ECO-ONE: from outsourced finance department to European operations

How Euroaccounts supported a Spanish startup from outsourced financial direction to a coordinated expansion into Portugal and France, with an international funding round unlocked thanks to the financial groundwork that made it possible to clear the fund’s due diligence without surprises.

The client

ECO-ONE is the Spanish reference startup in hospitality sustainability. Founded in Valencia by Carlos Fluixá and Zdenka Lara, it helps hotel chains and independent properties reduce their environmental impact without sacrificing profitability: sustainable purchasing platform, energy efficiency, FUNDAE-funded training and circular-economy furniture.

Five years after its foundation, its clients include Meliá, Palladium, H10 Hotels, Mandarin Oriental and Catalonia: leading chains that trust their sustainability strategy to a company just a few years old.

Key figures (2024)

• Positive EBITDA, revenue above €1.2M
• 2,300+ active hotels on platform
• 2,500 tonnes of CO₂ avoided
• 11,500 furniture pieces reused
• 6,000 employees trained in sustainability
• 4,000+ products in catalogue

In late 2025, ECO-ONE closed an investment round led by a Portuguese fund specialised in sustainability, with the goal of opening a subsidiary in Portugal and, shortly after, in France. European operations were starting.

The starting point: two years of trust before expansion

ECO-ONE didn’t come to Euroaccounts looking to internationalise. It came two years earlier, in 2024, with a far more grounded need: they needed a finance director.

They had a small external accountant, enough to handle formal obligations but not enough for a company that was already invoicing top-tier hotel chains. They were looking for someone to take over financial direction as such: budgeting, cashflow, management control, administration, invoicing, payments. A team that would understand the business and integrate as if internal.

They reached David Bua, partner at Euroaccounts, through a referral from another entrepreneur in the startup ecosystem. Not from the website, not from a sales pitch: through word of mouth from someone they trusted.

For two years, Euroaccounts became ECO-ONE’s outsourced finance department. Daily contact, full team integration, presence in every decision touching numbers. That relationship is what made everything that came next possible.

The challenge: an international round changing the scale

In mid-2025, ECO-ONE entered advanced conversations with a Portuguese fund specialised in sustainability investments. The transaction had three simultaneous dimensions:

1. An investment round entering the share capital of the Spanish parent.
2. The incorporation of a Portuguese subsidiary to operate the Portuguese market from Portugal.
3. The incorporation of a French subsidiary to scale into France next.

Any of those three moves on its own is already an intense process. Doing them coordinated, in parallel, and under the scrutiny of an institutional international investor is a different matter. And the Portuguese fund wasn’t going to sign until they had a complete, clean and verifiable fiscal and financial picture of the Spanish company.

ECO-ONE needed the parent they had been building for two years to withstand a formal due diligence. And they needed an advisor capable of coordinating the creation of two subsidiaries in two different jurisdictions, in short timeframes, with local interlocutors they didn’t have.

The solution

Phase 1 — Clearing the fund’s due diligence: the gate that unlocked the round

Before talking about subsidiaries, there was one thing to do: pass the due diligence the Portuguese fund required on the Spanish company.

David Bua and the Euroaccounts team prepared and delivered all the documentation the fund’s advisors needed to carry out their due diligence: two years of accounting close, taxation, contracts, corporate structure. Information arrived ordered, complete and in the format the process required. The fund’s review found no material contingencies.

The fund gave the green light to the investment. Clearing the due diligence without objections was the moment that unlocked the entire operation that followed. Without a yes there, there would have been no Portuguese subsidiary and no French subsidiary.

After the OK, the capital increase was executed in Spain, bringing the fund into the shareholding.

Phase 2 — Subsidiary in Portugal (September–December 2025)

With the round closed, the Portuguese subsidiary had to be created so the funds could come in and the Portuguese market could operate legally.

David put ECO-ONE in touch with a trusted advisor in Portugal — a partner Euroaccounts has worked with for years — and coordinated the operation across three sides: client, Portuguese advisor and investor. The subsidiary was incorporated between September and December 2025.

Phase 3 — Subsidiary in France (December 2025 – early 2026)

With Portugal closed, ECO-ONE asked to move France immediately. Same mechanics: David activated the INPACT Global network partner in France and coordinated incorporation, this time as a public limited company, in approximately six to eight weeks.

Phase 4 — Consolidation and ongoing operations

Subsidiaries are not the end of the work, they are the beginning. Today Euroaccounts:

• Consolidates the financial information of all three entities in Spain.
• Runs budgeting and cashflow tracking for the group.
• Is setting up the management fees and intercompany re-billing structure between parent and subsidiaries (e.g. staff hired in Spain providing services to the French subsidiary is invoiced monthly at arm’s-length terms).
• Coordinates with local advisors in Portugal and France so each subsidiary meets its local obligations and data feeds cleanly into the Spanish consolidation.

Each subsidiary invoices its local clients independently. The Euroaccounts team in Madrid is the one tying it all together.

The outcome

• Three operating entities across three European jurisdictions in approximately six months.
• Investment round closed successfully after clearing the fund’s due diligence without objections, on the back of two years of orderly financial management by Euroaccounts.
• Zero contingencies in the subsidiary creation process — clean operation in both countries.
• A single trusted point of contact from Madrid, coordinating local partners in Portugal and France.
• Daily contact between Euroaccounts and ECO-ONE: real integration, not arm’s-length advisory.
• Scalable structure: intercompany operations let ECO-ONE keep growing without reinventing the model in every new market.

In the words of Carlos Fluixá, Co-founder & CEO of ECO-ONE

When an international investor shows up at your table, the last thing you want is to look for three different advisory firms in three countries. You need someone who already knows your house from the inside and who can extend a hand to Portugal and France without dropping a single ball.

Carlos Fluixá, Co-founder & CEO of ECO-ONE

Due diligence is one of those moments that can sink a round. Ours passed without a single red flag. That’s the kind of peace of mind that’s worth the investment.

What sets this case apart

• It wasn’t a one-off setup: it was the natural culmination of two years of joint financial work that paved the way for a confident expansion.
• Clearing the fund’s due diligence was the real turning point, not the creation of subsidiaries — and we got there with two years of financial order behind us.
• The partner network — including INPACT Global in France and trusted allies in Portugal — allows Euroaccounts to coordinate international operations without losing control from Spain.
• The sophistication is in the aftermath: management fees, intercompany re-billing, consolidation, governance. Where the client keeps paying a monthly fee for years, not just at setup.