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Captio acquired for €25m. Copado raised €7.5m Series A from IVP. The new Wayra. Glovo's riders are not falsos autonomos.

July 7, 2019 • Issue #131

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Startup funding news 💸

  • Copado, a Madrid, Spain-based cloud-based release management platform, raised €7.5 million in Series A funding from US VC firm Insight Venture Partners
  • Hardware startup TAPP Water raised €2 million from various investors
  • Basque security startup Hdiv Security raised $1 million from Adara Ventures. Adara explained their investment thesis here
  • Services marketplace Eelp! raised €550,000 from Forcadell, Dídac Lee, Civeta Investment and Carlos Blanco
  • Testing platform We Are Testers raised €460,000

M&A activity 🎊

  • Expense management startup Captio got acquired by US-based Certify for €25 million. The price means a 7X revenue multiple being paid by the acquirer. Captio had raised funding from Kibo Ventures, THCAP, Bankinter and other investors
  • Barcelona-based ForceManager acquired Sellf, a Italian company that has built a solution to gamify field sales
  • Eventbrite, the US company that recently acquired Spanish startup Ticketea, IPOed this week in the Nasdaq
  • French consulting firm Devoteam acquired Spanish data analysis firm New BIC

Investor & accelerator news 🚀

  • Telefonica’s startup accelerator Wayra announced a new focus going forward: the program will invest up to €5 million per year in more mature companies, with tickets of up to €150,000 per startup, and will put a lot of effort in commercial agreements between the telco and the companies it invests in
  • The program’s director, Miguel Arias, wrote about the changes on his blog: ’Repositioning Wayra for the future
  • Adeyemi Ajao, co-founder of Cabify and Cabify, unveiled Base10 Partners, a new $137 million fund

Startup news 💡

  • La Vanguardia profiled Laura Urquizu, CEO of Barcelona-based SaaS startup RedPoints. The company has raised more than €22 million in venture funding in recent months
  • Roboadvisor company Indexa Capital announced that it now has more than 4,900 clients and €120 million under management
  • Deliveroo announced a subscription service in Spain. Consumers that pay €5.99 per month will get unlimited and free deliveries
  • Mobile payments startup Verse announced a new product, Groups
  • Cabify announced changes to its pricing strategy. Fares will not only take into account trip distance, but also time to destination
  • Koko, the so-called first e-scooter company to launch in Spain, is live in Zaragoza. The company will expand across Spain depending on local laws
  • ExpandToSpain: ’Four Spanish for profit startups to watch, making our world a better place
  • US social network Nextdoor is now live in Spain
  • Startup profile(s): Scoutim (sports)

Big company news 🏦

  • Analia Plaza wrote about salaries and working conditions at Amazon. A lot has been written about the topics when it comes to workers at the company’s distribution centres, but this new article focuses on the wider Amazon employee base in Spain, mostly in Madrid, which also compromises engineers and product people
  • Francisco Gonzalez, president of BBVA, once again said that he believes that fintech startups should be subject to the same type of regulation as bigger players in the financial services sector. Also this week, the bank launched Bconomy, a service that allows clients to connect their other bank accounts under the BBVA roof to be able to consult them without leaving the app/website
  • El Español interviewed Just Eat’s managing director in Spain, Jesús Rebollo, about the country’s food delivery market and other legal issues
  • K-Tuin, the Spanish Apple distributor, could be sold for up to €45 million

Tech and policy 💂🏼

  • Glovo received good news this week. Two different judges in Spain and Italy said that its delivery riders are not ‘falsos autónomos’ and should not be considered as employees of the company. This was one of the most critical issues the company faced in Spain and in Europe in general
  • On Friday the Spanish government will announce the mechanisms that Spain’s Comunidades Autónomas can use to regulate the activity of Cabify and Uber through VTC licenses. Holders of these licenses are obviously worried about the outcome of the legislation, and so are Cabify and Uber. Local governments in Madrid and Barcelona could perhaps announce a new type of VTC license before the May elections, thus putting more pressure on the market and perhaps limiting the activity of the companies
  • Delivery companies Seur, UPS, DHL and MRW are joining forces to combat Amazon Flex for unfair competition

Interesting reads 🤓

  • Kippel01 interviewed Carlos Sanchiz (Manager, Solutions Architecture at Amazon Web Services) to talk about the cloud business
  • Spanish entrepreneurship map: 22% of Spanish startup founders are women, according to a study presented by South Summit
  • Raising concerns regarding the expansion of gambling in Spain, especially when it comes to sports and online gambling. El Pais has interesting story on the topic

Podcasts (and videos) of the week 🎧

  • Itnig interviewed Álvaro Córdoba, CMO of Badi
  • Javier Cañada (Tramontana): ’Strategic design principles