Barlon Capital launches €100M fund, Indra buys into TRC, Didit grows revenue 64x

The story so far, in brief; the legwork, and the full article, stay with the original outlet.

It was a quiet week for funding announcements in Spain. Tenoro, an AI operating system for retailers with Argentinian and Spanish roots, raised a €1.7M seed round led by Plus Partners, joined by Bynd and Soldiers Field. It has passed €1M in ARR in Mexico. Plus Partners, the pre-seed fund of Enrique Linares and Oriol Juncosa, has also grown its own fund to €50M from an initial €40M target, so it had some to spare. Barlon Capital, run by Javier Rubió and Dídac Lee, launched a €100M fund, twice the size of its last one, aimed mostly at Spanish consumer start-ups.

The buying side was busier. Indra took 30% of Spanish cybersecurity firm TRC, with an option on the rest within two years. TRC has more than 400 staff and booked over €120M of revenue in 2025, and the deal still needs CNMC approval. Aiuken Cybersecurity bought 4Elitech, which specialises in industrial security, critical infrastructure and IoT, in a deal sources put at around €20M. Barcelona's Adsmurai acquired the Italian agency Ciaodino, along with its 30 employees and its clients.

Didit, an identity-verification start-up from Y Combinator's Winter 2026 batch, grew its revenue 64 times over in 15 months and stayed profitable while doing it.