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Flywire rings the Nasdaq opening bell. Glovo acquires DH’s CEE business. Overture raises $15m.

May 31, 2021 • Issue #270

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Startup funding news 💸

  • Closa Investment Bankers and BCN Tech City published a report on the Spanish startup fundraising environment, with the highlight that investment in Spain surpassed €2b in 2020 according to the study
  • US-headquartered app subscription management startup RevenueCat, co-founded by Spaniard Miguel Carranza, announced a $40m Series B round led by Y Combinator
  • Madrid-based fertility startup Overture Life raised a $15m Series B round led by Octopus Ventures. The round also featured Google Ventures and prior investors Khosla Ventures and Felicis Ventures. Overture is one of Martin Varsavsky's current ongoing projects. La Informacion has more details here
  • Barcelona-based space technologies startup Pangea Aerospace raised €3m, led by Inveready
  • Madrid-based health startup Idoven raised €2m from Wayra and the business angel arm of Accel Partners
  • Barcelona-based Moonoa raised €1.5m in seed round, wants to put us all to sleep. The round was led by 4Founders Capital and we at K Fund also participated in the round
  • Navarra-based Uptech Sensing raised €760k
  • Barcelona-based engineering startup Saalg Geomechanics raised €500k

M&A activity 🎊

  • Glovo to acquire three of Berlin-based Delivery Hero’s food delivery brands in Central and Eastern Europe, worth €170m in aggregate. With the acquisition, Glovo will increase its presence in Romania, Bulgaria, Serbia, Montenegro, Bosnia and Herzegovina and Croatia, consolidating its European business. It was only a few months ago that Glovo decided to leave the Latam market in order to focus on other key geographis. This whole playbook makes sense, especially for future M&A opportunities.
  • In an interview with Reuters, Glovo's CEO Oscar Pierre said that the company has seen triple digit growth in the first quarter of 2021 in revenue, orders and users, compared to same year-ago period
  • Pryconsa acquired rent-to-buy real estate startup Rento, a company launched by 7r Ventures. Terms of the deal were not disclosed
  • Wondo, an urban mobility marketplace launched by Ferrovial, was sold to Finnish mobility company MaaS Global, of which Ferrovial is also an investor. Terms of the deal were not disclosed
  • The untold story behind Affirm's recent acquisition, Returnly, and his founder Eduardo Vilar. A post by Laura Gonzalez of The Venture City

Investor & accelerator news 🚀

  • Spanish biotech firm Ysios Capital closed its third and largest fund to date, of €216m
  • Sifted published a list of Spain’s most active angel investors in 2021
  • According to a report recently published by the Spanish government that includes several strategies to help Spain be "more digital" by 2050, the government could be thinking about launching a public-private investment arm

Startup news 💡

  • Swedish fintech company Klarna announced the opening of a software development centre in Madrid, with plans to hire as many as 500 employees in coming years. This is great news for Madrid and the Spanish ecosystem in general. Also last week, British payments unicorn said that it will open an office in Barcelona, from where it plans to manage its business in Spain, Portugal, Italy and Greece
  • Cloud hosting company Gigas published its Q1 2021 and 2020 financials. The group, which is now formed of several companies that Gigas has acquired in the past few months, reached €11m in sales in 2020 and year-on-year growth of 3.5X in Q1 2021 compared to the same quarter in 2020
  • Valencia-based space technologies startup PLD Space received a €1m contract from the European Space Agency to study the reuse of the MIURA 5 booster
  • Marcos Alves, former co-founder of El Tenedor, has joined Luda Farma, a Spanish company that wants to help pharmacies go online
  • Chema Molina, CEO of online magnetics design platform Frenetics, wrote a blog post to explain how their company and technology works
  • Newtral published an interesting interview with Carlos Cobas, CEO of Galician biotech company Mestrelab. Mestrelab provides software to pharma companies and was in the news quite often in recent months, since the majority of the labs that produce covid-19 vaccines use their software
  • Cabify is looking for a CEO if its logistics division, which seems to gaining more and more traction within the company
  • TravelPerk and Skyscanner join forces to enable a smooth and safe return to travel. Skyscanner is going to be using TravelPerk's TravelSafe API to bring daily information on point-to-point travel restrictions to travelers
  • HeyTrade, a new investment app in Spain, has signed with UK-based open banking platform TrueLayer “to deliver a new investment experience to the Spanish investors using open banking payments”
  • In an interview with Carlota Pi, the CEO of Holaluz talks about the company's plans for 2021 and beyond and how the company is positioning itself to take advantage of what they call the "roof revolution", in reference to solar panels in Spain
  • US investment firm a16z published a long article on the market for user research software products and highlighted two Spanish companies, Typeform and UserZoom
  • Startup profiles: Siguetuliga/Cluber, Neosentec, Banzzu, Repscan

Big company news 🏦

  • Vodafone has chosen Malaga to open a 600-person R&D centre, beating other European cities. Malaga currently has a lot of inertia as a technology hub, as we've been written here in the past and as Bernardo Quintero (VirusTotal/Google), among others, has been explaining in the past few months
  • Expansion published a long interview with Meinrad Spenger, CEO of MasMovil to talk extensively about a bunch of topics: MasMovil's presence in Portugal, the current status of the Spanish telco market, their M&A strategy and expansion plans and more. Full transcript of the interview is available here
  • Fernando Abril-Martorell was fired as CEO of Indra. He'll receive a €6m bonus. The company, which is partially owned by the Spanish state, named Marc Murtra as its non-executive president

Interesting reads 🤓

  • Stephanie Chan of Samaipata Ventures published an article about 'Key metrics to track for B2B SaaS platforms'
  • Simon Muñoz, platform product manager at Voicemod, wrote about motivation in product teams
  • Javier Escribano, CPO at Ontruck, wrote about the company's approach to optimizing European freight transportation
  • Nauta Capital and Metrix Partners published a report on 'how to master an investment due diligence for your SaaS startup', which could be useful for startups that plan to fundraise soon
  • Emprendedores published a long interview with Rebeca Minguel, today co-founder of Clarity AI and previously of Blink. The interview mostly focuses on the topic of entrepreneurship and building Spanish startups with international ambition from day one
  • Juan Cartagena, co-founder of health startup Rosita Longevity, published a Twitter thread about a better metric to track a healthy life: Healthy Life Expectancy (HLE)
  • Carina Szpilka was re-elected as president of Adigital (Asociación Española de la Economía Digital)
  • Caroline Lagergren of Expand to Spain published 'Spain's sandbox stabilizes the creation of more Fintech unicorns after Flywire's epic Nasdaq debut'

Podcasts 🎧

  • K Fund interviewed Rocio Alcocer, CEO of ecommerce startup Tapp Water
  • itnig interviewed Juan Ignacio Solera, co-founder of podcasting platform Ivoox
  • interviewed Alberto Martínez, co-founder of streaming software Streamloots
  • SeedRocket interviewed Jaime Oriol, co-founder and co-CEO of LentesPlus
  • Dozen held a webinar about new assets to build a diversified portfolio, featuring Bit2me, Balio and Inveready