Qilimanjaro raises €19.6M to push quantum computing from Barcelona to Chicago
What's the deal? Barcelona startup Qilimanjaro Quantum Tech has raised €19.6 million ($22 million) in the first close of a convertible round, bringing in defence and tech group IndraDealroom has a profile for this one. Try Dealroom → and renewing backing from Spain's Sociedad Española para la Transformación Tecnológica (SETT). Indra Mind contributed €10 million through a mandatory convertible loan, with the SETT adding €9.6 million.
Why the structure? The round is designed to close fully by year-end at a €40 million valuation, when Indra will convert its loan into roughly 5% of the company. A second close aims to lift the total to €40 million or more, with AvançsaDealroom has a profile for this one. Try Dealroom →, backed by the Catalan government, and other existing investors also expected to take part.
What's the endgame? Founded in 2019 as a spin-off of the Barcelona Supercomputing CenterDealroom has a profile for this one. Try Dealroom →, the University of BarcelonaDealroom has a profile for this one. Try Dealroom →, and the Institut de Física d'Altes EnergiesDealroom has a profile for this one. Try Dealroom →, Qilimanjaro has built four quantum computers and develops software and applications. Its business centres on renting its technology to large companies testing quantum's potential.
By the numbers: The company booked €5.5 million in revenue last year and expects to hold that roughly steady in 2026. Its headcount tops 80 and is set to grow, with chief executive officer Marta P. Estarellas planning to add about 40 people in the coming months.
Where next? Qilimanjaro wants to deepen its footprint in Madrid and open an office in Chicago to start working with US firms. It is already preparing another round for next year to raise between €100 million and €150 million.
"We are very satisfied, as both are strategic partners in the Spanish technology world," Estarellas said (translated from Spanish).
The signal: At €19.6 million, the first close ranks near the top of convertible rounds for nanotech startups in Spain — in the 98th percentile across 164 such deals all-time. The backing of an Ibex 35 group and a state-linked vehicle underscores how national governments are treating quantum computing as strategic infrastructure.
Read more: lavanguardia.com
Image credit: IBM Research
