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Glovo to try to raise additional funding. AgileContent gets €7m. VozTelecom sold for €19m.

April 20, 2020 • Issue #213

This week's newsletters is brought to you by Madrid-based fintech startup Fuell.

Fuell is an unprecedented corporate card solution for businesses of all sizes. It's like nothing you've seen before. Fuell Corporate Card is a card issuer and an expense management software, at the same time.

Say goodbye to expense reports, to manually updating budgets, to sharing cards, and to employee reimbursements. Manage your company’s spending (employees and providers) in real-time. It’s the corporate card you'd would like to have if I you're building a company.

Startup funding news 💸

  • According to La Informacion, Glovo could raise additional funding in the next few months, as an extension of last year's €150m round, to navigate the current environment
  • Barcelona-based AgileContent announced a €7m convertible bond offering, subscribed by Inveready and other investors
  • Barcelona-based biotech startup Pulmobiotics secured €2m investment from Invivo Capital
  • Madrid-based sports tech startup Playtomic raised €1.7m for reservation app
  • Madrid-based Microbial Biosystems, who develops an alternative to plastic, raised €165,000 from BeAble Capital

M&A activity 🎊

  • UK company Gamma Communication announced the acquisition of Spanish cloud communications company VozTelecom, for €19.2m. VozTelecom floated on the MAB since 2016 and in 2019 posted sales of €15.6m and EBITDA of €2.5m

Investor & accelerator news 🚀

  • Wayra announced an investment in US-based startup TransparentBusiness, developer of software to manage remote teams
  • Lucas de Vega of Inveready has been publishing a series of articles to explain how venture debt works. This is the first post and you can find the rest here
  • FounderNest, an investor matchmaking platform designed to assist in raising funds for companies, decided to open up their network and platform to any active founder and investors to promote collaboration and discoverability

Startup news 💡

  • Idealista to perform an ERTE that will affect all of its staff, as the real estate sector is starting to feel the consequences of the economy shut down
  • Marketgoo, a distributed company that develops SEO software, published their Culture Handbook, a document explaining their culture and how they operate
  • Raul del Pozo, co-founder and CEO of coworking company Cink Emprende, wrote an article explaining their 9-year journey. Cink Emprende currently generates €100,000 in monthly revenues
  • Javi Santana, co-founder of Tinybird, explained in an article the reasons behind various technology and product decisions they've made in the past few months and how these have scaled as the complexity in the product increases
  • Javier Cuevas, co-founder and CTO of Gudog, wrote about the technology decisions they've made and implemented following the merge of their business with UK company HouseMyDog
  • David Bonilla of talent agency Manfred published the company financials in March 2020
  • La Pinada's Lab, Iker Marcaide's project to build a sustainable neighborhood in Valencia, announced Salvia, an open innovation program to promote collaboration between corporates, government and startups in the development of urban solutions
  • El Pais talked to various ecommerce startups (Minimalism, Trendsplant, Enjoyers and others) that have decided to shut down their stores during the current crisis to protect their employees, suppliers and other stakeholders
  • Spanish startups well positioned for the remote tech era
  • El Referente talked to various travel startups and investors to talk about the current situation and measures they're taking to navigate these tough times
  • Kantox CEO, Philippe Gelis, discussed in an interview the true value of automating FX hedging, explained the role of analytics in improving hedge execution, and commented on what makes fintech-bank partnerships a success for all involved
  • Startup profiles: dotGIS, Opoque

Fuell is pretty simple to use, create different budgets and assign your team funds. This will allow them to spend on their physical card or through a member virtual card. Members can only access funds once they have been assigned to them by a budget owner or admin. Employees just have to select a budget, pay with Fuell card, get a push- notification on their phone, take a picture of the receipt, and you're done. As simple as it gets.

Employees waste on average 68 minutes to do expense reports every month. That means that 100 employees spend per year 56 days doing expense reports...This situation had to stop! Fuell purpose is to help humanity thrive by enabling all teams to efficiently work towards their purpose.

Big company news 🏦

  • Banco Santander launched PagoFX in the UK, a money transfer app to take on TransferWise and other fintechs

Tech and policy 💂🏼‍♂️

  • Madrid's local government says that Cabify is not allowed to use its current fleet of cars to deliver packages, as the company announced two weeks ago

Interesting reads 🤓

  • El Pais interviewed Carmela Troncoso about her work in the development of an app to be used across Europe that would help trace people infected with covid-19. Carmela is an Assistant Professor in Computer Science at EPFL (Lausanne)
  • Miguel Arias (Wayra) reflected on a post-covid-19 world. In the post he says that in Wayra they're seeing 40% decrease in valuations and a slowdown in rounds and M&A processes. Miguel also says that they've been quite active in the past few weeks at Wayra, with 8 new rounds of funding
  • Samuel Gil of JME wrote about 'Complex Systems'
  • David Bonilla of Manfred wrote about 'Specialists vs. Generalists' in the context of the tech labour market
  • Carmen Alfonso of Samaipata wrote about 'The Present of Work: the overnight coming of age of remote work'
  • Alex Rodriguez of Marsbased and Startup Grind BCN wrote about 'Some things you can do as a company to give back to your community'

Podcasts 🎧