Factorial, a Barcelona-based software company, raises $150 million in a Series D funding round at a $2.5 billion valuation, according to reports. The round is led by General Catalyst, which invests in Factorial for the first time as a direct equity investor. Alongside the Series D, General Catalyst also commits an additional $540 million through a separate structure tied to the value Factorial delivers to its customers, described as a Customer Value Fund. The additional investment is presented as a mechanism intended to finance sales or growth while linking returns to customer outcomes. Multiple outlets characterize the deal as a step that positions Factorial among the higher-valued Spanish scale-ups, reflecting investor support for the company’s growth strategy. Both sources agree on the round size, valuation, General Catalyst’s leadership role in the Series D, and the existence of the additional $540 million investment vehicle. Financial terms beyond these headline figures are not detailed in the excerpts provided.