Alter Capital and Axon take control of Kampaoh in €4M capital increase
What's the deal? Spanish glamping startup Kampaoh has handed control to private equity funds Alter CapitalDealroom has a profile for this one. Try Dealroom → and AxonDealroom has a profile for this one. Try Dealroom → through a €4M capital increase that reshapes its shareholder structure. The deal replaces the company's previous venture capital backers — JME Venture, Encomenda, and EutopiaDealroom has a profile for this one. Try Dealroom → — with a PE-driven model focused on profitability. Alter, Axon, and founder Salvador Lora now control the board.
Why now? The Seville-based company spent months battling liquidity problems, filing for pre-insolvency proceedings in late 2025. It had racked up roughly €12M in internal liabilities, which investors partially converted into equity as part of a deep financial restructuring.
Kampaoh's troubles trace back to an aggressive international expansion across Portugal, France, and Italy — funded by €14M raised in 2023 and about €8M in 2024. When the global VC market froze after the collapse of Silicon Valley Bank in 2023, the ripple effects hit Spain by 2024, cutting off the funding Kampaoh relied on to sustain growth.
"Kampaoh bet on international expansion at a time when it was living off funding rounds," Lora said. "When the startup bank collapsed in the US in 2023, it triggered a chain reaction that reached Spain in 2024."
Despite generating €32M in consolidated revenue in 2024, the company posted a negative EBITDA of €2.7M. By the end of the year, operating results approached breakeven on €27.5M in revenue — a sign the restructuring was beginning to bite.
What could go wrong? The deal is still pending its final formal tranche. Kampaoh's previous VC shareholders are now diluted and removed from governance, which could create friction. The company has also had to exit markets and cut costs, narrowing its focus to Spain and Portugal — a retreat that limits its growth ceiling.
The signal: Kampaoh's pivot from venture capital to private equity stewardship mirrors a pattern playing out across southern Europe, where startups that scaled aggressively on abundant 2021–2023 funding are now being recapitalised by profit-focused investors. Dealroom still classifies Kampaoh as a "breakout" stage company, yet the rescue dynamics here — pre-insolvency, debt-to-equity conversion, board overhaul — look more like a distressed turnaround than a growth story, underscoring how quickly the label can diverge from reality when capital dries up.
Read more: elconciso.es
