Awaiting keywords... raised €4.4m. Loyal Guru gets €2m. Cabify turned a profit in Q4.

February 10, 2020 • Issue #203

¿Te gustaría recibir en tu móvil las 5 mejores ofertas para las revisiones y seguro de tu vehículo justo en el momento de la necesidad?

SymbioCar, la nueva app para conductores inteligentes.

Controla gastos, gestiona documentos del vehículo, unifica fechas de vencimiento, y recibe ofertas de talleres y aseguradoras justo cuando lo necesitas. Bienvenido a la revolución digital del servicio al vehículo. SymbioCar, descarga gratuita ya disponible para iOS y Android.

Startup funding news 💸

  • Cordoba-based raised €4.4 million from JME, GP Bullhound, Market One Capital, Athos Capital Fund and FJ Labs
  • Barcelona-based Loyal Guru raised €2m from US VC firm Greycroft Partners
  • Madrid-based Hangry raised €1m from various investors
  • Madrid-based Schaman raised €1m from Inveready
  • Barcelona-based Catevering raised €500k
  • Startups looking for funding: Peoople, Tropicfeel

M&A activity 🎊

  • La Informacion looked at the funds that bought shares of HolaLuz in its recent IPO. In aggregate, these 15 funds acquired €7.8m worth of shares

Investor & accelerator news 🚀

  • Valencia-based fund Bbooster Ventures changes its name to Draper B1. The firm is the first one in Spain to be backed by UK VC firm Draper Esprit
  • Telefonica Innovation Ventures invested in Clear, a startup that wants to build a blockchain for high-volume transaction systems like payments between telcos. Wayra also announced last week that in 2019 it invested €1.4m in 9 startups
  • Repsol invested €3m in Finnish automotion startup TactoTek

Startup news 💡

  • Cabify says it is now profitable, posting €3m in EBITDA in Q4 2019. Net sales in the quarter totalled $29m and $104m for 2019 as a whole, from a total of $708m in rides. Cabify claims to be the first company in the ridesharing category to have turned a profit. Apparently, the company reduced its staff by 100 employees in 2019
  • According to La Informacion, Scytl is trying to renegotiate €30m in debt it currently owes. The article says that the company was valued at north of €300m in 2017, and one of its investors recently valued the whole company at €81m
  • Avi Meir, co-founder and CEO of Travelperk, published an interesting Twitter thread about why they believe customer support is one of the key differentiating factors of its company and how it helps increase retention and lower CAC
  • Second-hand clothing marketplace Micolet opened its first ever retail store, in Bilbao. The company says that it plans to reach €5m in sales this year
  • Cinco Dias profiled Joinup, which offers taxi transportation services to companies. The company claims to have more than 500 companies as clients and €9.3m in sales in 2019
  • La Voz de Galicia profiled Empathy, a startup based out of Asturias and Galicia that provides search functionality to enterprises. The company has 71 employees and reached sales of €5m in 2019
  • El Confidencial writes that Q12 Trivia, a local startup that published a daily interactive trivia show for months, has ceased operations and has not paid the prizes it owes to users
  • Qonto, a French neobank for companies, announced last week that it now offers Spanish IBAN numbers to local enterprises
  • Startup profiles: SEO Alive, Garaje de Ideas

Big company news 🏦

  • Microsoft disclosed its sales numbers in Spain in 2019: €380m (+74% year-on-year) and €14.6m in profit

Tech and policy 💂🏼‍♂️

  • The government of Barcelona has decided to allocate more than 6,000 motorbike sharing licenses to 21 companies. In theory, this would bring parity to the local market, in the sense that each of the 21 companies will own 331 licenses, but it seriously harms the operations of companies such as Cooltra which had 1,800 motorbikes in the city

Interesting reads 🤓

  • El Confidencial partners with Deep.BI to deploy propensity to subscribe algorithms for dynamic paywall steering
  • Ramon Blanco, co-founder of Indexa Capital and Bewater Funds, claimed in an op-ed that there's a bubble in the neobank sector and that most won't be able to turn a profit ever
  • Martin Varsavsky, founder of Jazztel, and more recently of fertility startup Prelude, was interviewed to talk about his career as a serial entrepreneur
  • Gender equality in Spain might have come further than you think
  • How Spain attracts Latin American startups looking for growth

Podcasts 🎧

  • SaaS Club interviewed David Okuniev, co-founder of Typeform
  • Soluble Studio interviewed Timo Buetefisch, CEO of Cooltra
  • K Fund interviewed Pedro Torrecillas and Teo Ruiz, co-founders of Circular
  • Startup Grind interviewed Iñaki Arrola, co-founder of and K Fund
  • Valencia Plaza interviewed Paloma Mas of Plug and Play Tech Center
  • Itnig interviewed Joel Balague, co-founder of Volava
  • interviewed Vanesa Tejada of LATAM Airlines