SaaS startups you shouldn’t lose sight of

In Encomenda Capital Seed II, the fund invests at pre-seed and seed stages across multiple technology verticals, targeting startups with innovative business models, a strong technological foundation, and global scalability potential. In 2025, the team reviewed more than 2,000 startups, surpassing the previous year’s record. This provides access to approximately 90% of Spain’s dealflow—not only in Madrid or Barcelona, but with active presence across all Spanish regions.

From this dealflow, a significant share is focused on SaaS as a core model, and this is no coincidence. SaaS remains the preferred model for investors: in Q3 2025, 33% of all VC funding went to SaaS startups, twice as much as the next most-funded sector. However, the model is evolving: the winning software today is no longer just about organizing work, but about executing it and delivering measurable outcomes.

These are the SaaS startups in the portfolio demonstrating this shift:

Evolbe
B2B software for end-to-end management of HORECA and retail point-of-sale chains, unifying operations, HR, and internal communication in a single tool, replacing spreadsheets and fragmented platforms. Born from the real operational need of its founder (previously at Manolo Bakes), it now serves more than 20 well-known brands, including Brownie, Santagloria, and B&B Hotels.

Mitte
A platform that centralises and digitises parking management for operators, enabling them to control pricing, inventory, availability, and reporting from a single dashboard. Since launch, it has closed a funding round, integrated with more than seven key mobility ecosystem players, and expanded to over 40 locations across three countries.

Zinkee
A no-code platform that enables SMEs to build their own management applications without development teams, centralising projects, HR, invoicing, and processes in a single cloud tool. Winner of the 5th Venture on the Road edition supported by Google for Startups, with clients across engineering, construction, and consulting sectors.

FitnessKPI
The first BI software specialised in fitness and sports facility management, using AI to centralise data, predict behaviour, and automate actions to improve member retention and profitability. It is already present in more than 1,500 clubs and serves 3.5 million members across 26 countries, with clients such as Gold’s Gym, Planet Fitness, and Fitness First, and ranked #25 in the Deloitte Technology Fast 50.

Zexel
A platform focused on automating payments in influencer marketing campaigns, allowing brands and agencies to pay any creator in one click with consolidated invoicing and no tax or administrative friction. It has recently launched ZexelAI, an AI assistant connected to client accounts to manage incidents, invoices, and payments in real time.

Ovianta
An AI voice-agent platform for private clinics and hospitals that automates call handling, appointment scheduling, reminders, and post-visit follow-ups. It has already handled more than 19,000 calls with a 67% autonomous resolution rate, offering multilingual support and full GDPR compliance with EU-based data storage.

Seven Sector Technologies
A cybersecurity platform whose XDRnet product redirects attacks into a virtual replica of the real infrastructure, neutralising them without affecting business operations. It achieves up to 99% effectiveness in early malware detection, with Puig as its first validated customer.

Metly
A platform that digitises pharmaceutical product launches by connecting laboratories, manufacturers, and distributors through AI-powered intelligent search. It already integrates more than 35,000 licensed products from 550 global licensors and is expanding into the US and China.

What these eight startups have in common is not the sector, but the conviction: well-built software focused on real problems and recurring revenue models remains one of the strongest early-stage investment theses.

At Encomenda Capital, the focus is not only on business models, but on the teams capable of executing them.

You can read the full newsletter here:Encomenda Insights VI on LinkedIn