Embat

Embat is a technology company, not an investment firm. Strategic and capital-allocation decisions rest with co-founders Antonio Berga and Carlos Serrano, who serve as Co-CEOs. Product and go-to-market strategy is driven by the leadership team in Madrid, with guidance from a board that includes representatives of Creandum, Samaipata, and 4Founders Capital.

Embat is a venture-backed enterprise software startup, not a family office. It has raised institutional venture capital from firms including Creandum, Samaipata, 4Founders Capital, and VentureFriends. The company sells a software-as-a-service treasury management platform to corporate clients and does not manage a proprietary investment portfolio.

Embat targets mid-market and large enterprises, primarily in Spain and expanding into Southern Europe and Latin America. The firm has publicly stated it serves corporate finance teams across multiple industries, but specific named enterprise clients have not been broadly disclosed. Its platform connects to major European banks via API, suggesting a client base with multi-bank European operations.

Embat raised a seed round in 2022 and a $16 million Series A in September 2023 led by Creandum, with participation from existing investors Samaipata, 4Founders Capital, and VentureFriends (per public record). Creandum is the European venture firm known for early bets on Spotify and Klarna. The capital is being deployed against product development and geographic expansion.

The Series A funding round, announced in September 2023, was explicitly earmarked for expansion into Southern Europe and Latin America. Spain remains the home market and product-development hub. The Latin America push is notable given the region's fragmented banking landscape and the founders' network from J.P. Morgan, which maintains a large corporate banking presence there.