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josé luis cogolludo

T2 · manager / operator

Started his advisory firm at age 25 in 2001, grew from single practitioner to 100-person, €80M revenue platform across accounting, legal, audit and consulting via 59 acquisitions. Rejected equity offers to maintain control; finances growth through retained earnings and debt fund facilities.

1 call·1 name·100% bull·last heard 8 months ago·SeedRocket TV
track record

no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY

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1sthigh conviction
$AFIANZAAfianzaposition

Afianza scales to €80M revenue via 59 acquisitions, targets €150M

Sole owner José Luis Cogolludo has built a €80M revenue professional services platform (accounting, legal, audit, consulting) through 59 bolt-on acquisitions of small advisory firms, achieving >20% EBITDA margins and 85% recurring revenue. He targets doubling to €150M using unlimited debt capacity from a debt fund at Euribor+6%, refusing equity to retain control and culture.

SeedRocket TV2026-02episode →

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  • $AFIANZA

recurring themes

  • Private Markets1
  • Payments & Banking Infrastructure1
  • AI Applications1
1 total
$AFIANZA
Afianza
HIGHjosé luis cogolludo·SeedRocket TV·8 months ago·It bought out its competition and took over the market | The AFIANZA story | Jose Luis Cogolludo· position
Afianza scales to €80M revenue via 59 acquisitions, targets €150M
Sole owner José Luis Cogolludo has built a €80M revenue professional services platform (accounting, legal, audit, consulting) through 59 bolt-on acquisitions of small advisory firms, achieving >20% EBITDA margins and 85% recurring revenue. He targets doubling to €150M using unlimited debt capacity from a debt fund at Euribor+6%, refusing equity to retain control and culture.
"Pues a fecha de hoy hemos hecho 59 adquisiciones... la facturación que tenemos para 12 personas es cerca de los 80 millones y el vida... estamos por encima del 20%... ahora mismo…"
0:30
8
Private Marketstailwind
Roll-up consolidation wins in fragmented Spanish advisory market
The Spanish accounting and tax advisory market is 95% firms with fewer than five employees, creating a large consolidation opportunity. Afianza shows a buy-and-integrate model works: acquiring firms at roughly 1x revenue, retaining all staff, cross-selling legal, audit and consulting to lift revenue 10-20% per acquisition, and funding with debt rather than equity to avoid dilution.
7
Payments & Banking Infrastructuretailwind
Debt funds replace banks for scaling services roll-ups
Traditional banks lend on trailing EBITDA (3x) and require rigid scoring, while debt funds underwrite projected growth, offering larger facilities (Euribor+6% vs Euribor+2%) with delayed draw terms. This unlocks 'unlimited' acquisition capacity for cash-flow-stable, recurring-revenue businesses that lack hard assets for bank collateral.
7
AI Applicationstailwind
Professional services automation blocked by fragmentation, now viable at scale
No software vendor builds for 5-person firms (95% of market), leaving legacy systems that can't handle scale. At €80M revenue, Afianza can finally fund proprietary client portal and OCR/automation to productize service delivery — a threshold where AI-driven efficiency becomes economically viable in a historically low-tech sector.