform serves more than 300,000 traders, has customers in over 200 countries, and handles more than $1.5 billion in trading volume. Founded in 2019 and headquartered in Spain, Atani recently received regulatory approval from the Banco de España to become a Provider of Virtual Asset Services, enabling it to offer its own exchange. The company emphasizes infrastructure for core Web3 use cases and automated order routing to the platform with the best price. Going forward, Atani plans to grow internationally and accelerate the expansion of its exchange service for both retail users and business use cases. Atani is a Madrid-based, non-custodial platform that aggregates trading and portfolio monitoring across 22 exchanges, including Coinbase Pro, Binance and Bitstamp. The product also includes an automatic tax-reporting tool that generates reports valid in more than 30 countries. The company plans to use new funding to build additional features for advanced users, notably API trading. Atani remains non-custodial, meaning it does not hold users' assets. Financially, the company has raised a total of $7 million to date, including the latest seed round. No revenue or user metrics were disclosed in the article. Atani, founded in Madrid in 2018 by Paul and Haydee Barroso (formerly etoshi), provides an all-in-one crypto platform that aggregates exchanges, hardware wallets, tax reporting and trading in a single interface. The product includes a unified trading terminal, support for 25 exchanges and 3 hardware wallets, portfolio management, and one-click tax reporting via a partnership with a crypto tax company that also prepares FBARs. The platform emphasizes security (servers cannot access users' API keys) and supports tracking across 30 fiat currencies, with global availability including Poland. Atani targets semi-professional and advanced retail traders who use multiple exchanges and wallets. Pricing was free through May 2020 with paid plans thereafter (tiered monthly plans include €4.95/month for 30 transactions, €14.95/month for 300 transactions, and €29.95/month for 1,000 transactions, with annual discounts available). The company rebranded from etoshi to Atani in March 2020 and highlights integrations, tax automation, and an end-to-end trader experience as core product priorities.

Led · Series A · Sep 2023

Erudit connects to apps companies already use (Slack, Microsoft Teams, Zoom) and runs collected data through AI algorithms to produce real-time people-analytics scores such as alignment, autonomy, engagement and satisfaction. The company says its models are trained by psychologists to extract and classify sentiment and to detect trigger phrases indicating stress or job searching. Erudit anonymizes chat data, allows customers to exclude individual employees, teams or departments, and processes checkpoints on a daily basis rather than in real time. The platform is used by “dozens” of businesses today. Erudit has 20 employees and expects to expand its team in the months ahead, particularly in customer support, customer success and sales. The product aims to replace lagging indicators like surveys, but the company and critics acknowledge privacy, bias and interpretation risks with monitoring employee communications. Erudit has developed technology that applies artificial intelligence and natural language processing to improve corporate talent management, studying employee personality, mental health and organizational climate. The company has a presence in the United States and its team comprises around 30 people from diverse sectors and experience areas. Erudit was founded by Alejandro Martínez Agenjo and Ricardo Michel Reyes and earned the Banco Santander and Universidad Europea award for best young social entrepreneurs in 2018. Early support came from IBM and Wayra (Telefónica’s accelerator), and the company has closed several financing rounds to date. The firm is exploring commercial opportunities with partners in areas such as M&A, culture and engagement, internal communication and reputational risk control through collaboration with investors. Erudit provides an AI-driven platform that passively collects data from business tools like Slack, GSuite, and Microsoft 365 and uses a proprietary algorithm to assess employee sentiment and burnout. The company launched an initial version of its platform in March 2021 and has seen rapid growth since. Erudit has 26 employees and currently has six remote openings, and has made several strategic hires including a head of partnerships and a CMO who previously led marketing at Cabify. The team has opened a new revenue channel through partnerships that enable reselling of its AI products. Financially, Erudit recently closed a $3.5M late seed round and plans to open a Series A before the end of the second quarter. Co‑founders Alejandro Martinez Agenjo and Ricardo Michel Reyes lead the company and have emphasized using the product to provide tangible human-capital metrics for executives and investors.

Participated · Seed · Jun 2023

Clivi operates a digital clinic that connects patients with endocrinologists, nutritionists and psychologists and delivers monitoring, treatment plans and supplies (glucometers, test strips, blood testing kits) and medication. Users can access care via their preferred communication channel (for example, WhatsApp) and the company balances human clinicians with technology to increase adherence and daily decision support. Health plans start at MX$790 per month, though the average patient pays about MX$40 per month with private insurance. Since going live in October 2021, Clivi says thousands of patients have used the platform, 94% achieved diabetes control within six months, and the company is adding roughly 2,000 new patients per month. The company reached $2 million in annual recurring revenue over the past 15 months and expects 10x growth in the next 12 months. Over the next five years Clivi plans to serve 1 million people, finish its product including AI automation to increase clinician capacity, expand work with enterprises and public health organizations in Mexico, and then roll out to other Spanish-speaking territories in the region.