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Glovo's cap table. Spotahome covid effect. idealista mafia.

November 16, 2020 • Issue #242

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Startup funding news 💸

  • Barcelona-based legaltech startup Pridatect raised €2.2m from Sabadell and Wayra
  • Sevilla-based Scoobic Group raised €2m for its multi-purpose e-vehicles for last-mile delivery
  • Madrid-based Trucksters raised €900k from various investors
  • Barcelona-based foodtech startup Proppos raised €750k from Sabadell and Wayra
  • Barcelona-based biotech startup Cebiotex raised €600k
  • Santander's Mouro Capital has invested in Madrid-based online residential property platform Clikalia. The size of the investment was not disclosed. The funding represents Clikalia's Series A and comes with a debt facility and the promise of a strategic relationship with Santander
  • Other rounds of funding: Twin&Chic, Hobeen
  • Startups looking for funding: Fittest Freakest

M&A activity 🎊

  • Barcelona-based Typs, a startup that provides payroll advances to employees, announced that it has been acquired by UK competitor Hastee. Typs had raised funding from Encomenda, Sabadell and other investors. Terms of the deal were not disclosed
  • MasMovil is leaving the B2B Portuguese business behind and selling its Oni division to Madrid-based cloud hosting company Gigas for €40m
  • Cronica Global wrote a post about what the acquisition of Vilynx by Apple could mean for Barcelona as an AI hub
  • The CNMV could be considering allowing SPACs (special purpose acquisition vehicles) in Spain. There's been a lot of talk about SPACs in the US in recent months, as an alternative method to take companies public. If you're interested in the topic, this is a good starting point

Investor & accelerator news 🚀

  • Kibo Ventures announced that Diego Mariño (Ducksboard) is joining the firm as a venture partner, to look for dealflow opportunities in Galicia. I think this is great news for Galicia
  • Carlos Gonzalez-Cadenas, currently the COO of London-based fintech GoCardless and previously the CPO of Skyscanner, is joining Index Ventures as a partner
  • Think Bigger Capital is Demium's VC fund. The incubator/accelerator has already raised 78% of its €30m target size, and plans to do investments of at least €100k in startups. If you're interested in what Demium is up to, I suggest you listen to this interview I did with Jorge Dobon (CEO) in April
  • Expansion profiled Encomenda, the VC firm managed by Oriol Juncosa and Carlos Blanco
  • Lisbon-based Faber launched a €33 million fund to back Iberian startups
  • Spanish biotech fund Alta Life Sciences led a $13m round in US company Binx Health, which specializes in the detection of sexual transmission diseases
  • Spanish insurance company Santa Lucia plans to launch its own Venture Capital fund
  • The founders of Impulse to Grow have created a €5m fund to invest in university spin-offs focused on AI

Startup news 💡

  • This is an interesting story about Glovo's management situation and cap table. According to La Informacion, Delivery Hero could now combine for at least 40% of all fully diluted shares of Glovo, which means that it's close to owning a majority stake in the company. DH has been able to achieve this by lately acquiring shares in the secondary market (from existing shareholders). The article mentions that the remaining larger shareholders of Glovo don't want this to happen and thus have signed agreements that block the sale of more shares to DH
  • Also related to Glovo, according to this the Spanish government is trying to move fast in the request of up to €30m in social security compensation from Glovo due to the wrong classification of riders as contractors instead of employees
  • Glovo was also in the news this week for a different reason. The company announced the launch of a B2B logistics service called Q-commerce, that will offer to stock third parties’ products in its warehouses and have the couriers that operate on its on-demand platform make deliveries for other businesses too. Coinciding with the launch, co-founder Sacha Michaud published an opinion piece called 'The future of on-demand delivery lies in consolidation' on
  • Alejandro Artacho, Spotahome's CEO and co-founder, published a post on the company's blog to talk about the past few months for the company. As most companies in the travel + real estate market, Spotahome has gone through quite a bit of turmoil since the pandemic started, including significant layoffs. Artacho says that things are now under control and that "despite a hard Q2 due to the pandemic and the tough changes, the team has shown incredible resilience and focus. In Q3, we achieved our highest margins ever making this quarter the first time our markets have reached profitability. This happened with just 14% less sales volume than Q1 and 120%+ more sales volume than in Q". To help those laid off find new jobs, Spotahome has a website up with candidate's profiles
  • Following its acquisition by EQT, idealista could pay a bonus of €16m to key employees. This is great news, since part of that money tends to be re-invested
  • SaaS company marketgoo published its culture handbook in Spanish, as well as what they consider to be the key aspects to put together a high performance team
  • Giuseppe Ciotta, Head of Engineering at Belvo, wrote about what happens behind the scenes in their engineering team and opens a window into Belvo's culture & processes
  • Talent agency Manfred (now owned by Sngular) disclosed its October 2020 financials
  • According to La Informacion, Cabify has told VTC companies it works with that it will fine or ban them if they force drivers to work for longer hours than in their contracts
  • Startup profile: Payhawk, Anfix, Guudjob, Vaya Vaca

Big company news 🏦

  • The Spanish Association of Private Medicine (ASPE) accuses Telefonica of dumping and unfair competition. Telefonica launched a few weeks ago a new telemedicine service powered by Teladoc, a US-based publicly traded company. Online consultations range from €3.5 to €5.5 per month. Telefonica says that it's not doing anything wrong, since it's merely a distribution channel for Teladoc, who owns the technology and relationship with the doctors. ASPE says that Telefonica is providing a service that has nothing to do with its core business for less than its cost
  • Inditex announced in 2018 plans to launch its online store in countries where it did not have retail presence. In 2019, the company combined for €120m in sales in those territories
  • International car manufacturer PSA Group to lead an innovation project in Galicia with a budget of €1.3b. The various projects will be focused on sustainability and autonomous vehicles
  • Cellnex Telecom, the Spanish company that owns a lot of telecommunication towers, reached an agreement with Hutchison to acquire its tower business for up to €10b
  • Nokia is currently being investigated by Hacienda for tax purposes

Tech and policy 💂🏼‍♂️

  • Cinco Dias has an overview of the Spanish fintech sandbox regulation, which will be ready in three months
  • Spain's Ministry of Labor wants technology companies to reveal their algorithms. Who hasn't asked for something in life that can't be achieved or that doesn't make any sense? Politicians are very good at this
  • Online betting companies such as Betway, 888 and Juegos España are moving their headquarters from Malta to Ceuta as a result of tax incentives

Interesting reads 🤓

  • Samuel Gil had David Miranda as a guest writer in his Suma Positiva newsletter. David wrote an interesting post about stock options in Spain
  • Philippe Gelis, CEO and co-founder of Kantox, published a post about what he considers a big trend in fintech: embedded finance. He says "the ultimate beauty of embedded financial services is that it allows players to disrupt an entire industry by using a fundamentally different business model."
  • Carlos Hernanz, deputy director at El Confidencial, wrote an opinion piece about the old guard that dominates the current Ibex 35 index: 'Ibex has died. The old generation vs. idealista and Cabify'

Podcasts 🎧

  • Redcast interviewed Samuel Gil (JME) to talk about AI
  • Lanzadera interviewed David Pombar to talk about his job at and his prior experience as co-founder and CEO of payments startup SetPay
  • interviewed Ramon Blanco (Bewater Funds, Indexa Capital) and Juan Jimenez Zaballos (Head of Financial Industry Transformation at Santander) to talk about fintech in Spain
  • En.Digital interviewed Rafael Jimenez of Adinton to talk about attribution marketing
  • Hablando con Lideres, Novicap's podcast, interviewed Ines Arroyo of Lagaam
  • K Fund interviewed Pedro Ribeiro, of Portuguese deep tech fund Armilar
  • MasQueStartups published a new episode of Enseñame Tu SaaS, featuring Tuvalum
  • Itnig interviewed Pedro Camara of TravelgateX