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factory14 raised $200m. StudentFinance got $5.3m. Zubi Capital’s impact fund.

May 24, 2021 • Issue #269

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Startup funding news 💸

  • Jesus Martinez of La Informacion has more details about Jobandtalent's last big round. According to the news site, Jobandtalent spent about €17m in acquiring shares in the secondary market from some of its early investors
  • Luxembourg-based factory14 raised $200m to jump into the Amazon marketplace roll-up race. Although headquartered outside of Spain, factory14 has several of its key founders and employees in Madrid, including co-founders Guilherme Steinbruch (previously of GFC) and Gianluca Cocco (previously at Amazon, Glovo, Delivery Hero)
  • Madrid-based fintech startup StudentFinance raised $5.3m from Giant Ventures and Armilar Venture Partners. The company allows educational institutions to offer success-based financing for students
  • Madrid-based autonomous operations software for wind turbines maker Green Eagle Solutions raised €2.5m in a Series A round from SET Ventures and Kibo Ventures
  • Other rounds of funding: Dryfing, Turbosuite,

M&A activity 🎊

  • As Jesus Martinez notes on Twitter, Affirm disclosed more details about the acquisition of Returnly in a filing this week. Affirm paid $238m in stock and almost $42m in cash, on stop of $13.6m of additional cash to cancel previous issued and outstanding stock options
  • Helsinki-based proptech Kodit acquired Madrid-based startup rent-to-own startup Lucas

Investor & accelerator news 🚀

  • K Fund published a list of active business angels, seed and Series A VC firms in Spain
  • Zubi Labs officially announced the launch of a €40m venture debt fund to back social impact projects, called Zubi Capital Impact Venture Finance. Iker Marcaide leads the project, with the support of some well-known investors from the local ecosystem, including Iñaki Berenguer, Luis Martin Cabiedes, Sergio Furio and others
  • Barcelona-based Lanai Partners announced a new €2.5m fund to invest between €10k and €50k in startups
  • Ross Strachan of Adara Ventures published a summary of the first two years of Adara's third €80m fund. The fund has backed eight companies in that timeframe
  • Startups' Oasis interviewed Adrian Gorritxo of recently-launched BlackFund
  • Sifted published a list of 100+ female VC partners in Europe, including those that manage VC funds in Spain

Spanish funds investing internationally 🌍

  • All Iron Ventures and Mouro Capital (Banco Santander) participated in the $80m round of London-based revenue-based financing platform Uncapped
  • Adara Ventures invested in London-based 42Crunch, which just raised a $17m Series A round
  • Aldea Ventures invested in London-based premium restaurant and hospitality e-commerce solution Slerp
  • The Venture City is backing three new startups: Tucuvi, uMore and Bfore.ai

Startup news 💡

  • Avi Meir, co-founder and CEO of TravelPerk, publicly disclosed an email he sent to all of his company explaining why the company is not going fully remote. Related to TravelPerk, its COO Huw Slater published a thread about how they managed the pandemic internally
  • Techcrunch talked to eight investors and founders about Valencia's potential as a startup hub, and more specifically in the fields of fintech and cybersecurity
  • El Español published a profile of Doofinder, a bootstrapped startup that sells a search API and other related products. The SaaS company has increased sales from €6m to €10m in ARR
  • El Pais published an interesting profile of Wuolah, the Spanish student social network that allows students to share assignments and class notes. According to the company, 33% of Spanish university student use the platform, which is causing some discomfort amongst professors and educational institutions
  • Diego Arroyo of fashion brand laagam shared in a tweet the evolution of their stock-less approach. Sales have increased steadily to almost €200k in April, while stock and supplier debt has decreased significantly
  • Google announced the name of the eleven companies that will participate in its upcoming Growth Academy program, which exclusively focuses on health and wellbeing startups
  • Business Insider profiled ClimateTrade, a Spanish startup that helps companies such as Banco Santander, Iberia, Telefonica or Cabify in their carbon offsetting strategy, via a marketplace and API
  • In an interview, Christian Picard, managing director of urban mobility startup Movo, provided some numbers on the company's performance. Movo left the Latam market during the pandemic to focus on Madrid and Barcelona. According to Christian, the company has been growing at a 15% weekly rate in recent times and has reached positive operating margins
  • Joan Porta, VP of Customer Success at Red Points, explained in an interview how the company's technology works and the main use cases that they go after
  • Ontruck announced the launch of Ontruck Messagerie in France, their new freight service that reduces transport costs by 18% and also carbon emissions
  • Barcelona-based neobank bnc10 is shutting down
  • French insurtech startup Luko plans to launch in Spain in June
  • Startup profiles: Meeting Lawyers, Predictiva, Cleverea

Big company news 🏦

  • Uber is starting to make changes in its relationship with Uber Eats delivery riders to adapt to the Rider Law. La Informacion has the details
  • Banco Santander expects to triple revenues in its payments business PagoNxt to around €1b in the next few years as it moves to compete with major players in the business such as Apple Pay and Stripe.

Interesting reads 🤓

  • Peter Specht of pan-European VC firm Creandum published a post about the Spanish tech ecosystem from an international perspective in 2021
  • Hana Mohan, co-founder of Barcelona-based MagicBell talked in an interview about the origin story of the company, as well as about isolation, trans identity as a founder, and making space for change
  • Mark Allen of Glovo published a post explaining what a day looks like for a Glovo engineering manager
  • El Español profiled serial entrepreneur and business angel Tom Horsey, who has backed more than 55 startups
  • According to a study published by elEconomista, Spain is Europe's fourth largest market in total number of online subscriptions

Podcasts 🎧

  • Minimalism interviewed Yassir Rais, co-founder of Syra Coffee
  • Empresax interviewed David Bonilla of Manfred
  • K Fund interviewed Joan Boixados, co-founder of bootstrapped company Everyday.app
  • SeedRocket interviewed Hugo Arevalo of ThePowerMBA
  • UpBizor interviewed Guillermo Vicandi of Bnext

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