Side Capital makes its first bet: €500K into organic baby food maker Smileat
What's the deal? Side CapitalDealroom has a profile for this one. Try Dealroom → Partners has made its first-ever investment, putting €500,000 into SmileatDealroom has a profile for this one. Try Dealroom →, a Spanish maker of organic baby food. The move came as part of a growth equity round led by Seaya through its Andrómeda fund, which took a majority stake in Smileat in April.
The details: The €500,000 buys the Valencia-based fund close to 5% of Smileat, which is valued at more than €20 million. Side Capital has approval to invest the same amount again — reaching €1 million and roughly 10% — in a capital raise that can take place within a year of the deal, meaning by April 2027.
What's the endgame? Smileat, which passed €21 million in revenue in 2025, wants to triple in size over the next three years through organic growth, international expansion, and acquisitions. It currently generates about 5% of revenue outside Spain and aims for €15 million in international sales by 2030, with a presence in Portugal, the Czech Republic, Romania, and Poland.
Why Side? The fund, which specialises in developing industrial companies, framed the deal as a statement of intent. "Entering this operation highlights that we are a strategic fund in the field of industrialisation," said president Pedro del Álava (translated from Spanish).
Between the lines: Cofounder and investment manager Roberto de la Cruz said Side brings "a layer of industrial discipline at a moment of strong expansion," which he called key in a sector where demands on quality and traceability are especially high. Smileat runs a production plant in Jerez de la Frontera, and retail accounts for 65% of its sales.
The signal: Side Capital's debut alongside an established investor like Seaya shows how smaller industrial specialists are positioning themselves as operational partners in scaleup rounds, not just providers of capital.
Read more: expansion.com
Image credit: Generated with Gemini
