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Devo raises Series C. DH acquired Glovo Latam for €230m.

September 21, 2020 • Issue #234

Alan es el seguro de salud 100% digital creado por y para startups.

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Startup funding news 💸

  • Madrid and Boston headquartered data analytics and security company Devo Technology landed $60 million for its Series D round, led by Georgian, with Bessemer Venture Partners and Insight Partners also participating in the round. The company also announced that former LogMeIn COO Marc van Zadelhoff will join the company as its new CEO. CTO and founder Pedro Castillo talked about the round and the evolution of the company in this interview. Kibo Ventures is an investor in Devo
  • Elche-space aeronautics company PLD Space raised €7 million from Arcano
  • Barcelona-based fintech Nemuro raised €2.4 million led by InnoCells
  • Madrid-based APlanet, which develops software to help companies improve their social responsibility strategy and plans, raised €1.7 million led by All Iron Ventures
  • Madrid-based adtech startup Dolnai raised €800,000
  • Other funding rounds, of €500,000 or elss: BookingKit, Rentger, Berba, Exum, bnc10

M&A activity 🎊

  • Delivery Hero announced that it’s buying the Latam operations of Glovo. DH will pay up to €230 million to take over eight markets, including a €60 million performance-based earn-out. With this move, Glovo pulls out of Latam completely, to focus on Southern and Eastern Europe. According to this, Latam represented 1/3 of Glovo's total revenues. In 2019, Glovo lost €189 million on sales of €216 million
  • Gigas has entered the Irish market with the acquisition of Irish cloud company Ignitar for €2.2 million

Investor & accelerator news 🚀

  • Nauta Capital led a $4.7 million Series A round in Finnish startup Happysignals
  • Fundacion Bankinter published its Q2 report of funding activity in Spain. A good read
  • Lanzadera announced the name of 130 companies that will participate in its various accelerator and support programs this year. It's 5 times the number of companies that used to participate in such programs.

Startup news 💡

  • Sacha Michaud, co-founder of Glovo, published an op-ed about the future of retail. He talks about trends such as personalisation and the fact that retailers could convert their stores into ‘virtual warehouses' for immediate on-demand deliveries that take minutes or hours rather than days. The latter is actually something being tackled by various local startups, such as Kubbo and Adock
  • Signaturit announced that it will responsible for all signatures happening on Personio's HR product. The article doesn't specify if this is only an integration in Spain or Europe-wide. Personio is based in Berlin but has an office in Madrid following the acquisition of Rollbox
  • Cabify launched Bive, a new product focused on urban bicycles. Bive groups a bunch of stuff people who own a bike need, such as repairment shops, insurance, bike cleaning services through a subscription. There will also be a more expensive subscription, Bive+, which includes a bicycle starting at €44,90 per month
  • Second hand clothing marketplace GoTrendier, which operates in Latam but is headquartered in Barcelona, said it expects to grow by 150% this year, thanks to tailwinds from covid-19, topping 900,000 yearly transactions
  • Popular chef Dani Garcia, awarded three Michelin stars, announced that it's launching a foodtech company La Gran Familia Mediterranea, which will operate a network of virtual kitchens in Madrid, Barcelona and Marbella
  • Business Insider profiled sustainable fashion brand Minimalism. The article mostly focuses on Minimalism's philosophy and branding
  • Devengo, which does payroll advances to employees and companies, said that it will be providing its services to last mile delivery company EcoScooting
  • El Referente published a map with 400 Spanish fintech startups and listed them all
  • Startup profiles: Yamnaya, Tivify, AllRead

Tanto si ya tenéis seguro como si no, ¡estamos aquí para cuando nos necesites!

Big company news 🏦

  • Inditex presented its Q2 results, with a profit of €214 million. In Q1 the company posted its first loss ever, which means the fashion company had a quick turnaround in the past three months. Online sales continue to grow nicely, by 74%. €1 of every €7 in sales came from online sales (14%) and Inditex broke the barrier of 1 million online daily orders for the first time during the period. Business

Tech and policy 💂🏼‍♂️

  • Seems like the Spanish government wants to bring the Ley de Startups to the parliament in December. The measures and content included in such law are yet to be known

Interesting reads 🤓

  • Leonardo Poza wrote about how covid-19 is affecting the IT sector, mostly focusing on its impact on hiring, productivity and human capital
  • Cayetana Hurtado of Balderton Capital published 'Building tomorrow’s social platform'
  • Luigi Mallardo, B2B sales consultant and manager of SaaSup, published 'Is the “classic” SaaS VP Sales model broken in mainland Europe?'
  • Sifted talked to Carina Szpilka of K Fund and Adigital about the EU-Recovery plan and how Spain could use the funds to improve its technology market

Podcasts 🎧

  • Finanziaconnect interviewed Ander Michelena of All Iron Ventures
  • K Fund interviewed Alberto Dominguez of Constellation Software
  • Itnig interviewed Miguel Carranza of RevenueCat
  • interviewed Fernando Cabello and Alberto Molpeceres of Devengo
  • MasQueStartups published 'Enseñame tu SaaS' with ClassOnLive