Insights for CFOs: tips for attracting funding and learnings for leading the growth of a tech company
BBVA Spark has brought together venture capitalists and CFOs in Madrid to address key issues for financial officers of fast-growing companies, from what to look for in a financial partner to best practices for raising capital.
CFOs, investors and experts from BBVA Spark have come together to share experiences and perspectives on how to successfully manage the growth of technology companies and scaleups. In 2025, a year that is expected to be one of capital deployment, a good knowledge of the VC landscape or knowing how to take advantage of the AI boom are some of the key strategies for attracting funding, according to the experts at the event.
After analyzing the evolution of the role of financial manager and the macroeconomic outlook for Spain in 2024 in its previous edition in Barcelona, this new breakfast for CFOs organized by BBVA Spark at the South Summit headquarters in Madrid has brought to the forefront a ‘playbook’ of good practices for raising and managing funds to boost the growth of technology companies.
The investment trends to take into account in 2025
“Itâs been two difficult years, in which there has been a correction of multiples and stock market valuations,” Borja Santos, investor at Kfund, summarized at BBVA Sparkâs CFO breakfast. But in 2025, he explains, a change is already noticeable: “This year is one of deployment”. A positive impression that is also shared by Jaime Ruiz AntĂłn, Principal at Bonsai Partners. “We are seeing green shoots in investee companies, more movement, also mergers and possible sales that were unthinkable 18 months ago,” he explains.
The data shows a slight recovery in global venture capital investment in 2024, when it totaled $368.3 billion (an increase of just over 5% compared to 2023), according to KPMG. In 2025, AI is positioning itself as the main attraction for venture capital (startups in this field already captured a third of all venture capital deployed globally in 2024, according to Pitchbook data). “Life moves in cycles and there is a wave of AI now that is relevant and not unfounded, but it also generates noise,” warns Diego Camilleri, General Partner at Lanai Ventures. “In a few yearsâ time there will be a lot of corpses. You have to be careful what you invest in and how much.”
Tips for attracting investment: logic, data and context awareness
A long-term business vision supported by financial data is becoming increasingly important in the eyes of investors, says Borja Santos of Kfund: “Founders who are very techie are overrated, and the business plan is becoming increasingly important. Now that the technological barriers have decreased, the product has to be much more grounded in the market”.
An effort in which the role of CFO is key, the experts remind us. Beyond financial management, this profile must help to rationalize the assumptions with figures to “help the founder to give a science to the whole narrative of the business plan, and also to justify changes,” Santos emphasizes, as well as “to also attend to the benchmark to see where the company stands compared to similar ones.”
An increasingly global vision is also key to raising funds: “You need to have a good understanding of three things: the environment (VC, macro, trends…), the funds (what each investor likes to see) and the company’s own vision, in order to know how to express what you are selling in the long term,” summarizes Diego Camilleri, from Lanai Ventures.
The entrepreneurship perspective
The event also featured a panel to provide the point of view of CFOs themselves with Carmen MarĂn from Twinco Capital, Isabel Egea from Trucksters and Teresa Burgos from Edpuzzle, moderated by Marc Aguilera, Growth Banker at BBVA Spark. “Experience in the corporate world is essential because it gives you mental structure and teaches you very useful procedures,” says Teresa Burgos, CFO of the US edtech Edpuzzle. “Learning as an entrepreneur and in the startup world also gives you a lot of flexibility.”
When it comes to raising funds, “timing is everything,” says Isabel Egea, CFO of Trucksters, a Madrid-based company noted for its application of AI. “When it comes to financing, you have to look at the big picture and see what the trend is. It’s important to convey to the team that precisely when you raise capital is the time to focus on efficiency, in case the cycle changes.”
Another essential consideration is how to select the right financial partners: “We ask to speak to companies in which the fund has participated, to know who we are committing to,” says Carmen MarĂn, COO at Twinco Capital, a fintech that in 2024 closed a funding agreement with BBVA Spark for up to 50 million euros of debt financing. “It’s about having traveling companions on this journey, which is a very long one, whether it’s with follow-ons or by launching you into other ecosystems; and in the field of debt, with innovative structures that allow you to take the next step.”
BBVA Spark, the ally of the ecosystem
A role that is precisely covered by BBVA Spark. “Three years ago, we realized that traditional banking had not been able to adequately serve entrepreneurs,” explained LucĂa Hojman, head of business development at BBVA Spark Spain, during the CFO breakfast. âWe have a 360° value proposition that includes banking services, day-to-day management, treasury, working capital, APIs, structured debt and venture debt. Our most powerful differentiator is our team, which speaks the same language as the founders and is there to accompany, listen, advise and provide the services they need.”
