With the markets forecasting the mother of all recessions, capital for startups is getting scarce and entrepreneurs find increasingly hard to raise financing for their companies. So I want to congratulate Rafael Casado, founder of Tooio, on raising a €1,5M round with markets in tough conditions.

Tooio is a Spanish startup developing a mobile social network that allows users to know where their friends are, communicate with them and find places and events close to where they are. Features include SMS, mail and instant messaging, events invitations and a proximity-based mobile search engine.

The service is available for Windows Mobile, Symbian, iPhone, and soon Blackberry too.

Rafael Casado created Invertia inside of Terra and then was the COO of Terra.

Follow Martin Varsavsky on Twitter: twitter.com/martinvars

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